Interest in cryptocurrency and online trading continues to increase. However, it is important for investors to select the right trading platforms to be successful. Understanding how a trading platform works, what features it offers, its fee structure, and other important parameters are essential to making successful trades.
Two popular cryptocurrency platforms these days are Binance and eToro. Both of them operate similarly – that is – they permit traders to send or receive assets. However, how transactions are done is different for each of them.
Here is a brief overview of Binance and eToro and how these two platforms can help your investing endeavors.
Overview of Binance vs. Etoro
Indeed, eToro deals with multiple assets and allows you to invest in cryptocurrency and stocks as well as trading in contracts for differences. On the other hand, Binance is a highly reputable crypto exchange platform that offers bitcoins.
Overall, both of these platforms offer investors access to major crypto-assets like ether, Bitcoin, and Ripple. However, if you are interested in investing in smaller altcoins, Binance may be a more suitable option for you. If you want high-level financial instruments and broader investment opportunities, eToro is a much more reliable platform.
How to Use These Trading Platforms for the Transfer of Assets?
Whether you use Binance or eToro, you need to register on their platform first. Only after your registration is deemed authentic can you start making trades.
Can You Transfer Cryptocurrency from eToro to Other Trading Platforms?
Yes, you can transfer crypto assets from eToro to other trading platforms or an external wallet with no hassle as long as they are supported by the eToro Money crypto wallet. It should be noted that eToro wallet supports various currencies, including Bitcoin Cash, bitcoin, litecoin, ethereum, and Stellar.
The transfer can be undertaken via an app on your smartphone (Android or iPhone). When you log in using the app, your username and password will need to match your trading account on eToro. It is important to note that with eToro, the transfer of crypto assets can only be done one way.
For example, any currency transferred from your eToro platform cannot be transferred back.
How to Transfer From eToro
So, how do you go about transferring your crypto holdings from eToro to Binance?
Here is a step-by-step breakdown for Bitcoin, Ethereum, Ripple, Cardano, and any other virtual token that is available on the platform:
- Log into your eToro account and sign in.
- Hit the “Portfolio” tab on your account.
- Select the cryptocurrency you wish to send under the “Crypto” tab.
- Click on “Send.”
Be sure to insert the correct address and hit “Send.”
How Long Does the Transfer Take?
The one downside to asset transfer from eToro is the time. It can take up to five days to process the transaction. In addition, you may be asked to provide further documentation if the transfer appears questionable. Also, no requests are processed during long holidays and weekends.
What are the Withdrawal Fees on eToro?
All requests for withdrawal on the eToro platform cost $5. There are additional conversion fees if you are using a currency other than the U.S. dollar, such as the euro, British pound, or Canadian dollar.
Also, it should be noted that you could be charged by the funding provider involved in the transfer, such as the credit card provider, the receiving bank, or the intermediary bank.
Can You Transfer Cryptocurrency from Binance to Other Trading Platforms?
Just like eToro, it is relatively easy to transfer crypto-assets using Binance to other trading platforms. The key is to register first. Once your account is authenticated, you are all set to go.
How to Transfer
Here is a step-by-step breakdown to transfer your Bitcoin, Ethereum, Ripple, Cardano, and other cryptocurrencies from your Binance wallet to your eToro account:
- Log into your Binance account.
- Select “Wallet,”
- Hit “Overview”
- Tap “Withdraw”
- Choose the cryptocurrency you want to withdraw.
- Pick the network you want to use that matches the network as your eToro receipt address.
How Long Does the Transfer Take?
The one major difference between Binance and eToro is the speed of transfer of funds. With Binance, the transaction may take less than 30 minutes. Only in rare cases, a transaction is delayed, either because of verification or due to the need to use multiple network confirmations. This advantage is not offered by eToro.
What are the Withdrawal Fees on Binance?
There are withdrawal fees when using Binance, and they cover the cost of the transaction. The cost of this fee varies from $1 to $15 per transaction. Users can pay the fees with the cryptocurrency equivalent of $1 to $15.
Conclusion
Binance is cheaper than eToro when it comes to withdrawal fees, but eToro offers more payment options. Overall, both trading platforms are secure, safe, and have a good reputation. The trick is to identify your trading goals and your key currencies of interest. After that, the selection process relies primarily on the features that are important to you.
With so much competition in this area, most trading platforms are equally good when it comes to transaction fees.
There are differences in speed of transactions and currency transfers. Still, again, the choice of platform with respect to these factors is dependent on your needs and financial goals, and investment experience.