eToro Vs Coinspot, find out which is the best platform for you!
eToro is one of the best and top-used brokerage platforms for investing and trading opportunities in the US market. eToro is a major player among brokerage platforms with a commission-free trading app and access to more than 2,000 different assets, cryptocurrencies, currencies, ETFs, commodities, and other financial derivatives.
CoinSpot is a trusted Australian-based cryptocurrency exchange that offers cryptocurrency trading for top trading coins like Bitcoin and Ethereum and more than 300 different coins. Which one of the two is better when it comes to performance, features, services, regulations, and fees?
- 1 Feature Comparison
- 2 eToro
- 3 CoinSpot
- 4 Service Comparison Table
- 5 eToro Services
- 6 CoinSpot Services
- 7 How to trade?
- 8 Fees comparison: eToro vs CoinSpot
- 9 Are these platforms regulated?
- 10 eToro Pros and Cons
- 11 CoinSpot Pros and Cons
- 12 Conclusion
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eToro and CoinSpot are essentially different, given the fact that eToro also offers other financial derivatives aside from cryptocurrency.
Even though eToro is not exclusively a cryptocurrency trading platform, features offered by this brokerage network can substitute for some of the top crypto exchanges. CoinSpot features make the platform straightforward and easy to use, providing a simple and user-friendly experience.
Features can make a difference between a winning and losing investment strategy, especially for traders and investors who are just beginning to grasp the intricacies of financial markets. Which one of the platforms has better features, eToro or CoinSpot?
|Copy Trader||Trade View|
|Social Trading||Instant Buy and Sell|
|eToro News Feed||Instant Crypto Swaps|
|Popular Investor Program||Buy DeFi|
|eToro Insights||Buy NFTs|
What is eToro Copy Trader?
eToro has Copy Trader, which is one of the platform’s most praised features. Copy Trader is a powerful addition to the platform available with eToro Open Book, which is a relatively new update.
Open Book provides access to new markets with relevant and crucial data points and market data that traders can use to create effective investment strategies. eToro users can discover, invest in, and discuss new market opportunities, and trade with currencies, commodities, indices, stocks, and more.
eToro users can use Copy Trader to see what real-life people are investing in. The view of trades is available in real-time so users can copy other investors’ trades if deemed potentially successful.
This feature can help traders create more efficient strategies for maximized ROI. This feature is user-friendly and suitable for beginners as you can copy anyone’s trade with a single click.
What is eToro Social Trading?
Social Trading is another one of eToro’s popular features as this brokerage platform represents one of the largest social trading communities in the world. eToro Social Trading allows traders and investors to exchange insights, opinions, and discuss market data.
The community counts over 15 million users and can help you get a grasp of financial markets and important data like sentiment analysis, for example.
What is eToro News Feed?
eToro News Feed acts like a social network for traders and investors, and this is the feature that allows users to connect with their favorite traders. You can use eToro News Feed to follow up with significant events and connect with other members.
What is eToro Popular Investor Program?
If you are a low-risk trader, based on your trading history on eToro, you can qualify for the Popular Investor Program. In case you join the program, eToro lets you collect 2% of Assets Under Management while building your own business in investments. Users are eligible for 2% AUM whenever their trade is copied.
What is eToro Insight feature?
eToro keeps the platform users informed through eToro Insights. This feature uses alerts and frequent posting of informative blogs to keep the community updated.
What is CoinSpot Trading View?
CoinSpot offers a neat and well-organized insight into the real-time changes in the cryptocurrency market. Trading View on CoinSpot allows crypto traders to follow up with charts and crucial market metrics such as trading volumes, market capitalization, and live price changes.
What is CoinSpot Instant Buy and Sell?
With Instant Buy and Sell feature on CoinSpot, you can own crypto in seconds. You can check live prices and buy crypto in fractions with a click of a button.
Users just need to search through the coin listing and choose their preferred cryptocurrency among 300 available coins and click on either BUY or SELL. When you click BUY, your coins will be available on your CoinSpot wallet instantly.
What is CoinSpot Crypto Instant Swap?
With CoinSpot Crypto Instant Swap, you can swap between over 300 cryptocurrencies available on the exchange with a Lock Price feature. Lock Price ensures that you can swap your crypto at fixed prices determined before swapping.
Swapping can also save you some money on fees as you can process multiple swaps nearly at the price of one crypto trade.
CoinSpot Buy DeFi
Users can buy and sell DeFi tokens on CoinSpot instantly by confirming the price. You can buy numerous top trending DeFi cryptos like Avalanche, PancakeSwap, and Uniswap at fixed prices and have your CoinSpot wallet loaded with your chosen DeFi tokens in seconds.
CoinSpot Buy NFTs
NFTs are unique cryptocurrency assets that represent real-life assets of value, like art pieces for example. Users can confirm the price that is transparently presented on the exchange and buy and sell NFTs instantly. CoinSpot has some of the most popular NFTs like Ghost, MANA, and DEGO.
Service Comparison Table
|eToro CFDs||Over the Counter (OTC)|
|eToro Crypto||Self Managed Super Funds (SMSF)|
|eToro Copy Portfolios||CoinSpot Market|
|eToro 0% Commission Stocks||CoinSpot Bundles|
All investments involve a certain level of risk, even if that risk can be minimal. Still, powerful services can help traders mitigate these risks and get the most out of their investments.
How are services available on eToro and Stake different and which trading platform is better?
eToro CFDs service works similarly to Stake Fractional Shares feature. eToro CFDs allow users to buy fractional shares, however, this service also offers leverage for trading and open sell short positions.
With this service, you can own a fraction of shares that otherwise wouldn’t be accessible to all traders. eToro also offers zero commissions for numerous assets and financial derivatives, while the zero-fee policy doesn’t apply to stock CFDs.
eToro Crypto service enables users to trade and invest in some of the top cryptocurrencies, which includes Bitcoin, Ethereum, and sixteen additional top-traded cryptos with major market caps.
You can buy fractions of cryptocurrencies available on the platform, while you can also access Crypto Portfolios that are managed by Investment Committee on eToro.
eToro Copy Portfolios
eToro Copy Portfolios service is similar to the platform’s feature Copy Trade as it allows users to copy different investment portfolios made by the top traders in the community. You can copy other trader’s investments in real-time, and choose between three different types of portfolios:
- Partner Copy Portfolios
eToro’s partners also have portfolios within the Copy Portfolio service, which means that users can choose to copy trades from major investment companies and other eToro partners such as Tipranks, which is a company for stock analyst software.
- Top Trader Copy Portfolios
This option offers preplanned investment strategies that users can copy from top traders on eToro. Top traders on eToro have exceptional ROI stats and are usually following winning strategies that you can use for your investments and trading options.
- Market Copy Portfolios
eToro Market Copy Portfolios offer CFDs on commodities, stocks, indices, and ETFs. Thanks to its smart functions, this type of Copy Portfolio uses algorithms for periodic adjustments, allocation of funds, assets, parameters, and rebalancing. This service is monitored by eToro Investment Committee, while the Committee is managed by Barclays.
- eToro 0% Commission Stocks
European traders can invest in stocks on eToro with 0% commission in case they don’t add leverage to buy positions. If applicable to your case, eToro will also neutralize Stamp Duty taxes and allow traders from Ireland to save 1% and 0.5% for UK traders.
CoinSpot Over the Counter
Aside from public order books and trading in open markets, CoinSpot offers Over the Counter (OTC) trading. OTC Trading Desk service allows users to execute trades with high volumes with direct access to a professional broker, which makes for personalized and personal servicing.
CoinSpot eliminates losses that may occur due to slippage through the lock-in pricing feature. That way, you can mitigate the risks that are usually involved in high-volume trading.
The service works in simple steps, where the first step is submitting the OTC request for trading cryptos of your choice. Once you submit the request you will receive a quote from the CoinSpot team by email. Users can either accept or decline the quote.
Self Managed Super Funds (SMSF)
CoinSpot also has your back when it comes to saving for retirement. SMSF is a private super-fund where the members of the fund are actually trustees as well.
The benefit of SMSF over other types of similar funds is the fact that you choose the type of investment and the insurance involved. With CoinSpot, you can have a Bitcoin SMSF set up or invest in other cryptos among 320 you can choose on CoinSpot.
This service includes professional support and assistance from a professional team at CoinSpot and EOFY reports. The service also has a read-only view of your portfolio, so you can share the interface with accountants and fund managers. SMSF service also includes OTC trading for high volume trades, as well as swapping and crypto-to-crypto trading.
CoinSpot Market is an excellent service for users who would like to trade their crypto directly with other CoinSpot users. This way, traders can save up on trading fees as Market trades only take 0.1% per transaction.
CoinSpot Bundle is a cryptocurrency package that you can buy in a single trade, which stands for an easy way to diversify your portfolio. CoinSpot created more than several Bundle packages based on the popularity of coins and frequent trading choices. You can choose between multiple Bundle options:
- The Dominant Duo
- Top 3 Market Cap
- Top 10 Market Cap
- Bitcoin Bundle
- Gold/Silver Ratio Bundle
- DeFi Bundle
- Green Bundle
- NFT Bundle
How do I open an account?
For eToro, you can start here
eToro lets you choose between different options before opening an account on this brokerage platform. If you decide to sign up with eToro, you can choose between:
- Demo Account
- Live Account
- eToro Professional Account
- Islamic Account
- Corporate Account
- eToro Club VIP
- eToro US Opening Account
Opening an account with CoinSpot is easy as you only need to provide an email address. The verification process is nearly instant, and you can start trading crypto.
To open an account on eToro, you will need to visit the official website and choose to join the platform. You will need to fill out an electronic form with required personal data mandatory for opening an account.
You will also be offered to sign up with Google or Facebook. Once you submit the form, you will be presented with a KYC process and asked to provide proof of identity and proof of residency.
Once you complete the KYC, you will need to fill out a questionnaire so that eToro could evaluate the best options for your account based on your experience, professional status, knowledge of financial markets and capital, levels of risk, goals, and similar information.
To create an account on CoinSpot, you only need to provide your email address and you will be asked to verify. To verify your account and start trading, you will need to provide account holder information and a scanned copy of your government-issued ID.
Once you have submitted all the info, you can deposit funds in Australian dollars and start trading cryptocurrency.
How to trade?
To trade on eToro, you will be asked for a minimum deposit of $50 after successfully registering with this brokerage platform.
Before you start investing with your funds, you can try eToro Demo Account to get familiar with the platform, features, services, and trading in general. You can also use the Copy Trade feature to copy successful traders on eToro.
To trade, buy and sell over 300 different cryptocurrencies, you will need to make a minimum deposit of $1 with low and zero fees on deposits made with Poli, PayID, and Direct Deposits.
The only available fiat currency on the platform is the Australian dollar, while you can buy and sell 320 cryptos instantly. CoinSpot also plans to add more cryptos to the listing.
Fees comparison: eToro vs CoinSpot
|Deposit Fee||$0 (for USD)||0.9% (BPAY), 2.5% (fiat)|
|Inactivity fee||$10 (1 year inactive)||$0|
eToro won’t charge you for signing up and using a Demo Account. New users are awarded $100 to test trade on the Demo. eToro takes 0.5% for forex trading on every deposit and FX rates may also apply to non-USD deposits. The minimum amount to withdraw is $30.
The withdrawal fee on CoinSpot is $0 for bank transfers in case you are using POLI or PayID. A withdrawal fee is charged as a mining fee in case users are withdrawing funds in cryptocurrency to another wallet.
In that case, the fee will depend on the type of coin and the wallet. If you are withdrawing or making a deposit in AUD, no fees are charged.
Instant buy option takes 1% fees, while OTC and Market orders are charged only 0.1% in trading fees.
Are these platforms regulated?
eToro was established and founded in 2007 as a low-risk brokerage social trading platform when it comes to trading CFDs and forex. To make low-risk trading possible, eToro is regulated in one tier-2 jurisdiction and two tier-1 jurisdictions. eToro is regulated and authorized by Financial Conduct Authority, CySEC, and ASIC.
CoinSpot was founded in 2013 as an Australian exchange for cryptocurrency and has become one of the most popular exchanges in Australia with the largest number of listed cryptos, NFTs, and tokens.
CoinSpot is a member of Blockchain Australia and is a Certified Digital Currency Business. The exchange is regulated by AUSTRAC (Australian Transaction Reports and Analysis Center).
eToro Pros and Cons
|Trade, buy, and sell crypto, stocks, CFDs, ETFs, forex||US traders can’t trade equity and forex|
|Social trading||Only one base fiat currency|
|A great number of useful features and services||Inactivity fee charged after a year|
|Option to copy successful trades with Copy trading|
|A great number of payment methods|
CoinSpot Pros and Cons
|Over 300 cryptocurrencies to trade, buy and sell and more to be listed||Only one base currency|
|Registering and verification takes minutes||Fees may be high on some deposit and withdrawal methods|
|Simple and user-friendly interface||Only Australian citizens can make fiat deposits|
|High-level security and no reported hacks or security breaches|
|24/7 live support|
|Low minimum deposit of $1|
Our recommendation is to use eToro as your trading platform.
Who is eToro best for?
eToro is a great platform for both beginners and more experienced traders. Beginner traders can get a grasp of how trading on eToro looks like by taking a turn with $100 on a free Demo Account.
More experienced traders and investors can become eligible for joining eToro Popular Investor Program and earn commissions. Copy-trading also makes it easier for newbie traders to grow more familiar with financial markets and winning investment strategies.
Who is CoinSpot best for?
CoinSpot is great for beginners thanks to its user-friendly interface and simple functions, features, and services.
Cryptocurrency traders can easily diversify their portfolios even with little to no experience in the cryptocurrency market by using CoinSpot Bundles. Deposits are low entry with only $1 in minimum deposits, which makes the exchange perfect for any budget.