Difference Between eToro and eToroX In 2023 [Fees & Safety]
If you want to trade digital assets, you will likely have heard of eToro and eToroX. But what is the difference between the two? This article explores the differences between eToro and eToroX in 2023 so that you can make an informed decision about which one is best for you.
We will look at the features, fees, and platforms so that you can pick the right one for your trading needs.
With this guide, you can make a well-informed decision about which platform is best for you. So let’s look at both eToro and eToroX in 2023. Let’s start by taking a look at what eToro is all about.
What Is eToro?
eToro is an online brokerage platform established in 2007 by Ronnen Assia, David Ring, and Yoni Assia. The platform offers various investment options, including cryptocurrency and stock trading.
With support for over 40 cryptocurrencies, eToro has added support for BTC to enable users to buy and sell CFDs. One of the unique features of eToro is its social trading and copy trading capabilities.
Social trading allows investors to follow and copy the investment strategies of other successful traders on the platform, while copy trading enables automated investments.
Overall, eToro provides a convenient and user-friendly way for individuals to invest in various assets while leveraging the knowledge and expertise of fellow investors.
How To Open an Account In eToro?
Here is the step-by-step guide on how to open an account on eToro:
- Go to the official website of eToro
- Click on "Sign Up" and provide your information, then click on terms and conditions.
- Then click on "Create Account."
- Click on "Deposit Funds", you need at least 200$ to open an account.
- A verification process must be completed to activate the account.
- You need to provide your ID details.
- Then you will receive a verification email within 3 business days.
- Once your account is activated you will start trading.
Pros And Cons of eToro
If you're considering investing with eToro, take a look at the following benefits and drawbacks to help make your decision:
- Easy to use platform.
- Wide range of investment options, including cryptocurrency and stocks.
- Social trading and copy trading capabilities.
- Low fees on stock trades.
- A demo account is available so it can help you learn before investing.
- No crypto-to-crypto pair is available.
- Service is not available in all states.
- Limited customer service.
What Is eToroX
eToroX is a cryptocurrency exchange currently obtaining a license from Gibraltar's financial authorities to comply with European regulations. This move will enable eToroX to leverage the security and transparency offered by blockchain technology, giving them an edge over their competitors.
The Eurasian Stock Exchange, a recognized European financial organization, has already granted eToroX its license. eToroX offers various crypto-assets such as BTC/USD, LTC/USD, and DASH/USD, among others, based on the country it is accessible.
To help customers choose which cryptocurrencies to invest in, eToroX provides a tool called Crypto CopyFund that allows users to customize the weights of each asset. eToroX supports all order types for purchasing cryptocurrencies, including day orders and limit orders.
How To Open an Account in eToroX In Terms Of Security
Opening an account in eToroX is very secure. They use advanced encryption and two-factor authentication for added security. The account opening process is the same as eToroX.
Pros And Cons of eToroX
Let's look at the advantages and drawbacks of eToroX:
- It's a large, trusted, and trusted broker.
- 0.05% commission per transection.
- 50 cryptocurrencies supported.
- 10000 USD minimum deposit.
- Margin trading is not available.
- Only 24/5 customer support is available.
- The minimum trade size is 125 USD.
- Customer support is only available through text and email.
Difference Between eToro and eToroX In Terms Of Security
Regarding security measures, eToro and eToroX have different approaches. Both platforms utilize HTTPS encryption and 128-bit SSL to protect data transmissions. However, cryptocurrency investors should still be cautious about the potential risks.
To ensure user safety, eToro has implemented security features such as DDOS protection and cold storage. Meanwhile, eToroX goes beyond these measures by incorporating two-factor authentication, multi-signature technology, and a password strength meter for added protection.
Ultimately, although both platforms prioritize security, the additional measures taken by eToroX may provide users with greater peace of mind when investing in cryptocurrencies.
Difference Between eToro and eToroX In Terms Of Investment Products
eToro and eToroX both provide investment opportunities, but their differences lie in the investment products they offer. eToro allows users to invest in contracts for difference (CFDs) of various assets such as equities, indices, commodities, and cryptocurrencies.
On the other hand, eToroX allows traders to participate in trading volatile cryptocurrencies that are generally not covered by hedging processes. eToro's Crypto CopyFunds enables investors to make automated investments in all supported cryptocurrencies.
CFDs on the cryptocurrency market can be traded using multiple currencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP.
Difference Between eToro and eToroX In Terms Of Automated Investments
Regarding automated investments, there are some key differences between eToro and eToroX. While both platforms offer customers the chance to "back-test" their trading strategies and replicate successful portfolios from the community, eToro also allows users to practice automatic trading without spending money.
On the other hand, eToroX offers a more streamlined user interface and allows for leverage of up to 50 times when acquiring cryptocurrency contracts for difference (CFDs).
While eToro offers a wide range of financial instruments, eToroX specifically facilitates trading in five cryptocurrencies.
Difference Between eToro and eToroX In Terms Of Customer Support
Regarding customer support, eToro and eToroX differ in a few key ways. Firstly, eToro's customer care department is available on weekdays from 10 am to 5 pm UTC and on Saturdays from 11:30 am to 4:30 pm UTC. On the other hand, eToroX does not have specific hours of operation for its customer support.
Secondly, both platforms offer an online support center with a knowledge base where users can find answers to common questions.
However, eToro allows users to contact their support teams anytime for additional account assistance. Ultimately, while both platforms offer customer support options, the specific details vary between the two.
Difference Between eToro and eToroX In Terms Of Type Of Orders
Both eToro and eToroX offer Market Orders, Limit Orders, Take Profit Orders and Stop Loss Orders. However, eToroX also provides One-click ladder trading and Trailing stops.
A Market Order on either platform allows users to execute trades at the best price. However, a Limit Order on eToroX enables users to execute trades when the market hits or drops to a defined limit price.
Additionally, eToroX's Stop-Loss order will close a position when the market moves against it. Overall, both platforms offer a range of order types suitable for different trading strategies.
Difference Between eToro and eToroX In Terms Of UI
The user interface of eToro and eToroX differs in several ways. eToro offers a web-based interface that includes social trading, copy trading, and various account options. In contrast, eToroX is available as a mobile app for both iOS and Android devices, as well as a web app.
It enables users to trade cryptocurrencies, make deposits and withdrawals, and supports multiple languages. Additionally, eToroX provides customers access to a broader range of financial products than competing platforms.
Users can transfer FIAT currencies and cryptocurrencies between eToro and eToroX through eToro's mobile applications since the latter is the former's sister platform.
eToro and eToroX are both leading trading platforms for digital assets, providing users with a wide range of options for trading cryptocurrencies.
While the two platforms share some similarities, such as customer service hours, automated investment features, and order types, there are also notable differences between them.
Ultimately, it is up to individual traders to consider the difference between eToro and eToroX in terms of the user interface, financial instruments, order types, and customer support before deciding which platform is best for their needs. Regardless of the chosen platform, both offer a secure and efficient environment for trading cryptocurrencies.