Investors interested in trading cryptocurrency can consider which features serve them best when deciding between eToro and Crypto.com as their online trading platform.
eToro Overview
eToro, one of the largest global trading platforms offering crypto for investment, was established in 2007. The platform offers broad brokerage services in many parts of the world and crypto trading in most of the U.S. The concept behind eToro is to serve as a social trading platform that allows users to share experience and insight. The unique eToro platform includes unique tools that help investors share insights and even trading strategies. eToro gives its more than 20 million traders access to 27 cryptocurrencies in more than 140 countries.
Next: Our full eToro review
eToro Pros and Cons
eToro’s socially-focused platform is a key advantage, providing users with the opportunity to learn from each other, copy others’ trading strategies and join focused portfolios that help diversify and broaden investments. The site provides a chat feature for users to share investment experiences, trends and strategies. The eToro platform also offers a unique, risk-free trading practice feature that allows investors to try investment strategies without using money.
eToro’s platform limitations include a smaller number of cryptocurrencies to trade. Users also have limited access to the platform in some parts of the world, including a few states in the U.S. The platform also provides limited access to customer service through email for most users.
You may also want to consider the differences between eToroX vs eToro too.
Crypto.com Overview
Crypto.com, a Singapore-based company created in 2016, offers users the ability to trade more than 180 cryptocurrencies. Although the online platform doesn’t offer other assets to investors, it does feature one of the largest selections of cryptocurrencies among online trading platforms. Crypto.com is accessible throughout the world, although it is restricted in some countries, including some services in the U.S. The platform serves more than 10 million users.
Crypto.com Pros and Cons
The large selection of crypto available to users is Crypto.com’s main advantage. Its primary purpose of crypto trading means the platform charges some of the lowest fees for users among online trading platforms. In December 2021, the platform began allowing instant ACH transactions to fund user accounts.
A main disadvantage of Crypto.com is that it is not regulated as many other online platforms are. Its narrow focus on servicing crypto trading means that it does not offer unique tools that might help traders. The platform also charges high fees to fund an account using a credit or debit card.
CopyTrader Feature
It’s not easy learning how to trade crypto, particularly if you use your own money to learn. eToro offers the CopyTrader tool that allows users to copy the trading activity of other users. Inexperienced investors can follow more seasoned traders, collecting the gains and paying the losses along with the veteran. Crypto.com offers a simple trading platform for beginners to easily learn how to invest, but it does not feature a copy trade function.
The winner of the CopyTrader feature: eToro.
Risk-free Demo Trading
New crypto traders will appreciate eToro’s tool that allows users to trade crypto without actually having to use their money. The virtual trading account gives users an opportunity to practice investment strategies for free and at no risk before actually buying crypto. Although Crypto.com offers educational resources on its platform to help users, it does not provide a risk-free virtual account to test investment strategies.
The winner of the Risk-free paper trading feature: eToro.
Cold Storage Wallet Security
While both eToro and Crypto.com offer the top security features to protect their users, Crypto.com holds users’ cryptocurrency in “cold storage” as added protection from hackers. Crypto.com allows users to connect multiple digital wallets to their accounts. eToro does not offer cold storage and provides a crypto wallet for users.
The winner of the cold-storage wallet security feature: Crypto.com
Next: Binance vs Kraken (which should you choose?)
The Overall Winner
A number of useful tools available to users, relatively low fees and an easily accessible platform make eToro the overall winner when compared to Crypto.com. eToro’s support and tools for investors gives the users more bang for their buck. Several significant features offered by eToro help investors with less experience learn more about crypto. The platform facilitates engagement among a large community of investors.
Crypto.com is the better choice for investors who already understand crypto trading and who need an inexpensive platform to buy and sell. The platform offers more crypto options and charges less, even if it provides very few tools to help investors.
Join more than 20 million investors around the world who have already become eToro users!
Read Next:
Webull vs eToro (our comparison)
eToro vs Gemini (our comparison)