Bitfinex vs eToro | The Exchange Vs Broker Comparison
Jack Moreau
Mar 2024
9 min read
Fact checked
Wondering who the option is between Bitfinex vs eToro? We've examined both exchanges in detail to help you make an informed decision. From trading fees to user experience, we've got all the info you need to choose the right platform for your needs. Keep reading to find out which exchange comes out on top!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is one of the world largest brokers while Bitfinex is a smaller and more specialised trading venue for more experience cryptocurrency traders. Let's take a closer look at the basics of what each exchange has to offer.
With over 300 employees, Bitfinex is available in 52 countries and is best known for offering a range of trading options to cater to experienced traders.
Bitfinex exchange
Bitfinex is closely affiliated with Tether Ltd., the company behind the widely-used stablecoin, Tether (USDT).
Despite facing occasional controversies and regulatory scrutiny, the platform has maintained its reputation as a secure exchange.
Traders on Bitfinex can engage in spot trading, margin trading, and derivatives trading and have the option to take up to 100X leverage.
The exchange boasts a customizable user interface, advanced charting tools, and an API for algorithmic trading. Bitfinex is estimated to have over 1 million registered users and supports over 180 cryptocurrencies to buy and sell like BTC, ETH, USD and ATOM.
Bitfinex app
On the other hand, eToro was founded in 2007 by Yoni & Ronen Assia. The company is available in over 140 countries and has it's main office in Tel Aviv, Israel and legal entities in the US, UK, EU and Australia.
The platform provides an all-in-one solution for trading various financial instruments, including cryptocurrencies, stocks, ETFs and more.
eToro exchange
eToro has gained popularity for its user-friendly interface, diverse range of assets, and innovative social trading features. The platform allows users to follow and copy the trades of experienced investors, creating a community-driven trading experience.
eToro is available in 140 countries and has over 30 million users worldwide. Though the platform supports only a limited range of 80 cryptocurrencies, it also offers a wide range of more traditional financial products such as ETFs and stocks.
eToro is of course also available on Android and IOS where it has over 10 million downloads with 4 star rating based on over 100,000 reviews
eToro app
Bitfinex vs eToro Signup & KYC
While both exchanges require KYC verification for users to trade, there are some differences in the signup and verification processes.
Signing up for Bitfinex typically takes only 10-30 seconds to complete. Users need to submit their personal information along with a government ID.
Once submitted, the verification process typically takes 2-3 working days. Trading without KYC is also possible if deposits are made in crypto instead of fiat currencies.
On the other hand, the signup process on eToro is swift and users just need to enter a username, email, and confirm email verification.
However, to get verified on eToro and start trading, users need to submit personal information about their country of residence, address and a valid government ID.
eToro KYC
The verification process on eToro can take up to 1-2 business days to complete depending on the volume of requests. While the signup process between these two exchanges might differ a bit, ultimately, both require their users to conduct a full KYC in order to be able to trade.
Bitfinex vs eToro Products & Services
Moving on to products offered, Bitfinex offers trading services such as spot, futures and margin trading. The exchange also offers additional services such as lending and borrowing, staking securities trading, and finally an OTC desk.
Bitfinex products
The user experience on Bitfinex is not great and nor is liquidity with an average daily spot trading volume is over $60 million. For the more experienced risk takers, Bitfinex offers a max leverage of up to 100 on futures and 10X on margin leverage.
Bitfinex spot trading
Moving on to eToro, the platform offers a much wider range of financial products compared to Bitfinex.
Offering a gamut of financial instruments, eToro boasts a collection of over 3,200 stocks, including industry frontrunners like Microsoft, Apple, Tesla, and Amazon.
eToro Stocks
The platform also enables traders the flexibility to engage with more than 50 diverse currencies, a selection of over 30 commodities, and a carefully curated lineup of more than 20 global indices. At the time of writing, commodities, currencies and indices are not available to users in the United States.
eToro Indices
On the digital currency front, eToro rises to the occasion by offering an expansive selection of over 70 cryptocurrencies, encapsulating well known digital assets such as Bitcoin, Ethereum, Solana, Cosmos, Polkadot and others.
eToro Crypto
Additionally, eToro broadens its asset palette with a rich assortment of over 400 ETFs, highlighting industry benchmarks like Ark Innovation and Vanguard.
eToro ETFs
Recognising the importance of informed trading, the eToro Academy emerges as a pivotal knowledge center. It provides users a treasure trove of insightful trading courses, engaging webinars, and hands-on tutorials.
eToro Academy
By integrating with TradingView, eToro arms its users with in-depth charts, ensuring they have the nuanced data vital for informed trading decisions.
eToro Pro Trading Tools
eToro's sophisticated risk management tools, including adaptable take-profit and dynamic trailing stop-loss features, enhance the trading experience. Stop Loss and Take Profit are not guaranteed.
For newcomers or those keen on testing strategies, eToro's demo mode, armed with a $100,000 virtual fund, provides an authentic trading environment.
eToro Demo Trading
Another useful feature for beginners is eToro's CopyTrader feature that lets users emulate the trading moves of seasoned market professionals.
eToro Copy Trading (Past performances are not an indication of future results)
Furthermore, in tandem with the digital world's evolving dynamics, eToro introduces Delta which is a platform for non-fungible tokens (NFTs).
eToro NFTs
It simplifies the user journey in the NFT universe, from discovery and acquisition to sales and management of NFTs on the Ethereum blockchain.
When it comes to trading fees, Bitfinex and eToro have different approaches. Let's start with Bitfinex. For spot trading, Bitfinex charges a maker fee of 0.1% and a taker fee of 0.2%. For futures trading, the maker fee is 0.02% and the taker fee is 0.065%. These fees are already quite competitive, but users can lower them further by trading more.
Bitfinex spot fees
Now let's talk about eToro. eToro has a simple fee structure with a 1% fee for buying and selling cryptocurrencies. eToro also does not offer any rebates for higher trading volumes.
eToro Crypto Fees
In other words, regardless of how much you trade, you'll always pay the same fee. Needless to say, Bitfinex has lower trading fees than eToro. eToro on the other hand have the more beginner friendly interface which makes it easier to buy and sell crypto for beginners.
Bitfinex and eToro are two popular cryptocurrency exchanges that offer a variety of deposit methods for their users to choose from. Bitfinex supports five fiat currencies including USD, EUR, GBP, JPY, and CNH.
Users can deposit funds on Bitfinex via cryptocurrencies, bank wire, and OpenPayd. The deposit fee on Bitfinex is 0.1% (min $60 USD) for Wire deposits or 0.5 EUR fee per transaction with OpenPayd.
On the other hand, eToro supports four fiat currencies including USD, EUR, GBP, and AUD. Users can deposit funds on eToro via bank transfer, PayPal, Skrill, Neteller, and debit card.
All fiat deposits are free of charge on eToro, making it an attractive option for users looking to minimize fees. Conversion fee may however be applied as deposits are conducted in $.
While Bitfinex and eToro both offer bank transfer as a deposit method, eToro also provides additional options such as PayPal and credit/debit card transfers.
When it comes to Bitfinex, you have two options for withdrawing fiat currencies: Bank Wire and OpenPayd. However, there is a minimum withdrawal amount of 10K USD/EUR for these methods.
Bitfinex charges a 0.1% withdrawal fee, with a minimum fee of $20. Moving om to cryptocurrency withdrawals, On Bitfinex users can withdraw their Bitcoin for a 0.0004 BTC fee and 0.0017 ETH for withdrawing Ethereum.
On Etoro, users have the option of withdrawing fiat currencies to your bank account or to your debit card.
However, eToro charges a $5 withdrawal fee for this service, and if you're withdrawing a currency besides USD, you'll be subject to conversion fees.
When it comes to cryptocurrency withdrawals, eToro charges a 2% fee with a minimum cost of $1 and a maximum cap of $100.
eToro allows withdrawals for popular cryptocurrencies such as BTC, ETH, ADA, XRP, LTC and a few other coins. These costs are way to high for our liking.
Both Bitfinex and eToro offer unique features that cater to different types of traders and investors.
Bitfinex is an exchange that's best suited for experienced traders who require advanced trading features and a sophisticated platform.
The exchange offers spot trading for over 180 cryptocurrencies, margin, futures trading, and derivatives trading, along with staking and an OTC desk.
In contrast, eToro is a more versatile platform that caters to both beginners and experienced investors.
The platform offers an all-in-one solution for trading various financial instruments, including cryptocurrencies, stocks, ETFs and much more.
The platform has over 30 million users worldwide and supports 80 different cryptocurrencies.
In terms of signup and verification processes, both Bitfinex and eToro require their users to complete KYC in order to trade.
The trading fees on Bitfinex (0.1-0.2%) are lower than eToro (1%) but buying and selling crypto is much easier on eToro for total beginners.
Ultimately, the choice between Bitfinex and eToro depends on the user's personal preferences and requirements.
Bitfinex is the better option for experienced traders who require advanced trading features, while eToro is more suitable for beginners and those who are interested in copy trading.
Disclaimer
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured.
Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance.
luckyaltcoin.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
