Bitso vs eToro | Should You Signup To Both Exchanges?
Jack Moreau
Mar 2024
10 min read
Fact checked
Are you on the fence not sure if you should use Bitso vs Etoro? Our detailed comparison of these two trading platforms takes a deep dive into factors such as sign-up procedures, KYC requirements, product offerings, country availability, trading fees and overall user experience!
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.
Bitso and eToro are two popular cryptocurrency exchanges that both offer and target a different type of users. Let's begin with the basics.
Bitso was founded in 2014 and has quickly grown to become a leading exchange in Latin America while eToro was founded in 2007 and has established itself as a global social trading platform.
Bitso exchange
Bitso's mission is to provide a simple, accessible, and secure platform for trading digital assets. The exchange offers a small selection of popular cryptocurrencies such as Bitcoin, Ethereum, and Ripple, as well as local fiat currencies.
Bitso has over 6 million users and is available in numerous Latin American countries. Bitso supports the purchase of 50 mainly large cap cryptocurrencies making it a good option for those who want to get exposure to more established cryptocurrencies.
Bitso's services are also available on Android and IOS. The Android app of Bitso has been downloaded over 5 million times and has a 4.1-star rating based on 60,000 reviews.
Bitso app
eToro differs quite a lot from Bitso as it is a global social trading and multi-asset investment platform that allows users to trade various financial instruments including cryptocurrencies, stocks and ETFs.
eToro Exchange
The platform has gained popularity for its user friendly features, diverse range of assets and innovative social trading features. eToro 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.
eToro has over 30 million users and boasts over 10 million app downloads with a 4-star rating based on over 100,000 reviews.
eToro app
Overall, both Bitso and eToro offer their users a range of cryptocurrency trading options. Bitso is a great option for users in Latin America, while eToro is a more globally-focused platform with a wider range of financial instruments available.
Regardless of which platform users choose, they can be confident that they are trading on a trusted and reliable exchange.
Bitso vs Etoro Signup & KYC
When it comes to signing up and getting verified on Bitso and eToro, there are some similarities and differences to take note of. Bitso requires all users to go through a KYC verification process.
However, signing up for Bitso only takes 30 seconds and completing KYC takes just a few minutes to upload the required documents such as an ID. Bitso has a two-tier verification process.
Bitso KYC
The first tier requires users to provide basic information such as their full name, country of residence, and phone number, which gives them access to crypto deposits and a fiat deposit limit of $1,500.
For those who want higher deposit levels, they have to complete full KYC, which means adding their address, official ID, and proof of address.
eToro also requires KYC verification for all users who wish to trade on their platform. The signup process is swift and users just need to enter a username, email and confirm the email verification.
However, eToro's verification process can take several days to complete. Overall, both Bitso and eToro have similar KYC requirements for their users.
Etoro KYC
Bitso vs Etoro Products & Services
Bitso is a user-friendly platform that allows users to easily buy and sell over 50 different cryptocurrencies through their exchange and on their Android & iOS apps.
Bitso Interface
In addition to trading, Bitso offers a convenient Bitso Card, which users can use to spend their cryptocurrencies in everyday transactions, just like a regular debit card.
Bitso Card
They also have a feature called Bitso+, where users can earn a 2% yield by holding USD stablecoins. This is a great way to generate passive income from digital assets while keeping them relatively stable in value.
Bitso Earn
The average daily spot volume on Bitso is over $30 million with no form of leverage trading services available.
Bitso Crypto Markets
On the other hand, eToro is an all-in-one trading platform designed for those keen on navigating the financial markets with access to over 3,000 financial assets.
With eToro, users can tap into a vast selection of over 3,200 company stocks with popular brands including the likes of Apple and Amazon.
eToro Stocks
They also grant access to trade in over 50 different currencies from around the world, more than 30 essential commodities like oil and gold, as well as bundles of stocks known as ETFs. Indices, currencies and commodities are however not available to users in the United States.
eToro ETFs
For individuals curious about the world of digital money, eToro is a gateway to over 70 cryptocurrencies, including big names like Bitcoin, Ethereum, Solana, Cosmos, Arbitrum and many others.
eToro Crypto
But if you're new to all this and the idea of trading feels daunting, eToro has established its eToro Academy.
eToro Academy
This academy serves as a learning hub, providing courses, webinars, and a treasure trove of resources to simplify complex trading concepts.
Adding to the trader's toolkit, eToro has partnered with TradingView to ensure that users receive clear, understandable charts that outline price movements.
eToro Tools
They've also equipped their platform with features that allow traders to set protective limits, ensuring they don't incur unexpected losses. Stop Loss and Take Profit are however not guaranteed.
For those keen on learning without risking actual funds, eToro offers a practice mode which is a risk-free environment where individuals can hone their trading skills.
eToro Demo Trading
Another one of eToro's standout features is the CopyTrader feature that lets users observe the strategies of successful traders and replicate their trades.
eToro Copy Trading (Past performances are not an indication of future results)
Lastly, for those intrigued by the world of digital art and collectibles, eToro's Delta platform enables users to seamlessly dive into the world of non-fungible tokens (NFTS) on Ethereum.
eToro NFTs
In essence, eToro offers a comprehensive trading experience, balancing a vast range of assets with tools and resources that cater to both beginners and experienced traders alike.
When it comes to trading fees, there are a lot of different exchanges to choose from. Let's take a closer look at Bitso and eToro to see how their fees stack up against each other.Bitso charges spot maker fees ranging from 0.095% to 0.5% depending on your trading pair.
Bitso Spot Fees
Spot taker fees range from 0.099% to 0.65%. While the fees vary depending on the currency you're trading with, Bitso does offer some trading rebates for those who buy with cryptocurrencies or with fiat currencies.
The more you trade, the lower your spot fees will be.On the other hand, eToro charges a flat fee of 1% for buying and selling cryptocurrencies.
eToro Crypto Fees
Unfortunately, eToro doesn't offer any rebates for higher trading volumes, so you'll be stuck paying the same fee regardless of how much you trade. eToro does however offer 0% commissions for those trading stocks without any management or rollover fees.
eToro Stock Fees
Overall, if you're looking for lower fees and the potential to earn rebates as you trade, Bitso might be the better option for you. However, if you prefer the simplicity of a flat fee and aren't planning on trading large volumes, eToro could still be a good choice.
Bitso and eToro are both popular exchanges for cryptocurrency trading, but they differ in terms of their deposit methods.
Let's take a closer look at each exchange.Bitso is a Mexican-based exchange that supports five fiat currencies, including USD and MXN.
The only deposit method available on Bitso is via bank transfer, which is free of charge for all fiat currencies except USD. For USD deposits, there is a $10 fee.
While this may seem like a drawback, Bitso's focus on bank transfers makes it a great choice for those who prefer a more traditional banking approach to their crypto investments.
On the other hand, eToro supports four fiat currencies, including USD, EUR, GBP and AUD.
The exchange offers a variety of deposit methods, including bank transfer, PayPal, Skrill, Neteller, and debit card. The best part? All fiat deposits are free of charge on eToro, making it a great choice for those looking for flexibility and low deposit fees. Conversion fee may however be applied as deposits are conducted in $.
In conclusion, both Bitso and eToro have their pros and cons when it comes to deposit methods.
Bitso's focus on bank transfers may make it a great choice for those who value traditional banking methods, while eToro's wide array of deposit options makes it a great choice for those who value flexibility and low deposit fees.
When it comes to withdrawing your funds from Bitso or eToro, both exchanges offer different options with varying fees.
Bitso, for instance, allows you to withdraw your fiat currencies in USD, MXN, ARS, BRL, and COP.
You can withdraw them via bank transfer, which is free for all Latin American currencies, or pay a fee of $10 for USD withdrawals.
Additionally, withdrawing Bitcoin will come with a 0.00019 BTC fee, an ETH withdrawal fee of 0.0012, or 0.008 SOL for Solana withdrawals.
eToro supports fiat withdrawals via bank account or debit card. What's more, eToro charges a $5 withdrawal fee, and if you're withdrawing fiat other than USD, you're subject to conversion fees.
When it comes to withdrawing cryptocurrencies from eToro, the fees are the same, with a 0.0005 BTC fee for Bitcoin withdrawals and a fee of 0.0006 ETH for Ethereum withdrawals
Bitso and eToro are both popular cryptocurrency exchanges, but they differ in several aspects.
Bitso is a leading exchange in Latin America with over 6 million users and support for 50 cryptocurrencies.
eToro, on the other hand, is a global social trading platform with over 30 million users and support for over 3,000 financial products including 80 cryptocurrencies, as well as stocks and ETFs.
When it comes to KYC verification, both exchanges require it, but Bitso has a tiered system while eToro has a longer verification time.
In terms of more unique products and services, Bitso offers a Bitso Card for spending cryptocurrencies and a Bitso+ feature for earning a 2% yield. eToro has copy trading, demo trading and NFTs.
In terms of fees, Bitso charges variable spot trading fees depending on the trading pair (USDT, USDC etc) with rebates available for higher trading volumes, while eToro charges a flat 1% fee for buying and selling cryptocurrencies.
Irrespective of which trading pair users buy with on Bitso, the fees are lower then eToro. eToro does however no commission fees for users who buy traditional finacial products such as stocks.
Both exchanges have different fiat deposit methods with Bitso focusing on bank transfers for South American fiat currencies (and USD) while eToro is offering deposit options for USD, EUR and GBP.
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.
Signup to eToro and Get $10 Bonus (US Only) when you deposit $100! eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
