Coinsquare vs eToro | Best Exchange For Canadian Investors?
Jack Moreau
Mar 2024
10 min read
Fact checked
We've compared Coinsquare vs eToro across an array of factors such as KYC requirements, supported countries, trading fees, product offerings, and deposit methods. Discover the exchange that ticks all your boxes!
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.
Coinsquare is a Canadian cryptocurrency exchange that has been operating since 2014. The exchange is registered and based in Ontario, Canada, and has over 50 employees.
It is a secure and regulated exchange that provides Canadian residents with an easy-to-use platform to buy and sell cryptocurrencies.
Coinsquare exchange
Coinsquare offers a limited range of over 40 cryptocurrencies, including Bitcoin, Ethereum, XRP, ADA, ALGO, ATOM, and a few others.
The exchange has over 500,000 registered users and is available on Android and IOS, where it has been downloaded by over 50,000 Canadians.
Coinsquare app
eToro is a global social trading and multi-asset investment platform that has been operating since 2007. The platform was founded by Yoni & Ronen Assia.
eToro allows users to trade various financial instruments, including stocks, ETFs and cryptocurrencies.
The platform has gained popularity for its user-friendly interface, diverse range of assets, and innovative social trading features.
eToro has over 30 million users worldwide and has over 10 million downloads on its Android app, with a 4-star rating based on over 100,000 reviews.
The platform supports a limited range of 80 cryptocurrencies, including some of the most popular ones like Bitcoin and Ethereum.
eToro app
Coinsquare vs eToro Signup & KYC
Coinsquare and eToro have different requirements when it comes to the signup process and KYC verification.
Coinsquare requires all users to complete KYC verification before they can start trading. The signup process involves entering an email address, verifying it, and then providing personal information such as full name, address, a valid government ID and a selfie.
Coinsquare KYC
Only Canadian residents can use Coinsquare, and users that are not Canadian won't be able to pass KYC. Once the verification process is complete, users can start trading on the platform.
Similar to Coinsquare, eToro also requires KYC verification for trading. The signup process involves entering a username, email, and confirming the email verification.
To get verified on eToro, users must submit personal information about their country of residence, address, a valid government ID and some additional information.
eToro KYC
Once the information has been submitted it can take eToro up to 1-2 business days to process and verify the account. This is similar to Coinsquare which typically verifies users within 1-2 business days.
Coinsquare vs eToro Products & Services
Now let's have a look at how Coinsquare and eToro compares when it comes to the product and services offered to customers.
Coinsquare is a smaller local Canadian exchange that does not offer a wide range of products and services. They do allow the buying and selling of 40 cryptocurrencies, which can be bought via their swap services or their spot exchange called Coinsquare Pro.
Buy cryptocurrencies on Coinsquare
The user experience on Coinsquare is pretty average, but it's at least easy to use for total beginners. Other than that, there is nothing that stands out as particularly impressive when it comes to the product offering or user experience.
Coinsquare spot trading
Spot trading volumes on Coinsquare are in the range between $20 to $40 million on a daily basis, which is not much and to be expected from a smaller country-specific exchange.
eToro stands as a premier trading platform designed for modern traders seeking advanced research, meticulous analysis, and effective risk management tools.
Boasting a diverse offering, eToro provides access to more than 3,200 stocks from industry giants like Apple, Tesla, and Amazon.
Traders also have the opportunity to engage with over 50 currencies, 30+ commodities, and more than 20 indices. At the time of writing, commodities, currencies and indices are not available to users in the United States.
eToro Stocks
For the crypto-enthusiast, eToro hosts over 70 options, including sought-after choices like Bitcoin, Ethereum, and Solana.
eToro Crypto Markets
Moreover, for those eyeing broader market segments, eToro houses over 400 ETFs, featuring big names such as SPDR S&P 500 and Vanguard.
eToro ETFs
Recognizing the importance of trader education, eToro's Academy offers a comprehensive suite of trading courses, insightful webinars, and hands-on tutorials, all available free of charge.
eToro Academy
In its collaboration with TradingView, eToro equips traders with in-depth, up-to-date charts for better decision-making. The platform ensures that traders execute orders seamlessly with accurate, real-time pricing.
Advanced risk management tools, including adjustable take-profit and trailing stop-loss settings, fortify the trading experience. Stop Loss and Take Profit are however not guaranteed.
eToro Trading Tools
Novices or those wanting a trial run can turn to eToro's demo setting, complete with a $100,000 virtual stash.
eToro Demo Trading
One of eToro's distinguishing features is its CopyTrader system, enabling users to mirror the trading patterns of seasoned players, all transparent in their approach and results.
eToro Copy Trading (Past performances are not an indication of future results)
Rounding off its offerings, eToro introduces Delta which is a dedicated space for those venturing into NFTs, simplifying the exploration, acquisition, and management of non-fungible tokens.
eToro NFT
With Delta eToro allows it's customers to buy and sell the most popular NFTs on the Ethereum blockchain.
Let's continue by taking a look at the trading fees offered by two popular exchanges.
First up, Coinsquare charges spot fees starting at 0.5% for both makers and takers, which is definitely on the higher end when compared to other exchanges.
Coinsquare spot trading fees
Coinsquare also offers rebates for high volume traders with the minimum threshold for discounts beginning at $10,000 in trading volume.
For those that are buying and selling crypto via the Coinsquare trade (swaps), the fees are even higher as the exchange takes a portion of the spread.
While eToro has a simpler fee structure, it's also higher than Coinsquare. eToro charges a 1% fee for buying and selling cryptocurrencies.
eToro Crypto Fees
eToro does not offer any discount for it's high volume traders which means that all users pay the same fee for each transaction.
eToro Stock Fees
While spot trading on Coinsquare comes with lower trading fees than eToro, eToro also offers stock trading with 0% commissions. This is important to note as not all the financial products have the same transactions fees on eToro.
When it comes to depositing fiat currencies, Coinsquare and eToro take different approaches.
Coinsquare only supports the deposit of two fiat currencies, CAD and USD. eToro on the other hand supports four currencies: USD, EUR, GBP, and AUD.
Coinsquare users can deposit CAD via Interac e-Transfers or wire transfers free of charge. Those who wish to deposit USD can do so via wire transfer, which also comes with no deposit fees and a processing time of two days.
Coinsquare fiat deposit
However, Coinsquare charges fees for other deposit methods, such as a 2.5% fee for cash deposits and a 2.58% fee for credit/debit card deposits.
On the other hand, eToro offers a variety of deposit methods for its supported fiat currencies. Users can deposit funds via bank transfer, PayPal, Skrill, Neteller, and debit card.
The best part? All fiat deposits on eToro are free of charge. Conversion fee may however be applied as deposits are conducted in $.
As such, Coinsquare is more limited in terms of supported currencies, but it offers free deposits via wire transfer. Meanwhile, eToro supports more currencies, deposit methods and is also free of charge.
Moving on to withdrawals, Coinsquare offers a few different options for fiat withdrawals. USD can only be withdrawn via wire transfer while CAD can be withdrawn via Interac e-Transfer (free), bank withdrawal (1.5% fee), or wire transfer (1.5% fee).
Certain cryptocurrencies can also be withdrawn from Coinsquare with varying fees depending on the blockchain being used.
Some fees are dynamic and change based on network activity such as BTC and ETH while others are set like Litecoin, XRP, and Stellar which are free.
eToro offers fiat withdrawal methods such as bank account or debit card. There is a $5 withdrawal fee and fiat currencies besides USD are subject to conversion fees.
For cryptocurrency withdrawals, users can only transfer their crypto from the eToro investment platform to the eToro Money crypto wallet.
eToro charges a steep 2% fee for this transfer with a minimum cost of $1 and a maximum cap of $100.
Withdrawals are available for cryptocurrencies such as BTC, ETH, ADA, XRP, LTC, and a few other coins. This is too high in our opinion and a service that users should avoid considering the cost.
In conclusion, Coinsquare is a Canadian cryptocurrency exchange that offers a limited range of over 40 cryptocurrencies, while eToro is a global multi-asset investment platform that allows users to trade various financial instruments, including 80 cryptocurrencies.
Both Coinsquare and eToro requires all users to complete KYC verification before they can start trading. Trading fees for those using Coinsquare Pro for spot trading begin at 0.5% while eToro charges a flat 1% commission for all transactions.
Coinsquare is a much more limited exchange compared to eToro in multiple ways. To begin with, only Canadians can use it's limited range of product. eToro on the other hand is a global platform with over 30 million users and 1000s of financial products available for hodling or trading.
As such Coinsquare only supports the deposit of CAD and USD, while eToro supports four currencies: USD, EUR, GBP, and AUD. This makes eToro the more accessible platform in terms of fiat currency deposits and withdrawals as well.
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.
