Poloniex vs eToro | We Evaluated Their Respective Offerings
Jack Moreau
Mar 2024
9 min read
Fact checked
Poloniex vs Etoro? Which exchange is the better option for you? Our team has done extensive research on both exchanges to help you make an informed decision. We've looked at sign up and KYC, available countries, trading fees, products and user experience to give you a comprehensive comparison!
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.
Poloniex and eToro are two cryptocurrency exchanges that cater to different types of users. While Poloniex is a platform for mainly trading cryptocurrencies, eToro is a social trading and multi-asset investment platform.
Poloniex was founded in 2014 by Tristan D'Agosta and is registered in Seychelles and headquartered in Boston, Massachusetts. The exchange has over 350 supported cryptocurrencies and facilitates spot, margin, and futures trading with up to 100X leverage.
Poloniex exchange
Poloniex is available in most countries around the world, except for the US, China, and OFAC countries. Poloniex has over one million users and its Android app has been downloaded over 500,000 times with an average rating of 3.8 based on 9,000 reviews.
Poloniex app
eToro was founded in 2007 by Yoni & Ronen Assia and is a global social trading and multi-asset investment platform that has gained popularity for it's diverse range of assets, and innovative social trading features.
The platform allows users to follow and copy the trades of experienced investors creating a unique community-driven trading experience. eToro supports a limited range of 80 cryptocurrencies and has over 30 million users.
Its Android app has been downloaded over 10 million times, with a 4-star rating based on over 100,000 reviews. In terms of user experience, eToro has a more beginner-friendly interface compared to Poloniex which is more suited for experienced traders.
eToro App
Poloniex offers advanced trading options with higher leverage while eToro's focus is more on traditional financial instruments.
Poloniex vs Etoro KYC Requirements
When it comes to signing up for a cryptocurrency exchange, there are a variety of factors to consider. Let's take a closer look at the signup process of Poloniex and eToro.
Poloniex is unique in that KYC verification is not required for users to deposit crypto, trade futures and withdraw digital assets. This makes it a great option for those who value anonymity and privacy in their trading.
Signing up for Poloniex is also incredibly easy taking less than a minute to fill in your full name, email, and date of birth. While KYC is not necessary for basic trading, it is required if you want access to more advanced features.
Signup process on Poloniex
eToro contrary to Poloniex does require KYC verification for all users who want to trade on their platform. eToro signup process is also swift and easy to get started with.
eToro KYC
The KYC verification process on eToro can take several days to complete, but it's worth it to get access to eToro's full suite of trading features. Ultimately, the choice between Poloniex and eToro comes down to what you value most in a cryptocurrency exchange.
If privacy and anonymity is a top priority, than you will likely prefer the lack of KYC offered by Poloniex. But if you want access to a wide range of trading features and don't mind going through the KYC process, eToro is a great option.
Poloniex vs Etoro Products & Services
In terms of product and services, the range of products offered by Poloniex and eToro differ quite a bit.
Poloniex offers a more traditional range of product normally associated with crypto exchange. These includes trading services such as spot and futures trading and grid trading.
Poloniex Spot Trading
Futures leverage goes up to 100X and for cross margin trading, Poloniex supports a maximum leverage of 3x.
Poloniex Futures Trading
Poloniex also offers the option for it's users to buy crypto with card via simplex, buy newly launched tokens via it's launchpad for new crypto projects, earn products and buy NFTs via it's marketplace.
Poloniex earn products
The user experience on Poloniex is not very polished but instead rather basic. Having said that, the exchange is easy to navigate and offers a decent range of products and features.
Poloniex Crypto Markets
Poloniex offers a wide range of over 350 coins and tokens and the average daily spot volume on is over $80 million.
eToro on the other hand stands as a comprehensive gateway to the world of trading by offering over 3,000 financial assets to beginners and professionals alike.
This includes a selection of over 3,200 different stocks, meaning you can invest in some of your favourite companies, whether that's tech giants like Apple or retail behemoths like Amazon.
eToro Stocks
Beyond stocks, eToro has opened the doors to the bustling world of currency trading. Users have the option to trade more than 50 currencies, spanning from the globally dominant US Dollar to other region-specific currencies. At the time of writing, currencies are not available to users in the United States.
eToro Currencies
In the digital age, cryptocurrencies have surged in popularity and eToro hasn't missed the trend. The platform introduces its users to over 70 different digital currencies including the most popular ones like BTC, ETH, SOL, ATOM, DOT, DOGE and many others.
eToro Crypto
To ensure newcomers aren't overwhelmed, eToro has put significant emphasis on education. The eToro Academy is a dedicated space filled with resources from structured courses to easy-to-understand tutorials.
eToro Academy
Another beneficial feature is eToro's collaboration with TradingView that lets view clear, beginner-friendly charts, helping them understand price trends and make informed decisions.
eToro Trading Tools
Moreover, for those still hesitant about diving in with real funds, eToro's practice mode is a blessing. It's a sandbox environment where you can try out trading without any financial risks.
eToro Demo Trading
Another beginner-friendly feature is eToro's CopyTrader that enables beginners to learn from experts in real-time and even mimic their trades.
eToro Copy Trading (Past performances are not an indication of future results)
Lastly, the world of digital collectibles and art (NFTs) are also accessible on eToro via their Delta platform. Here users can easily buy and sell NFTs on the Ethereum blockchain.
One of the most important things to consider when choosing an exchange is the cost for trading. Poloniex offers a maker fee of 0.145% and a taker fee of 0.16% for spot trading, while Etoro charges a 1% fee for buying and selling cryptocurrencies.
Poloniex fees
However, Poloniex's fees can be lowered for both spot and futures trading if monthly trade volumes exceed $50,000 or if a users TRX balance exceeds $49 dollars, making it a better option for high volume traders.
eToro Crypto Fees
Meanwhile, Etoro does not offer any rebates for higher trading volumes, which may not be ideal for those looking to make bigger trades. They do however offer 0% commissions for those trading stocks without any management or roll over fees.
When it comes to deposit methods, Poloniex and eToro are quite different from each other. While Poloniex only allows for cryptocurrency deposits or buying crypto via credit card through Simplex, eToro offers a wide range of options for depositing fiat currencies.
Buy crypto with card on Poloniex
For eToro, the four supported fiat currencies are USD, EUR, GBP, and AUD. Deposit methods include bank transfer, PayPal, Skrill, Neteller, and debit card.
All fiat deposits on eToro are free of charge but conversion fee may however be applied as deposits are conducted in $.
On the other hand, Poloniex only supports crypto deposits or purchasing crypto via credit card through Simplex.
Overall, eToro comes out on top when it comes to fiat deposit methods with a variety of options and no deposit fees.
However, if you're solely interested in trading cryptocurrencies and want more fiat deposit options, then we recommend exchanges such as Kraken and Binance.
Moving on to withdrawals, let's take a closer look at the withdrawal methods offered by Poloniex and eToro.
Starting with Poloniex, the exchange does not support fiat withdrawals. However, users can withdraw their cryptocurrencies with different fees depending on the blockchain.
For instance, withdrawing Bitcoin comes with a 0.0005 BTC fee, Ethereum comes with a 0.0032 ETH withdrawal fee, while Solana withdrawal fee is 0.01 SOL.
Etoro offers two primary fiat withdrawal methods, namely bank transfer and debit card. Etoro charges a $5 withdrawal fee for all transactions, which is line with exchange like Kucoin but higher than Kraken and Binance. Also, fiat currencies besides USD are subject to conversion fees.
In conclusion, eToro is a much bigger and more popular broker than Poloniex. Besides that, both eToro differs quite a bit from Poloniex in terms of catering to different types of users.
Poloniex is a more advanced trading platform with over 350 supported cryptocurrencies and offers spot, margin, and futures trading with up to 100X leverage.
It has over one million users and offers a maker fee of 0.145% and a taker fee of 0.16% for spot trading.
Meanwhile, eToro is a social trading and multi-asset investment platform with over 30 million users and supports a limited range of 80 cryptocurrencies.
eToro charges a 1% fee for buying and selling cryptocurrencies and it offers a user-friendly interface and innovative social trading features, making it a great option for beginners.
When it comes to deposit methods, eToro outshines Poloniex, as it offers a wider range of options for depositing fiat currencies with no deposit fees.
On the other hand, Poloniex only allows for cryptocurrency deposits or buying crypto via credit card through Simplex.
However, when it comes to withdrawing your cryptocurrency, Poloniex offers more flexibility with different withdrawal fees depending on the blockchain.
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.
