FTX vs eToro 2022 : Fees & Features etc Compared !?

In light of recent BANKRUPTCY issues, we DO NOT RECOMMEND opening an account with FTX Exchange and users should AVOID sending/receiving money through FTX Exchange.

Among the top best exchanges, FTX and eToro are two prominent names in the cryptoverse. But to make your trades profitable and get optimum trading experience, it is essential to choose the one exchange that will fit your trading strategies.

And the opportunity that the cryptoverse has today, it is even more essential to choose the best exchange and diversify your trades.

But don’t worry, I am here to do just that for you; I will compare these two platforms to the core so that you can make the right decision for your trading needs.

Let’s begin with an overview of these companies.

Still Can't Decide!?

  • Upto 500x Leverage 

  • Higher Volume & Liquidity 

  • Leveraged tokens, Futures, Options too

  • Crypto Cold Storage

 

FTX vs eToro: Introduction

FTX

ftx

FTX is a global crypto exchange founded in 2019 and established in Antigua and Barbuda. It offers a wide range of spot markets and more than 150 perpetual features.

In just 3 years of establishment, it has grown exponentially and is valued at over $18 billion, which is quite remarkable for a platform so young.

eToro

eToro

eToro, on the other hand, is a Tel-Aviv-based platform founded in 2007 under the name RetailFX originally as an online forex broker but later changed its name to eToro. The company entered the crypto market with BTC trading in 2014, enabling users to buy and sell CFDs.

FTX vs eToro: Supported Cryptocurrencies

FTX

ftx supported coins

There are currently 264 crypto assets available on FTX to trade through the different products it offers. These include all your favourite ones like Bitcoin, Ethereum, Solana, Dogecoin, Ripple and 259 more.

 

eToro

etoro supported coins

On the other hand, eToro consists of a minimal collection compared to FTX, with 78 of them including Bitcoin, Bitcoin Cash, Ethereum, Stellar, Litecoin and Tron.

Verdict: Clearly, FTX is far better in this segment, with a lot more supported crypto assets available on the platform.

 

FTX vs eToro: Product Offerings

FTX 

  • Futures Trading
  • Leveraged Trading
  • Options Trading
  • MOVE Contracts
  • Spot Trading
  • Prediction Markets

eToro

  • CFD Trading 
  • Buy Crypto
  • Staking Crypto
  • Copy Trading
  • Margin Trading

Verdict: Both platforms offer a varied variety of products, the decision depends on your trading strategy, but yes, FTX will fit your trading aspirations for you. But in this segment, I will consider it a tie.

FTX vs eToro: Order Types

FTX 

  • Stop-Loss
  • Take Profit
  • Trailing Stop
  • Retry until filled
  • Post Only
  • Immediate or Cancel (IOC)
  • Reduce Only
  • Market
  • Limit

eToro

  • Market Order
  • Limit Order
  • Fill or Kill Order
  • Immediate or Cancel (IOC)
  • Good till cancelled (GTC)
  • Iceberg Order

Verdict: FTX offers a lot more trade specific, basic as well as advanced orders, therefore, making it the winner in this segment.

FTX vs eToro: Fees Comparison

FTX – Trading Fees

trading fees in FTX

FTX comprises a maker/taker fee model for its trading fees. The maker is displayed on the order book and adds liquidity to the market. At the same time, the taker doesn’t go on the order book and is immediately executed, taking the market’s liquidity away.

To understand the trading fees in detail, you can follow the table below:

Tier 30 D Volume (USD) Maker Fees Taker Fees
1 0 0.020% 0.070%
2 >2,000,000 0.015% 0.060%
3 >5,000,000 0.010% 0.055%
4 >10,000,000 0.005% 0.050%
5 >25,000,000 0.000% 0.045%
6 >50,000,000 0.000% 0.040%

Deposit and Withdrawal Fees

FTX doesn’t charge you any deposit fees; let’s discuss the withdrawal fees now.

  • Fiat withdrawals of $5000 and over are free for your first 5 per rolling 7-day period.
  • One fiat withdrawal under $5000 is free every rolling 7-day period.
  • If you stake 25 or more FTT, an additional fiat withdrawal below $5000 is free.
Currency Fee
USD 25 USD
CHF 30 CHF
HKD 250 HKD
CAD 100 CAD
GBP 75 GBP
EUR 32 EUR

There are also funding rates based on the difference between the perpetual contract market price and the spot price charged by FTX.

eToro – Trading Fees

When you open a position on eToro, it charges you a 1% buy fee, and when you close the position, it charges you a 1% fee as sell charge. As the fee is in percentage, it is adjusted to the current price of the crypto asset.

Additionally, eToro also charges a $5 flat withdrawal fee. Apart from that, there are no commission or management fees for copy trading, and the platform is currently offering $100,000 virtual funds to experiment and learn its functionalities.

Verdict: FTX is the clear winner in this segment as it comes with a more affordable, transparent and straightforward fee structure.

FTX vs eToro: Account Funding Methods

FTX

  • Method 1: On FTX, you can deposit funds using fiat currencies like USD, EUR, GBP, AUD, HKD, CAD, CHF, BRL, ARS, and GHS; soon, many more will be added to the list.
  • Method 2: FTX also supports credit cards for USD. You can also convert your fiat currencies into crypto and place orders.

eToro

  • Method 1: eToro Money, PayPal and Credit/Debit cards, Neteller and Skrill allow instant deposit and withdrawal in USD, GBP, EUR and AUD.
  • Method 2: Rapid Transfer allows instant deposit but not instant withdrawal and is available in USD, GBP and EUR.
  • Method 3: iDEAL, Klarna/Sofort Banking can be executed instantly and is available in EUR.
  • Method 4: Bank Transfer requires 4-7 days for deposits but withdrawals, instantly and available in USD, GBP, and EUR.
  • Method 5: Online Banking enables instant deposits but not withdrawals and is available in EUR, GBP, SEK, DKK, NOK, PLN, and CZK.
  • Method 6: POLi and Przelewy 24 are available in AUD and PLN, respectively, and allow instant deposits and withdrawals.

Verdict: eToro is the clear winner in this segment, with a wider variety of deposit methods.

 

FTX vs eToro: Trading Platform Comparison

FTX

FTX trading platform is available on all devices, whether iOS or Android supported mobile phones or Windows or Mac PC. It also has some of the best-in-class features to offer. One is the trading view kit which provides an intuitive derivative trading experience.

FTX’s clean yet subtle interface supports almost all chart types and comes with built-in analysis tools that helps in technical analysis of the market.

eToro

On the other hand, eToro also offers a very comprehensive web-based and well-designed mobile application. The mobile application supports all the functionality of the web platform flawlessly.

It has a powerful interface with well-functioning trade charts and necessary tools readily available on the trading window.

Verdict: FTX has a better equipped and versatile trading interface with faster execution speeds as well, making it the winner in this segment.

 

FTX vs eToro: Account Types

FTX 

Tier Requirements Limits
unverified Email
Check for restricted jurisdictions
No ability to trade, deposit, or withdraw;   just to explore the site.
1 Email 
Full Legal Name
Date of Birth
Country of residence and region/province
Check for restricted jurisdictions
Phone jurisdiction
Crypto-only withdrawals: $2000 USD limit or equivalent per day.

No crypto deposit limit. No fiat deposit or withdrawal.

Enhanced diligence may be required.
 May not be able to trade futures.

2 Full Legal name
Date of birth
Address
Proof of Address/phone jurisdiction
Description of source assets
Passport or other similar government-issued identification
Facial verification
Unlimited crypto and fiat deposits &   withdrawals.

KYC application submission:

  1. Go to the home page: https://ftx.com/.
  2. Login or Register.
  3. Go to your FTX Profile and click ‘VERIFY IDENTITY’.
  4. Fill out the Level 1 Identity Verification form to get Tier 1 KYC verified (USD 2k/day withdrawal limits).
  5. Complete the KYC form and document upload to get Tier 2 KYC verified (unlimited withdrawals).

eToro

In contrast, on eToro, KYC is mandatory to be registered on the platform. Once your account is verified through KYC procedures, you can enjoy the platform’s benefits.

To verify, you must upload proof of identity and address. Upload the entire document without cropping and focus. Your proof of identity should contain your full name, DOB, clear photograph, issue and expiry date, which should be government issued.

Your proof of address should contain your complete name, address and issue date. It shouldn’t be older than 3 months. You can upload the following documents as proof of address:

  • Bank Statement
  • Credit Card Statement
  • Electricity bill
  • Water bill
  • Gas bill
  • Phone bill
  • Internet or Council Tax Bill
  • Tax letter
  • House Rental Official Agreement 
  • Letter from your Local municipality

 

FTX vs eToro: How to get started?

FTX

  1. Start by registering yourself on the platform using your email ID and password. 
  2. If you want to add funds to your wallet, activate your account using two-factor authentication using Google authenticator. 
  3. To place an order, choose whether to go long or short and the order type. Then, enter the amount of BTC to purchase and then click on the Buy or Sell button. 

To exit the trade, you can go by the manual option, place a stop loss, or take profit order.

eToro

  1. Sign up for eToro by entering your personal data, or sign up using Facebook or Google directly and submit by clicking the ‘Sign-up’ button.
  2. Then you can verify yourself by going through the KYC procedures and submitting POI and POA documents.
  3. Now you can deposit on the platform. Click on “Deposit Funds”, enter the amount and select the currency and your preferred deposit method.

FTX vs eToro: Customer Support

FTX

FTX offers customer support through easily accessible customer support, which its users highly rate. They have supportive and knowledgeable representatives whom you can reach through their official help centre.

FTX has a carefully designed FAQ section with a properly compiled module where you can find answers to most of your queries. Additionally, you can also contact them via Telegram and WeChat.

eToro

Similarly, eToro also offers customer support through help centres and support tickets. The help centre includes one of the most comprehensive collections of articles where new traders can quickly learn and solve their queries.

The team also allocates managers for most active traders with an equity of $5000 or above.

FTX vs eToro: Security Features

FTX

FTX implements bank-like security features on its trading platform to provide its users with a safe, secure and seamless trading experience. FTX stores the majority of its user’s funds in offline cold storage.

They have two-factor authentication readily available on the platform and offer insurance to protect traders from significant cases of price volatility losses.

eToro

eToro is among the most reputable trading company offering a secure ecosystem for a safe trading experience using a combination of cold and hot wallets, reducing the chances of losing funds due to a hack or operational error.

eToro is affiliated with GK8, one of the leading cybersecurity firms. The exchange also encourages its users to set up two-factor authentication (2FA), adding an additional layer of security to the platform.

  • Is FTX safe?

Yes, FTX is undoubtedly a safe and legitimate platform. It is reputed and famous among both beginner and advanced level traders because of the bank-like regulation and security it implements.

Security on FTX is impenetrable, which is why there haven’t been any security breaches or hacks on FTX. Additionally, with the insurance features, you can expect a safe and secure crypto trading experience on FTX.

  • Is eToro safe?

On the other hand, eToro also implements top-notch security features and is equally responsible and legitimate regarding the platform’s security. With the GK8 affiliation, you can be sure that security is no joke on this platform.

Conclusion

In a gist, both FTX and eToro are fabulous trading platforms, but diving into their details, it is clear that FTX will be a superior option. With a powerfully unique and wide range of trading functionalities yet affordable pricing FTX is just the way to go.

The security features and insurance is just commendable, making it one of the best trading platforms in the market. So, get your hands on this excellent tool and skyrocket your profits.

Still Can't Decide!?

  • Upto 500x Leverage 

  • Higher Volume & Liquidity 

  • Leveraged tokens, Futures, Options too

  • Crypto Cold Storage

 

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Nayan Roy

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