Curious about Changelly and eToro? We've compared the two exchanges across a range of metrics to help you decide which is best for you. From KYC requirements, product range to trading fees, we've got you covered. Keep reading to find out which exchange ticks all the boxes for your needs!
Changelly and eToro are two well-established cryptocurrency exchanges that cater to a variety of investors.
Changelly was founded in 2013 by Konstantin Gladych and is registered in Malta, while eToro was founded in 2007 by Yoni & Ronen Assia and is registered in Seychelles.
Changelly acts as an intermediary between crypto exchanges and users, offering access to over 390 cryptocurrencies that can be swappedson desktop and on-the-go via Changelly mobile app.
Changelly exchange
The platform has over 3 million users with the majority being based in Europe. Changelly is also available on IOS and Android where it has over 500,000 downloads with a 3.7 star rating.
Changelly app
In contrast, eToro is a global social trading and multi-asset investment platform that enables users to trade various financial instruments, including stocks, commodities, indices, currencies, and cryptocurrencies.
The platform 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 has over 30 million users worldwide and has over 10 million downloads with a 4 star rating based on over 100,000 reviews.
eToro app
Changelly vs eToro Signup & KYC
Changelly and eToro are two popular cryptocurrency exchanges with different approaches to their signup and KYC processes. To signup to Changelly, users only need to provide an email and verify it before they can start buying and selling cryptocurrencies through third-party providers.
Changelly KYC
However, each provider requires its own signup and KYC process before users can make a purchase. For those who wish to trade on Changelly Pro, trading is possible without KYC but is required to increase trading and withdrawal limits. The KYC process on Changelly involves providing personal information, residential address, a valid ID, selfie, and mobile phone number.
On the other hand, eToro requires basic verification during the signup process which only takes a minute to complete. Users just need to enter a username, email, and confirm the email verification.
However, to get verified on eToro and trade, users must submit personal information about their country of residence, address, and a valid government ID.
eToro KYC
Once the information has been provided, it can take eToro up to 1-2 business days to process and verify the account. Changelly is thus the better option for those that prefer to trade without any KYC requirements.
Changelly vs eToro Products & Services
Moving on to product range, Changelly offers very few products and services. Users can buy cryptocurrencies on Changelly via third-party providers such as MoonPay, Simplex, Banxa and others. While Changelly is easy to, it's basically an interface for third-party providers which are expensive to buy and sell from.
Buy crypto with card on Changelly
Changelly also offers a product called DeFi swap which allows users to connect their MetaMask and swap tokens on EVM compatible blockchains such as Ethereum, Avalanche and Binance Smart Chain.
Changelly defi spot
Changelly Pro is also available for those that wish to access spot trading, margin and futures trading. The good thing about Changelly Pro is that users can get access to spot, margin and futures without the need to KYC.
Changelly pro
Spot trading is also possible on Changelly via their Changelly Pro exchange with daily spot trading volumes reaching up to $400,000,000. In terms of max leverage, Changelly Pro offers users up to 100X max leverage on BTC contracts and 10X leverage on margin trading.
On the other hand, eToro is a more versatile platform that allows users to buy and sell a wide range of financial assets. These include 80 cryptocurrencies like Bitcoin and Ethereum, 3,000 different stocks from around the world, various indices, and 30 commodities such as gold, silver, and aluminum.
eToro products and services
Users can also invest in more than 300 Exchange Traded Funds (ETFs) and trade over 50 traditional (fiat) currencies. To help beginners practice trading without risk, eToro offers a demo account, where users can trade with virtual money and copy trading, where they can copy successful investors.
eToro interface
The design of the interface feels a bit outdated and while eToro does not offer too many products, the user experience could be improved with a more streamlined interface.
Let's take a look at the trading fees offered by Changelly and eToro. First up, we have Changelly.
On Changelly Pro, spot trading fees for makers and takers are a flat 0.1%, which is already a competitive fee. However, if you're a high-volume trader, you can further reduce this fee if you exceed a minimum trading volume of 5 BTC over a 30-day period.
Changelly spot fees
Moving on to futures trading, the fees for makers are 0.02% and 0.05% for takers, which is on par with other top exchanges like Binance and OKX. Overall, Changelly Pro offers reasonable fees for both spot and futures trading.
Now, let's talk about eToro. Unfortunately, eToro charges a flat 1% fee for buying and selling cryptocurrencies, which is higher than the fees charged by other exchanges. Another difference is that eToro does not offer any rebates for higher trading volumes, which means everyone pays the same high fee.
So when it comes to trading fees, Changelly Pro is offers lower fees than eToro assuming users buy and sell using Changelly Pro. For users that buy via the DeFi Swap or third-party providers on Changelly, they will be paying higher fees than what eToro charges.
When it comes to depositing funds into your trading account, Changelly and eToro offer different deposit methods for their users.
Starting with Changelly, unfortunately, fiat deposits are not possible on this exchange. Users have to either deposit cryptocurrencies or buy via third-party sellers that charge high commission fees. This can be a downside for those who want to deposit fiat currencies directly into their account.
On the other hand, eToro offers a wide variety of deposit methods for users to choose from. They support four fiat currencies including USD, EUR, GBP and AUD. Deposit methods include Bank Transfer, PayPal, Skrill, Neteller and Credit/Debit Card.
The best part is that all fiat deposits are free of charge on eToro, making it an attractive option for those who want to save on deposit fees. In conclusion, eToro's support for major fiat currencies like USD, EUR and GBP with free deposit options make it a more convenient and cost-effective choice for traders.
Changelly is an exchange that offers only cryptocurrency withdrawals and does not provide any fiat withdrawal methods. However, their crypto withdrawals come with different fees depending on the blockchain being used.
For instance, Bitcoin withdrawals have a fee of 0.0007 BTC, Ethereum withdrawals have a fee of 0.002 ETH, and Solana and Tether USD (ERC-20) withdrawals come with fees of 0.01 SOL and 12 USDT, respectively.
On the other hand, eToro offers fiat withdrawals via bank account or debit card. However, users can only transfer their cryptocurrencies from the eToro investment platform to the eToro Money crypto wallet.
The exchange charges a 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.
In summary, Changelly is a smaller exchange that offers a limited range of cryptocurrency products while eToro is one of the biggest brokers in the world.
Changelly offers access to over 390 cryptocurrencies to their over 3 million users that can be purchased on Changelly Swap, DeFi Swap or via Changelly Pro. Spot trading on Changelly Pro is the must better options as it's much cheaper than buy through third-party providers or DeFi Swap.
Changelly does not require users to pass through KYC to deposit cryptocurrencies on Changelly Pro which is great. Users can thus signup, deposit cryptocurrencies and begin trading spot, futures and perps.
In contrast, eToro is a global social trading and multi-asset investment platform that enables users to trade various financial instruments, including stocks, commodities, indices, currencies, and cryptocurrencies.
While eToro does not offer spot, futures and perps trading like Changelly, they offer a wider range of traditional financial products with a 1% transaction fee for cryptocurrencies. Other products such as buying and selling of stocks come with a 0% commission fee.
And while eToro supports the deposit and withdrawal of fiat currencies, Changelly does not and only offers support for crypto deposits and withdrawals.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
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.
