Are you torn between eToro and Revolut as your preferred investment platform? Look no further as we have compared both in terms of features, fees, and accessibility. From stock trading to cryptocurrency investment, we've got you covered. Read on to find out which platform suits your investment needs.
When it comes to cryptocurrency exchanges, eToro and Revolut are two popular platforms that offer a range of digital banking and financial services. eToro was founded in 2007 by Yoni & Ronen Assia and is registered in Seychelles. It has over 30 million users and is available in 140 countries.
eToro exchange
While the platform offers a limited range of 80 cryptocurrencies, it is known for its innovative social trading features that enable users to follow and copy the trades of experienced investors. The eToro app has been downloaded over 10 million times and has a 4-star rating based on over 100,000 reviews.
eToro app
On the other hand, Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko and is registered as Revolut Bank UAB in Vilnius, Lithuania. It has over 25 million users and is available in over 60 countries across Europe, the US, UK, Australia, Singapore, Japan, and Switzerland.
Revolut crypto
Revolut is widely known for its innovative approach to banking, competitive fees, and extensive array of features. The platform supports over 100 cryptocurrencies, including well-known ones such as Bitcoin, Ethereum, XRP, DOT, ADA, and ICP.
The Revolut app has been downloaded over 10 million times and has a fantastic 4.8-star rating based on over 2 million reviews.
Revolut app
While both platforms offer a range of financial services and support for cryptocurrencies, they differ in their approach. eToro emphasizes social trading and community-driven investing for 1000s of financial products, whereas Revolut focuses on innovative banking features with some crypto sprinkled on top.
eToro vs Revolut Signup & KYC
If you're looking to start trading on either eToro or Revolut, you'll need to go through their signup process and complete their KYC requirements.
Creating an account with eToro is a quick process that takes only 1 minute. However, to start trading, you'll need to complete their KYC process. This involves providing personal information such as your country of residence and address, as well as a valid government ID. The verification process on eToro can then take maximum 1-2 business days before the account gets verified.
On the other hand, signing up for a Revolut Standard account is also quick and can be done in minutes through their mobile app. However, to create a bank account and use their services, you'll need to complete their KYC process.
This involves following the instructions provided by the app to verify your identity and proof of residence. Verification time on Revolut can be done as quickly as in 5-10 minutes up to a few hours in some cases.
eToro vs Revolut Products & Services
eToro and Revolut are two different type of platforms that both offer cryptocurrency products and services to their users.
While eToro is a more versatile platform that offers a wide range of financial assets including cryptocurrencies, stocks, indices, commodities and ETFs, Revolut is primarily a fintech bank that offers a suite of banking services with cryptocurrency products as an additional feature.
eToro offers users the ability to buy and sell over 80 cryptocurrencies, practice trading with a demo account, and copy successful investors with copy trading.
On the other hand, Revolut offers users the ability to buy and sell over 100 cryptocurrencies, earn staking rewards on select cryptocurrencies, and use their spare change to buy cryptocurrencies or make purchases with cryptocurrencies in their wallet.
In terms of user experience, eToro's interface feels a bit outdated and can be confusing for beginners, while Revolut's interface is more modern and user-friendly. However, it should be noted that eToro offers a wider range of products and services beyond just cryptocurrencies.
Overall, eToro and Revolut offer different approaches to cryptocurrency products and services. Etoro offers a more versatile platform for those looking to invest in a wider range of financial assets, while Revolut offers a simpler and more beginner-friendly approach with cryptocurrency products as an additional feature to their banking services.
When it comes to trading fees for buying and selling cryptocurrencies, eToro charges a 1% fee. This is a flat fee, which means that there are no discounts for high volume trading. For financial products such as stocks, eToro charge a 0% commission which is hard to beat.
On the other hand, Revolut charges a fee of 1.99% for all cryptocurrency related transaction on the app. This is quite steep compared to other exchanges and up to 20 times higher compared to exchanges like Binance, OKX, and Bybit.
Overall, eToro is the cheaper venue to buy, sell and trade cryptocurrencies compared to Revolut. While Revolut may be more suitable for occasional traders who prefer a simpler platform, that conveniance comes with a much higher price tag as well.
eToro and Revolut are two popular exchanges that offer different deposit methods for their users. Let's take a closer look at what each exchange has to offer.
eToro supports four fiat currencies including USD, EUR, GBP, and AUD, making it a great option for users from different parts of the world. Users can deposit funds using bank transfers, PayPal, Skrill, Neteller, and Credit/Debit Card. The best part? All fiat deposits are free of charge on eToro, which is a huge plus for users looking to save some money.
On the other hand, Revolut is a bank that offers a convenient way for users to buy cryptocurrencies without having to deposit any funds. Users can simply use the funds they have in their Revolut account to buy cryptocurrencies. However, the downside is that Revolut charges high fees, making it an expensive option for users who want to buy cryptocurrencies frequently.
eToro offers multiple withdrawal methods for both fiat and cryptocurrencies. For fiat withdrawals, users can withdraw their funds to their bank account or debit card. However, eToro charges a $5 withdrawal fee and fiat currencies besides USD are subject to conversion fees.
When it comes to cryptocurrency withdrawals, users can only transfer their crypto from the eToro investment platform to the eToro Money crypto wallet. eToro charges a very steep 2% fee for this transfer with a minimum cost of $1 and a maximum cap of $100.
On the other hand, Revolut doesn't support fiat withdrawals as it is itself a bank. However, users can withdraw cryptocurrencies from the app by paying the network fee plus a service fee on top which is added by Revolut.
The service fee charged by Revolut depends on the amount being withdrawn which is not great, as it means much higher fees than traditional crypto exchanges.
In summary, eToro is a broker that also offers crypto while Revolut is a banking app that now has gotten involved with cryptocurrencies as well.
While eToro offers a more versatile platform that allows users to invest in a wider range of financial assets, Revolut offers a simpler and more beginner-friendly approach with cryptocurrency products as an additional feature to their banking services.
When it comes to trading fees, eToro charges a flat fee of 1%, while Revolut charges a fee of 1.99%, which is too high for some basic convenience. eToro currently offers support for 80 cryptocurrencies while Revolut supports 100.
Besides cryptocurrencies, users on eToro can also buy additional financial products such as stocks, commodities, currencies, indices and much more. This can be done with different fees as for example stocks have a 0% commission on trades.
Ultimately, the choice between these two exchanges will depend on individual preferences and needs. eToro is the better option for those who want access to a wide variety of financial products to invest in while Revolut is more convenient for it's existing users who don't mind paying higher fees.
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.
