Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
1. You could lose all the money you invest
2. You should not expect to be protected if something goes wrong
3. You may not be able to sell your investment when you want to
4. Cryptoasset investments can be complex
5. Don't put all your eggs in one basket
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
 |  | |
| Overall rating | ★★★★★ | ★★★★★ |
| Costs rating | ★★★★★ | ★★★★★ |
| FCA-registered | ||
| Exchange location | UK | US |
| Offers a debit card | ||
| Go to site | Go to site |
eToro has a UK base among its global offices, and eToro UK is registered with the UK watchdog, the Financial Conduct Authority. Crypto isn’t regulated, but firms that operate in the UK must be registered with the watchdog for anti-money laundering and counter-terrorism checks. Both eToro and Coinbase have a version for professional traders: eToroX and Coinbase Pro. This guide compares the standard versions.
eToro also offers the eToro Money wallet, which is a separate mobile app where you can deposit and withdraw money and crypto. Coinbase also has a wallet; Coinbase Wallet is separate from Coinbase.com and you don’t need a Coinbase account to use Coinbase Wallet.
| | |
| Number of tradeable crypto assets | 100 | 256 |
On eToro, there isn’t the huge range of crypto coins that you might see on other popular exchanges. However, eToro compensates for this to some extent with a suite of advanced features, the most famous being its Copy Trader function. Coinbase offers far more coins, but that doesn’t mean it’s for advanced traders only – the platform’s interface is well suited to beginners. For the sheer number of cryptocurrencies offered, Coinbase wins this round hands down.
| | |
| Number of supported fiat currencies | 21 | 23 |
| | |
| Minimum deposits | $100 | £50 |
| Deposit Fees | Free | ACH: Free Wire transfer: $10 SEPA: €0.15 SWIFT: Free |
| Trading fee | 1% plus spread | Instant buy: Up to 3.99% plus spread Maker fee: 0-0.6% Taker fee: 0.05-1.2% |
| Withdrawal Fees | $5 (min. withdrawal $30) | ACH: Free Wire transfer: $25 SEPA: €0.15 SWIFT: £1 |
| Deposit methods | Bank transfer, Debit card, eToro Money | Bank transfer, Credit card, Cryptocurrency, Debit card, PayPal |
Both Coinbase and eToro have created platforms that appeal to beginners and more experienced users. Both have found a good balance between advanced features and an intuitive UI. And Coinbase has promised more features are coming.
The exchange fees make eToro a less optimal choice for non-US users, but the platform is clearer upfront what its trading fees are.
It’s worth knowing that in October 2021, the accounts of about 6,000 Coinbase customers were hacked and their funds stolen. Coinbase reimbursed users their stolen funds.
The main standout feature that edges eToro ahead – even though it offers fewer cryptocurrencies on the platform – is its Copy Trader social trading function.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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