When it comes to crypto trading, choosing the right trading platform is as important as finding a successful trading strategy. However, with so many trading platforms available in the market, deciding which platform to choose can feel like a nightmare.
This article will compare two trading platforms, namely Bityard and eToro. Platforms will be compared based on the most important metrics users use to decide which platform to use.
What is eToro?
Etoro was founded in 2007 as a forex trading platform. It has grown over the years to include stocks, derivatives, CFDs, and cryptocurrencies. It has a global reach, serving more than 17 million users in 140 countries. It is a multi-national licensed company, with licenses in countries like Israel, UK, USA, Australia and others.
What is Bityard?
Bityard is a contract trading platform with crypto assets and their derivatives. Founded in 2022. So far, it has more than 100,000 registered users in more than 150 countries worldwide, making it one of the fastest crypto trading platforms in the world. Headquartered in Singapore, and has multi-national licenses from Estonia, Singapore, USA and Australia.
Bityard and eToro comparison
Layout and user interface
The Bityard website is easy to navigate, staying true to Bityard’s mantra of designing a platform that simplifies complex trading. Which makes it user friendly, regardless of the experience level of the trader. Traders have the option of trading via the website or app version available for Android and iOS. Websites and apps provide similar features.
There are many similarities between the eToro and Bityard platforms. However, the Bityard website has more charts, technical analysis tools and customizable display panels. Similarly, the Bityard app is easier to navigate as most features are easier to find. The eToro platform is loaded with more features such as news feeds and market research, which are more difficult for a beginner to find. A little tutorial may be needed for new users to learn the eToro platform.
Open an account
Both EToro and Bityard require one to be registered in order to trade on the platform. It only takes a few seconds to open an account. Bityard has the option to open an account using either an email or phone number, while eToro provides the option of email, Facebook or Google. You will receive a confirmation code which you will use to complete registration. Once done, your account is ready to use. However, there is limited functionality for accounts that have not verified their identity.
For both platforms, users who have not completed the KYC top level have limited access to platform features. EToro goes a step further by making some features available only to users who have made their first deposit to their account. A minimum deposit of $200 is required on eToro
Bityard offer commission for referrals. At Bityard, users can earn up to 60% commission on trading fees from referrals.
As already mentioned, Bityard seeks to simplify trading. “Simple trading complex contracts” appears on the first page of their website. True to the slogan, the trading experience at Bityard is seamless. There are 33 crypto assets with 19 trading pairs, and many derivatives ranging from stock market indices to precious metals. Although Etoro only owns 16 crypto assets, it owns hundreds of stocks, ETFs, indices, and currency pairs.
Funding a Bityard account can be done via cryptocurrency and fiat. Unfortunately, currently fiat deposits for Bityard are only available in certain regions (Vietnam, Indonesia and China). There are plans to expand the service to more countries. On the other hand, eToro only accepts funding via credit/debit cards.
Bityard and eToro both have demo accounts that allow users to try real trading with fake money. Both platforms also have a CopyTrade feature that allows users to copy the positions of more experienced users on the platform
Bityard has a lower maker/taker fee, charging 0.05% of transactions. For withdrawals, 2 USDT is the fee at Bityard. Etoro trading fees vary by asset; ranged from 0.75% – 5%. The minimum deposit that can be made is $200, while the minimum trade amount is $25. Etoro charges trading fees through spreads, which can go up and down depending on market conditions. The withdrawal fee on eToro is $5.
Both platforms have taken steps to improve the security features on the platform. Every new login is authenticated by 2FA. Both platforms have PIN authentication for withdrawals. Bityard stores crypto assets in cold storage, which protects them from hackers. The Bityard website also has full SSL encryption, making all connections secure.
In this article, Bityard and eToro have been compared in various aspects. In terms of size, eToro has proven to have a larger user base and a wider selection of non-crypto assets than Bityard. However, Bityard has more crypto assets to trade. The ease of registration is somewhat similar on the two platforms, although it is much easier to register on Bityard as new users can enjoy the full features of the platform without first making a minimum deposit.
In addition, the layout and user interface at Bityard has proven to be superior in features, thus providing a better trading experience. The welcome bonus and higher referral rewards on Bityard also make it a more attractive platform. Bityard’s trading fees are also relatively lower than eToro. In terms of security, both platforms have shown their high appreciation for security enhancements, which is great.
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