Webull vs. eToro

eToro is better for learning about cryptocurrency while Webull is better for more advanced users.

Webull and eToro are two popular online trading platforms that offer a range of features for traders investors. While both platforms cater to the needs of traders, there are key differences that set them apart.

Webull is a commission-free trading platform popular among day traders and active investors, offering stocks, options, and cryptocurrencies with advanced trading tools and extended trading hours. eToro is a social trading platform where users can copy the trades of experienced traders. It offers trading in various assets and has a social trading network for users to interact and share ideas.

Here's a deep dive into the similarities and differences between Webull and eToro to help you decide which platform might be the best fit for your trading needs.

eToro vs. WeBull: At a Glance

Webull vs. eToro: Features

Webull and eToro are two popular online trading platforms that offer a range of features for investors and traders. Let's compare the features of these two platforms to help you decide which one is right for you.

What Webull Offers

• Order types: Webull offers market and limit orders, something not all exchanges offer. This feature means you can submit an order to execute at the best possible price right now, or set a price to automatically trigger the order. Limit orders can be helpful for planning out trades and setting stop-losses.
• Advanced charting tools: Webull provides advanced charting tools that allow traders to analyze stock performance, identify trends, and make informed decisions based on technical analysis.
• Bank transfers: Webull offers ACH bank transfers for both deposits and withdrawals. It also has same day trading, meaning you can use your deposits to trade on the same day you send the money to your account. 
• Assets: Webull supports a variety of assets including stocks, ETFs, options and futures. Webull users have access to approximately 10,000 U.S. traded stocks and ETFs. They are able to trade both long and short positions on these securities. In 2023, Webull made the strategic decision to move crypto trading into a separate business, which customers can now access through the new Webull Pay app. 
• Application: Webull’s application is offered on desktop, browser and mobile. Webull supports any method you wish to use to look at your crypto positions and is accessible through several forms. The mobile app is available on both Android and IOS platforms.

What eToro Offers

• CopyTrader: eToro offers a unique “CopyTrader” feature. This feature allows you to follow other crypto trader’s investments and even copy their exact trades. Followed traders earn commissions when others copy their trades. This feature can be useful for those looking to learn more about cryptocurrency trading.
• Risk-free Trading Practice: eToro offers users the chance to learn about crypto investing in a risk-free environment. It offers a $100,000 practice account so users can learn about crypto without risking their own money. eToro is one of the only exchanges to offer this feature. 
• Assets: eToro allows users to trade over 6,000 assets which include cryptocurrencies, stock, ETF, futures and options. This diversity enables users to build a diversified investment portfolio based on their individual risk tolerance and investment goals.
• Wallet: eToro offers a cryptocurrency wallet for trading various cryptocurrencies, providing a secure and convenient way for users to store and manage their digital assets.
• Application: eToro's is available on desktop, browser and mobile devices. The mobile app is compatible with both Android and iOS platforms.

Webull vs. eToro: Supported Cryptocurrencies

One main selling point of many crypto exchanges is both the quantity and quality of tokens offered. This feature gives investors more options to invest in. eToro and Webull share several of the same coins, but each has its own unique offerings. They share:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Litecoin (LTC)
• Dogecoin (DOGE)
• Shiba Inu (SHIB)
• Ethereum Classic (ETC)

eToro, as primarily a cryptocurrency exchange, provides many more altcoins than Webull, which doubles as a stock and crypto exchange. This characteristic should be taken into consideration when deciding which exchange to use. Some of the altcoins available on eToro include:

• Aave (AAVE)
• Algorand (ALGO)
• Basic Attention Token (BAT)
• Chainlink (LINK)
• Compound (COMP)
• Decentraland (MANA)
• Polygon (MATIC)
• MakerDAO (MKR)
• NEO (NEO)
• Tezos (XTZ)
• TRON (TRX)
• Uniswap (UNI)
• Yearn.Finance (YFI)

Webull vs. eToro: Fees

eToro and Webull offer similar fees, but eToro uses percentages while Webull uses a point system. These are both considered to be “spread” fees that are added into the cryptocurrency’s purchase price. Fees vary based on the cryptocurrency that is purchased. The overall fees are determined by the volume and demand for the underlying asset.

eToro uses percentages to determine the amount of fees. These percentages are added to the amount you spend on a currency. For example, smaller altcoins like MANA have a spread of 4.9%, while larger coins such as BTC may have fees less than 1%.

If you trade cryptocurrency on Webull, expect to pay around 100 basis points (1%) on either side of the trade. These basis points are then added to the purchase price, so it may not be clear you’re paying them. It’s important to be aware of these charges, as it’s the fee charged to use the brokerage. The fees for individual coins vary, similarly to eToro.

Webull vs. eToro: Security

Webull uses Plaid and AES-256 encryption to provide security for its users. These methods are staples in the financial industry in terms of security. Plaid is a third-party service that allows users to securely log in to bank accounts. It uses 2-factor authentication to mitigate the risk of  bank accounts getting hacked. 

eToro uses SSL encryption to protect users' security. SSL is standard for most types of online encryption. It also offers 2-factor authentication, though it is not automatically enabled. Client’s funds are secured in tier 1 banks, providing further security. 

Webull vs. eToro: Customer Support

Webull provides customer support through email, phone and live chat 24/7. They have a quick response time and are known for providing helpful assistance to users. Their customer support is reliable and user-friendly, with an extensive FAQ section available on their website.

eToro also provides customer support via email and live chat. Users may experience longer wait times during peak trading hours. There is also a customer service hub where users can submit a ticket related to their concerns. However, eToro does not offer phone support, which may be a drawback for users who prefer to speak with a representative over the phone. Like Webull, eToro has a FAQ section on their website to help users troubleshoot common issues.

So, Webull or eToro?

Webull and eToro offer different types of features. eToro offers aspects that are more appealing to beginners, such as the CopyTrading system and practice trading accounts. Webull offers more technical indicators, as well as stocks and ETFs. This feature can be useful for more experienced traders. Both exchanges offer qualities that support different types of traders.