Bittrex and Binance are two such exchanges. But, which one is better for you? Don’t worry. Fortunately, you can get all relevant information about both platforms on this page. There are several metrics to consider before choosing an exchange. Compare these features to discover a crypto exchange that fits your trading needs.
Fee: Each exchange has a different approach to trading fees. Robust platforms have trading fees and extra costs, while some offer commission-free trading. Some crypto exchanges, such as Uniswap, charge a high withdrawal fee. While these fees will standardize and drop in the future, you will have to bear them till the next few years. So, keep costs in mind when making your choice.
Security: As a general rule of thumb, the harder it is to create an account, the better the safety. Exchanges with easy terms of account generation are not as trustworthy. Security is fundamental for cryptocurrencies because the government does not regulate them. You do not want your money to disappear into thin air because of cybersecurity attacks.
The number of users: It’s simple. More users mean fewer problems. There is a steady stream of supply and demand for active exchanges. So you won’t have to face a lot of downtimes. And more users mean more opportunities to trade.
User interface: An easy-to-understand user interface makes the online trading process simple. Therefore, exchanges with straightforward, innovative are the best. For example, Coinbase has an innovative interface with 56 million users.
Customer Support: You do not want to get locked out of your account and wait months before regaining access to it. So, customer support matters a lot. Sadly, most platforms have less than excellent customer service.
Choice of Currencies: Some exchanges offer ten currencies while other offer hundreds. Therefore, the choice of currencies varies for each platform. Novice traders should opt for crypto exchanges with a limited coin pool of the most recognizable currencies. However, experienced investors can afford to experiment with more varieties.
Now, let’s talk about two exchanges and decide if they satisfy all our requirements.
Which is better, Bittrex Vs Binance?
Let’s consider the metrics we mentioned previously and see how each exchange fared.
Fees: While both platforms charge trading prices, the charges per trade differs. Binance charges a 0.1% trading expense with an option of using BNB tokens to reduce fees to 0.05%. Comparatively, Bittrex has a 0.25% flat trading fee, making Binance the better crypto exchange.
Security: Binance has email confirmations for transfers. Ao, the investor has to confirm withdrawals by accessing their emails and clicking on the confirmation links. It also requires two-factor authentication when logging into your account. Interestingly, Bittrex allows similar security measures as Binance. IT offers two-factor authentication and email authorization when logging in. Bittrex also has a reputation for unbreachable security for the past four years. However, investors should refrain from storing their cryptocurrency on the exchange. It is better to use a hardware wallet for cryptocurrency. Both platforms perform well when it comes to security. They are secure and, so far, immune to cyber attacks.
Set-up and ease of use: Both exchanges require verification after registration. Investors must provide their email address, photo ID, and address. Once they have successfully registered, investors receive confirmation emails to activate their accounts. Sometimes Binance and Bittrex have a bar on new users because of the influx of registrations. So, find out if the exchange is accepting any applications before applying. Binance has a complicated interface, and users take some time to get used to it. The screen has several dials and a lot of o information which can confuse beginners. Comparatively, Bittrex is simpler. It has charts that are easy to follow. Bittrex is a better option for users as it has a cleaner dashboard.
Customer Support: Bittrex has a notoriously horrible customer support department. The internet is full of people complaining about the long wait times for responding to customer issues. On the other hand, Binance responds to customer queries via emails and special media. And unlike Bittrex, they do not take a lot of time to do it. While Binance is facing some technical issues, it is trying to resolve them soon and keeping investors in the loop. So, Binance is the clear winner.
Mobile Trading: The future is mobile. And binance seems to appreciate it. The platform has mobile apps for Android ad iOS users. Bittrex does not have an app, and even its website does not work very well on smartphones. So, Binance wins with mobile trading options.
Experience: Binance is a comparatively new exchange compared to Bittrex. So, it still has to prove itself in the long term. Whereas, Bittrex has a track record of more than eight years and enjoys a good reputation.
BNB: a home run for Binance.
Binance offers BNB coins that investors can trade for another cryptocurrency. It can also save users half of their transaction fee. Furthermore, BNB pricing will increase, so investors should opt for BNB tokens to make a profit.
Bittrex v Binance
Both are popular platforms with thousands of global users. However, each has unique features. Your choice will depend on your priorities. People who want a credible and user-friendly platform should opt for Bittrex. Others should use Binance to invest in ICOs. Since Binance also offers newly listed coins, investors with a high trading volume prefer it.
Hopefully, this article gave you a good idea about two crypto exchanges with fundamental problems. You can compare both of them and choose the best option for you and your needs. Remember to tell us in the comments about your experience with each platform and any recommendations.
*Bittrex: One of the most popular crypto exchanges, Bittrex, is a US-based platform created in 2013 by three engineers. All three of its founders had prior experience in safety, so Bittrex prioritizes security above all else. Safety is the most attractive feature of Bittrex. Furthermore, all trading decisions require two-factor authentication with 90% of cryptocurrency safely stored in cold storage. So, it is almost impossible to breach and steal cryptocurrency. The exchange uses Jumio, which can verify 100 million people from their name, address, and date of birth. While the company headquarters is in Seattle, Washington, Bittrex is not available to American investors.
Bittrex supports other platforms. The platform completes all transactions in real-time without lagging. However, Bittrex accounts only accept cryptocurrency unless the deposit is for more than $10,000. Investors can fund their accounts with wire transfers for all down payments above or equal to 10,000 dollars. Bittrex offers more than 300 digital currencies and supports fiat currencies. However, investors will have to satisfy the bank verification process before purchasing coins. The platform is still struggling with the due diligence and Anti Money Laundering requirement for Bitlincences. But, their appeal is still under review.
Users need verification to make withdrawals. However, there is no deposit limit for Bittrex accounts. The user interface is straightforward, with several graphs and candlesticks. Unfortunately, Bittrex charges a higher-than-usual trading fee of 0.25%. This fee may reduce depending on trading volume.
The worst feature of Bittrex is its dismal customer service. Online forums are chock-full of people complaining about long wait times for assistance. The platform locks out people regularly because of its robust authentication system.
*Binance: A cryptocurrency exchange, Binance, was founded in 2017 by Changpeng Zhao. It is a Japan-based platform, and within the first few days, Binance was one of the top three exchanges available. Over the past four years, Binance has become the largest exchange in the world. There are hundreds of cryptocurrencies, and the service is open in 180 countries. However, like Bittrex, it is not available in the U. S. The good news is that American investors can use Binance.US instead.
Binance still has more than 14 million active users. It processes 1.4 million orders every second with mobile compatibility. However, the user interface is not beginner-friendly because the dashboard has a lot of data.
Binance has more than 500 cryptocurrencies, which is fewer than other crypto exchanges. The fees levied by Binance are also lower than other platforms. All trades have a 0.1% fee, making it the lowest expense within the industry. There are even discounts for BNB transactions. Perhaps the best thing is that there is no deposit limit, and even the withdrawal limit varies according to verification status.
Binance offers cold storage and two-factor authentication with email confirmation for unrecognized logins. The customer support is excellent and responsive, with social media accounts dedicated to resolving issues.