The two most significant cryptocurrency exchanges in the world are Bittrex and Binance. Exchanges play a significant role in the crypto ecosystem. Exchanges act as a legitimate bridge connecting both the fiat and the crypto world. The two main types of exchanges are:
- Crypto-to-Crypto- These exchanges help you exchange certain cryptos like Ether, Bitcoin Cash, and Bitcoin for other cryptocurrencies.
- Fiat-to-Crypto-These are beginner-friendly exchanges. These allow you to buy cryptocurrencies in exchange for fiat currencies. Coinbase is an ideal example of a fiat-to-crypto exchange that lets you buy Bitcoin, Litecoin, Ethereum, and Bitcoin Cash in exchange for fiat currency.
If you have been in the cryptocurrency world for a considerable amount of time and are looking for more advanced options, Bittrex and Binance are the right exchanges to consider. These exchanges are the next logical step from beginner exchanges such as Coinbase and Gemini. This article will act as a comparison guide to help you learn the differences between the Binance and Bittrex exchanges.
What is Binance?
Binance is a Malta-based cryptocurrency exchange that provides users access to robust charts, trading tools, and security features. Binance started trading live in July 2017. From early 2018, Binance is regarded as the world’s biggest cryptocurrency exchange with respect to trading volume. It has released a blockchain platform called Binance Chain and a cryptocurrency called Binance Coin.
What is Bittrex?
Bittrex was introduced in 2013 by Bill Shihara and Richie Lai. It is a US-based cryptocurrency exchange that has its headquarters in Seattle, Washington. The founders of Bittrex were previously security professionals at Microsoft. It is a reliance and advanced digital asset trading platform that is built on Bittrex’s cutting-edge technology. Security is the top priority of Bittrex, and it incorporates multiple layers of protection and offers effective security technologies to keep your funds safe.
Having gained an introduction about Binance and Bittrex, let us now understand the various distinction categories.
- Order matching– Due to its popularity, Binance has a robust matching engine that processes 1,400,000 orders per second. So, Binance is one of the fastest cryptocurrency exchanges.
- Binance Coin– Binance Coin is the native token of Binance that is based on the Ethereum blockchain.
- Liquidity– This is a massive necessity for exchanges. Binance has the busiest order book in the market and trades more than 400 cryptocurrencies. As the cryptocurrencies are trading at highly competitive prices, the exchange can process trading orders quickly.
- Device coverage– Binance is available on multiple platforms in two modes, namely basic and advanced. Advanced mode helps analyze cryptocurrencies in depth. Binance is available on platforms such as windows native client, native Android client, HTML5 client on mobile, REST API.
- Multilingual support– This makes Binance accessible to people across the globe. It is a multilingual platform that supports 13 languages such as Japanese, Chinese, English, Spanish, Italian, French, Korean, German, Russian, Turkish, Portuguese, Dutch, and Vietnamese.
Security– It uses an elastic, multi-stage wallet strategy to make sure that most of the funds are kept in cold storage for extra safety. Two-factor authentication has been enabled.
Fast deposits and withdrawals– It offers an efficient and automated monitoring platform to provide users with quick transactions and updates on trade, balance, and wallet information.
Trading engine– It has been custom built and is designed to be scalable and ensure that orders are executed in real-time. The easy-to-use APIs support algorithmic trading and third-party trading platforms.
Driving innovation– It aims to provide an ever-growing selection of blockchain technologies and digital tokens to its users. All the new digital tokens that are listed on the platform should complete a rigorous review process.
- Commitment to compliance– Bittrex is compliant with the current U.S. regulations that detect, prevent, and remediate unlawful behavior by virtual currency developers and customers.
2. Pros and Cons- Binance
- Competitive fees.
- Offers a mobile trading application for both iOS and Android.
- Simple and easy registration process.
- Helps users buy, sell, and trade more than 100 cryptocurrencies.
- Encourages two-factor authentication.
- Solid customer support.
- User interface may be intimidating for beginners.
- Fiat deposits are not accepted.
- Lacks the longevity offered by other platforms.
- Has many features focusing on security.
- Supports approximately 300 digital currencies.
- Two-factor authentication is highly recommended.
- It is simple and hence easy for beginners to use.
- Supports fiat-to-crypto and crypto-to-crypto trading.
- It has existed for half a decade.
- Higher trading fees when compared to other platforms.
- A frustrating and lengthy verification process.
- Challenging customer service.
- Lacks mobile application.
3. Funding Methods
As both Binance and Bittrex are strictly crypto exchanges, you can fund your account on them only through cryptocurrency. Though you can transfer any supported cryptocurrency, it is recommended that you deposit the coins that have trading pairs. These include:
- Binance– Bitcoin, Ethereum, Tether, Binance Coin.
- Bittrex– Tether, Ethereum, Bitcoin.
The Binance interface shows candlesticks and volume data. To view the depth charts, you need to click a separate tab. Switching between coins is made simple in Binance. Binance also lets you set limit, market, and stop-limit orders on the exchange.
Bittrex includes the typical graphs that we generally see on a trading platform such as volume bars, depth charts, and candlesticks and the order books, all on the same page. The user can switch between coins for easy analysis. From the center of the trading page, the user can create conditionals and set limit/market orders.
5. Available Cryptocurrencies
Both Binance and Bittrex are well-known for the number of cryptocurrencies that are available with them. They offer over 100 coins in trading pairs with Ethereum, Tether, and Bitcoin, including:
- Bitcoin Cash
- Stellar Lumens
6. Trading fees
Binance charges a trading fee of 0.10% for every trade. The fee will be reduced to 0.05% if you pay your trading fee in Binance Coin (BNB). These platforms are the ones that charge some of the lowest fees in the entire cryptocurrency exchange market.
7. Fund Security
Though Binance is not clear on its security measures, it has proven that it can keep funds secure. Not very long ago, Binance was subjected to a phishing/API attack that affected traders using a certain trading bot. The team at Binance immediately suspended withdrawals as soon as they suspected fraudulent activity and reversed the necessary trades for returning the funds to users.
The founders of Bittrex have a strong cybersecurity background, and hence they take fund security seriously. The elastic multi-stage wallet strategy used holds a major portion of the user’s funds offline. Bittrex also uses IP address detection and two-factor authentication to prevent fraud.
8. Customer Support
Binance has solid customer support. Even if they face any trouble chipping away at their support tickets due to the volume, they communicate with users on Reddit and Twitter and try to sort out the issues.
Bittrex also offers an easy-to-follow and robust support site. It also has a place for entering support issues and also includes numerous FAQs. Since the reopening of the new user registration, the team at Bittrex have ramped up their support staff and committed themselves to provide improved customer support.
9. Transfer Limits
There is no deposit limit in Binance. The daily withdrawal limit depends on the verification level.
- No verification- 2 BTC.
- ID verification- 50 BTC.
The transfer limits of Bittrex are restrictive than Binance as it is located in the United States. There is no specific limit on the deposit amount, but you cannot withdraw anything without verification.
- No verification- 0 BTC.
- Basic verification- ~0.4 BTC
- ID verification (with 2FA)- 100 BTC.
- ID verification (without 2FA)- 1 BTC.
If you want more privacy, Binance would be a better choice.
One can never go wrong either with Binance or Bittrex. They are similar exchange platforms offering many of the same features. The final decision depends on the preference and the coins you prefer to trade. If you are one who gives importance to the trust and reliability of a US-based company, you must check out Bittrex. If you want to be a part of the industry’s most popular platform and yet pay lower fees, you must try Binance. Both these exchanges are excellent options as the user will get a quality experience as they both offer the utmost protection and security your digital assets deserve. Both of these exchanges offer features that are appealing to users. The users can decide which one makes sense for them.
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