The two most well-accepted cryptocurrency exchanges in the world of the trading industry to compare are Bittrex vs. Binance. The exchange plays an essential role in the crypto ecosystem. It acts as a bridge connecting fiat and crypto trading industries.
There are two types of exchange crypto to crypto and fiat to crypto. Fiat to crypto is an easy and most friendly exchange for beginners. These exchanges force you to buy a cryptocurrency for fiat in exchange.
However, from crypto to crypto allows you to exchange certain coins like BTC, LTC, and ETH. But if you are looking for the best crypto exchange website, Bittrex and Binance are the best trading exchanges.
If you are looking for the best and considerable amount to invest in the cryptocurrency world. Bittrex and Binance are good options for the exchange. In this article, we will compare Bittrex vs. Binance in detail.
Binance vs. Bittrex: What is Binance or Bittrex?
Binance and Bittrex are two similar terms that provide services like stock exchange and forex exchange. These allow you to trade cryptocurrencies. In comparison, some exchanges offer you to buy fiat cryptocurrencies. Those exchanges are known as broker exchanges.
On Binance and Bittrex, you can not buy crypto for fiat. You can buy a cryptocurrency with other cryptos.
Binance is based on a cryptocurrency trading exchange. It began in July 2017 by Changpeng Zhao in China. Later it moved to Malta due to the Chinese government’s control of cryptocurrency.
In 2018, Binance became a unique exchange platform for daily trading. At the time of lunch, it reaches over $15 million across the sale of 200 million tokens.
It became the most prominent cryptocurrency trading exchange in a short time. Binance is currently trading over 1.24 billion per day.
It turns into the best place to support 100s of new coins and tokens to get popularity. It is the best and popular place for investors who are searching for new investment projects.
Bittrex was founded in 2014 by Bill Shihara and Richie Lai in the USA. It is one of the oldest cryptos trading exchanges which is still operating from the USA.
Bittrex owes over $240 million per day, which is not as much as Binance owes per day. It offers a few cryptocurrencies for trading like bitcoin, litecoin, and Ethereum.
Bittrex holds around 190+ coins, but later, it has been moderate in adding new coins. Because of this reason, it starts losing new users. Investors are interested in buying new and fresh coins, so they move to new exchanges. Further, we talk a little more about these two exchanges.
Binance vs. Bittrex: The Comparison
If you want to compare two cryptocurrency exchange sites. For some time, you have to get some specific criteria for analysis. Let’s discuss different points of Binance and Bittrex. It helps you to decide which is most effective and popular.
If you want to become a successful investor. You need to figure out different fee charges imposed by exchanges. High fees chargers impact your potential profit and damage your overall earning. Both Binance and Bittrex also charge fees on trading coins. Following are fees charged by two exchanges per trade.
Binance withdrawal fee is over 0.1% per trading fee, while Bittrex withdrawal fee 0.25% per flat trading. If you are trading on Binance and have a Binance token, your fee default adjusts to 0.05%.
However, Bittrex does not offer such an offer to adjust your charge fee on trading. You are moving to the next factor, how these two exchanges perform their security.
It is important to secure the exchange site due to the loss of millions of dollars that have been hacked. Binance has good security services. It provides email confirmation and two authentications for logging in to trading.
So, it means you need to confirm your email on every withdrawal. You will receive a confirmation link each time.
Bittrex offers the same security as Binance does. It also provides two authentications and email confirmation. But you have not left a considerable amount on Bittrex and Binance for a long time. Because it is not safe to store crypto on any exchange.
Furthermore, let’s discuss the difference between Binance and Bittrex based on set-up and ease of use.
Set-up and Ease of Use
When it comes to setting up accounts on Binance and Bittrex are quite similar. You have to verify yourself first to register on both exchanges. The details you have to provide are your email address, photo ID, and contact number. After registration and verification, you receive a confirmation email and start trading.
Make sure that before signing up on Binance and Bittrex, either they accept new users or not. Because sometimes they do not offer to accept new traders. It is not easy to use these two exchanges. You need to watch youtube videos for beginners.
Another aspect of Binance and Bittrex is customer support. It is essential to have strong customer support for exchange to progress and become the world’s best exchange. Currently, Bittrex received a lot of complaints about the lack of customer support. Most of the customers complain that Bittrex has slowly responded to queries.
Binance has not many records of complaints about customer support. They have a quick response via email and social media. Due to a lot of traffic on Binance, it faces technical issues, but they answer all their buyer’s questions. This means Binance offers good customer support compared to Bittrex.
With the advancement of modern technology, mobile has replaced computers. Most people use mobile phones to transfer money and bill payment. Many users want to access mobile for cryptocurrency exchanges. Binance has a mobile app for Android and iOS, while Bittrex has no mobile app and website for users.
Binance (BNB) Coin
BNB coin is a cryptocurrency that is used for trade and pays the fee on Binance exchange. BNB coins offer a vital advantage on Binance. If you use BNB, you save 50% of the trading fee. So it is the best option to get profit on BNB token. In contrast, Bittrex has no BNB coin and has no plan to announce any token like that.
Binance vs Bittrex: Pros & Cons
Binance and Bittrex are two exchanges that offer trading cryptocurrency. They owe different types of services to their customers. Let us illustrate some pros and cons of Binance and Bittrex and decide which exchange is best for trading.
- It has low trading fee chargers. It imposes 0.1% per trading transaction.
- Add new coins and ICOs regularly.
- It has its own BNB coin and tokens, which lower your transaction up to 0.05%.
- Mobile phone app for trading on Android and iOS.
- Provide the best security for investors.
- Not very friendly interface.
- It is a very new exchange that still needs to prove itself.
- Customer services need to be better.
- It accepts only cryptocurrency, not fiat currency.
- 4 years of demonstrate record and good reputation.
- Secure site and never been hacked.
- It has to go 3 years longer than Binance.
- It is simple to understand, not too much complexity.
- Best exchange site for beginners.
- The trading fee is high as compared to Binance. It has a 0.25% fee per transaction.
- Lack of customer support. It has not a quick response to their customer questions.
- Only 190 coins are offered for trading.do not allow to add new coins.
- It does not have any mobile phone app for trading service.
- Do not have any BNB coin or token for a transaction.
Binance vs. Bittrex: Which Exchange You Should Go For?
Both exchanges are the most popular exchange and used by many people worldwide. It depends on you whether you choose Bittrex vs. Binance. The most important thing is what you need personally for trading. What type of services and offer you want for investment. Variety of services owe both exchanges.
If you are beginners and looking for an easy and friendly exchange site. Bittrex is best because it is simple to understand. But if you are looking to invest in coins and upcoming ICOs. Binance is a good option for trading. It has the best customer support and regulates new coins. Binance owes lower fees charged for the transaction.
Many traders use both exchanges for trading. In this way, they get the best feature of both exchange sites. So it depends on your trading what you should want to go through. Both exchanges offer the best trading strategies on their way.
Frequently Asked Questions (FAQs)
Is Bittrex shutting down?
It is shutting down in 21 countries due to uncertain regulations.in new york is shutting down for the operation because the new york financial department rejects Bitilicense for
Is Bittrex a good exchange?
While Bittrex is suitable for beginners because it is a simple platform for exchanging coins, lack of customer support and limited coin offer make it questionable choices.
What is better than Binance?
Coinbase exchange is the best option for investing. It offers high liquidity and a high volume of trading.
Why is Binance banned in the US?
Binance is not regulated well. Us residents use advanced technology for withdrawals and deposits for illegal transactions. CFTC so rejects its comment, and initially, it is banned.
This was the comparison of Bittrex vs. Binance, the two most popular exchanges used for trading cryptocurrency. So, we have discussed in detail the features, pros, and cons of both exchanges.
Also, illustrate differences and compare them in terms of fees, support, coins and other factors. Well, this article helps you to decide which trading exchange is best for you. It provides detailed information about Bittrex and Binance.