Cryptocurrency trading is an activity that more and more people around the world are participating in. With that, however, there’s also an increasing number of people who are looking for the best cryptocurrency exchange platform for themselves. In this Bittrex VS Binance comparison, we’ll be discussing two of the industry giants.
Both Binance and Bittrex are among the most popular cryptocurrency exchange sites on the internet. They do also both have great reputations, and are trusted by the vast majority of crypto holders out there.
Naturally, however, most people are going to want to pick one of the two - this leads to discussions concerning the safety and quality of the services that the platforms provide. Whether it be the Binance VS Bittrex fees, supported coins, or security, worry not - all of the essentials will be discussed in this very article!
Nathan Vandy
Head of DAO at DappRadar
What are the main legal challenges and regulatory hurdles that need to be addressed in the cryptocurrency space?
Education is one of the main hurdles to achieving legal and regulatory clarity - ensuring that regulations don’t stifle innovation by attempting to shoehorn and copy-and-paste old rules based on centralized transactions into a new paradigm spearheaded by decentralization. Having a clear regulatory framework for how builders can develop crypto tokens with utility without being misclassified as security will be vital. As a follow-up, this would support the regulation of decentralized autonomous organizations that utilize these utility tokens to share the ownership and control of on-chain and off-chain assets through blockchain governance.
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Table of Contents
Bittrex VS Binance: Comparison Criteria
If you’ve been comparing cryptocurrency exchange sites for some time now, you’ve probably got some specific criteria by which you try to analyze the platforms, and check which of them fit your description the best.
Well, that’s the right way to do it - it’s the methodology that we’ll apply in this Bittrex VS Binance comparison, too.
Since there are many different angles that we could evaluate the two crypto trading sites from, though, we’ll focus on five core features - security, ease of use, fees, supported coin count, and user count.
While there are other features that are surely worth looking into (i.e. customer support and mobile trading), the aforementioned five are often seen as some of the most important ones. Let’s take a closer look at each of them, shall we?
- Security. It probably does not need to be mentioned, but security should be a the top of your priority list when comparing Bittrex VS Binance, or any other two platforms out there. If a crypto exchange does not have proper security measures in place, you can expect the worst to happen - namely, all of your assets being hacked and stolen. While crypto hacks have become a comparatively rare occurrence, they still do happen - in order to get some peace of mind, always use a platform with the best security features in place!
- Ease of Use. While not being an absolutely-essential factor, ease of use is still going to be a very important part of a great cryptocurrency exchange site. Think about it - if you’re signing up to an exchange or a brokerage, you are probably going to be doing a lot of trading, buying, and selling. In order to be efficient with such processes, you are going to need the platform to be simple to use, easy to navigate, and void of any confusing features. Is Bittrex better than Binance in this regard? We shall see!
- Fees. If you want to become a great investor - like, truly great -, one of the core things that you’ll want to figure out in this Bittrex VS Binance comparison is the difference in fees between the two platforms. You see, some of the best investors in the world take this into account very seriously - if the fees are high, this results in some loss of potential profit, and can be detrimental to your overall earnings. Naturally, fees do depend on many different factors - we’ll get to that, in due time.
- Supported Coins. If you’re a complete cryptocurrency trading beginner, most of the time, you are going to want to stick to some of the best-known coins on the market - Bitcoin, Ether, Litecoin, Tron, and so on. However, with time, you might want to diversify your assets, and look into some other altcoins and maybe even crypto tokens to invest in. In order to be able to do that, you’re going to need your crypto exchange to allow you to actually buy and sell those less-known crypto assets! Sure, you could always register on some different platform, in addition to using your main one, but if that was as simple as that, you probably wouldn’t be reading this Bittrex VS Binance comparison, right?
- User Count. At first glance, you might say - this is quite trivial! While I can understand why user count might not seem like the most essential thing to look at when comparing Bittrex VS Binance, I must say - it’s probably more important than you think! If a platform has a huge number of users, this means that there’s a constant, steady balance of supply and demand being upheld. In other words, you’ll never have to wait to sell your cryptocurrency, or experience buying lag or some huge fees when purchasing new coins, altogether. Surely one of the more underestimated factors for anyone who’s trying to decide - Bittrex or Binance?
With all of that being said, you are now aware of the main aspects that you should look into when deciding Bittrex VS Binance, or when picking out any other crypto exchange, for that matter.
Now, let’s not waste any time and move on to the actual comparison at hand.
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Bittrex VS Binance: The Comparison
In order to keep things clear and concise, we’ll follow the above-given list of features, and see how both of the platforms in this Bittrex VS Binance debate compare and contrast against each other. Meaning, we won’t get into the Binance VS Bittrex fees or user count just yet - rather, we’ll begin with the security aspect.
Security
There are many different ways of how a cryptocurrency exchange site can protect the assets of its users. Different platforms employ different protective measures - the same is true for the Bittrex VS Binance comparison, too.
In short, however, no matter if you choose Binance or Bittrex as your go-to crypto exchange platform, you can rest assured - both exchanges employ superb security features.
On both of those sites, you’ll be able to enable two-factor authentication - this will add an extra layer of security to your cryptocurrency assets.
On top of that, Bittrex also offers its users a very unique feature - the exchange holds 80% - 90% of all of the crypto assets in cold storage devices. What this means is that, virtually, it would be almost impossible for hackers to breach and steal your crypto coins! It’s no wonder that Bittrex is commonly referred to as "the safest crypto exchange on the planet".
Ease of Use
The usability factor of a cryptocurrency exchange platform depends on a lot of different aspects. It’s also worth pointing out that what is “easy to use” to a crypto trading pro is going to be rather difficult for a complete newbie!
That being said, it’s not something that you need to worry about concerning this Bittrex VS Binance comparison - both of the platforms in question are very simple to use, and quite straightforward in their designs.
Notably, this does not mean that either Bittrex or Binance lack any specific features. All of the essential functionality that you might need out of a high-end crypto trading site is going to be present on both of the platforms - all of the necessary graphs, buttons, and the like.
The platforms do also feature some helpful tips for anyone who’s just starting out - you’ll be able to go through each of the features and see what they do, and how they can benefit you in the process of trading, buying, and selling crypto.
The registration processes for both of the sites in question are also quite straightforward, and can be completed very quickly. All in all, as far as ease of use is concerned, both platforms are going to provide you with great usability - surely a great point to know for anyone looking at Binance VS Bittrex comparisons!
Fees
Now, the Bittrex VS Binance fees are surely one of the most sought-after topics by those looking to start trading crypto assets.
As pointed out earlier in the article, if you want to make some sort of a profit with crypto, this is surely one of the things that you’ll have to pay quite close attention to! Naturally, it might not be the determining factor, but think about it yourself - you’ll probably be trading and exchanging your crypto coins multiple times per week.
If the fees are high, they will surely add up to a pretty significant sum of money!
Bittrex is a great choice when it comes to small fees. The exchange will charge you a flat 0,25% fee for your transactions. Sure, it’s a bit higher than with some other exchanges, but at the same time, since it’s fixed, you might end up saving a lot of money, in the long run.
All of that said, Binance does challenge Bittrex rather adamantly!
You see, with Binance, you are going to have a 0,1% fee on all of your trades. It’s one of the smallest fees in the industry! This does not concern the withdrawal fees, though - only those that have to do with transactions.
So - as far as Binance fees VS Bittrex ones go, Binance is clearly superior!
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Number of Supported Coins
No matter what sort of a cryptocurrency trading platform it is that you pick, you can almost always expect it to support all of the main crypto coins - meaning, you should always be able to trade and exchange Bitcoin, Ether, Litecoin, and similar ones. If that’s not the case, you’re probably better off with a different exchange, altogether.
That being said, whilst comparing Bittrex VS Binance, you’d probably be more interested in the actual number of supported cryptocurrencies, rather than the question of whether or not the two platforms support the main crypto assets out there. I mean, come on - we’re talking about two of the industry leaders here!
Well, whatever the case might be, rest assured - both of the exchanges support rather significant numbers of crypto coins.
With Bittrex, you’ll have more than 200 different crypto assets to pick from. Binance, on the other hand, supports fewer coins - around 150, to be semi-exact.
While Bittrex does support more coins, and is the “winner” in this part of the Bittrex VS Binance comparison, it’s still worth mentioning that most people aren’t even going to use up all of these trading opportunities. When you get into the hundreds with supported coins, it becomes more relevant to trading professionals, rather than industry newcomers.
- A very well-known crypto exchange platform
- More than 500 different cryptos available
- Two-factor authentication
- Over 500 different cryptocurrencies available
- Strong security
- Small withdrawal fees
- Very low trading fees
- Exceptional functionality
- Mobile trading app
- Very competitive trading fees
- An intuitive mobile app
- Up to 100x leverage available
- Secure and reliable
- Low fees
- A good amount of fiat currencies accepted
- Reputable exchange
- Multiple fiat currencies are accepted
- Relatively low trading fees
User Count
Finally, let’s talk about the aspect of user count - in other words, the number of active users on the two platforms.
Whenever you’re trying to pick out the best crypto exchange platform for yourself - whether it be comparing Bittrex VS Binance, or some other platforms -, user count is going to tell you both how well the platform is doing trading-wise, and also what’s the general sentiment surrounding it within the community.
If the exchange possesses a lot of users, in most cases, it’s going to be reliable and trustworthy - makes sense.
Bittrex has over 500,000 active users - that’s nothing to scoff at! While it’s certainly on the low end of the spectrum when compared to other major crypto exchanges, it’s still pretty good.
Binance, on the other hand, has close to 14 million users. Ya - the difference is quite significant.
In short, if you plan a long-lasting career in the realm of cryptocurrency trading, Binance is going to be the better alternative, unless Bittrex suddenly explodes with users.
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Conclusions
Now, then - as far as this Binance VS Bittrex comparison is concerned, which of the two platforms is going to be the better alternative?
Well, as you might have already noticed, while both of the exchanges are “up there” in regards to their reputation, Binance is clearly the better alternative (unless you’re absolutely paranoid about the security aspect of your cryptocurrency).
Binance comes with an absolutely huge user count, is very secure and trustworthy, and also has some of the best fees in the entire industry. While Bittrex does offer exceptional security features, it does fall a bit short in most other aspects, when placed in a comparison with Binance.
In conclusion, if you’re a cryptocurrency enthusiast and are looking for the best place to start trading crypto assets, Binance will surely be one of the best choices. Best of luck!
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