Table of Contents
- 1 Binance vs Bittrex: What is Binance or Bittrex?
- 2 Binance vs Bittrex: The Comparison
- 3 Binance vs Bittrex: Pros & Cons
- 4 Binance vs Bittrex: Which Exchange you Should go For?
- 5 Binance vs Bittrex: Final Thoughts
Binance vs Bittrex: What is Binance or Bittrex?Binance and Bittrex are very similar in terms of what they do. Like stock exchanges or forex exchanges, Binance and Bittrex let users trade an asset. Only, with Binance and Bittrex, the assets are cryptocurrencies. On some exchanges, you can buy cryptocurrencies with fiat currencies (USD, EUR etc.). Those exchanges are known as broker exchanges. On Binance and Bittrex, though, you cannot buy crypto with fiat. Instead, you can buy cryptocurrencies with other cryptocurrencies. For example, you might go on Binance to buy OmiseGo (OMG) using Ether (ETH). This is why it’s referred to as trading, and Binance and Bittrex are known as trading exchanges. So, to use Binance or Bittrex, you must already own some crypto. If you want to buy crypto to use on Binance or Bittrex, read our How to Buy Cryptocurrency guide. Once you’ve got your cryptocurrency, you can transfer it over to Binance or Bittrex and start trading. People use trading exchanges for many reasons: some use it to trade for profit each day and some use it just to buy a cryptocurrency that they cannot buy with fiat. (As you can only buy a select few cryptocurrencies on a broker exchange/with fiat). With this in mind, let’s start our investigation by looking at the history and basics of each exchange!
BinanceFrom Japan, Binance was started in July 2017 by Changpeng Zhao using an ICO. It is one of the most successful ICOs to date.What is an ICO guide. Zhao has a lot of experience working in the cryptocurrency market. He had worked with Blockchain.info and OKCoin before starting off with Binance. At the time of the launch, Binance raised $15 million through the sale of 200 million tokens. It went on to become the largest cryptocurrency trading exchange in less than a year! According to coinmarketcap, Binance currently (14.03.18) has a trading of around $1.24 billion per day! That’s crazy! Binance supports 100s of coins and has become a great place for new coins and tokens to gain popularity. If a coin/token is listed on Binance, lots and lots of people will see it. Because of this, Binance are able to charge a lot of money to new crypto projects wanting to be listed on their exchange. Even with the listing fee they are charging, Binance has been adding coins to its platform at a very fast rate. As shown in the image below, it even has a tab called ‘Launchpad’, where it features upcoming blockchain projects and their coin launches. This has become a very popular place for investors that are searching for new projects to invest in.
Bittrexcoinmarketcap, Bittrex has a turnover of about $ 240 million per day! That’s not quite as much as Binance’s $1.24 billion, but it’s still huge. Among other things, Bittrex gained popularity as it offered many new coins when most other exchanges were offering just a few big cryptocurrencies like Bitcoin, Ethereum and Litecoin. Currently, Bittrex supports around 190+ coins but lately it has been slow in adding new coins. In fact, most of the ICO action is missing from Bittrex. This is one of the reasons that it has started to lose users — investors that want to buy fresh tokens straight out of ICOs have been forced to go to other exchanges to find the token they want. So, now that we know a little bit more about these two exchanges and how they started, we can jump into features comparison of Binance vs Bittrex.
Binance vs Bittrex: The ComparisonI would like to take you through a detailed comparison of these two exchanges, focusing on the most important points that help you decide which suits you better. The first point is fees…
FeesBoth Binance and Bittrex charge trading fees. Following are the fees per trade charged by the two exchanges:
- Binance fees: 0.1% trading fee
- Bittrex fees: Flat trading fee of 0.25%
SecurityHundreds of millions of dollars have been lost due to hacks on cryptocurrency exchanges, so it is extremely important to know how secure these two exchanges are. Let’s see how they match up…
BinanceBinance offers the email confirmations for transfers and two-factor authentication for logging in. This means you’ll have to confirm each withdrawal you make from Binance using your email address — you’ll receive an email with a confirmation link each time you submit a transfer from your Binance wallet to any other wallet. These are just the features that allow you to protect your own account. But to protect the actual servers that Binance runs on, Binance have their own security features. Because of these features, Binance is yet to be hacked successfully.
BittrexSecurity offered by bittrex is the same as that offered by Binance. It offers two-factor authentication and email confirmations.Trezor vs Ledger review if you want some help.
Set-up and Ease of use
Set-upBoth the exchanges are quite similar when it comes to setting up an account. Whether it is Bittrex or Binance, you have to verify yourself once you have registered. The details you must provide include email address, photo ID, contact number and address etc. Once registered and verified, you will receive a confirmation email that tells you that you can start trading. Although it’s easy and simple to register on Binance and Bittrex, it isn’t always accessible. What I mean by this is that Binance and Bittrex have been so busy with registrations (they receive tens of thousands of registrations per day), that sometimes they do not allow new users to sign up.here to register on Binance and here for to register on Bittrex.
Ease of useNeither Binance nor Bittrex are great for ease of use — I would recommend watching some YouTube tutorials if you are a complete beginner. As you can see in the images below, they look rather complicated and unfriendly for beginners.
Binance interfaceThe interface of Binance is difficult to understand immediately and requires the user to spend some time to get used to it. There are lots of things happening on one screen — although this is great for experienced traders, it can look quite frightening to a newbie.
Bittrex interfaceBittrex has a slightly more user-friendly interface compared to Binance, but it still isn’t as simple as it could be for beginners. It is easier to use, though, and its charts a bit simpler to read for beginners. Unlike Binance, Bittrex also has 1-minute charts available.
SupportAnother aspect from which we can judge the ability of the teams behind Binance vs Bittrex is customer support.
Bittrex Customer SupportRecently, Bittrex has received a lot of complaints for its lack of customer support. All over the internet, users have been saying that Bittrex have been slow in responding to customer queries. In the past, there were cases in which Bittrex customers were concerned about the lack of transparency shown by the Bittrex team. This led to a lot of worry and distrust, especially when many Bittrex customers were actually unable to withdraw their cryptocurrency last year. Unfortunately, what made the situation worse was the lack of response from the Bittrex team…
Binance Customer Support
Mobile TradingBinance has an advantage here because it has mobile apps for both Android and iOS users. Bittrex does not have an app, nor is its website very easy to use on smartphones. In today’s society, smartphones have replaced computers for lots of different tasks. Many users prefer to access cryptocurrency exchanges from their phones. In the aspect of mobile trading, Binance is a clear winner!
Binance (BNB) CoinAs promised at the beginning of this guide, I will now tell you a little about the BNB coin. In this Binance vs Bittrex comparison, the BNB coin offers a major advantage to Binance! BNB is the token that Binance created and released at its ICO. It can be traded for any other cryptocurrency on the Binance exchange. Also, if you trade using BNB, then you save 50% of your transaction fees! That’s not exactly a small amount, is it? Secondly, if the Binance exchange performs well and keeps growing then it is quite possible that the price of BNB would increase too. So, there is a chance of making good profits from the BNB token itself.create a new decentralized exchange. If this happens, Binance will become more of a community rather than a company, which may be good news for the users. Bittrex does not have a coin of its own and hasn’t made any announcement to launch anything like this just yet. Maybe Bittrex will do something similar later on, maybe they won’t. We’ll see! So, I have now covered most of the key points you need to know before deciding which exchange suits you better — Bittrex or Binance. Let’s recap on what we’ve looked at by highlighting the pros and cons.
Binance vs Bittrex: Pros & Cons
- Low trading fees of 0.1% per transaction
- Many new coins and ICOs get added regularly
- Has its own token – BNB coin, which can be used to trade at a lower fee of 0.05%
- No security breaches have happened so far
- The team backing the exchange is highly experienced and dynamic — they are also working on launching their own blockchain
- Has mobile apps for iOS and Android
- The interface is not very user-friendly
- Very new exchange so it still needs to prove itself long term
- Customer support is better than Bittrex but still needs to be improved
- Does not accept fiat currency (USD, EUR, JPY etc)
- Has a proven track record of about 4 years — good reputation
- Never been hacked — neither has Binance but Bittrex has been going for 3 years longer than Binance, so it has survived longer without being hacked
- Easier to understand than Binance for a beginner
- Supports over 190 coins
- High trading fees of 0.25% per transaction
- Lack of response and transparency from customer support
- Does not add new coins on a regular basis
- They do not have its own coin or token like Binance does
- Does not accept fiat currency (USD, EUR, JPY etc)
- They do not have a mobile app