Bittrex and Binance are two of the most popular cryptocurrency exchanges in the world. They offer different services and have a number of differences that make them appealing to different users. Which one is better?
The bittrex vs binance reddit is a question that has been asked many times. Binance and Bittrex are both popular exchanges, but which one is better?
Bittrex and Binance are two of the most prominent cryptocurrency trading platforms nowadays. After spending some time in the bitcoin realm, these two platforms are usually suggested for individuals looking to move on to something a little more sophisticated. These two exchanges are the next logical step up from Gemini and Coinbase, which are both beginning exchanges.
Binance and Bittrex both have a large selection of currencies, so if you’re looking to trade altcoins, any of them is a good place to start. While both provide a lot of advantages and low costs, one may be a better match for you than the other.
The purpose of this essay is not to promote or disparage one transaction over another. We aim to provide you as much information as possible about each exchange and compare and contrast them so you can decide which one to use for your trading requirements. The following is a comparison between Binance and Bittrex.
Bittrex is without a doubt one of the most well-known digital currency exchanges on the world. The platform was founded in 2014 in Seattle, Washington, and it is usually among the top three exchanges in terms of volume in a 24-hour period. The site gets approximately $300 million in daily traffic and has a solid reputation for being a secure and trustworthy platform for customers to trade their coins.
Limits on Account Creation and Withdrawal
Simply go to Bittrex’s website and select the “Sign Up” button in the top right corner to establish an account. Your email address and a password will be required by the site. After that, the site will send you an email requesting you to confirm your address.
After that, you’ll be sent to the Bittrex Basic Verification page after logging into your account. You’ll find information on deposits and withdrawals here. Unverified accounts, for example, are unable to withdraw money from Bittrex. You’ll also have to give some personal information, such as your date of birth, complete name, address, and other relevant data.
After you’ve provided this information, you’ll need to provide photographic proof of your identity. To verify that you are who you say you are, the site asks for legitimate government documents as well as a selfie. Of course, you don’t have to do this to trade; but, you won’t be able to withdraw your money until this is done.
Bittrex has two different account types. Basic accounts just need the bare minimum of data, which may be verified via public records. Users may withdraw up to 3 BTC (or the altcoin equivalent) each day using this account type.
Selfies and official documents are used to verify enhanced accounts. Jumio is used by Bittrex to verify face and ID matches. If two-factor authentication is set, these account types may withdraw up to 100 BTC each day.
Fees on Bittrex
Bittrex utilizes the following for fee application, according to information on their website:
- Trades – Each trade on the Bittrex platform is assessed a 0.25 percent fee, which is deducted from the trade’s earnings. If, on the other hand, any portion of the purchase has not been finished, the money will be refunded to the user when the order is cancelled.
- Withdrawals – While Bittrex has no intention of profiting from withdrawals, each transaction does incur a network charge. As a result, the exchange must levy a modest fee to offset the cost.
- Deposits — There are no costs associated with deposits. When you transfer money to Bittrex, however, you may be charged transaction fees by the currency network.
Cryptocurrencies that are supported
Bittrex intends to accommodate both well-known and emerging blockchains. This, according to the site, is critical to the industry’s continued innovation. As a result, Bittrex strives to provide its customers with as many alternatives and choices as possible. This is accomplished by providing users with a wide number of digital currencies from which to pick.
Bittrex currently does not charge a fee to list a coin on the platform. The site continues to spend and invest resources in evaluating tokens that apply for inclusion on the exchange because it believes in expanding the blockchain industry. The fact that Bittrex offers over 300 trading pairs demonstrates this. Bittrex may be the only site you need to go if you’re seeking to exchange cryptocurrencies.
The founders of Bittrex had prior Microsoft experience, which is one of the major selling factors for utilizing Bittrex. Bittrex has not been hacked since its establishment in 2014, owing to its access to enterprise-level IT security expertise.
Furthermore, the team thinks that providing a safe and dependable platform to its consumers is critical. The website employs a multi-stage wallet that stores 80-90 percent of all money offline. Any withdrawals on Bittrex need two-factor authentication, so you can be confident your money is going to the correct person.
Customer service is an area that Bittrex could definitely improve. The Bittrex support staff has a substantial response time delay. Users can expect to wait more than 24 hours for a response, and the only way to contact assistance is via the online ticketing system.
Apart from its ticketing system, Bittrex has a FAQ area, a section for the newest news, and a Twitter feed that keeps you up to speed on the exchange’s latest developments.
Bittrex’s Advantages and Disadvantages
- There are a lot of security features.
- Nearly 300 digital currencies are supported.
- Two-factor authentication is highly recommended.
- Beginner users will find it easy to use.
- It’s been around for almost a decade.
- Both crypto-to-crypto and fiat-to-crypto (USD only) trading is supported.
- Trading costs are higher than on other sites.
- A lengthy and inconvenient verification procedure
- Customer service is difficult.
- There is no mobile application.
Binance, our second cryptocurrency exchange, is a completely digital currency exchange. The site, which is a mix of the terms Binary and Finance, does not trade traditional currencies such as the Euro, British Pound, or United States Dollar. The exchange began in China, but owing to restrictions, it relocated to Malta, which is more crypto-friendly.
While Binance is still relatively new to the cryptocurrency industry (it debuted in 2017), it has quickly gained a following because to its outstanding ICO listings. The site is also renowned for its cheap trading costs and its customer support team’s professionalism.
Limits on Account Creation and Withdrawal
The procedure of registering and establishing an account on Binance is identical to that of Bittrex. Simply go to the Binance website and click the “Register” button in the upper right-hand corner. Binance will send you a verification email once you enter your your address and password.
Simply click on the link given in your verification email and log in to your account. You’ll be able to deposit your own digital assets once that’s done. Binance would highly recommend that you activate two-factor authentication at this point, which we also recommend.
The site’s withdrawal limit for unconfirmed accounts is 2 BTC every 24 hours. Verified accounts, on the other hand, are restricted to 100 BTC every 24 hours. Users that need a greater withdrawal limit may do so by contacting Binance directly to make the required arrangements.
Binance’s registration procedure is simpler than Bittrex’s, and the 2 BTC cap will usually be sufficient for most customers. However, restrictions remain in effect notwithstanding the lack of verification. You’ll be labeled as a level-two user after you’ve been confirmed. This implies you have greater mobility on the platform than an unregistered user.
You must provide Binance with your complete name, gender, country of residence, and a photo of your government-issued ID or passport to become a verified user. For passport validation, you’ll also need to submit a selfie with your passport.
Fees on Binance
Binance usually charges a 0.1 percent fee for each trade made by a user. If you opt to pay for your fee using the exchange’s Binance token, the cost is reduced in half. Users may buy Binance tokens using “leftovers” from previous transactions or trade for the currency. It does, however, result in reduced costs.
Deposit costs are waived on the site, however withdrawal fees vary depending on the cryptocurrency. You should verify the site first before withdrawing Bitcoin, Ethereum, or any other cryptocurrency. The fees may differ significantly from one currency to the next. Furthermore, the site states that these fees are subject to change depending on blockchain conditions.
Cryptocurrencies that are supported
If you want to launch a currency on Binance, the platform has a staff dedicated to evaluating new token applications. The website includes instructions on how to create an application and submit it to the relevant Binance team.
Binance, like Bittrex, offers over 300 trading pairs. On a daily basis, the site trades a little more than $2 billion. While Bittrex may have more trading pairs – which is arguable at the moment – Binance has a bigger liquidity pool based on daily trading.
Binance, like Bittrex, strongly encourages two-factor authentication. This kind of protection is also recommended since it helps to safeguard your digital assets. In an ideal world, this would be a requirement for all bitcoin exchanges. Unfortunately, this is not the case.
It’s worth noting that Binance hasn’t been hacked, which is a positive indication for younger exchanges. This is particularly reassuring in light of the fact that exchanges are often targeted by hackers trying to steal digital currency.
Another advantage of Binance is that its customer service is superior than that of the majority of other exchanges. Binance provides a number of ways for users to get in touch with them and report issues.
A ticketing mechanism is available on the site, which ensures that your problem receives the attention it deserves. There’s also a Telegram channel where users may interact with Binance, as well as an official Binance FAQ. Binance also offers non-account-related messages and language-specific links to Binance announcements on their different social media channels.
Binance’s Advantages and Disadvantages
- Fees are comparable to those of other exchanges.
- On both iOS and Android, customers may download a mobile trading app.
- The registration procedure is basic and straightforward.
- Over 100 different cryptocurrencies are available for users to purchase, sell, and trade.
- Binance Currency is the exchange’s own coin, which users may spend to get fee reductions.
- Exceptional client service
- Encourages the use of two-factor authentication.
- Beginners may find the user interface daunting.
- It doesn’t have the same lifespan as other platforms.
- Deposits in fiat currency are not accepted by the exchange.
Table of comparisons between Binance and Bittrex
To assist you with making your choice, we’ve put up a comprehensive comparison table pitting Bittrex and Binance against each other.
|Fees of Exchange||Low||Medium|
|Fees for Deposits||Free||Low|
|Cryptocurrencies that are supported||There are almost 100 different cryptos.||XMR, ETC, XVG, DGB, OMG, ZEC, SC, NXT, BAT, BTC, ETH, BCH, XRP, ADA, BSV, LTC, NEO, TRX, DASH, TUSD, XMR, ETC, XVG, DGB, OMG, ZEC, SC, NXT, BAT|
|Methods of Purchase and Deposit||Only crypto is allowed.||Wire transfer (minimum $1000) and cryptocurrency|
|Methods of Sale and Withdrawal||Only crypto is allowed.||Wire transfer (minimum $1000) and cryptocurrency|
|Trading in Fiat Currency||No||USD|
|Trading on Margin||❌||❌|
|Customer Service||Frequently Asked Questions and a Form||Tickets for assistance|
|App for mobile devices||✅||❌|
|Have you made your decision?||Join Binance Today!||Become a member of Bittrex.|
If you look at these two exchanges closely, it’s easy to believe that Binance is the superior of the two. The site has a more contemporary feel than Bittrex, with reduced trading costs, the ability to utilize Binance currencies to gain fee reductions, and a more modern style than Bittrex.
Furthermore, if you don’t need to withdraw more than 2 BTC per 24 hours, the first Binance registration will enough. This is most certainly the case for the bulk of the exchange’s users. Bittrex, on the other hand, offers a well-designed user interface to its users. Overall, it may need some work, but the exchange provides many tools and activities that experienced users would require.
Bittrex isn’t as slick as Binance, but it does provide consumers with the resources they need to make quick, well-informed choices. Remember that Binance has a mobile app, while Bittrex does not. Bittrex may not be the best option for you if you want to purchase, sell, or trade cryptocurrencies on the move.
Both of these trades are great choices. You’ll receive a great experience together with the security and protection that your digital assets need. Each exchange has a number of features that make it attractive to consumers. Which option makes the most sense for you?
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The bittrex vs coinbase is a question that has been asked many times. There are many factors to consider when choosing which cryptocurrency exchange to use.
Frequently Asked Questions
Is Bittrex a good crypto exchange?
Bittrex is a good crypto exchange.
Is exchange better than Binance?
This is a very difficult question to answer. Binance has been around for longer, but its unclear how much longer they will be around. They are also one of the most reputable crypto exchanges out there, while some people have had issues with their exchange.
Which is the best exchange for cryptocurrency?
The best exchange for cryptocurrency would be Coinbase, as they are easy to use and have a lot of options.
- bittrex vs binance vs coinbase
- kraken vs binance
- bittrex to binance
- bittrex vs kucoin
- bittrex vs binance us