Since 2017 this has become boom for every investor to add cryptocurrencies in their investment portfolio. If you are a trader or investor and looking to get invested in Cryptocurrency then I will answer you the best choice between Binance vs Bittrex.
Both Binance or Bittrex are among the popular choices of crypto investors, I have seen that people are asking about which one is the best in terms of transaction fees, security, trading interface, and newly listed currencies.
In this Binance vs Bittrex guide, I will explain you Pros and Cons of both Bittrex and Binance and will try to explain who wins in the close battle of Bittrex vs Binance or Binance vs Bittrex.
There are various other platforms such as Cryptopia, CoinBase, Nova Exchange, etc but most of the crypto investors are hanging around Binance or Bittrex because around 150+ cryptocurrencies are listed with this exchange.
Let’s first discuss, what is Binance and what is Bittrex.
Table of Contents
Binance Vs Bittrex: What Is This All About?
Before comparing both Binance vs Bittrex first understand what is both and how they work.
Binance
Binance was established in the year 2017 by Changpeng Zhao for cryptocurrency exchange. Currently, more than 100+ currencies are traded on Binance.
Previously the company was established in China but after 2017 when China banned cryptocurrencies Changpeng Zhao moved the company server out of China and established it in Japan.
It is among the top exchange which has more than 1 billion dollar volume traded on a daily basis.
Binance has its own cryptocurrency which is known as Binance Coin (BNB) coin and is actively traded in the market and using that coin you can buy cryptocurrencies in Binance.
Binance has a proven record that it offers high security to customers and yet not have heard any news of hack.
It offers less transaction Fees which helps the daily trader to save lot much money.
Earlier Binance did not allow deposits or trade against fiat currency like USD, JPY, GBP, etc.
But in JAN 2019, Binance announced its partnership with a payment processor to enable cryptocurrency purchases using Debit and Credit cards.
Binance Jercy which is built on the technology of Binance is started for BTC and ETH trading against EUR and GBP.
Now you can trade with GBP and EUR on this new platform for BTC and ETH only. You can complete your registration in three steps.
one more good news which launched on Feb 2019 starts from 6 Feb 2019 Binance is about to register or enable Cryptocurrency trading with USDS which offers you trading in between BNB/USDS and BTC/USDS.
USDS is a stablecoin that is designed to work 1USDS=1$. But be cautious if there is any price change in the future which you can check here with active market status.
If you directly want to trade on Binance then it will allow you to trade with Cryptocurrencies only and now with USDS.
USDT is already registered with Binance and is now on USDS as well which help you to save your money while trading as it won’t be volatile as the crypto market change.
If you are a beginner and want to learn how to use Binance and how to do trading on Binance check our detailed guide on Binance Review.
This was brief about Binance, and we will discuss the comparison in later, now let me share with you what is Bittrex.
Bittrex
Bittrex is a USA-based cryptocurrency exchange in Seattle, Washington and was established in the year 2014. Due to its proven record, this is among the popular choice of crypto investors and traders.
That is why people are looking for Binance vs Bittrex and which one is the best?
Bittrex is already registered with USDS, hence it has a separate market to trade with USDS which price and value correlate with USD.
It has availability to trade with four separate markets.
- BTC Market (Bitcoin)
- ETH Market (Ethereum)
- USD Market(US Dollar)
- USDT Market (Tether)
It allows you to transfer USD directly to your bank account via Wire Transfer but the minimum withdrawal amount is 10$ and in terms of deposit you can do this via Wire Transfer with a minimum of 1000$.
You can check this support guide with Bittrex help which has detailed ideas about Bittrex Fiat currency adding changes, with Max-Min cap and process to register with additional verification.
Bittrex does not have any own Crypto coin and they won’t even release any such news to launch in the future.
Bittrex is listed with 100+ cryptocurrencies and it has a very genuine process to list any new token or cryptocurrency with Biitex.
It won’t offer new currencies or tokens that are about to be released as part of an ICO to be listed with Bittrex makes people find out about Bittrex alternatives as Binance and you won’t see regular updates with newly listed currencies.
To learn more about how to trade on Bittrex in terms of how to buy altcoin then check our detail guide which has answers to all your questions.
Bittrex is among the top reputed platforms and it has proved its strong presence in the market since 2014 without any issues or news about to hack.
This is what all about Bittrex and I assume that you already have an idea about Binance vs Bittrex.
If Not?
Then check the below guide which has all you want to know in detail.
Binance Vs Bittrex Differences
Till now what we discussed is all about Binance and Bittrex separately and we tried to understand how both are operating and here we will classify them based on specific factors.
Fiat Currency Trading
None of those exchanges earlier supported any of the fiat currencies but later Bittrex was registered to trade against USD and it has an active trade market in Bittrex with USD.
Amazing
Binance has the latest news published in the market that going forward USDS will be traded against cryptocurrencies which will be equivalent to USD.
Hence in terms of new users, it will be easy to interact with Bittrex which has the facility to deposit USD directly to exchange instead of going to USDS process which will about to be introduced with Binance.
Here in Binance vs Bittrex, Bittrex has slightly more advantages with fiat currency trading will be easy to understand for newbies.
Transaction Fee Of Trading
If you will land on any exchange then key factor to look for is the trading fees. If you are a daily trader then it makes a lot of sense to check how much exchange charging you for each transaction.
Bittrex Trading charges you a flat fee of 0.25% for every transaction however Binance will charge you only a 0.10% transaction fee which is very low compared to Bittrex fees.
If you trade in Binance with the Binance coin (BNB)market then you can even minimize transaction fees up to 25% which is close to 0.075%.
Binance changes regular trading prices, so you can check the latest change in price here.
If you have a high volume to trade then go for Binance and if you have an average volume then Bittrex.
The Bittrex fee is comparatively higher as compared to the Binance fee.
Binance vs Bittrex in terms of transaction fees it is, clear that Binance is the clear winner.
Identity Verification
In terms of preventing any fraud and illegal transactions, both Binance and Bittrex are strict with customer identification.
No one will allow you to trade without customer identity verification. So while signup an account make sure to complete Know Your Customer identity verification.
This will increase the withdrawal limit and will give you full-fledged access to trade with any cryptocurrencies.
Ideally, they may take more than 15 days to complete registration due to a large number of users signing up on a daily basis so do not be panic or eager to finish this ASAP.
Security
This time holding cryptocurrencies with any platform is a serious issue. It is always crucial and important to hide your digital assets from this online hacking or vulnerable platform.
In terms of the security of Bittrex and Binance servers, both are strong enough, and till date, no report of hacking has come into the market.
For user secure login both provide one private password and 2FA verification by two levels sign up. But Bittrex offers your System IP verification by dropping an email to the registered email ID.
While you initiate any withdrawal transaction by binance then it will ask you to confirm by sending email verification to complete the transaction.
It looks both are secure and Bittrex is older than Binance and it has almost proved the critical phase of Cryptocurrencies so it is the most trusted platform.
But never deposit your all amount to such an Exchange, always diversify your balance among best Cryptocurrency wallets so check here which one is the best choice for you to hold cryptocurrencies.
Trading Interface
What if you are a beginner then it will always be a hurdle for you to decide which one among Binance vs Bittrex will be easier to start with.
Below are two screenshots taken from Binance and Bittrex and both look good for an expert trader but it seems to be easy to understand Bittrex as compared to Binance.
Bittrex Exchange
Binance Exchange
Bittrex has a simple and easy interface to access and you can trade that with bit understanding like other cryptocurrency exchanges.
To simplify your understanding we have drafted a well-detailed guide on How to Use Bittrex for Beginners.
After all, both Binance and Bittrex are Cryptocurrency exchanges and if you have to start with one will definitely require an understanding of how trading basic concepts works.
In terms of interface, I found in Binance vs Bittrex, it seems like Bittrex is a winner.
Support
Both Bittrex and Binance has a social media presence and Email Support for all sort of problems.
Bittrex has the facility to support customers by submitting a request and dropping emails to customers.
Binance is currently facing a lot many issues with the large volume of customers and they support customers through social media platforms like Reddit and Twitter as well.
But Both Bittrex and Binance has good customer support and in case of any issue, you can raise a request and ideally they will respond in 7-15 days due to the large volume.
Transfer Limit
Bittrex transfer limit depends on user account verification but this is restrictive due to the presence in the USA.
Bittrex won’t restrict you to depositing any specific limit of the amount but in terms of withdrawal, you would require verification.
Without Verification – No Withdrawal
Basic Verification – The limit is 3000$ per day which is approximately 0.4 BTC (Or Equivalent).
ID verified account (Without 2FA) – 1 BTC (Or Equivalent)
ID verified account (With 2FA) – 100 BTC (Or Equivalent)
Binance has different rules in terms of withdrawal.
Without Verification – 2 BTC
With ID Verification – 100 BTC
Hence in order to increase the withdrawal limit, it is advisable to do ID verification.
This seems like Binance offers an extra withdrawal limit without verification of ID.
I have covered almost all the possible factors of both the exchanges, so let’s check Binance vs Bittrex which one is the best?
Bittrex Vs Binance Which One Is Best?
Till now we have almost discovered all the facts, so this time is to find the one which is the best in both.
In terms of a transaction fee of trading, it seems like Binance can help you to save more money due to a lower 0.1% transaction fee as compared to 0.25% of Bittrex.
Binance coin will give you an additional 25% discount on day trading which is an additional advantage to be with Binance.
Security and support both look perfect, so no matter of discussion.
While you are planning to withdraw funds from Bittrex it will ask you to do ID verification first however with Binance you will be allowed to withdraw up to 2 BTC per day with ID verification.
Without ID verification, illegal and fraudulent transactions.
To increase max cap of daily withdrawal both will ask you to verify identity.
Binance is registered with 100+ and Bittrex is listed with 150+ cryptocurrencies but Binance is regularly updated with new Coins.
So if you are interested in ICO then go for Binance it will give you the list of upcoming ICOs.
Bittrex has some strict rules to register new coins which makes this popular among regular traders but not for ICO investors
Binance supports a Mobile App that helps you to track your platform from anywhere however Bittrex offers you only a Website to trade for.
Bittrex Pros
- It offers more listed coins than Binance
- Running since 2014 and no hack issue reported till date.
- It offers to trade with USD.
- Additional login security validation with 2FA and system IP verification by dropping an email to the registered email ID.
- The interface for newbies looks pretty good.
Bittrex Cons
- Transaction fee to trade is a bit higher close to 0.25%
- It won’t allow every new currency to trade on the platform which stops the regular addition of new coins.
- It does not support deposits for EUR, GBP, etc and even USD deposits require more than 1000$ as a minimum.
- Bittrex supports only website, and no Mobile App is available
Binance Pros
- The transaction fee to trade any currency is very low at 0.1%.
- It offers Binance coin which gives you an additional 25% trading discount.
- It offers a mobile App version of Binance which helps to track your account.
- New coins are added regularly especially ICOs which attract a lot many traders.
Binance Cons
- Interface for newbies is not pretty easy to work with.
- It won’t allow to deposit or trade with fiat currency.
- It is new in the market, so a lot has to be tested with the platform.
I hope you got an overall idea about Binance vs Bittrex and which one is best.
Binance Vs Bittrex Bottom Line
This is an end of my difference guide in between Binance vs Bittrex and I hope we have covered everything that you are expecting.
Opening an account with any trading platform will definitely require a few basic ideas about how this actually works and the currency that you want to trade for is registered with that platform or not?
So make sure about privacy, transaction fee, interface, withdrawal or daily trading limit and access locations and devices it supports for.
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FAQ: Binance vs Bittrex
After reading the article, you may have relevant questions regarding binance vs Bittrex. This is the reason why you may try to look for the answers to clear your doubts. In this FAQ Section, we have collected important questions along with their answers.
Q1. Is Bittrex really better than Binance?
Ans: No, Bittrex is not considered to be better than Binance. Both of the platforms differ in fees, flexibility, features, options, etc. Therefore, it usually depends upon your specific trading needs and preferences.
Q2. Does Binance have the lowest fees in the market?
Ans: Yes, Binance offers the lowest trading fees in the industry for bitcoin (BTC) trading. Therefore, binance is known for its competitive fee structure which makes it a cost-effective choice for traders.
Q3. Is Bittrex a safe and secure exchange for its users?
Ans: Bittrex offers a fast, scalable, safe, and secure platform for trading cryptocurrencies. But, you need to be updated with the latest developments related to the exchanges. Therefore, you need to enable 2-factor authentication for safety and security.
