Since 2017 this becomes booms for every investor to add cryptocurrencies in their investment portfolio. If you are a trader or investors 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 choice 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 first discuss, what is Binance and what is Bittrex.
Binance vs Bittrex: What is this all about?
Before comparing both Binance vs Bittrex first will understand what is both and how they are working.
Previously the company was established in China but after 2017 when China has banned cryptocurrencies Changpeng Zhao has moved company server out from China and established 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 actively traded in the market and using that coin you can buy cryptocurrencies in Binance.
Binance has proven record that it offers high security to customers and yet not have heard any news of hack.
It offers less transaction Fee which helps the daily trader to save lot much money.
Earlier Binance does not allow to deposit or trade against fiat currency like USD, JPY, GBP etc.
But in JAN 2019, Binance announces its partnership with Israel based payment processor to enable cryptocurrencies purchase using Debit and Credit card.
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 latest on Feb 2019 that starts from 6 Feb 2019 Binance is about to register or enable Cryptocurrencies trading with USDS which offers you trading in between BNB/USDS and BTC/USDS.
USDS is a stable coin which is designed to work 1USDS=1$. But be cautious if there is any price change in the future which you can check here with active market status.
If you directly want to trade on Binance then it will allow you to trade with Cryptocurrencies only and now with USDS.
USDT is already registered with Binance and now on USDS as well which help you to save your money while trading as it won’t volatile as crypto market change.
If you are a beginner and want to learn how to use Binance and how to do trading on Binance check our detail guide on Binance Review.
This was brief about Binance will discuss comparison in later, now let me share you what is Bittrex.
Bittrex is the USA based cryptocurrency exchange in Seattle, Washington and was established in the year 2014. Due to it’s proven record this is among the popular choice of crypto investors and traders.
That is why people are looking for Binance vs Bittrex and which one is the best?
Bittrex is already registered with USDS, hence it has a separate market to trade with USDS which price and value correlate with USD.
It has availability to trade with four separate markets.
- BTC Market (Bitcoin)
- ETH Market (Ethereum)
- USD Market(US Dollar)
- USDT Market (Tether)
It allows you to transfer USD directly to your bank account via Wire Transfer but the minimum withdrawal amount is 10$ and in terms of deposit you can do this via Wire Transfer with the minimum of 1000$.
You can check this support guide with Bittrex help which has detailed idea 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 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 which are about to release as part of ICO to listed with Bittrex that makes people find out Bittrex alternative as Binance and you won’t see a regular update 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 platform and it has proved its strong presence in the market since 2014 without any issue or news about to hack.
This is what all about Bittrex and I assume that you already have an idea about Binance vs Bittrex.
Then check 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 that exchange earlier was supporting to any of the fiat currency but later Bittrex was registered to trade against USD and it is having an active trade market in Bittrex with USD.
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 introduce with Binance.
Here in Binance vs Bittrex, Bittrex has slightly more advantage 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 charge you a flat fee of 0.25% for every transaction however Binance will charge you only 0.10% transaction fee which is very low as compare to Bittrex fees.
If you will trade in Binance with Binance coin (BNB)market then you can even minimize transaction fee up to 25% more which 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.
Bittrex fee is comparatively higher as compare to Binance fee.
Binance vs Bittrex in terms of transaction fee it is, clear that Binance is the clear winner.
In terms of preventing any fraud and illegal transaction, both Binance and Bittrex are strict with customer identification.
No one will allow you to trade without customer identity verification. So while signup account makes sure to complete Know your customer identity verification.
This will increase the withdrawal limit and will give you full fledge 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.
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 security of Bittrex and Binance server both are strong enough and till date, no report of hacking came 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 most trusted platform.
But never deposit your all amount to such Exchange, always diversify your balance among best Cryptocurrency wallet so check here which one is the best choice for you to hold cryptocurrencies.
What if you are 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 are taken from Binance and Bittrex and both look good for an expert trader but it seems to be easy to understand Bittrex as compare to Binance.
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 Beginner.
After all, both Binance and Bittrex are the 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.
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 supporting customers through social media platforms like Reddit and Tweeter 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.
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 deposit any specific limit of the amount but in term of withdrawal, you would require verification.
Without Verification – No Withdrawal
Basic Verification – Limit is 3000$ per day which approx 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 withdrawal limit, it is advisable to do ID verification.
This seems like Binance offers 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 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 can increase illegal and fraud 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 trader but not for ICO investors
Binance supports Mobile App which helps you to track your platform from anywhere however Bittrex offers you only Website to trade for.
- 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 registered email ID.
- Interface for newbies looks pretty good.
- 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 regular addition of new coins.
- It does not support deposit for EUR, GBP, etc and even USD deposit require more than 1000$ as a minimum.
- Bittrex support only website, no Mobile App is available
- 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 mobile App version of Binance which helps easy to track your account.
- New coins added regularly especially ICOs which attract a lot many traders.
- Interface for newbies does 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 much has to test 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 which 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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