Review Bittrex vs. Binance exchange? Which is better?
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Cryptocurrency trading is attracting more and more people to invest and trade. Therefore, the need to find the best cryptocurrency trading platform is also of great interest. Bittrex and Binance are two of the most popular platforms for their trading volume, safety, reputation, and quality of service. Bittrex used to be a cryptocurrency exchange with the most significant trading volume globally before the arrival of Binance. The article below compares Bittrex vs. Binance and discusses the two giants in the crypto trading space to see which one is better.
Bittrex vs. Binance Overview
Bittrex was once the largest cryptocurrency exchange in the world by trading volume. But after Bittrex implemented stricter KYC and anti-money laundering policies, Binance appeared and quickly rose to become the number one position in this market. Today, Bittrex is still a popular cryptocurrency trading platform, but it is no longer in the dominant role it once played.
What is Bittrex?
Bittrex is a cryptocurrency exchange launched in 2013 in Seattle, Washington. At that time, Bittrex was one of the earliest cryptocurrency exchanges in the US. Although US financial regulators do not regulate Bittrex, they are still compliant with US laws and reporting on FinCEN (Financial Crimes Enforcement Network). Currently, this crypto exchange offers more than a trading market for more than 250 cryptocurrencies with over half a million users.
The advantage of the Bittrex cryptocurrency exchange is that it is based in the US, so it is very convenient for users in this country. In addition, the exchange offers up to 250 different cryptocurrencies and supports credit and debit card payments. In addition, Bittrex does not require a minimum deposit, so it is very convenient for new users. In particular, this exchange is also famous for its high security and easy account opening.
Besides the advantages, Bittrex also has limitations that reduce the user experience. One of the downsides of Bittrex is that they don’t support margin trading or derivatives. Although based in the US, Bittrex is currently not regulated here. In addition, nowadays, mobile devices have become extremely popular globally, but Bittrex’s mobile application is not a priority in their development strategy, thus providing a poor experience for users.
What is Binance?
Although Binance appeared later than Bittrex in 2017 in China, it is currently the largest cryptocurrency exchange in the world by trading volume. Binance now offers both the leading platform and the Binance.US platform specifically for US traders and Binance Jersey for EU traders. Binance provides more than 500 different cryptocurrencies, of which BNB and BSC are two tokens developed by Binance itself. Currently, the platform has more than 13.5 million users.
Binance has a significant advantage by offering many cryptocurrencies, up to more than 500 types. Besides, the transaction fee of only 0.1% is a low fee which is also a significant advantage of Binance. In addition, Binance provides P2P trading features and direct conversion from Fiat money to instant cryptocurrency, which is also an advantage to help users quickly own cryptocurrency without much experience. Binance is also well known for its diverse, easy-to-use trading platform for web and mobile versions. The platform also offers both credit and debit card payment gateways, with no minimum deposit required. Binance is also loved for providing a wide variety of trading markets, including P2P trading, spot trading, futures trading, options, and leverage. Besides, Binance also offers separate and professional cryptocurrency wallets, Binance Trust.
Although there are many advantages, Binance also has some limitations as follows. Binance.US only supports 50 cryptocurrencies and is not regulated in the US. Credit and debit card transactions and instant transaction fees on Binance are very high.
* See more: The complete guide Binance from a to z
Bittrex Trading Fees vs. Binance
The transaction fees of Bittrex and Binance are both relatively low in the market. However, on all different factors, Binance has better transaction fees than Bittrex.
Bittrex applies fees from 0.25% to all transactions on the exchange. Meanwhile, Binance only applies a fee of only 0.1%, and for transactions using Binance Coin to pay transaction fees, users only have to pay a fee of 0.05%.
Binance Spot Fees vs. Bittrex
Binance applies a 0.1% fee for spot trading and a 25% discount on trading fees if paid in BNB. At the same time, Bittrex uses a fee of up to 3.5%/transaction. The upside, however, is that both Binance and Bittrex offer discounts for high volume trades: With Binance, users get discounts when trading more than 50BTC/month, and Bittrex discounts when transactions hit $25,000/month.
Binance Instant Transaction Fees vs. Bittrex
Both Binance and Bittrex allow the purchase of cryptocurrencies with debit and credit cards. However, the transaction fees through this form are costly, Bittrex charges 3%, and Binance applies 1.5% for crypto purchases by credit card.
Deposit and withdrawal fees
Both Bittrex and Binance do not charge deposit and withdrawal fees in all payment methods. However, if a user withdraws cryptocurrencies, users will pay a transaction fee to the blockchain network, which depends on the cryptocurrency, not the exchange’s fees.
Features of Bittrex vs. Binance
The trading features of Bittrex and Binance are almost similar. Both platforms build a charting system based on TradingView’s charts that are updated in real-time and many technical indicators. Both Bittrex & Binance support various order options: market orders, limit orders, pending orders… However, when comparing trading features, Bittrex has the upper hand in providing stop loss, and the orders ladder limit helps users manage risk more flexibly.
In addition, besides the transaction feature, Binance once again has the upper hand when providing a variety of related services in the cryptocurrency ecosystem: Trading, staking, savings, NFTs… In addition, Binance also launched two private blockchain networks in Binance Chain and Binance Smart Chain. They also launched their token BNB, which was very successful.
Bittrex vs. Binance Product
Both Bittrex and Binance offer a full range of major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and several other well-known cryptocurrencies. When it comes to volume comparison, both Binance and Bittrex are known as cryptocurrency trading platforms that offer many cryptocurrencies in the market.
Bittrex has over 250 different crypto assets to choose from. Meanwhile, Binance has supported over 500 other coins in the market, and the number continues to grow. However, most users often do not trade or use up all the cryptocurrencies on offer, especially newbies.
Comparison of the reputation of Bittrex and Binance
Bittrex and Binance are both exchanges with high trading volumes globally. However, Binance has more than 14 million global users, while Bittrex has just over 500,000 users, mainly from the US. It does not show that Binance is more reputable because Binance’s development strategy is global, while Bittrex is focused on the US market.
Speaking of credibility, neither any country regulates Bittrex nor Binance. However, Bittrex is based in the US, complies with US law, and reports to FinCEN. Meanwhile, Binance also complies with the FCA regulation from 2021. Although Binance has been investigated in history, however, the exchange continues to operate in the US and is famous for its safety and global client assets.
See also: Is Binance Scam or Not?
Security of Binance and Bittrex
Security is one of the top factors that customers are interested in learning about cryptocurrency exchange. The security settings of Bittrex and Binance are pretty similar. However, Bittrex can be said to have the upper hand as it has never been attacked in history. Meanwhile, Binance once encountered an attack that lost 40 million dollars. But also in this event, Binance won the hearts of users when it compensated customers for all damages and then upgraded the exchange’s security system to ISO standards. With these changes, Binance has always been appreciated for its level of security and safety.
Bittrex’s interface vs. Binance
Talking about the interface of Bittrex and Binance, both platforms have certain advantages.
Bittrex provides a simple interface that allows users to connect to the traditional banking system easily. However, it is only compatible with customers in the US.
In contrast, Binance is a multifunctional trading platform with multiple interfaces to suit different user experiences and needs. Therefore, Binance is considered a friendly platform and has an easy-to-use interface with global users. However, Binance offers multiple functions within the crypto ecosystem can be overwhelming for newcomers to an account.
Neither Binance nor Bittrex is overrated in terms of customer service. Both Binance and Bittrex use a ticket system, allowing customers to submit help questions or chat online. Binance’s live chat is also more stable and has a faster processing speed. Both platforms do not have hotline customer support, so the processing speed may not be as quick as with some other platforms.
Overall, Binance and Bittrex are highly rated by users for their experience and service. However, Binance has the upper hand when it comes to serving the vast majority of customers globally, with different needs and experiences of traders. Besides, Binance’s transaction fee and mobile application are superior to Bittrex’s. Besides, Bittrex prioritizes serving US customers. Therefore, Bittrex can receive more favors from users for customers in the US alone.
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