Binance vs. Bittrex: Battle Of Alternatives
Binance and Bittrex are two of the most popular trading exchanges in the world. Both of these platforms are regularly suggested for anyone looking to buy, sell, and trade cryptocurrencies. These are the perfect platforms for those that are ready to move on from exchanges like Gemini or Coinbase.
You’ll find a wide selection of cryptocurrencies with each exchange, along with interfaces that are easy to use and navigate.
In my Binance vs. Bittrex comparison, I’ll answer all the questions you may have about each exchange.
With the information provided, you’ll be able to make a confident decision regarding which platform works best for you.
These two high-quality exchanges have a lot in common.
However, for the purposes of our comparison, let’s take a look at what features they offer on an individual level.
- Order matching – With this one-of-a-kind matching system, Binance can process well over one million orders each second. This means your trades are done quickly and easily on one of the fastest exchanges in the world.
- Platform support – You can use Binance through a web interface or Android and iOS devices. Additionally, the exchange provides support in 13 different languages, including German, French, Korean, Italian, Russian, Portuguese, English, and others.
- Liquidity – You’ll get one of the busiest order books in the industry when using Binance. Considering that the platform supports more than 400 cryptocurrencies, the exchange can quickly and easily process all your trading orders.
- Binance Coin – Binance coin, or BNB, is the platform’s native token. This token powers the exchange’s ecosystem with uses for activities such as listings, trading, and withdrawal fees. If you use BNB for your trades, you’ll get a nice discount on your trading fees.
- Optimized transactions – Users get an exchange that’s designed to carry out trades in real-time. Everything is automated, so users don’t have to mess with confusing or complex tools. Additionally, the exchange is designed to support third-party trading.
- Compliant with Regulations – Bittrex is compliant with all regulations in the United States as they apply to cryptocurrency. If you want a trading platform that adheres to the governing authorities, Bittrex is one of the best.
- Protection transactions – The exchange uses cold storage to provide additional security to its funds. Plus, users can enable 2FA (two-factor authentication) to keep their digital assets safe and secure.
Pros and cons
I’ve said it before, but it bears repeating: No cryptocurrency platform is perfect.
That’s why it’s important to know an exchange’s strengths and weaknesses.
With that in mind, here are some pros and cons for both Binance and Bittrex.
- Low trading fees
- Easy to use interface
- High-quality customer support
- Support for hundreds of cryptocurrencies
- Mobile app support for both iOS and Android
- It hasn’t been around as long as other platforms
- Limited payment methods
Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.
When it comes to buying and selling crypto, there are few exchanges better than Binance.Visit Binance
- Multi-platform support
- Easy sign-up and verification process
- Compliant with all US regulations
- Supports hundreds of digital currencies
- Employs additional security features like 2FA
- No fiat deposits or withdrawals
- Does not support margin trading
By trading on Bittrex, you can support blockchain technology at the same time. The UI is easy to understand, you can earn crypto for inviting your friends to the platform, and you can even submit your own token for listing.
If you want to support blockchain’s cause, getting started on the Bittrex website will establish the building blocks of tomorrow, and you can download the iOS or Android app to begin trading on your phone.Visit Bittrex
It doesn’t matter which trading platform you choose for cryptocurrency support. Both Bittrex and Binance offer support for a wide range of cryptocurrencies. That means you’re going to be able to buy, sell, and trade the most popular options like Bitcoin, Ethereum, Litecoin, and many, many others.
No matter what coin you’re looking for, there’s a very good chance that both exchanges support it. Each platform supports hundreds of altcoins and trading pairs.
There are so many, in fact, that there’s a good chance you may not recognize many of them.
Unless you’re a trading professional, it’s not going to matter how many coins these exchanges offer.
Still, here’s a shortlist of just a few of the cryptocurrencies both Binance and Bittrex offer:
An exchange platform’s fees are a big deal if you plan on making a lot of trades.
You want to know exactly how much you’re going to pay for withdrawals, deposits, and trades.
But how do the two platforms compare with one another? Let’s take a closer look.
You’ll pay maker/taker fees of 0.10% with Binance. To remove your funds from the platform, you can either use cryptocurrency or a credit card.
Keep in mind that you can’t access funds through wire transfers, so be sure to make alternative arrangements.
Binance charges 0% for deposits, which is standard for many high-profile exchanges. Or you can purchase digital currencies right on the platform with your credit card.
You might pay a fee when sending funds to your account, but you’ll pay nothing for deposits.
When you’re ready to withdraw your assets from the platform, your fees will vary based on the coin. Bitcoin and Ether have flat withdrawal fees on Binance.
However, for other digital currencies, you’ll typically pay half the minimum withdrawal amount in fees. To save on fees, keep the number of withdrawals you perform to a minimum.
There are two factors that influence your trading fees on the Binance trading platform. First is your trading volume in the previous 30 days.
The more volume to have, the lower your fees. Binance uses eight different levels of discounts that fall between VIP 1 and VIP 8. Your level will depend on the previously mentioned 30-day trading volume.
The second is how much Binance coin (BNB) you have. When you use BNB to pay your fees, you’ll get a discount.
However, be sure to check your settings and ensure that you’re paying fees with BNB and not with Bitcoin.
With Bittrex, you’ll pay a flat trading fee, which is something you may not get with a lot of other cryptocurrency exchanges.
All maker and taker fees on the trading platform are 0.25%.
That means it doesn’t matter whether you’re the maker or the taker of the transaction. It’s the same cost to everyone.
Additionally, like Binance, Bittrex offers discounts based on how much volume you’ve done over the previous 30 days.
For example, if you trade between $0-200k, you’ll pay a fee of 0.25%. However, if your volume exceeds $60M, the taker fee is 0.08%, and the maker fee is 0%.
You’ll also pay a flat fee of 0.0005 BTC when withdrawing the currency.
However, like Binance, the fee will depend on the token or coin you’re withdrawing.
When you’re ready to move your funds, you can see the fee for your cryptocurrency by selecting the withdraw button next to your coin. This will show you exactly how much you can expect to pay.
The last thing you want to worry about when using a crypto trading exchange is the security of your funds.
Is the platform doing everything it can to ensure your digital assets are protected?
What features are available to users to create additional layers of security?
If you’re using an exchange that doesn’t take security seriously, it might be time to look for another exchange.
One of the most important features you can consider when choosing a crypto trading platform is the security it offers. The last thing you want is to lose your funds due to lax security on the part of an exchange.
Fortunately, Binance provides several ways its users can protect their assets from external breaches.
First up on the list is two-factor authentication or 2FA. When you set up your account with Binance, the platform will ask you to install an authenticator so you can protect your funds.
Unless someone has your mobile device, your Binance account is safe using 2FA.
Next, Binance protects your account by validating new IP addresses when you log in. If you haven’t previously used a device to sign it, the platform will send you an email for confirmation.
Users also have the option to set up notifications for other actions like trades or withdrawals.
Third, the exchange lets you whitelist wallet addresses so you can only withdraw funds to addresses you’ve already approved. This helps reduce the chances that your coins go to the wrong address.
You can change the address at any time, but keep in mind that you’ll have to go through the security process to get it done.
Last on our list of Binance security features is its Secure Asset Fund for Users, or SAFU. This fund was introduced in 2018 and acts as insurance for user funds if the platform is breached.
The reserve is created by removing 10% of trading fees generated by Binance and placing it into a separate account.
Unfortunately, despite its efforts, the trading exchange was breached in May 2019. Hackers stole more than 7,000 BTC, which at the time was worth over $40 million.
However, Binance already had its SAFU fund in place, so it was able to refund the lost funds to those who were impacted.
Bittrex designed its platform to provide a secure place for users to buy, sell, and trade digital currencies. The goal of the exchange is to offer a reliable and safe environment.
Bittrex does this by developing a custom-built, scalable exchange that ensures user assets and security.
As a result, the exchange has not been breached or hacked, which shows that its security measures are working.
Like Binance, Bittrex uses two-factor authentication. The platform relies on 2FA and requires you to use it when you log into your account or withdraw funds from the exchange.
Additionally, if you connect your Bittrex account to an external trading app, you’ll have to use 2FA to confirm transactions.
Additionally, you’ll receive an email notification for confirmation anytime you withdraw funds from your account and send them to an external wallet.
Bittrex also goes out of its way to ensure user funds by keeping them in cold storage. Roughly 85% of all tokens and coins on the platform are kept offline in cold wallets.
As a result, if the exchange is breached, hackers won’t have access to most of the funds on the exchange. Only a small percentage will be at risk.
To date, the exchange has not been breached. However, some users claim their wallets were hacked, and their funds were taken.
Unfortunately, most of these users did not use the additional security measures the platform offers, which is what made their accounts easy to access for hackers.
I can’t speak for everyone, but I prefer to use a clean, intuitive, and easy-to-use platform.
If I log into an exchange and it’s complex, complicated, and crammed full of unnecessary tools and features, I’m likely to head somewhere else to buy, sell, and trade cryptocurrencies.
Bittrex is a great example of a simpler user interface. It allows users to interact with the platform in a way that makes sense.
The workflow is straightforward, and users from the USA will have no trouble quickly navigating through the site.
If you’re in the US and want an easy-to-use cryptocurrency trading exchange, Bittrex is a solid option.
Binance has created a platform that offers a user interface that perfect for those who want to perform base trading along those same lines simply.
But that doesn’t mean you can’t perform advanced trades as well. So, whether you’re new to trading or you’ve been trading for decades, Binance will have the tools you need to be successful.
If you want to do trading while you’re on the go, you’ll be able to do so with both Binance and Bittrex.
Binance has a mobile app with an excellent design, which gives you all the options you would need when you’re away from your laptop or PC.
The exchange supports both iOS and Android, so you don’t have to worry about having a specific device to use the app.
To use the app, you’ll first have to register and create an account on the Binance web exchange.
Once you’re done with that, you can download the app and start trading right from the convenience of your smartphone or tablet.
Bittrex offers a mobile app for both its users that reside in the US and its international account holders.
With the app, you can trade anytime you want on your smartphone or tablet.
Plus, since the exchange supports so many different cryptocurrencies, you don’t have to worry about whether or not you’ll have the access and liquidity you need.
With the Bittrex mobile app, you’ll have support for your digital wallet, quick trades, fast execution, and all the security you’ve come to expect from this industry-leading crypto exchange.
It’s available to download for free on both iOS and Android devices.
What makes Bittrex stand out from other exchanges?
It’s no accident that Bittrex is among the leaders in the crypto industry.
This popular trading platform offers all the features and functionality you can expect from high-quality exchanges.
But what makes it stand out from the others?
Here are a few features you’ll get from Bittrex that you might not see with other cryptocurrency exchanges.
- Unique trading engine – This one-of-a-kind engine was custom designed to ensure that all orders process in real-time. Additionally, the platform is scalable, so you won’t have to worry about growth being a problem. You’ll have simple and easy-to-use APIs that integrate with your favorite third-party trading apps.
- Focus on innovation – The platform focuses on driving innovation, which is evidenced by its continually growing selection of digital tokens and blockchain technologies. These projects must complete a thorough review process before being listed on the exchange.
- Quick withdrawals and deposits – Bittrex offers an automated and efficient platform that monitors traffic to ensure users experience quick transactions. This includes deposits, withdrawals, wallet and trade information, and balance history.
At the end of the day, both of these exchanges go out of their way to provide their users with a platform that is easy to use and supports the vast majority of cryptocurrencies in the industry.
While there are some variations between the two platforms, including their features, coin support, and fee structures, these two trading exchanges have a lot in common.
If you are looking for a new trading platform, your best bet is to determine which one works best for your own unique trading needs.
I’d recommend you at least give both exchanges a try to determine which one you like more. You never know what unique or lesser-known feature might push one exchange in front of the other.