Binance vs Bittrex, which one should I use?
This is a question that many crypto investors ask themselves when looking for an altcoin exchange.
Among many others, this review will answer questions like:
- Are Binance and Bittrex safe?
- Which exchange is easier to use?
- Which exchange has better customer support?
Without further ado, let’s dive right into it!
Binance vs Bittrex Comparison Table
|Usability||Simple to use||Not very intuitive|
|Security||Very safe||Very safe|
Why use a cryptocurrency exchange like Binance or Bittrex?
With more variety than ever before, there has never been a better time to begin looking for a cryptocurrency exchange that best meets your needs.
Though many people first begin trading cryptocurrencies at a simple exchange like Coinbase, many often outgrow the limited asset selection and charting tools offered by these less featureful platforms.
Binance and Bittrex often find themselves home to those looking for a more comprehensive exchange experience, since both offer an enormous variety of cryptocurrencies, as well as massively more trade combinations than basic brokerage platforms.
Not only do they offer hugely increased variety, but the trading fees are also dramatically lower than OTC and brokerage type exchanges such as Coinbase, making trading far more profitable, while the improved charting tools make technical analysis much easier.
If you are looking to incorporate more variety into your trading experience and make the absolute most of market movements, then trading at a full-featured exchange like Bittrex or Binance will certainly be a step in the right direction.
Binance vs Bittrex Review
Shortly after selling out its ICO in just days, and raising a total of $15 million, the team behind Binance quickly delivered on their promise of bringing the world’s highest throughput exchange platform to market.
Since the platform launch in 2017, Binance has gone from strength to strength, with the flagship exchange registering more than ten million users in this brief period.
On the flipside, Bittrex is a long-established player in the cryptocurrency exchange industry, being launched back in 2013.
Based out of Seattle, Washington, Bittrex has managed to garner a reputation of trust with its community, in part thanks to its uncompromising approach to security and blemishless record.
Which is better, Binance vs Bittrex may not immediately obvious since each exchange has its pros and cons.
However, our review will highlight all the main parameters to help you make an informed decision about which is best for you. On that note, let’s begin!
Gone are the days of clunky, unintuitive user interfaces. Nowadays, practically all cryptocurrency exchanges worth their salt have a carefully designed user interface that allows anybody, regardless of skill level to easily perform their required tasks.
Both Bittrex and Binance have considered the usability of their respective websites, with both being fairly simple to use for new members.
Both exchanges require only an email address and password to create an account, though may require KYC verification to access certain features or remove limitations.
Upon logging into Bittrex, you are immediately presented with a list of active trading pairs, allowing you to quickly jump into the action and begin trading.
Binance, however, has conveniently separated its trading platform into a basic option for newer traders and an advanced option that unlocks extensive technical analysis and charting tools better suited for experienced traders.
Deposits and withdrawals couldn’t be any simpler on both platforms, while both Bittrex and Binance offer interactive charts with an intuitive order book used for placing orders.
We do note, however, that only Binance offers conditional orders such as stop-limits, whereas this feature is listed as “coming soon” on Bittrex.
In our opinion, we find the Bittrex website to be more dated than Binance, and is slightly less responsive. However, it does make up for this by being much simpler to use, making it ones of the best Binance alternatives for new traders.
For new cryptocurrency traders, excellent customer support is almost a must-have, since KYC issues, trading problems and a whole host of other problems will likely arise at some point.
One of the things distinguishing a great exchange from just a good one, is how well it looks after its customers in this regard. Sadly, excellent customer support is somewhat of a rarity in the space and usually comes at the cost of increased trading fees.
Unfortunately, both Bittrex and Binance are not renowned for their customer support, and have limited support options on offer.
The first line of support on both platforms is a comprehensive and regularly updated frequently asked questions (FAQ) page, which contains answers to the most common issues users face on the platform.
In our opinion, the Bittrex FAQ is currently more comprehensive, whereas the Binance FAQ is updated more regularly.
In addition to the FAQ helpdesk, both platforms offer an internal ticket system as the second line of support, allowing customers to raise issues from within their account to be later addressed by the support team.
That being said, there are user reports that both platforms can be painfully slow responding to these.
Lastly, Binance is known for its active presence on social media. Sometimes the CEO of the firm even goes as far as answering a user support enquiry himself via Twitter.
Since both exchanges are evenly matched on all other support fronts, we believe Binance’s active social media presence give it the slight edge on the front.
When it comes to exchanges, one of the major criteria used to distinguish a low-end platform from a high-end one is the number and quality of the digital assets it lists.
Binance is commonly recognized as a platform that strives to list only high-quality digital assets that have long-term potential, and cracks down on underperforming and low-volume assets by regularly delisting these from the exchange.
Bittrex also has its own delisting policy, which sees poorly supported and failing tokens removed on a case-by-case basis.
In terms of pure numbers, Bittrex offers the larger selection of digital currencies, featuring close to 250 different cryptocurrencies and tokens forming well over 300 trade pairs.
Binance follows closely behind with just over 150 digital assets available, though it does offer more trade pairs, with almost 450 available as of writing.
On one side, Binance is known for listing mostly ICO coins, whereas Bittrex focuses on proof-of-work (POW) coins that launched fairly, e.g. without a premine, with significant market demand. Neither platform accepts a listing fee to list a digital asset, keeping the listing process fair and impartial.
Both Binance and Bittrex feature the majority of the most popular coins by market capitalization, including Bitcoin (BTC), Ethereum (ETH) and Stellar (XLM) as well as a variety of stablecoins, including Tether (USDT) and TrueUSD (TUSD).
Most notably, EOS and Ripple (XRP) are absent from Bittrex but present on Binance, whereas the reverse is true for TenX, Ankr Network, and Spendcoin.
In order to keep up with market demand, both platforms regularly list new digital assets. For Binance, this occurs roughly every 2-3 weeks, whereas on Bittrex new assets are listed every few months.
Bittrex keeps its fee schedule decidedly simple, charging a 0.25% fee on all trades. Unlike many exchanges (Binance included), Bittrex does not offer volume-based discounts to its users, which can make it less attractive to larger traders.
On the other side, Binance charge just 0.1% for both maker and taker orders, with the possibility of reducing this to as little as 0.0200% and 0.0400% respectively for high-volume traders exceeding 150,000 BTC in monthly trade volume and holding in excess of 11,000 Binance Coin (BNB).
Note that if you opt to pay your trading fees in BNB, Binance will apply a further 25% discount.
However, trading fees are just one, albeit major cost associated with using a cryptocurrency exchange.
In this regard, both Binance and Bittrex charge a minimal fee to cover the network charge when withdrawing cryptocurrencies, however, we do note that Bittrex has a somewhat high USDT withdrawal fee, at 5 USDT each.
Unlike many exchanges, Bittrex fiat deposits and withdrawals are free of charge, though your bank may apply its own fee. Overall, as far as Bittrex alternative/s go, you will find Binance difficult to beat in the fees department
On the subject of security, both Binance and Bittrex have an immaculate record, since both exchanges have never been hacked. Unfortunately, this accolade is far less common than you might hope in this industry.
Beyond this, both Binance and Bittrex offer device-based two-factor authentication, through Google Authenticator, with this being an optional feature on both platforms.
Similarly, both platforms offer withdrawal whitelisting, which allows you to limit which addresses can be used for withdrawals.
Bittrex features automatic IP lockups, requiring you to confirm the login from a new IP address through the email address connected to your account.
Binance do not offer this feature, but does include an IP login history so you can manually review who accessed the account, and when.
Binance offers its users peace of mind through its ‘Safu’ fund, which is designed to cover any losses that might occur should anything unfortunate happen to the exchange, such as a hack.
Bittrex makes no mention of operating a similar fund, but since both exchanges keep the majority of user funds in cold storage, it is unlikely a hack would be beyond repair.
Overall, Binance and Bittrex are roughly evenly matched in terms of security, with both exchanges offering industry leading security features.
KYC and withdrawal limits
Like most exchanges nowadays, both Binance and Bittrex have KYC verification steps required under certain conditions.
Binance is widely regarded as being one of the more relaxed exchanges in the KYC department, only requiring customers to undergo identity verification if they want to withdraw more than 2 BTC per day, which will then bump this daily limit to 100 BTC.
To achieve level 2 verification, Binance asks that you provide your name, birthdate, and address, plus a scan/photograph of an accepted ID document.
On the other side, Bittrex enforces mandatory ID verification on all new accounts, but do include an automatic ID verification system to help ensure this is as quick and painless as possible.
Like Binance, Bittrex will ask you to provide your name, address, date of birth and identification, but unlike Binance, they also ask you to provide a selfie.
Once you have verified your account, you will be provided a 1 BTC daily withdrawal limit, with the option to increase this to 100 BTC/day by enabling two-factor authentication.
If you happen to be a whale looking to withdraw more than 100 BTC per day, then you may be tough out of luck at Bittrex, whereas Binance offers an additional limit after further verification checks.
Volume and liquidity
When looking for the ideal exchange platform, one of the major points you will need to consider is its liquidity, or how easy it is to buy/sell particular digital assets on the platform.
The easiest way to check this is by looking at the trading volume the exchange offers, with a higher trade volume usually indicating the exchange offers good liquidity.
In terms of overall trade volume, Binance completely eclipses Bittrex, offering the highest absolute volume of any exchange currently in operation, typically achieving over $1 billion in daily volume.
As it stands, this is close to 20 times higher than Bittrex, which still offers a respectable $50 Million in daily trade volume.
That being said, when looking at particular coins, Bittrex more than manages to hold its own, offering excellent volume for several coins including Enjin Coin (ENJ), Ravencoin (RVN), Ankr Network (ANKR) and Nexus (NX), each of which has $1-$10 million in daily trade volume.
Binance on-the-other-hand, offers extreme liquidity for major assets such as Bitcoin (BTC), Ethereum (ETH) and its own Binance Coin (BNB), and also maintains at least $1 million in daily trade volume for over 100 trade pairs, far surpassing Bittrex.
Binance also offers better liquidity for 4 out of 5 of Bittrex’s most liquid trade pairs, making Binance the clear winner in this category as far as we are concerned.
Mobile app trading
If you are someone who always likes to keep tabs on your portfolio, and wants to be able to take advantage of any trading opportunities whenever the mood strikes you, then having access to a mobile trading app is undoubtedly the best way to do so.
With mobile trading becoming increasingly popular in recent years, many exchange platforms have taken the opportunity to cater to this growing market segment with their own mobile trading app.
Binance is one such example, releasing its mobile app just months after the exchange launched back in 2017. The app is now available on both iOS and Android, and has great reviews, with a 4.2 out of 5 rating.
The Binance app provides access to the most imporant Binance features, including deposits and withdrawals, trading and account settings, all in a compact, easy to use mobile interface.
Although Bittrex doesn’t have its own trading app, third-party developers have stepped up to integrate Bittrex trading within theirs instead.
One such mobile app is BitUniverse, available for both Android and iOS, and allows users to execute trades on a variety of exchanges using their API key.
What makes Binance unique?
Since its launch just two years ago, Binance has grown into an industry behemoth, quickly dominating the competition to become the world’s most popular cryptocurrency exchange.
Binance didn’t get to be so big without good reason. Firstly, Binance features arguably the most advanced matching system in the business, capable of handing over 1 million transactions per second without hitting a bottleneck. This, as it turns out was for the best, since Binance now handles more volume than any other exchange.
Besides its extreme volume, Binance is also recognized for the sheer number of high-quality cryptocurrencies it supports, with almost every major digital asset supported. Beyond this, Binance stands apart from other similar platforms thanks to its user-friendly registration process, which doesn’t automatically enforce KYC verification on new traders.
Another thing that makes Binance unique is its native token, the Binance Coin (BNB) which finds itself weaved into the foundations of the exchange platform. BNB is currently required to participate in Launchpad projects, and customers can use BNB to get a reduction on their trading fees.
Binance has also been recognized as a platform that drives innovation in the blockchain industry. One of the ways it achieves this is through the Binance Launchpad, which sees potentially revolutionary projects launch their token sale with the help of Binance. Projects that succeed on the Launchpad are automatically listed on Binance before anywhere else.
Being a pure cryptocurrency exchange, Binance does not support fiat currencies, though, with the launch of its recent Binance Jersey platform, it does offer European users an alternative solution if needed.
What makes Bittrex unique?
Although Bittrex has lost popularity lately, it still remains a competent platform that offers great variety and value to its users.
One of the major ways Bittrex achieves this is by sticking to its guns and ensuring that the coins and tokens listed on the platform conform to its fair distribution ethos, ensuring that the project team doesn’t hold a disproportionate amount of the total supply, hence why Ripple (XRP) was omitted from the exchange.
Many of the coins listed on Bittrex are community projects that did not launch with an ICO, meaning the great majority of these projects have an already thriving community behind them. Because of this, you can be confident that your investments on Bittrex will remain viable for the long term.
In addition to this, Bittrex is one of the small minority of cryptocurrency exchanges to enable USD deposits and withdrawals, allowing customers to safely trade fiat against several major digital assets on the exchange. The company is legally compliant, and regulated in the US, which is part of the reason why it chooses to implement such stringent KYC requirements.
Overall, Bittrex offers a simple to use on-ramp that caters best to new and intermediate cryptocurrency traders looking to trade and invest in proven cryptocurrencies without the complexities of some other platforms.
Should you choose Binance or Bittrex?
|Buying well-known altcoins||Binance|
|Buying small PoW coins||Bittrex|