Finding the best cryptocurrency exchange can be such a daunting task. It becomes an even bigger task when you have to choose between two of the biggest cryptocurrency exchanges in the world. With this comparison between Binance vs Bittrex, we are going to be looking at the important role crypto exchanges play in the crypto sphere. Also, you will be able to choose as to which exchange suits your needs best.
Unlike traditional exchanges, cryptocurrency exchanges are the bridge between fiat and cryptocurrency. You have two types of cryptocurrency exchanges; Fiat to crypto and crypto to crypto exchanges. With a fiat to crypto exchange, you can convert your fiat to crypto. But with crypto to crypto exchange, you deal only with digital currencies. Let's look at the similarities and differences that these two famous exchanges share.
Binance vs Bittrex Comparison Table
|Our Rating: 5||Our Rating: 5|
|Company Luanch: 2017||Company Luanch: 2013|
|Company Location: Malta||Company Location: Seattle, WA|
|Exchange Type: U.S. Margin Cryptocurrency Exchange||Exchange Type: Easy Buy/Sell Methods Exchange|
|Available Cryptocurrencies: 150||Available Cryptocurrencies: 252|
|Trading Pairs: 131||Trading Pairs: 19|
|Buy/Deposit Method: Cryptocurrency, Bank transfer||Buy/Deposit Method: Bank transfer, Credit card, Debit cart|
|Sell/Withdrawal Method: Bank transfer, Cryptocurrency||Sell/Withdrawal Method: Bank transfer, Paypal, Cryptocurrency|
|Fees: 0.1%,||Fees: 0.25%|
|Security: Excellent||Security: Great|
|Community Trust: Great||Community Trust: Great|
|Verification Required: Yes||Verification Required: Yes|
|Customer Support: Good||Customer Support: Slow|
|Mobile App: Yes||Mobile App: Yes|
|Beginner Friendly: No||Beginner Friendly: No|
What is Binance?
Although Binance is based in Malta, the exchange started in Japan in July 2017 by Changpeng Zhao. It was launched using an ICO which is considered one of the most successful ICOs to date. At the time of its launch, Binance raised about $15 million from the sale of 200 million tokens.
Within 143 days of its launch, Binance was already ranked as one of the top three crypto exchanges in the world. Within six months of its launch, the exchange had over 10 million users worldwide and is raking in a trading volume of $1.2 billion per day. The exchange lists 100s of coins and even supports Initial Exchange Offerings with its Launchpad.
What is Bittrex?
Founded in 2013 by Bill Shihara, Rami Kawach, and Richie Lai, Seattle based crypto exchange is run by professionals. Its founders were security experts at Microsoft before launching the exchange. Security is a topmost priority with Bittrex and surprisingly; they have never suffered a loss of user’s funds. Bittrex currently offers 100s of coins with its strongest pairs being Bitcoin and Ethereum. You can also make fiat deposits with USD, EUR, GBP.
Now that you have a basic idea of both exchanges, we will now look at other details in our comparison of Binance vs Bittrex. We will be looking at the features, pricing, fees, security and other features of both exchanges.
Both exchanges bear similarities; however, for a real Binance vs Bittrex comparison, we shall be looking at them individually.
- Binance Coin: Binance has its native token that powers its ecosystem, Binance coin (BNB). The BNB is used for activities such as trading, withdrawal fees, and listing. Binance charges a trading fee of 0.1% but you get a discount if you pay with BNB. The discount is currently pegged at 12.5%.
- Order matching: Binance has a unique matching system that processes about 1,400,000 orders per second, making it one of the fastest cryptocurrency exchange.
- Liquidity: With one of the busiest order book in the crypto-sphere, Binance trades more than 400 crypto coins. Liquidity enables the exchange process trading orders at competitive prices quickly.
- Multiple Platforms: Binance is available on Andriod, iOS and web interface. The platform also offers multilingual support for 13 languages including Vietnamese, German, Russian, Turkish, Portuguese, Italian, Korean, Chinese, French and English.
- Secure Transactions: Bittrex was built on a foundation of security. It uses cold storage for added security for funds and users can enable two-factor authentication.
- Optimized Trading: the platform is built to ensure that transactions are carried out in real-time. It is automated and users’ wallet and transaction information are available. Also, Bittrex is designed with an API algorithm that supports third-party platforms and trading.
- Regulatory Compliant: If you are looking for a platform that is regulatory compliant, Bittrex is one. It is compliant with the U.S. regulations on virtual currency.
Trading fees are a huge deal for crypto traders. It is important to know the amount the exchange charges for deposits, withdrawals, and trades. So what is the difference between Binance vs Bittrex when it comes to trading fees?
Binance charges 0.10% maker/taker fees. Also, you get to pay 0.0005 BTC for withdrawal. To get funds from the exchange, you can either make use of the option of credit cards or cryptocurrency. You cannot get funds through wire transfer nor can U.S. investors able to get funds as well.
Binance Deposit Fees – zero
For deposits, Binance charges 0%. You can also purchase cryptocurrency on Binance using your credit card. While third-party service providers might charge you for sending funds to Binance, it charges you nothing for deposits.
Binance Withdrawal Fees
Withdrawal fee differs from one coin to another. However, Binance charges a flat rate of 0.0005 BTC. However, to withdraw any amount of ether is 0.01 ETH. For most assets, the withdrawal fee equals one-half of the minimum withdrawal amount. So, you’ll pay less in fees if you minimize the number of withdrawals you make for each asset.
Binance Trading Fees
The amount you have to pay as trading fees on Binance depends on two factors
- Your trading volume for the last 30 days
- Or the amount of Binance coin (BNB) you own
When you pay with BNB, you get a discount trading fee of 25%. Usually, the base fee for Binance trades is 0.1% makers and takers fee. However, with a discount of 25% for using BNB, you get 0.075% as trade fees. However, you will have to check your settings to ensure that you are paying with your BNB and not Bitcoin. According to the plans laid out by Binance, this discount will phase out as the years run. It will halve itself every year from 25% dropping to 12.5%, next 6.75%, and then zero.
You can also reduce your trading fees on Binance by increasing your trading volume. The exchange offers eight different levels of fees discount ranging from VIP 1 to VIP 8. Your level is dependent on your 30-day trading volume and the amount of BNB you own. For instance, if you trade the minimum of 100 BTC within your 30-day trading volume, and you own 50 BNB, you get a discount of 0.09% as maker fee while your taker fee remains at 0.1%.
Bittrex Trading Fees
Unlike a lot of exchanges, Bittrex offers a flat trading fee of 0.25% what this means is that its maker and taker fees are not different. Bittrex offers an attractive trading fee for traders who prefer acting on orders preexisting on the order book. Also, Bittrex offers a discount on trades based on your 30-day volume. Transactions from $0-$200k get a maker and a taker fee of 0.25% each . on the other hand, if your transaction volume for the 30-day window is $60M and above, you get a maker fee of 0% and a taker fee of 0.08%.
Bittrex Deposit and Withdrawal Fees
Bittrex also has a flat rate of 0.0005 BTC as its withdrawal fee.however, on Bittrex, each token or coin listed on the exchange has its unique network transfer fee. Each token or coin has a network transfer fee that is built into it, and we charge a small amount to cover this fee. You can view the fee for each coin or token by clicking the withdraw button next to the coin to bring up the withdrawal window which shows the network fee withdrawal).
Is Binance Safe?
The first thing a potential trader checks before using an exchange is its security. No one wants their funds to get lost due to security breaches. As it is, Binance offers numerous ways to safeguard your funds remain safe from external threats.
- Two-Factor Authenticator: This is one of the firsts on Binance’s list of security checks. While setting up your Binance account, you will be asked to install 2FA. This way, your account will be safe unless a hacker gains access to your mobile phone.
- Also, any attempt to log in from a device or IP address that has not previously been used on Binance will lead to an email confirmation request. You can also choose to receive email confirmation requests for actions such as withdrawals.
- Address Whitelisting: Binance’s Whitelisting feature ensures that withdrawals can only be made to a single address. This restricts the chances of funds leaving your wallet to a different address. You can change this at any time, however, expect to go through some security hurdles to do that.
- SAFU Reserve Fund: In a bid to ensure its users, Binance introduced the Secure Asset Fund for Users (SAFU) in 2018. The SAFU function acts as insurance against hacks. It is like a reserve funded by taking 10% of all trading fees that Binance generates. Since the exchange takes in large trading volumes, the SAFU can grow into a large pool someday.
Despite the efforts that Binance has taken to prevent hacks, the exchanged was a victim to a hack in May 2019. The hackers made away with more than 7,000 Bitcoin; which was worth $40 million at that time. Thankfully, with the help of the SAFU fund, Binance was able to ensure that affected customers did not lose their funds.
Bittrex was built with security in mind. The exchange was created to offer its users a reliable trading platform. Its trading engine is custom-built with scalable elastic computation that creates a safe environment. So far, Bittrex is one of the few exchanges that has not been hacked. The exchange practices the following security measures;
Cold Storage: Bittrex stores about 80-90% of all the tokens on its platform in offline cold wallets. This means that if the exchange is compromised, hackers will not have access to the bulk of the funds stored on the exchange.
Two-factor authentication: Bittrex relies heavily on 2FA. To make withdrawals on the platform, 2FA passwords are required. You’d also need 2FA if you want to link your account to trading apps such as TabTrader. Also, you get an email notification on every login on your account. Also, you have to wait for at most 2 minutes after logging in to make any withdrawals. That is enough time to get a signal in case you are being hacked.
So far, Bittrex has not being hacked. Although some individuals claim that their wallets were accessed and their tokens were stolen. However, most of these users did not enable their security measures and this made it easy for their accounts to be hacked.
Binance vs Bittrex: Conclusion
In conclusion, both exchanges serve their customers judiciously and hold a bulk of the share of the crypto users in the space. Since we have looked at their qualities individually, we can summarize that both offer a quality trading experience. With slight differences in some features, fees, and coins available. The best choice for someone would depend on what is important for their own unique trading needs.
I would recommend trying out both exchanges to see which one you enjoy more. This concludes our Binance vs Bittrex comparison guide. Hopefully, you can make a good choice and good luck with your trades! If you have any questions, please leave them in the comments below.