Binance vs Bittrex: Crypto Exchange Comparison, Which Crypto Exchange Is Better?

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Binance is one of the best-known trading platforms with an excellent reputation. Its goal is to offer the best to all its customers. And  Bittrex is one of the most recognized platforms for the exchange of crypto coins. It currently is a global leader that seeks to promote innovation. 

What is Binance?
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Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. While the company is still fairly new on the market ( it launched last year ), it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and friendly CEO and also due to its low trading fees.

Binance is an exchange that host crypto-to-crypto trades. This means that they do not accept real-world money, such as U.S Dollars (USD) or Euros (EUR). The exchange was first created in 2017 and was originally located in China.  However, as cryptocurrency laws are very strict in China, the exchange has since moved to Japan, a country that loves digital currency!

The man who created Binance is called Changpeng Zao, however, he is well known as CZ. Interestingly, CZ used to build some of the trading systems that are used in the Tokyo stock exchange. I guess he used this experience to help make Binance what it is today!

Before Binance opened their exchange, they raised money through an initial coin offering (ICO). This is very similar to crowdfunding, where people can invest to help a company get started.

However, an ICO is quite different, as people invest cryptocurrency instead of real-world money. The Binance ICO raised the equivalent of $15 million, and in return they gave investors their own cryptocurrency token, which is named the Binance Coin (BNB). Even though it’s called Binance “Coin”, it is actually a token, which is built on the Ethereum blockchain.

Why Binance?
Before registering a new account at an exchange for the first time, it is important to consider their advantages and disadvantages. This will ensure that you’re choosing the right exchange for you.

Advantages of Binance
✓ Huge list of alt-coins

One of the main reasons that Binance exchange is so popular is because they list so many different cryptocurrencies.

INTERESTING FACT
There are now more than 1889 individual cryptocurrencies, with new ones being created almost every day!

There are more than 100 different cryptocurrencies available at Binance. They range from well-known coins such as Ethereum (ETH) and Litecoin (LTC), to smaller coins like CyberMiles (CMT) and ZCoin (XZC). Coinbase, an exchange that sells more Bitcoin than any other, only lists a total of 4 coins!

 Fees
Another excellent feature of the exchange is that when trading crypto-to-crypto, Binance fees are one of the lowest in the industry.  Customers are charged 0.1% on every trade, meaning if you traded 1 ETH, you would only be charged 0.001 ETH!

 ICO launch pad
Binance is well known for listing new cryptocurrencies as soon as their ICO has finished. This shows that many crypto companies view Binance as their favorite exchange. Binance doesn’t just list any old cryptocurrency though, it has to really prove itself as a solid cryptocurrency for Binance to list it.

 Security
Binance takes security very seriously, and customers are asked to set up two-factor authentication (2FA) when they register an account. 2FA is an extra level of security that sends a special code to your mobile phone every time you want to log in, trade or withdraw funds.

High Volume Trading
As Binance has become one of the most popular exchanges to buy, trade and sell cryptocurrencies, there are lots of trades happening all the time. This is an important factor as it means you have a better chance of selling your cryptocurrency immediately, if and when you need to.

For example, if you wanted to buy a cryptocurrency, but it has a low trading volume, then it’s harder to buy because there aren’t that many sellers. However, if lots of people looking to sell that coin, it will be easy to buy.

Support
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.

Pros
Low trading fees of 0.1% per transaction
Many new coins and ICOs get added regularly
Has its own token – BNB coin, which can be used to trade at a lower fee of 0.05%
No security breaches have happened so far
The team backing the exchange is highly experienced and dynamic — they are also working on launching their own blockchain
Has mobile apps for iOS and Android

Cons
The interface is not very user-friendly
Very new exchange so it still needs to prove itself long term
Customer support is better than Bittrex but still needs to be improved
Does not accept fiat currency (USD, EUR, JPY, etc.)


What is Bittrex?

Bittrex was founded by Bill Shihara, Richie Lai, Rami Kawach and Ryan Hentz in 2014. It’s based in Seattle, Washington. The team has more than 50 years of experience in security and development for companies like Microsoft, Amazon, Qualys, and Blackberry. So, if this is the Wild West then Bittrex is the Sheriff!

Security is key for Bittrex. Bill Shihara and the gang saw other platforms being hacked. They decided to use their skills to build a platform that investors could trust.

Bittrex is a crypto-to-crypto trading exchange. On a crypto-to-crypto trading exchange, you can only trade in cryptocurrencies. This means you can’t buy cryptocurrencies with fiat currencies.

More than 190 different cryptocurrencies are listed for trading on Bittrex. The site also offers 284 unique trading pairs. Trading pairs are the two currencies for which an exchange rate is being offered. When you go to the Bureau de Change at your local airport, the fiat trading pairs 

Fees
With the lure of trading an endless amount of digital currencies on the Bittrex platform, you should know about the fee structure in place. Bittrex has a uniquely simple structure when it comes to fees, in that all trades have a 0.25% trading fee, regardless of volume. But there are no additional fees for deposits or withdrawals besides the network transaction fees.

Security
Many people are cautious about where they store their digital currencies and rightly so. Cyber criminals have upped their game in the targeting of cryptocurrency exchanges, and unfortunately a number of exchanges have fallen victim to these criminals. Millions have been stolen from exchange platforms in recent years, raising constant concern for users who hold funds on these exchanges.

Fortunately, Bittrex has some of the tightest security that you’ll come across, not to mention the two-factor authentication that I spoke about earlier on. To add an extra layer onto the Bittrex platform, they introduced something called IP Verification Procedure back in 2018. This means they require all users to approve each new IP address through an email confirmation, which happens every time you login from a new IP address.

Available Cryptocurrencies and Trading Pairs
If you’re looking to trade a wide variety of less popular cryptocurrencies, then Bittrex again comes out ahead.  Bittrex currently offers over 250 trading pairs, while Poloniex offers less than 100.  Bittrex has also been far more active in adding new cryptocurrencies to their exchange lately.

Pros
#1 Has a proven track record of about 4 years — a good reputation
#2 Never been hacked — neither has Binance but Bittrex has been going for 3 years longer than Binance, so it has survived longer without being hacked
#3Easier to understand than Binance for a beginner
Supports over 190 coins

Cons
#1 High trading fees of 0.25% per transaction
#2 Lack of response and transparency from customer support
#3 Does not add new coins on a regular basis
#4 They do not have their own coin or token as Binance does
#5 Does not accept fiat currency (USD, EUR, JPY, etc.)

Commonly Asked Questions.
Q1. What Are The Fees That Bittrex Charges?
All trades on Bittrex are subjected to a fee of 0.25%. There is no fee for deposits and withdrawals.

Q2. How Do I Deposit Coins In My Wallet?
On your account page, click on the wallet and then select the wallet that you want to deposit to. Click the “+” beside the wallet and click “new address” to generate the address. Finally, send the coins to this address.

Q3. My Account Is Disabled. How Long Do I Have To Wait For It To Be Enabled?
Accounts are disabled for several reasons. But depending on the reasons, the account may automatically be enabled after 48 hours.