Bittrex Vs Binance

About Bittrex

Bittrex is a crypto-to-crypto exchange trading exchange platform. It was founded in 2014 by a trio of engineers as a blockchain platform that provides real-time trading and industry-leading security. It allows for ease of trading cryptocurrencies. However, it is only helpful in trading cryptocurrencies. This means that while you cannot convert your fiat currencies to coins, you can trade with Bitcoin and Ethereum, and other types of cryptocurrencies on the platform. It does, however, accept investments with USDT. The platform offers a custom-built scalable trading engine for fast execution. 

If Bittrex doesn't sound like a good fit for you, here are some of the best Binance alternatives you can try.

About Binance

Binance is also another one of the leading cryptocurrency exchange platforms in the world today. Founded in 2017, the platform has a strong focus on altcoin trading. The platform started in Hong Kong, but it has soon grown to become one of the world’s most popular exchanges in the crypto-verse. Binance offers services around the trading, listing, fundraising, de-listing, or withdrawal of cryptocurrencies. The platform caters to over 13.5 million active users all over the world.

Bittrex vs. Binance: Fees

Bittrex charges a flat fee of 0.25% on every trade. While it is on the higher side than the average, it is a fixed price that will save money in the long run. It is also an excellent option for those new to the game. 

On the other hand, Binance charges 0.1% for every trade conducted on the platform. The Binance fee is one of the smallest in the industry. 

Neither Bittrex nor Binance charges deposit fees nor withdrawal fees regardless of the payment methods you use to move the funds around in your account. However, if you withdraw crypto, there will be a transaction fee from the cryptocurrency blockchain. The amount deducted depends on the token withdrawn and not the exchange platforms. 

Bittrex has a minimum order size of just 3 dollars. The platform has no limit on the order size, but it can impose restrictions if need be. If you exceed 1,000 open positions or 500,000 orders per day, the restrictions can be imposed. 

For Binance, the amount of crypto bought and sold depends on the completed account verification. Creating an account only gets you 300 dollars worth of cryptocurrency to be bought or sold daily. By adding an ID to the account, the buying limit increases to 5,000 dollars worth of crypto per day. Verification of address further increases the limit to 50,000 dollars worth of crypto in a day.  

Bittrex vs. Binance: Available Coins

Both Bittrex and Binance offer a wide range of markets for cryptocurrency trading. Almost all the popular cryptocurrencies are available on both platforms for trading. Bittrex has over 250 cryptocurrencies, most of them as crypto-to-crypto pairs. Binance, on the other hand, offers over 5600 coins, including two of its coins, BNB and BSC, as well as several little-known altcoins. The Binance U.S. platform only offers around 65 cryptocurrencies. 

Crypto Wallet

One of the major differences between Binance vs. Bittrex is the way they manage cryptocurrencies. The cryptocurrency wallet on the Bittrex platform is built into the platform. For every type of coin you buy, a wallet is created inside your Bittrex account, where coins are transferred. The wallet is then stored on the Bittrex servers and maintained by the platform itself. While this means multiple wallets for multiple coins, you only need one Bittrex login to access them all. 

For Binance, you don’t get an in-house wallet. Instead, you link your cryptocurrency wallet to your account. While Binance offers a Trust wallet, you can make use of any third-party wallet you want. This also means that you can keep different types of coins in the same wallet. 

Security

Both Bittrex and Binance make use of excellent security features. There isn’t much of a difference in their security setup. Both platforms allow you to enable two-factor authentication as an added layer of protection. In addition, Bittrex offers its users cold storage devices for as much as 80 to 90% of their assets. This is one of the reasons why Bittrex is called “the safest crypto exchange on the planet.”

Neither Bittrex nor Binance is regulated by any country, and that includes the United States of America. However, Bittrex is much better at abiding by the regulations than Binance. Bittrex abides by all the US laws. It reports to the Financial Crimes Enforcement Network, FinCEN, and it has never flouted any of the US regulatory rules. 

Binance has had to move its headquarters multiple times to escape the regulations in China and Japan. Binance US was created to avoid the regulations in the United States, and it has been investigated by the Internal Revenue Service and Department of Justice.

Ease of Use

Bittrex has a simpler interface that allows you to interact with the traditional banking systems of the US. This makes it easier for US users who only need one cryptocurrency platform for all their trading needs. Binance has several user interfaces that can be used to interact with its base trading platform. This means that both the novice and the expert can get exactly what they need from Binance. 

Other Features

Although Bittrex remains focused as a trading platform, Binance has branched out to a wide variety and is now offering a variety of cryptocurrency-related services. Apart from access to the base trading platform, Binance also offers P2P trading, a debit card attached to the Binance account of each user, crypto purchase through a debit or credit card, trade derivatives, interest on crypto assets, a mining pool, and so much more. 

Conclusion

Both Bittrex and Binance have a lot to offer. Their differences indicate that they cater to a specific type of crowd. To make the best use of each platform, you have to ensure that each platform has what it takes to suit your cryptocurrency needs. 

To make sure you picked the best crypto exchange best cryptocurrency exchange for you, use our comparison page and take advantage, for free, of our advanced algorithm.