Over the past few years, there has been more and more debate and disagreement in the world of exchanges, blockchain, and cryptocurrencies. In this turmoil, Binance is a domestic exchange that pops up regularly. Many traders in the cryptocurrency world always ask a question. Bittrex vs Binance; which is a better exchange, what are the pros and cons? And what are its features?
A comparison of Bittrex and Binance shows that the two exchanges have similar characteristics. However, the slight differences that exist between them make all the verdict as to which is better.
Therefore, if you are considering trading on any of these exchanges, we recommend sticking to this article as it will take you on a journey to compare Bittrex vs Binance.
What is Bittrex?
Bittrex is a Bitcoin exchange established in Seattle, Washington in 2013. At that time, it was one of the first cryptocurrency exchanges in the United States.
Although this platform is not regulated in the United States, it complies with all US laws and reports to the Financial Crimes Enforcement Network (FinCEN).
Today, Bittrex offers exchanges in over 250 cryptocurrency markets. The exchange has more than 500,000 active users.
Bittrex Pros & Cons
- United States Based Cryptocurrency Exchange
- Over 250 cryptocurrencies to trade
- Supports credit and debit card payments
- No minimum deposit
- Excellent security measures
- Create an account in minutes
- Margin trading and derivatives are not supported
- Not regulated in the United States
- Insufficient mobile app design
What is Binance?
Binance later arrived in the world of cryptocurrency, in 2017. The company was founded in China but moved to Japan, then Cayman due to the increasing regulatory control in these countries.
Binance now has its main platform, as well as the Binance.US For american traders and Binance jersey for EU entrepreneurs. Binance offers cryptocurrency exchange on over 500 coins, including 2 coins developed (BNB and BSc).
The platform has over 13.5 million active users and is the largest cryptocurrency in the world from the size of the turnover.
Binance Pros & Cons
Below are some of the advantages (pros) and disadvantages (cons) of the Binance Exchange.
- Trade over 500 cryptocurrencies
- Commission from only 0.1% on one side
- Fiat immediate to crypto currency transactions
- Easy to use trading platform for web and mobile
- Pay by credit or debit card with no minimum deposit
- Trade cryptocurrency futures, Bitcoin options, and leveraged tokens
- Includes Binance Trust Wallet
- Binance.US only supports 50 cryptocurrencies
- Unregulated and under investigation in the U.S.
- Immediate credit / debit transactions have high fees
In this bittrex vs binance guide, we shall consider some features of both exchanges and then compare them.
Bittrex vs Binance: Exchange Features
When it comes to exchanges that are focused on providing a variety of altcoins for trading purposes, Bittrex and Binance are top picks. These are two of the most well-known exchanges in the industry, with Binance being one of the biggest brands in the cryptocurrency ecosystem as a whole. Bittrex was once one of the global leaders in terms of cryptocurrency trading volumes.
However, they were surpassed by Binance after Bittrex implemented stricter Know Your Customer (KYC) and anti-money laundering policies. Bittrex is still a popular platform today, but they do not have the level of dominance they once experienced before the existence of Binance.
There are a wide variety of factors one must consider when choosing a cryptocurrency exchange for altcoin trading, they include:
- Supported Coins
- Mobile App
- User Experience
- Trading Tools and Features
- Regulation & Licensing
- Contact and Customer Service
#1. Supported Coins
Bittrex and Binance each offer a wide range of markets for cryptocurrency trading. To get started, you can trade all the most popular cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple, Cardano, and more. Bittrex offers a total of over 250 cryptocurrency markets. This includes many crypto-cipher pairs such as BTC-ETH and DOGE-BTC.
Binance offers over 500 cryptocurrencies for trading, including hundreds of lesser-known altcoins. However, it is important to note that Binance.US, a platform available to US traders, offers only 50 cryptocurrencies.
Bittrex only allows you to buy or sell cryptocurrencies, but Binance does not. With Binance, you can trade crypto with a margin of up to 10:1 when trading Bitcoin and up to 5:1 when trading many other coins. You can also trade leveraged tokens with cryptocurrency futures.
Both offer more purchasing power to guess in the crypto market. For Bitcoin, Binance also offers options trading.
#2. Bittrex vs Binance Fees
An important point in the comparison of Binance vs Bittrex is the cost of the transaction. Binance is cheaper in most cases.
Spot trading on Binance costs only 0.10% per trade, whether you earn or take cash on the stock exchange. Bittrex charges 0.35% per transaction. In particular, both exchanges offer discounts on bulk exchanges.
With Binance, you’ll get a discount if you trade more than 50 BTC a month. At Bittrex, discounts start with a monthly trading volume of $25,000. If you use Binance’s custom cryptocurrency, BNB, to fund your transactions, Binance also offers a 25% transaction discount.
Instant purchase / sale
With Bittrex and Binance, you can also buy ciphers instantly using your debit or credit card, but this is quite expensive. Bittrex charges an immediate transaction fee of 3% and Binance charges 1.5%.
Deposit and withdrawal fees
Neither Bittrex nor Binance charges a deposit or withdrawal fee, regardless of the payment method used to transfer funds to your account. Please note that when you choose to withdraw the cryptocurrency, you will be charged a transaction fee from the cryptocurrency blockchain. These fees depend on the token you withdraw, not the exchange.
#3. Buying Limits
Most cryptocurrency exchanges limit the minimum or maximum amount of cryptocurrency that can be purchased per transaction. At Bittrex, the minimum order size is only $3. There is no maximum order size allowed, but if you exceed 1,000 open positions or 500,000 orders per day, the platform will impose a limit. This is a limit that most traders are unlikely to encounter.
With Binance, the amount of cryptography you can buy or sell depends on the number of account verification steps you have performed. Once you create an account, you can only buy and sell up to $300 worth of cryptocurrencies per day.
However, if you add an ID to your account and take a photo of yourself to verify it, your purchase limit will be raised to $5,000 per day in cryptocurrency. Finally, you can verify your address and increase your purchase limit to $50,000 per day in cryptocurrency.
#4. Bittrex Wallet vs Binance Wallet
One of the differences in Bittrex vs Binance is the way cryptocurrencies are managed. Specifically, you will need a digital wallet to hold cryptocurrencies purchased on these exchanges. Bittrex has a cryptocurrency wallet built into the platform.
For example, if you buy Bitcoin, you can create a new Bitcoin wallet in your Bittrex account and transfer coins there. The wallet itself is stored on Bittrex’s servers and is managed by Bittrex on your behalf.
You will need a different wallet for each coin you buy with Bittrex. Bitcoins will be placed in your account’s Bitcoin wallet and Ethereum will be placed in your account’s Ethereum wallet. This means that if you trade different coins, dozens of different wallets can be linked to your Bittrex account. Does this sound confusing? Yes. But On the bright side, only one Bittrex ID is required to access all of these wallets.
Binance takes a completely different approach. The platform does not provide storage directly to your account. Instead, you need to bring your cryptocurrency wallet and link it to your account. Binance offers Trust Wallets that support over 500 different cryptocurrencies for this very purpose, but you can also use the third-party wallet you need.
For security reasons, we recommend that you store coins in multiple wallets, but linking one or more wallets to Binance is very simple. The fact that you can mix different coins in one wallet is a plus compared to Bittrex.
#5. Bittrex vs Binance: Mobile App
Bittrex also falls well with a sign in mobile exchanges. The exchange has recently built a mobile application for IOS and Android devices however the software can continue to use more upgrades. Initially, the Bittrex mobile app seems to be like many other applications of cryptocurrency exchange.
You can create an observation list of coins, immerse yourself with technical graphics for analysis and place the purchase and sales orders directly from your smartphone. However, we discovered that the demand is frustrating. Price data was slow to update and often pop errors messages when trying to buy encrypted funds or deposits. The application also asks you to authenticate your username when you open the application, which makes it difficult to use.
On the other hand, the Binance application is effortless. The application has the “Lite” mode and the “Pro” mode, so you can decide which level of details you want when checking or trading at prices. Lite mode offers simple line price charts and has been designed to order purchases or sales. You can also monitor positions and deposit open funds and remove them.
The binance Pro App mode is where you can find all the most advanced features, including highly configurable full-screen graphics. Pro mode also allows trade-in crypto transfer contracts, bitcoin, and token options directly from the smartphone. The application includes useful tools, such as price alerts and discovery that it is very user-friendly despite much data to present.
#6. User Experience
First, let’s compare the Bittrex vs Binance user experience for instant purchase/sell orders on the web platform. Both exchanges do a great job of making it easy to find the coins you want to trade and buy them in seconds.
That said, I believe Bittrex is at the top here. Once you find the coin you want to redeem, the order form is very easy. Simply enter the amount you want to buy, select the payment method you want to use, and confirm your order. Bittrex also allows you to sort coins by 24-hour trading volume or 24-hour price change, so you can see which cryptocurrency is taking the most action.
Binance has a similar sorting feature, but the fact that you have to select a payment method before opening the order form is challenging. Instead, clicking on a coin on the Markets page will take you to an advanced trading platform instead of the instant buy order form. It seemed counterintuitive, although it is not a big hurdle once you got used to the platform. When it comes to spot trading using advanced trading platforms, the experiences of Binance and Bittrex users are better suited.
#7. Bittrex Vs Binance: Layout
Both platforms use the default layout that you know if you are from another crypto exchange. It includes a large graphics window, an order form window, and a window showing open orders and account balances.
One aspect of Bittrex’s user experience is that it has seven switchable preset layouts. You can change the layout using keyboard shortcuts. This proved to be very useful for further analysis. In addition, the platform allows you to customize all keyboard shortcuts as you wish.
The Binance trading platform allows you to activate and deactivate individual modules, but there is no way to change the layout of the platform. There are no keyboard shortcuts either. Also, the price chart and the depth chart cannot be displayed at the same time.
#8. Trading Tools and Features
The trading and analysis tools provided by Bittrex and Binance are almost the same. Both platforms rely on TradingView charts with over 100 technical overlays and price data at 1-minute intervals.
You can also access depth charts and exchange purchase orders for tokens supported by Bittrex and Binance. However, Bittrex has a big advantage in terms of order entry options. Both platforms support markets, limits, stop losses, and 1 cancellation-other orders.
Bittrex can also be used to place stop losses and limit orders.
This gives you more control over your risk management practices. Additionally, Bittrex allows you to choose whether or not to cancel your order if it cannot be fulfilled immediately after entering it.
#9. Bittrex vs Binance: Payments
Bittrex and Binance accept credit or debit cards (Visa and Mastercard), wire transfers, or payments by wire transfer. You can also transfer supported cryptocurrencies from your existing Bitcoin wallet to your account.
Outside of the United States, Bittrex supports escrow deposits in USD, GBP, or EUR. Binance supports a much wider range of fiat currencies – 42 in all!
If you’re already operating in the crypto world, you’ll find that you can use Binance with less friction than if you were trying to use Bittrex. This is because Binance and Bittrex take different approaches to regulation.
With Binance, you can trade up to 2 BTC per day without providing a lot of information about yourself. Of course, you can also work around these restrictions by creating multiple accounts (only if you can convince Binance that you don’t have multiple accounts on your platform).
Bittrex is integrated with the traditional financial system, so it will take some time to launch in situations where identity verification is a problem. But of course, if you want to participate in the crypto market, you usually have to go through this verification process somewhere.
Unless you get Bitcoin or other cryptocurrencies in a P2P fashion, you will need to share information about yourself at the entrance and exit of the cryptocurrency realm.
#11. Bittrex vs Binance Regulation & Licensing
Neither Bittrex nor Binance is regulated by any country, including the United States. That said, Bittrex has a much better history of regulatory compliance than Binance.
Bittrex is based in the United States and is compliant with all US laws. He also reports to FinCEN, the Financial Crimes Enforcement Network. The exchange has never publicly clashed with US regulators and is considered one of the safest US cryptocurrency exchanges.
Meanwhile, Binance has relocated its headquarters several times to circumvent regulations in China and Japan. The exchange has established Binance.US to circumvent US regulations and is currently under investigation by the Internal Revenue Service and the Department of Justice.
Still, Binance continues to operate in the United States and holds strong customer security records in hundreds of countries around the world.
#12. Contact and Customer Service
Bittrex and Binance aren’t known for their satisfactory customer service. You can contact the Bittrex support team using the online help center ticketing system or live chat.
Binance only offers the Robot Chat service. There may be humans on the other side of the live chat, but the wait can take several days.
Bittrex Vs Binance: Decision
If you choose between Bittrex and Binance, we recommend Binance to most traders. Binance is cheaper for spot trading and instant cryptocurrency purchases, and its mobile app is much more transparent than the Bittrex app.
What’s more, Binance Offers more cryptocurrencies to trade and offers a wide range of derivatives that Bittrex does not support.
In this Bittrex vs Binance guide, we’ve seen the features of both exchanges and we’ve done the comparison. You would discover that Binance has more features to offer, also at a very low transaction fee.
Bittrex offers only spot trading and Binance offers spot, futures, margin, leverage, and options trading. As mentioned earlier, Binance offers several other additional features. Which makes it stand out. Thus, making Binance the favorite exchange that lots of traders use.
Frequently Asked Questions
How much money do I need to trade cryptocurrency?
Bittrex and Binance don’t require a minimum deposit, so you can start trading cryptocurrencies for just a few dollars.
Is Binance regulated?
Binance is not regulated. Though, the exchange is under investigation in the United States by the IRS and DOJ.
Is Bittrex regulated?
Bittrex is not regulated. However, the exchange is FinCEN compliant.
Do I need a cryptocurrency wallet?
With Bittrex, a cryptocurrency wallet is built into your account, so you don’t need to bring your own wallet. Binance requires a crypto wallet to be connected to your account. Binance has its own wallet apps.
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