Thanks to the various digital exchanges out there, cryptocurrency adoption and usage have gotten easier over the years. With blockchain technology fast disrupting the world of finance, there are currently more than 300 crypto exchanges to choose from. Trading platforms such as Bittrex and Binance have surged in popularity to become the preferred choice of exchanges for traders and investors worldwide.
However, no one fixed platform is suitable for the needs of all investors. So does that make Bittrex the better option? Or is Binance more reliable? Let us go through a detailed side-by-side comparison of Bittrex vs. Binance to understand how they work and are different from each other in terms of usability, fees, security, unique offerings, etc.
Overview for Fast Readers
- Bittrex is a secure crypto exchange, holds around 80% of all its digital assets in cold storage devices, and supports 200+ cryptocurrencies.
- Binance is a popular exchange known for its low trading fees and large user base (15 million).
- Binance offers competitive pricing and solid customer support. However, the site’s user interface may be intimidating for some people, especially beginners.
- Bittrex is easy to use and supports various digital assets. However, it has higher trading fees and a lengthy verification process.
Binance vs. Bittrex: Which Exchange Is for You?
Both Bittrex and Binance are very reputable crypto exchange platforms in the market. They are both secure, reliable and have earned the trust of millions of crypto holders. While these two platforms share many similarities in infrastructure and offerings, they differ in some key aspects.
The most suitable crypto exchange for you depends on your requirements and priorities. Although established recently, Binance’s robust engine can process around 1,400,000 orders per second, making it one of the fastest crypto exchanges. Bittrex, on the other hand, is known for its security. It uses an elastic, multi-stage wallet strategy to ensure most of the funds are held in cold storage for additional safety.
|Binance Pros||Binance Cons|
|Supports 500+ cryptocurrencies for users to trade||Limited scope for US-based users|
|Lower trading fees||The interface may be intimidating for novice traders|
|Large user base, liquidity, and massive trading volumes||No digital wallet|
|Bittrex Pros||Bittrex Cons|
|Uncompromised security, multi-wallet strategy||Relatively higher trading fees|
|Easy to use||Lengthy verification process|
|Supports fiat-to-crypto and crypto-to-crypto trading||Challenging customer service|
Direct Comparison Between Bittrex and Binance
|Fees||Flat 0.75% fee for transactions||0.1% fee on all of your trades. 0.05% if you pay your trading fee in Binance Coin (BNB)|
|Security||Two-factor authentication 80% – 90% of all of the crypto assets in cold storage devices /multi-stage wallet strategy||Two-factor authentication|
|Cryptocurrencies supported||200+ crypto assets||500+ coins|
|Features||Highly secure, 200+ cryptocurrencies, easy to use interface||500+ cryptocurrencies, lower trading fees, reliable customer support|
|Maximum trading amount||There is no maximum limit, but the user must have sufficient funds to cover the order at the time it is placed.||Depends on the cryptocurrency being traded|
Now that we have a brief overview of the differences between Bittrex and Binance, let us go over the details of these aspects to understand which exchange is more suited to your requirements.
Bittrex vs. Binance: Security
Security is the most crucial aspect of any crypto exchange out there. You can rest assured that both Binance and Bittrex offer advanced security features. There are several different ways in which an online exchange platform can protect the funds of its customers. Protective measures provided by crypto exchanges differ from platform to platform. This stands true for the Bittrex vs. Binance comparison as well.
Bittrex is four years older than Binance and has not been hacked so far. On the other hand, Binance has been subject to hacks more than once. In 2018, Binance was breached by hackers. However, the internal teams identified and fixed the issue, resulting in no losses of funds. In 2019, hackers gained access to Binance API keys and resulted in the theft of funds. However, the company covered the losses and reimbursed all users their lost funds.
Both these platforms currently offer email confirmations for transfers and have two-factor authentication for an additional layer of security for users’ crypto assets. However, the protection provided by Bittrex is considered superior when compared to Binance.
Some of Binance’s security features include device management, address whitelisting, the ability to restrict device access, etc.
Bittrex, in addition to standard security protocols, holds 80% to 90% of all of its crypto assets in cold storage devices. Essentially, this means that it would be nearly impossible for bad actors to hack and steal users’ crypto holdings. For this and many other reasons, Bittrex is often called “the safest crypto exchange on the planet.”
To summarise, these are some of the security features available at:
- Whitelisting crypto addresses
- Two-factor authentication
- Trust wallet partnership
- Two-factor authentication
- Multi-stage wallet strategy
- Whitelisting crypto addresses
Bittrex vs. Binance: Cryptocurrencies Supported
Binance is widely known for its long list of supported cryptocurrencies. It has over 15 million users worldwide. Some of the most popular coins supported on Binance include BTC, ETH, XRP, BCH, LTC, etc. While non-US Binance users can choose from 500+ digital assets, Binance.US only supports 52 coins.
Binance offers trading pairs based on Bitcoin, Ether, and Binance Coin (BNB), in addition to stablecoins like Tether (USDT). Additionally, customers can use Binance’s BNB to enjoy lower trading fees while transacting on the platform. Binance also hosts tokens such as ERC-20, BEP-2, and NEP-5.
Bittrex has over 200,000 registered users currently. It supports more than 200 different cryptocurrencies and offers 280+ unique trading pairs.
Bittrex vs. Binance: Unique Features
Bittrex and Binance share many similarities but offer a variety of unique features.
- Fast withdrawals and deposits – Bittrex has an efficient, automated monitoring platform that facilitates quick transactions and provides users with updates on their balance and wallet-related information.
- Trading engine – The exchange’s trading engine is custom-built, created to be scalable, and ensures that orders are executed in real-time. Third-party trading platforms and algorithmic trading are supported on Bittrex because of its easy-to-use APIs.
- Security – Security is the prime feature of Bittrex. The platform employs a multi-stage wallet strategy to ensure that most of the crypto assets and funds are kept in cold storage for additional safety from external threats.
- Binance Coin – Binance Coin (BNB) is the native cryptocurrency of Binance. Users can pay transaction fees on Binance.com, Binance DEX, and Binance Chain with BNB. Various merchants across the world also accept BNB payments.
- Liquidity – Binance has one of the busiest order books in the market. The platform supports more than 500 cryptocurrencies. As digital assets trade at highly competitive prices, the site can process trading orders quickly, facilitating high liquidity.
- Multilingual support – Binance’s multilingual support feature has made it accessible to customers across the world. The platform supports 10+ languages like English, Spanish, Japanese, Chinese, Italian, French, German, Korean, Russian, Dutch, Turkish, Portuguese, and Vietnamese.
Bittrex vs. Binance: Exchange Fees
Crypto exchanges typically charge trading fees. That is, they take a percentage of every trade you make on the platform. Binance’s fees are known to be some of the lowest in the market as it offers crypto-trading to users, which is inexpensive compared to transactions involving fiat currencies. Binance charges 0.1% for all trades and offers discounts on transactions carried out using Binance coin (BNB). You can check out the detailed Binance fee structure here.
Bittrex, on the other hand, charges a flat trading fee (market maker and market taker) 0.75% fee on all transactions. At first glance, it may appear a bit higher than a few other exchanges. However, since the fee is fixed, users may end up saving money in the long haul. Although Bittrex does not generally charge any deposit fees, it does charge withdrawal fees, which vary depending on the cryptocurrencies.
Advantages & Disadvantages of Bittrex and Binance
Let us take a quick look at the advantages and disadvantages of Bittrex and Binance.
Pros of Binance
- Binance is a well-established and reputed crypto exchange with over 15 million users. A highly active user base is required to drive liquidity and massive trading volume.
- Supports over 500 cryptocurrencies, including popular assets such as Bitcoin, Ether, Litecoin, Bitcoin Cash, etc.
- Binance is known for its low trading fees. Additionally, BNB holders can enjoy discounts on trading fees while using the token and use it to make payments.
Cons of Binance
- Binance’s user interface can be intimidating for beginners. The account creation process can be a bit tedious, and all the dashboards contain a substantial amount of information.
- Binance has limited scope for US-based users as Binance.US offers fewer cryptocurrencies to trade when compared to Binance, and users based in certain states of the US do not have access to Binance US.
- It does not have a built-in digital wallet.
Pros of Bittrex
- Bittrex values security greatly. In addition to two-factor authentication, Bittrex offers a multi-wallet strategy to protect user funds from any external threat.
- Bittrex is created using elastic computing, which means that the exchange can process orders as soon as they occur, even when the workload is heavy.
- The platform has easy-to-use APIs in place, which support algorithmic trading and third-party trading platforms.
- It is simple and easy for beginners to use.
- It supports crypto-to-crypto as well as fiat-to-crypto trading.
Cons of Bittrex
- Users often criticize the quality of customer support offered by Bittrex.
- Low liquidity for some digital assets.
- Many Bittrex users have been locked out of their accounts. This issue has been blamed on the way the platform verifies its users.
Bittrex is now working on the right balance to provide between easy user access and security. Both Binance and Bittrex are efficient platforms that are ideal for beginners and professional investors alike.
Bittrex vs. Binance: Which Exchange Has a Better Mobile App?
Both Bittrex and Binance have a mobile app for Android and IOS. The Binance MOBILE app also has a lite interface designed for beginner crypto investors and traders.
Which Exchange Should You Use?
Binance is one of the most popular crypto exchanges and offers low trading fees. Holders of Binance Coin (BNB) can get discounts while paying trading fees with the token. The platform is secure, supports 500+ cryptocurrencies, and offers reliable customer support.
Bittrex is a highly secure exchange that accepts crypto as well as fiat deposits. The platform offers two-factor authentication and cold storage of assets as an extra layer of security for funds.
The choice of platform depends on your preferences and the currencies you want to trade. Binance is more suitable for users (especially non-US-based ones) who are want to pay lower trading fees and be a part of the fast-growing exchange platform. Bittrex, on the other hand, is ideal for users who prioritize safety over everything else.
In addition to these two platforms, users can also choose from a wide range of exchanges such as Coinbase (Pro), Bitfinex, DXOne, etc.
Frequently Asked Questions About Bittrex and Binance
Is Binance safer than Bittrex?
Both Binance and Bittrex are very secure as they offer features like two-factor authentication, email confirmations, etc. Notably, Bittrex offers additional safety of crypto assets by storing them in cold wallets. Both exchanges are compliant with the US regulations such as Anti-Money Laundering (AML) and the Know Your Customer (KYC) protocols.
Which exchange has a faster transaction time?
Binance is one of the fastest crypto exchanges out there, powering almost 1.5 million transactions every second. Bittrex, on the other hand, was built using elastic computing, meaning Bittrex processes transactions quickly, even when the workload is increased. Both these platforms have fast transaction times.
Which Exchange is better for Traders?
Both Binance and Bittrex offer support for a wide range of cryptocurrencies, and they are both secure platforms, making them ideal for traders. However, beginner-level traders may find Bittrex easier to use than Binance.
Which Exchange has the best Customer Support?
Binance is known to have better customer support when compared to Bittrex.
Bittrex vs. Binance: In Conclusion
Binance and Bittrex are both advanced exchanges that users across the world trust. Binance is a well-known site with a large user base of 15 million. Binance charges 0.1% for all trades and offers discounts for trades carried out using its native token Binance Coin (BNB). Binance is more suitable for experienced traders looking for advanced trading options and analytics.
Bittrex is a growing exchange platform that is known for its superior, layered security. The platform supports 200+ cryptocurrencies and has an easy-to-use interface, making it a suitable platform for beginners and US-based users.
Depending on traders’ needs, Bittrex and Binance are both reliable exchanges for trading digital assets. Besides Binance and Bittrex, several other crypto exchanges are secure and reliable. One such platform is DXOne. It has a targeted selection of popular coins and does not expose users to risky or volatile assets. DXOne offers two native tokens – DX1S and DX1U. In addition to providing these token holders many discounts on trades, the platform also enables dividend-earning capabilities.