Millions of people worldwide continue to see the need to invest and trade in digital currencies, hence the need for competent Exchanges capable of providing users with quality and security in their digital currency transactions.
There are a lot of Exchanges today; however, Binance and Bittrex currently stand out as leaders in the cryptocurrency exchange business.
Both Exchanges boast of massive daily trade volumes, they both have their strengths and weaknesses. My goal today is to provide a quick comparative analysis of both exchanges and in the end, you will find out which one is best for you.
I wrote this article in plain language to help you understand better, below is a list of everything I will be covering today. Click on any one to take you directly to the content.
- Binance Overview
- Bittrex Overview
- Compared Features- Binance Vs Bittrex
- My Verdict- Which is Better
Binance is a Cryptocurrency Exchange, founded in 2017 by Changpeng Zhao in China. The company Headquarters was later moved to Malta, a more crypto-friendly Nation due to the Chinese government regulations on cryptocurrencies.
As of 2018, Binance became the world-leading exchange platform in terms of daily trading volume of over $500million. Currently, it does over 2 billion daily as reported on Coin Market Cap.
- Margin Trading
- Trust Wallet
- Buy Crypto
Read the full Binance review: Binance Trading Platform:- My Amazing Review
Bittrex is a Seatle based Veteran crypto exchange, was founded in 2013 by Bill Shihara, Richie Lai, Rami Kawach who all previously worked at Microsoft.
The Exchange is known popularly for its Speed, stability and high emphasis on the security of its users. Bittrex has never recorded any hack or loss of customers’ funds, this is a rare feature. Unlike Binance, it offers only one main service which is the Trading Platform.
Read my full review of Bittrex here: Bittrex Review- Is It Safe? (2020 Update)
Compared Features- Binance Vs Bittrex
Binance is a global exchange which means that it is available worldwide. However, it prohibits 13 states in the US from using its exchange.
Binance.US was launched to provide trading services to US citizens. Unfortunately, individuals in states as Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington are restricted from using Binance.US
On the other hand, Bittrex is supported in many countries worldwide except, Cuba, the Crimean region, Iran, North Korea, and Syria and individuals with economic sanctions levied against them.
Binance Supports over 100 Cryptocurrencies including all the major altcoins like Ripple, Litecoin, Bitcoin Cash, etc.
it currently has 623 markets i.e crypto to pairs to trade e.g BTC/USDT
Bittrex tops Binance in this category, with over 250 coins supported.
Accepted Payment Methods
Both Exchanges accept the same payment methods, which are;
- Bank Transfer
- Credit/Debit card
- All supported cryptos
Binance fares better in this section; it charges an average of 0.1% per trade as against Bittrex’s 0.25%.
Also, trading with the Binance Token (BNB) provides an additional 25% discount on the 0.1% trade fee.
Security and Customer Support
Both Exchanges have pretty standard security measures in place to ensure the safety of customers funds. Security measures such as two-factor authentication etc.
Bittrex has a clean record of no hacking history compared to Binance’s recent mid-2019 hack, which saw 7,000BTC ($40m) stolen from the company’s hot wallet. However, customers were not affected by this.
Binance fares slightly better on the customer support department, they handle customer support issues through email and social media while Bittrex does that only through email.
My Verdict- Binance Vs Bittrex
Both Binance and Bittrex are trusted by many and enjoy a considerable amount of cryptocurrency trade volumes. This is mainly due to the fact that both platforms provide its users with speed stability and most of all, security.
Some users prefer Bittrex while others will go for Binance. Either way, both exchanges have their respective pros and cons.
Binance will easily attract the average user due to its low transaction fee which is 2.5 times lower than that at Bittrex, in addition to the more coins supported on Binance.
That’s it on Binance vs Bittrex.
One thing you should always have in mind is that trading can only go two ways; you either gain or lose.
I recommend you seek the assistance of a pro before you venture into any crypto-crypto trading, Binance and Bittrex won’t be held responsible for any mistakes dues ignorance.
Have you been trading on any platform before now?
What challenges do you constantly face?
Have you had any luck in dealing with them yet?
You can leave your comments for me down below, I’m here to answer any questions you may have concerning this.
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