Cryptocurrency is one of the largest financial markets in the world, and it has continued to expand as more digital currencies emerge. But you cannot own a profitable cryptocurrency if you do not have an account with a cryptocurrency exchange, which is a platform where the buying and selling of crypto assets happen.
There are plenty of crypto exchanges you can get on and start trading. However, it is still because of the growing number of crypto platforms that have given rise to a growing demand for exchange sites with robust security, a large coin support base, simple features, and efficient functionality.
That’s why Binance and Bittrex still rank among the best options for you. These two giants, however, will be compared in this article to determine which one is better.
Binance vs Bittrex: Main Differences
Let’s start by checking the things that hugely distinguish these two platforms.
| Binance | Bittrex |
| Was launched in 2019 | Created in 2014 |
| Owns a cryptocurrency token | No crypto token owned |
| Has a ‘Launchpad’ section where emerging cryptos and projects are announced | Lacks feature that functions like Launchpad |
| Provides Educational Resources | No Educational resource is available |
» MORE: Binance vs Bison: Which Is Better For You?
Binance vs Bittrex: Features & Capabilities
Binance Features & Capabilities
Binance is popular for the volume and performance of its proprietary token called Binance Coin(BNB). But let’s see other things the platform has to offer you:
- Large Cryptocurrency Base: Binance is home to arguably the largest number of cryptocurrencies, with more than 300 cryptos available for investors to buy, hold or sell. In the US, however, you can invest in only 80 of these currencies that are available on the Binance. US. platform, a special Binance site for US traders.
- Comprehensive Charts: Binance provides you with chart options where you can view the live progressions of cryptocurrencies.
- Security: Binance has a strong security system and protocols put in place to protect its users. The site supports two-factor authentication, using hardware, SMS, and email methods. This, combined with the advanced access control features, solidifies your account’s protection.
- Educational Resources: The Binance Beginner’s Guide is a simple step-by-step guide on how to navigate the Binance space, conduct trade and participate in traditional projects. If you are a newbie in crypto or find Binance strange, the Beginner’s Guide will prove very helpful.
Bittrex Features & Capabilities
Bittrex is a prime crypto platform for active traders, thanks to its standard outlook and outstanding security. Check the key features and functionality of Bittrex below.
- Large Cryptocurrency Base: Bittrex supports over 300 cryptocurrencies, from the popular Bitcoin(BTC), Ethereum(ETH), and Litecoin(LTC) to smaller emerging coins.
- Security: Bittrex is one of the most secured—if not the best secured—crypto exchanges. The platform boasts advanced security features like wallet and IP address whitelisting, which protects your wallet from third-party intrusion. Bittrex also enables two-factor authentication through email and SMS. With the cold storage facility provided by Bittrex, your funds are even more secure, as they are stored offline and cannot be accessed without your authorization.
- User-Interface: You can rarely find an exchange site with a very simple user interface, and Bittrex is not an exception, although its user interface is better than most of the other exchange sites. The charts are easy to read and the icons are very comprehensible.
» MORE: Binance vs. Trust Wallet: Which Is Better for You?
Binance vs Bittrex: Pricing
Binance and Bittrex, as with most other cryptocurrency platforms, are free to open. That is, you can register on the platform without paying, and also monitor charts for free. What they do, however, is charge you for trade and transactions. These charges are called ‘fees’ or ‘commissions’, which are a certain percentage of your transaction/trade.
Binance
Binance has one of the lowest fees compared to other exchanges.
Trading fees: You are charged a 0.19% fee for trading on Binance and a 0.5% fee when you make an instant Buy/Sell. If you hold Binance coins(BNB), your fees will be charged from there, which in turn earns you a 25% discount on all trading fees.
Deposit fees: No charge.
Purchase fee: Credit or debit card attracts a 4.4% fee. Other payment options charge less.
Withdrawal fee: Credit/debit card attracts a 4.5% fee.
Bittrex
Trade fees: You are charged 0.2% fee on each trade you conduct.
Deposit fees: You can deposit for a fee of 3%. Wire transfer fees are determined by your bank.
Deposit fees: No charge.
Withdrawal fees: Bittrex charges a percentage fee for withdrawal. The amount is determined by the value of the cryptocurrency you are withdrawing.
» MORE: Between Binance and Gate.io, which is better for you?
Reasons To Choose Binance Over Bittrex
Binance is the largest cryptocurrency exchange in the world because of some unique features that are not obtainable anywhere else but on the platform. First attraction is its large cryptocurrency base, which allows you to trade over 400 different coins.
Binance also supports the highest number of fiat currency—almost 50 of them. This gives you plenty of currency options for crypto deposits.
BNB, Binance proprietary token, is another beneficial project on the platform. BNB offers great benefits to Binance traders, one of which is the 50% discount on each transaction fee placed on a BNB trade. Also, keeping the token in your account can make you profits, as long as the Binance exchange performs well.
» MORE: Which is better for you, Binance or eToro?
Reasons To Choose Bittrex Over Binance
Bittrex is one of the most secure crypto platforms around. It has never been breached by hackers; but the same cannot be said about Binance, which was once hacked and lost thousands of BTC in the process. Although Binance immediately regained control after the incident, then covered losses and improved its security—the dent on its security remains. So, if you are more concerned about the security of your assets, Bittrex is a better choice for you.
While both platforms have a convenient user interface, Bittrex is slightly easier to navigate and trade in. If you are a newbie trader, you will enjoy the Bittrex interface more.
» MORE: Between Bitpanda and Binance, which is better for you?
Similarities Between Binance and Bittrex
Until recently, Binance and Bittrex were very identical exchange sites. Nonetheless, they still share similarities, which are highlighted below.
- They support hundreds of cryptocurrencies.
- They have robust security.
- They support debit/credit cards for deposits.
- They have charts that display the price movements of cryptocurrencies in real-time.
» MORE: Kucoin vs. Binance: Which Is Better For You?
Alternatives Of Binance and Bittrex
The more new crypto exchanges emerge, the stronger the competition in the industry. Some of the crypto platforms that have performed well and can serve as alternatives to Binance and Bittrex are:
Coinbase: Coinbase trades over 100 cryptos with frequent introduction of new ones. You can purchase crypto with a Visa or Mastercard for a 3.99% fee.
Uphold: Uphold is a multi-asset trade platform that allows you to trade crypto along with precious metals, forex and US equities. It has a cryptocurrency base of over 130 coins and enlists new ones.
Kraken: Kraken allows you to trade with bitcoin and altcoins, offering a selection of fiat currencies to facilitate deposit transactions. Deposit is free; withdrawal and trading fee is based on the value percentage of the crypto being withdrawn or traded with.
» MORE:Binance: Is It Safe? How Trustworthy & Legit Are They Actually?
Final Verdict
Winner: Binance
These two platforms are built for one primary goal: to facilitate the trading of cryptocurrencies. And they have both done well in that regard. So, if you are looking for great crypto platforms to start trading on, both of them are highly recommended.
But if you are looking for extra perks, then Binance has just about anything you need. With the decline of new coins on Brittex, you won’t be privileged to quickly purchase emerging coins with profit potential. Meanwhile, Binance enlists new coins frequently.
In terms of fees, Binance charges less on all of its transaction categories that are also on Bittrex. Also, owning the Binance token(BNB) gives you plenty of advantage in profit potential and trade discount.
» MORE: Which Is Better for You, Bittrex or Binance?
Binance and Bittrex FAQs
What Are The Advantages Of Binance?
Binance offers a lot of benefits to its users. It provides multiple platforms that offer varying options of trading crypto. Also, Binance has one of the lowest fees on all transactions. You are exposed to hundreds of cryptocurrencies and have the opportunity to claim a free BTC when you play games on the Binance mobile app.
Is Bittrex Safe?
Yes. Bittrex is a secure platform that provides advanced security features to protect your funds. It supports two-factor authentication and enables opt-in protocols.
Acceptable Payment Methods On Bittrex
Bittrex provides various mediums through which you can deposit into or withdraw from your verified account. For deposit, you use a debit card, wire transfer, crypto currencies, or SEPA transfer.
Can You Get Scammed on Binance
Yes. Binance admits that its users can be scammed if they knowingly or unknowingly give out their login credentials to scammers. Scammers usually use fake websites to obtain login details of users. They do this by sending an SMS containing a link to a fake website designed to look like the Binance site.