Cryptocurrency is the new finance. The advent of the decentralized financial method has redefined the way the financial world is operated and has opened doors to new money-making and value transfer opportunities around the world. One of these opportunities is crypto trading. Crypto trading involves the sale and purchase of cryptocurrency tokens between people. These transactions occur on centralized trading platforms that are owned and controlled by private companies and entities. In this article, we will compare two of the most popular crypto trading platforms, Bittrex and Binance, touching on their features, fees, offerings, and possible alternatives.
Main Differences between Bittrex vs Binance Summarized
| Bittrex | Binance |
| Uses in-built wallet to hold users’ tokens | Allows you to link a third-party wallet to your account |
| Has about 500 thousand users around the world | Caters to about 13.5 million users around the world |
| Supports more cryptocurrencies at 250+ | Supports less cryptocurrencies at 150+ |
| Charges more trading fees, at 0.2% | Charges less trading fees, at 0.1% |
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Bittrex vs Binance: Features & Capabilities
Security
Security is a very important feature in the cryptocurrency industry. the recurring attempts by hackers and criminal elements around the world to gain access to other people’s crypto tokens increase the need for unbridled security on trading platforms. Both Bittrex and Binance does very well to provide tight and reliable security measures to protect users and their tokens. Part of these security measures is the use of two-factor authentication for users when they log into these platforms, withdraw or transfer tokens from the platform, and when they complete transactions.
Bittrex also goes a step further by ensuring that 80-90% of the crypto tokens get stored in a cold wallet or storage. This way, it is impossible for hackers to access the tokens stored on this platform. This is one of the reasons why Bittrex is regarded as “the safest exchange in the world”.
Usability
Usability is another important factor to consider when choosing an ideal crypto exchange platform. Both of these exchange platforms do a good job at making sure that both crypto pros and newbies find their trading platforms easy to use. The design and user interface are straightforward, the same thing for the signup process.
For new users who are using either Bittrex or Binance for the first time, there are a set of instructions made available once you log into the platforms. This set of instructions helps you identify each feature on the platform and its working principle. Therefore, you are not left wondering how to go about trading and exchanging crypto assets on the platform.
Number of Crypto Coins or Tokens
Bittrex and Binance are two of the leading crypto exchanges in the world and as a result, they are expected to support the popular and major crypto assets in the industry. therefore, you don’t have to worry about whether or not you can trade Bitcoin, Ethereum, Litecoin, and many of the major coins on these platforms.
However, when it comes to the actual number of crypto tokens supported by these platforms, Bittrex comes first as it supports over 250 cryptocurrencies. Binance follows closely as it supported a little over 150 different cryptocurrencies. While this distinction may matter to crypto experts, newbies do not have to bother about this.
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Bittrex vs Binance: Pricing
Almost everybody is into cryptocurrency to make a profit. Therefore, you must understand the cost of trading. While Bittrex and Binance are both free to use, you pay a certain percentage as a trading fee on your transactions.
Bittrex’s charges for trading on its platform are fixed. It is a flat 0.25% on all transactions. This fixed fee has its attendant advantages and disadvantages. While the 0.25% is high when compared to other exchanges, it works because it is fixed. Thus, you know how much you are paying for every transaction you make. For Binance, the trading fee is a bit cheaper at 0.1%. Thus, Binance allows you to make more money as it charges lower fees when compared to Bittrex.
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Reasons to choose Bittrex over Binance
Ideally, the difference between the two crypto trading platforms is not that much. However, they both have different appealing features that make people prefer one over the other. You may want to choose Bittrex over Binance if you are big on the security and protection of your crypto assets. With the cold wallet storage used by the platform, you can be assured of the safety of your crypto assets. You also enjoy the ability to trade more cryptocurrencies with Bittrex. Crypto experts and avid traders will enjoy this feature as they can take advantage of the over 250 cryptocurrencies that Bittrex lets you trade on its platform.
Reasons to Choose Binance over Bittrex
Binance also offers similar offerings and features to Bittrex, hence it is a bit difficult to find reasons to choose Binance over Bittrex. However, you start the chance of making more money with Binance as a crypto trader. Binance charges less trading fees compared to Bittrex. This means that you get to spend less on trading fees and keep more as a profit. Also, you can choose Binance over Bittrex due to its P2P exchange platform. Binance allows you to exchange cryptocurrencies and fiat currencies with people on the Peer 2 Peer platform. This streamlines the trading process and also comes with stringent measures that prevent fraud.
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The Similarities between Bittrex and Binance
Bittrex and Binance are both leading crypto exchange platforms that allow you to exchange hundreds of cryptocurrencies for a meager trading fee. They both have an easy-to-use interface that both crypto experts and newbies will have no problem navigating. Finally, they both use a two-factor authentication system to enhance the security of users and their assets.
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Bittrex and Binance Alternatives
Due to the popularity of cryptocurrency and decentralized finance, many crypto exchange platforms would function effectively as an alternative to either Bittrex or Binance. These alternatives include;
Coinbase Exchange
This tool combines the functions of a digital crypto wallet and that of a trading platform into one. It allows merchants and users to transact popular cryptocurrencies such as Litecoin, Bitcoin, Ethereum, and the like.
KuCoin
The idea behind this platform is to make the transaction and exchange of crypto value safer, more secure, and even more convenient. It allows for the trading and integration of popular cryptocurrencies around the world.
BitMEX
This platform allows you to trade different contract types. These contract types are traded and exchanged using bitcoin as the legal tender.
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Bittrex vs Binance: Final Verdict
Both of the trading platforms provide efficient crypto trading service for people who wants to trade and exchange crypto assets. Whether you are an experienced trader or you are new to the crypto world, both Bittrex and Binance are well equipped to give you a soft landing in the world of cryptocurrencies.
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FAQs
How much do I need to start trading cryptocurrencies?
Both Bittrex and Binance don’t have a minimum deposit limit. Therefore, you can start trading cryptocurrency on either platform with a few dollars as a deposit.
Can I trade BNB?
BNB is a cryptocurrency developed by Binance itself and it can be traded on Binance. Binance even offers a 25% discount on trading fees when you trade BNB.
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