It doesn’t take too much online digging to notice that Binance and Bittrex are two of the world’s most popular, and arguably, industry-leading cryptocurrency exchanges.
Both trading platforms have been working with users since day one to improve their services and to add a tonne of tools that make trading a whole lot easier. Both Binance and Bittrex compete with one another on tokens, trading volumes and trading tools, which is fantastic for investors looking to get a great experience — one is always trying to one-up the other.
Whether you’re looking to invest and hold or interested in playing your hand at becoming a day trader, both of these exchanges are ideal, though there are a few perks that might make one a little better for you.
If you’re looking to trade fiat with crypto or for direct crypto to crypto trading, you’re in good hands with these platforms. If you’re not too sure what the differences between the two are, or can’t decide which is the best for you, then we have some great insights for you below.
In this comparison, we’ll take a look at the two currency exchange’s most significant differences, their unique features and how to determine which is best for you. Things like fees, security, trading tools and other pros and cons will also be discussed too.
All that in mind, let’s have a look at Binance vs Bittrex and how to choose the best one for you to trade crypto.
A Little About Each
To kick things off, we’ll take a look at both exchanges individually and dive into a bit about what each offers, where it came from and why it’s a reasonable exchange in its own right.
Based in the US, the Bittrex cryptocurrency exchange is centred in Seattle and has been around since 2013. That makes it one of the older and more ‘established’ trading platforms for cryptocurrency traders. Founded by Bill Shihara and Richi Lai, both with solid backgrounds in software privacy, the platform is looking to be a secure option for privacy-focused crypto investors.
The developers of Bittrex had also worked alongside Microsoft, Amazon and Blackberry, making the Bittrex platform’s focus on privacy more than just words, but rather an actual fact.
To sum up, the Bittrex platform is focused heavily on security. It has been developed by a team of security engineers, making the platform quite a safe bet for anyone looking to stray from hacking and cybersecurity issues.
To compare, Binance was launched in Shanghai, China and only began operating as an exchange in July of 2017, and that makes it a lot newer than Bittrex.
To add, being in China, and with the country’s rather forceful focus on regulation, Binance made a move to Japan, which again resulted in too much financial regulation. The company then moved a third time to Malta in 2018 for the country’s less prying focus on security.
It’s good to note that all of these relocations look good for Binance in that you’re able to rest assured you’re in the hands of a company that is genuinely looking for any and all avenues to ensure customer privacy.
The founder of Binance is also a well-known name in the crypto space, Changpeng Zhao. And with a background in the marketing and advertising of crypto, Changpeng Zhao is a good founder when it comes to someone who knows the ins and outs of the industry.
The Binance platform also has a coin, which Changpeng Zhao bounced off of the crypto boom of 2017 and sold more than 200 million tokens.
With all of the above said, and the incredible ICO launch in 2017, Binance has fast become one of the world leaders in the crypto space and is so much of a pivotal program that cryptocurrency developers use the exchange for advertising their new coins.
Supported Coins on Bittrex and Binance
With both of these platforms being some of the largest in the industry, you can expect either of them to have a tonne of coins supported.
In fact, there are more than 450 BTC pairs on the Bittrex platform, essentially making more trades available than just about anywhere else on the market. Our favourite crypto couples on this platform are the BTC and Ether, Bitcoin Cash, Ripple and Litecoin pairs. There’s also Dash and OmiseGo here too.
The Binance platform does have a number of ICO tokens too. However, Bittrex might be just a little more well-rounded for the advanced traders looking to get access to virtually everything available in the world of crypto.
It’s good to keep in mind that unlike eToro and other platforms, both of these trading companies only offer support for crypto. Though this might not be too much of an issue for many, it is a little disappointing should you want to ‘bundle’ all of your trading activities into one service. Or expand into other assets down the line.
One quick thing to note is that both of these crypto exchanges only support crypto as a trading asset, which means no fiat currency as of yet. Binance has worked to develop Binance Jersey and Binance Lite Australia though, which allows these exchanges to accept local fiat currency — or cash — for investing in the cryptocurrency pairs.
Unlike Binance, Bittrex hadn’t begun offering fiat funding until very recently, meaning that the service is still in the works in a way. At the time of writing, to use a fiat currency, you’ll need to first send out a trading request with your bank, and provide your bank details, etc, which can be a little cumbersome.
There is the wire transfer option with Bittrex to speed up this process; however, the transaction needs to be at least $10,000, which is not for everyone. It will require a verified account too.
Security on Binance and Bittrex
Before we delve into security, we have a small point to make; these are both centralised trading platforms. That means everyone’s movements are supported and ‘controlled’ by the respected platforms. This generally isn’t an issue; however, it means both Bittrex and Binance are favourites for hackers.
That out of the way, both of the cryptocurrency trading platforms work around the clock to secure the money being stored on their service and to prevent the risk of hacks and attacks.
You’re required to authenticate your account and verify it before you begin. There’s an essential two-factor authentication here too, which means your account has an added layer of security that prevents hackers from getting into your wallets and doing anything they want.
In the past, Binance has been dealt a blow through a phishing attack; however, the company quickly neutralised the threat and cancelled out trading bots that were used to hack user accounts. This is a testament to the Binance focus on security and fast response to issues when malicious activities do occur.
To end, Binance is wildly transparent about all security focuses and even when things do go wrong, making it a trustworthy service that you can rely on, to tell the truth, should you be at risk.
The all-out focus on security comes with Bittrex. A software design backed by experienced security engineers ensures this.
On Bittrex you’ll find high-tech security making an appearance across the back and front end of the entire platform. One area where this shines through is in the ‘elastic multi-stage wallet strategy’ that Bittrex uses to store funds offline. Essentially, all of your funds are shielded from hackers in that they aren’t even on the web for hackers to find — something we always suggest our readers do: store your coins offline.
Like many other platforms, there is two-factor authentication here too, so there’s little to no chance of a brute force attack or of someone entering your account and making withdrawals without your approval first.
We’re happy to say that in over half a decade, Bittrex in all its popularity hasn’t been hacked a single time.
We understand that when comparing two exchanges, there’s a big focus on the fees associated with trading, and of course, this is a valid factor. However, it’s always good to place security and ease of use above this.
When it comes to fees, both exchanges are quite similar; however, Binance is using its own currency to entice traders into lower fees.
On Bittrex you’ll be charged a 0.25 per cent flat fee for each trade you make. If you’re not too sure whether this is high or not, we’re happy to say it’s relatively low.
On the Binance crypto exchange, fees are 0.10 per cent for all trades; however, if you choose to pay your fees with the Binance coin, or BNB, you’re eligible for a significant discount down to 0.05 per cent. And if you continue to use this coin, your fees reduce to zero after the fifth year following being halved for the first four.
With that out of the way, it’s clear to see that Binance is our winner for lower fees, saving you the most on your day trades or annual trading endeavours.
User Interface and Experience
First, we’ll take a look at the setup experience, how trading works and which platform offers the best experience when you want to start trading.
Both Platform’s Setup Process
On either of these exchanges, you’ll need to create an account and then work on verifying it with your email address and a form of valid photo ID. You’ll need to offer up this photo ID in that you won’t receive a confirmation and verification email unless you do so.
Once you’ve verified the account, you’ll then be able to move on to adding funds and making your trades.
Trading on Both Platforms
One area that we would like to see a little more work done on is in the trading experience, as it is a bit complex. If you’re a newbie to crypto trading, this is not going to come naturally to you.
Some trading platforms like Australia’s Swyftx is designed to be simple and the perfect solution for newbies, though Binance and Bittrex don’t have this focus.
We would suggest that you factor in a week or two of practice on the platforms in order to get the hang of the trading interface; however, it isn’t impossible to get the hang of it.
You’ll see your chart candles, bidding information, order books and asking prices at the front of your display — ideal information for all traders. There is also 24-hour market value information for each coin, too.
Although both of the platforms are designed quite confusingly, we’d like to point out that most trading platforms do look like this. Nonetheless, with new platforms hitting the market that are near-effortless to understand and come with incredibly intuitive trading interfaces, Binance and Bittrex could do a little better.
For all cryptocurrency exchanges, customer support and trading support is imperative in that you’ll always want an ‘emergency’ contact if something goes wrong. When it comes to trading, you’ll want a fast, responsive team and someone who can actually help with the problem you’re noticing.
Online reviews have touted that Binance’s customer support is fantastic in that there is a prompt and helpful team member available via email along with social media like Reddit and Twitter. Without a doubt, it’s a winner when you need help fast and aren’t too sure where to look. You simply reach out to a social channel, and you’re in good hands — a fantastic accessible support team.
To ask for help on the Binance platform, all you’ll need to do is fill out an online form, and you’ll be provided with a support ticket. There isn’t a live chat team here though, and as of writing, there isn’t a phone number to call either.
When compared to Binance, the Bittrex support service is a little lacklustre. There’s a support request sheet that you can fill out for assistance, and you’ll be emailed the answer to your query. However, that’s about it.
There is a chat feature on the Bittrex Facebook, though, it isn’t a live chat. The team is quite responsive, which makes up for the lack of a live chat.
One point we have to make is that Bittrex has been slugged with bad reviews for their customer support, which has prompted them to work on improving and redeveloping their service. This is good news for those who are often reaching out to support desks.
In all, as of writing, Bittrex leaves a lot to be desired when it comes to customer support, especially when you’re in a critical situation and need help as soon as possible.
Ahead of the game, Binance already offers a mobile platform for trading. When you have a ‘computer’ in the palm of your hand at all times of the day, trading on this device shouldn’t be ignored. And Binance has embraced the mobile trading game.
You’re able to use your iPhone or Android device to trade with Binance and check up on your trades and even make some new ones should the price be right for you.
The Bittrex platform lacks a mobile app, which means there isn’t currently an option for on-the-go trading. There also isn’t a mobile-friendly website from Bittrex yet either, which means you’re left out in the cold, so to speak, when it comes to trading when away from your desk.
Final Pros and Cons
Pros of Binance
- Fast to add coins and tokens
- There’s an optimised mobile app
- Responsive customer support team
- Two-factor authentication
- BNB tokens reduce trading fees to as low as 0 per cent
- Low 0.1 per cent standard trading fees
Pros of Bittrex
- A good long-term reputation
- A 6-year run
- There are hundreds of cryptocurrencies supported
- Fiat currencies supported for trading
- So far; resistant to cyberattacks and hacks
- Offline coin storage
Cons of Binance
- No fiat to crypto exchange support
- Too complicated for most beginners
- Cyberattacks occurred in the past
Cons of Bittrex
- No mobile support
- Complex for newbie investors
- A higher trading fee at 0.25 per cent
- Poor customer support
With both of these trading platforms being some of the most popular in the world, you’re in good hands with either of these services. We’re happy to say that being supported by millions of users, you’re well-protected and will be provided with an ideal avenue for trading cryptocurrency.
From our comparison above, it’s easy to see that Binance might be the better option for you if you’re more prone to needing support when trading. However, if you’re looking for an exchange that offers fiat currency support, then Bittrex might be the only option for you, at least with regards to Bittrex or Binance.
Keep in mind that Binance can be a little more complicated to use than other trading platforms, as well as Bittrex, so this platform isn’t our top choice for beginners.
In all, take a look at the trading fees charged by both exchanges prior to making a trade or signing up and be sure that you’re able to understand the platforms trading tools. You don’t want to be stuck learning the ropes for weeks if the user interface is too complicated for you as a newbie.