Two of the more popular cryptocurrency trading exchanges available today are Bittrex and Binance. These two platforms are typically recommended for those moving on to something a little more advanced after spending some time in the cryptocurrency world. These two exchanges are the next logical step up from beginner exchanges like Gemini and Coinbase.
Both Binance and Bittrex offer a wide variety of coins so if you want to exchange altcoins, either of these is a great place to start. While both offer plenty of benefits and comparatively cheap fees, one might make more sense for you than the other.
The intention of this article is not to endorse or deride one exchange in favor of the other. We want to provide you as much information about each exchange as possible and compare and contrast so you can have an idea of which exchange to select for your trading needs. Below is our Binance versus Bittrex comparison guide.
It’s no secret that Bittrex is one of the most popular digital currency exchanges on the planet. The platform began in Seattle, Washing, USA, in 2014 and typically resides in the top three of exchanges based on volume in a 24-hour period. The site usually sees around $300M each day and has a good reputation for being a secure and safe site on which users can exchange their cryptocurrencies.
Account Creation and Withdrawal Limits
To create an account with Bittrex, just head on over to their site and click on the “Sign Up” option in the upper right corner. The site will ask for your email address and a password. Once that’s done, you’ll get an email from the site asking you to confirm your address.
When that is done, you’ll log into your account, which will then direct you to the Bittrex Basic Verification page. Here you’ll get information about deposits and withdrawals. For instance, unverified accounts cannot remove their funds from Bittrex. You’ll also provide some personal details like your date of birth, full name, address, and other pertinent information.
After you provide this information, you’ll need to provide photographic evidence of who you are. The site requests official government documentation along with a selfie to validate you are who you say you are. Of course, this isn’t required to trade, however, keep in mind that you won’t be able to withdraw your funds until this is complete.
Bittrex offers two account types. Basic accounts require just the minimum information which is confirmed through public record. With this type of account, users can withdraw up to 3 BTC (or the altcoin equivalent) each day.
Enhanced accounts are verified through selfies and government documentation. Bittrex uses Jumio to validate face and ID matches. These account types can withdraw up to 100 BTC each day so long as two-factor authentication is enabled.
Based on the information from their website, Bittrex uses the following for fee application:
- Trades – Each trade on the Bittrex platform receives a charge of 0.25% which is taken from the profits of the trade itself. If, however, any part of the order has not completed, then those funds are returned to the user when the order cancels out.
- Withdrawals – Bittrex has no intention of making profits on withdrawals, however, there is a network fee associated with each transaction. Therefore, the exchange must charge a small fee to cover this charge.
- Deposits – No fees are charged for deposits. You may, however, incur the typical transaction fees from the coin network when you send funds to Bittrex.
Bittrex aims to support both established and newer blockchains. The site believes this is essential to growing innovation in the industry. Therefore, Bittrex tries to give its users as many options and selection as possible. They do this by giving its users a large selection of digital currencies from which they can choose.
Currently, Bittrex does not charge a listing fee to list a cryptocurrency on the exchange. Since the site believes in growing the blockchain sector, it continues to spend and invest its resources in reviewing tokens that apply for listing on the exchange. This is evident by the fact that Bittrex supports nearly 300 trading pairs. If you’re looking for a place to trade coins, Bittrex might be the only place you need to go.
One of the biggest selling points for using Bittrex is the experience its founders had in their previous careers with Microsoft. With enterprise-level IT security knowledge as its disposal, Bittrex has not suffered a significant hack since its inception in 2014.
Additionally, the team believes that giving its users a secure and reliable platform is important as well. The site uses a multi-stage wallet which serves to store between 80-90% of all funds offline. Bittrex also requires two-factor authorization for any withdrawals, so you can be sure your funds are going to the right person.
Customer support is certainly an area in which Bittrex could improve. There is a significant lag in response time from the Bittrex support team. Users typically have to wait longer than 24-hours to receive an answer and the only available method to contact support is through the online ticketing system.
Aside from its ticketing system, Bittrex does offer an FAQ section, a section for the latest news, and a Twitter feed which updates you on the most recent information related to the exchange.
Pros and Cons of Bittrex
- Plenty of features focusing on security
- Supports almost 300 digital currencies
- Highly recommends two-factor authentication
- Simple enough for beginning users to use
- Been in existence for nearly half a decade
- Supports both crypto-to-crypto and fiat-to-crypto (USD only) trading
- Higher trading fees than other platforms
- A frustrating and drawn out verification process
- Customer service is challenging
- No mobile application
The second cryptocurrency exchange on our list, Binance is a purely digital currency exchange. The site, which is a combination of the words Binary and Finance, does not trade legacy currencies like EUR, GBP, or USD. The exchange started out in China, however, due to regulations moved its headquarters to the more crypto friendly Malta.
While Binance is still fairly new to the cryptocurrency market – it launched in 2017 – it has garnered plenty of popularity mainly due to its impressive listings of ICOs. The site is also well-known for its low trading fees and the professional attitude of its customer service team.
Account Creation and Withdrawal Limits
Registering and creating an account on Binance is similar to the process users go through with Bittrex. Just head over to the Binance site and click on the “Register” link in the top right-hand corner of the page. Enter your email address along with a password, and you’ll receive a verification email from Binance.
Once you receive your verification email, just click on the link provided then log in to your account. When that’s done, you’ll have the ability to deposit your own digital assets. It’s at this time that Binance will strongly encourage you to enable two-factor authentication, which is something we also suggest.
For unverified accounts, the withdrawal limit on the site is 2 BTC every 24-hours. Verified accounts, however, have a limited of 100 BTC every 24-hour period. Users who need a higher withdrawal limit can do so, but they’ll need to contact Binance directly to make the necessary arrangements.
Registering on Binance is an easier process than it is on Bittrex, and the 2 BTC limit will typically be more than enough for most users. But limitations are still in place without verification. Once verified, you’re tagged as a level-two user. This means you have more freedom to move about the platform than an unverified user does.
To become a verified user, you’ll have to provide Binance with your full name, gender, country of residence, and a picture of your government issued ID or passport. You’ll also need to provide a selfie alongside your passport for validation purposes.
For each trade a user makes, Binance typically charges a 0.1% fee. This amount is cut in half if you choose to pay for your fee with the exchange’s Binance token. Users can acquire Binance tokens with the “leftovers” from trades, or trade for the coin itself. One thing for sure, it makes for lower fees.
The site does not charge Deposit fees, however, withdrawal fees vary based on the cryptocurrency. Whether you’re withdrawing Bitcoin, Ethereum, or some other altcoin, you may want to check the site first. The charges can vary greatly from coin to coin. Additionally, the site states that these charges may change based on blockchain conditions.
If you’re interested in listing a coin on Binance, the site offers a team which is specifically tasked with reviewing applications for new tokens. The site offers a how-to guide on creating an application and submitting it to the appropriate Binance team.
Just like Bittrex, Binance supports nearly 300 trading pairs. The site does a little over $2B in trading on a daily basis. So while Bittrex might have more trading pairs – and even that is debatable now – Binance offers a larger liquidity pool based on daily trading.
Binance highly recommends two-factor authentication, as does Bittrex. We recommend this type of security as well, as it helps to protect your digital assets. In a perfect world, all cryptocurrency exchanges would make this a requirement. The sad truth is that just isn’t the case.
It should be noted that Binance has experienced no hacks, which is a good sign with newer exchanges. This is especially encouraging considering that nowadays, exchanges are constantly under attack from hackers attempting to steal their digital currencies.
Another nice feature about Binance is that it offers better customer service than you’ll find on the majority of other exchanges. Binance offers its users a variety of methods to contact them and bring problems to the forefront.
The site offers a ticketing system, which helps to ensure that your issue gets the attention it deserves. It also provides a Telegram channel through which users can communicate with Binance, as well as an official Binance FAQ. Additionally, Binance has non-account related communications through their various social media outlets, along with language-specific links to Binance announcements.
Binance Pros and Cons
- Fees are competitive with other exchanges
- Offers users a mobile trading application on both iOS and Android
- The registration process is simple and easy
- Users can buy, sell, and trade over 100 different cryptocurrencies
- Exchange offers its own coin, Binance Coin, which customers can use to earn discounts on fees
- Solid customer support
- Strongly encourages two-factor authentication
- User interface can be intimidating for beginners
- Doesn’t have the longevity that other platforms offer
- Exchange does not accept fiat deposits
Binance Vs Bittrex Comparision Table
To help you make your decision we have created a detailed comparison table putting Bittrex and Binance head to head.
|Supported Cryptos||Over 100 cryptos||BTC, ETH, BCH, XRP, ADA, BSV, LTC, NEO, TRX, DASH, TUSD, XMR, ETC, XVG, DGB, OMG, ZEC, SC, NXT, BAT|
|Buy/Deposit Methods||Crypto only||Wire transfer (min $1k) & crypto|
|Sell/Withdrawal Methods||Crypto only||Wire transfer (min $1k) & crypto|
|Customer Support||FAQ & form||Support tickets|
|Made Your Choice?||Sign Up To Binance||Sign Up To Bittrex|
Upon closer inspection of these two exchanges, it might be easy to think that Binance is the better of the two. The site offers lower trading fees, lets its customers use its Binance coins to earn discounts on fees, and has a more modern feel than Bittrex offers.
Additionally, if you don’t need to withdraw more than 2 BTC every 24 hours, then the initial registration with Binance will get the job done. This is more than likely the case for the majority of users on the exchange. However, Bittrex provides its customers a solid UI. Overall, it might need some improvements, but the exchange offers many tools and actions which advanced users would need.
Bittrex isn’t as sleek as Binance, but it does give its users the tools they need to make smart, well-informed decisions as the spur of the moment. Don’t forget that Binance has a mobile application, while Bittrex does not. If you prefer to buy, sell, or trade cryptocurrencies while you’re on the go, Bittrex might not be the right choice for you.
Both exchanges are excellent options. You’ll get a quality experience with the security and protection your digital assets deserve. There are plenty of features available with each exchange that make them appealing to users. The question is, which one makes sense for you?