Bittrex vs Binance
Bittrex vs Binance: The battle of two of the most popular altcoin trading platforms. Both exchanges are commonly recommended for investors looking to move on to something more advanced than beginner platforms like Coinbase or Gemini.
Both exchanges offer a wide selection of coins at minimal fees. Over the last few months, Binance has become the largest cryptocurrency exchange in the world while Bittrex has slipped in the rankings. However, a recent Bittrex redesign could bring users back to the once favored platform.
In this Bittrex vs Binance comparison, we’re going to answer all the questions you may have so that you can make a confident decision on which exchange is best for you.
- Funding Methods
- Trading Fees
- Available Cryptocurrencies
- Transfer Limits
- Company Trust
- Fund Security
- Customer Support
Bittrex vs Binance Key Information
|Site Type||Cryptocurrency Exchange||Cryptocurrency Exchange|
|Buy/Deposit Methods||Cryptocurrency, Wire Transfer (>$100,000)||Cryptocurrency|
|Available Cryptocurrencies||Bitcoin, Ethereum, Litecoin, Bitcoin Cash + >100 more coins||Bitcoin, Ethereum, Litecoin, Bitcoin Cash + >100 more coins|
|Location||Seattle, WA, USA||Malta|
|Site||Visit Bittrex||Visit Binance|
Bittrex and Binance are strictly cryptocurrency exchanges, so you’re only able to fund your account via cryptocurrency on both of them. Although you can transfer any supported cryptocurrency to either platform, we recommend you deposit the coins that have trading pairs. Those are:
- Binance: Bitcoin, Ethereum, Binance Coin, Tether
- Bittrex: Bitcoin, Ethereum, Tether
Additionally, Bittrex allows wire transfers in exchange for Bitcoin, Ethereum, or Tether, but it must be an amount greater than $100,000.
You’ll encounter similar trading interfaces on either platform.
Bittrex includes the typical graphs that you see on a trading platform (candlestick, depth chart, volume bars) as well as the order books all on the same page. You can quickly switch between coins for easy analysis.
You can also set limit/market orders and create conditionals from the center of the trading page.
Similar to Bittrex, the Binance interface shows candlesticks and volume data. However, you need to click a separate tab to see the depth charts. Binance also makes switching between coins simple. Once again, you can set market, limit, and stop-limit orders on the exchange too.
Additionally, Binance has an Advanced trading platform that offers a few more technical indicators than its Basic platform.
Bittrex charges a flat trading fee of 0.25% on all trades.
Binance has a 0.10% fee for each trade. However, if you pay your trading fee in Binance Coin (BNB), the fee is only 0.05%.
Both of these platforms charge some of the lowest fees in the industry.
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Litecoin (LTC)
- OmiseGo (OMG)
- Ripple (XRP)
- Stellar Lumens (XLM)
- Plus a bunch more
The Bittrex transfer limits are more restrictive than Binance due to its location in the United States. There’s no limit to the amount you can deposit into your Bittrex account, but without verification, you aren’t able to withdraw anything.
The verification requirements and associated daily withdrawal limits are as follows:
- No Verification: 0 BTC
- Basic Verification: ~0.4 BTC
- ID Verification (without 2FA): 1 BTC
- ID Verification (with 2FA): 100 BTC
Binance also has no deposit limit. Once again, your daily withdrawal limit is based on your verification level:
- No Verification: 2 BTC
- ID Verification: 50 BTC
If privacy is important to you, Binance is probably the better choice.
You can safely put your trust in both of these companies.
As a US-based exchange, Bittrex adheres to all United States regulations. The founding team has ample experience in cybersecurity, and users consistently report a positive experience on the platform.
Binance has become the darling of the crypto community. The CEO, Zhao Changpeng, is transparent and vocal on Twitter with any issues that the exchange is facing. As the cryptocurrency exchange with the largest trading volume, it’s clear that the community trusts Binance.
Thank you for using Binance. We are still recovering our system, you will have to wait a bit. https://t.co/dfowFsUInK
— CZ (@cz_binance) February 8, 2018
As mentioned before, the founders’ cybersecurity backgrounds mean that Bittrex takes fund security seriously. The platform uses an elastic multi-stage wallet strategy in which the majority of users’ funds are held offline. Additionally, the platform uses two-factor authentication and IP address detection to prevent fraud.
Binance isn’t entirely clear on their security measures but has proven that they know how to keep funds secure. Not long ago, the exchange experienced a phishing/API attack that affected traders using a certain trading bot. The Binance team immediately suspended withdrawals upon recognizing suspicious activity and reversed the necessary trades to return users’ funds.
Bittrex has a robust and easy-to-follow support site. It includes numerous FAQs and a place to enter support issues. Since reopening new user registration, the team has also ramped up their support staff and made a commitment to improved customer support.
Binance also has solid customer support. Although they’re currently having trouble chipping away at their support tickets due to the volume, they’re communicative on Twitter and Reddit and try to help out users in any way possible.
Bittrex vs Binance Conclusion
You really couldn’t go wrong with either Bittrex or Binance. They’re similar platforms that offer many of the same features. In the end, it comes down to your preference and which coins you’re looking to trade.
You should try out Bittrex if the reliability and trust of a US-based company is important to you.
If you want the lowest fees or to join the industry’s most popular platform, give Binance a shot.
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