Binance Vs Bittrex: Comparing Two Most Popular Cryptocurrency Exchanges
Table of contents
Binance vs Bittrex: Introduction
Binance, which was started in 2017, is one of the most famous and reputable cryptocurrency exchange. Whether you are a beginner or in the crypto space for a while now, there’s no way you haven’t heard of Binance. It is most known for its trading tools and security features of the platform. However, the exchange was hacked recently of 7,000 Bitcoin which was worth around $40 million at the time. It is considered one of the major hack in history but the platform managed to repay the victims of the hack because of SAFU (Secure Asset Fund for Users). Besides this one instance, there’s nothing else about the exchange that would put you in doubt. Binance has its cryptocurrency, Binance Coin (BNB) that can be used to avail 25% discount on trading charges.
Bittrex is a Seattle-based exchange that and among one of the few exchanges that serve in the US. Considering the fact that the platform’s founders were security professionals at Microsoft previously and had years of experience in the IT sector, Bittrex is a safe option for trading cryptocurrencies. As mentioned by the platfrom, security is the priority of Bittrex, and it also has no history of hacks which gives it a plus point. However, we can’t commit on what will happen in future or if it will survive to be in the top exchanges given its decreasing community.
Binance vs Bittrex Pros and Cons
Let’s compare Binance vs Bittrex with their pros and cons:
Binance vs Bittrex: Fee Comparison
If your priority is to get a lower fee on trading, then Binance is your best bet. Clearly, binance wins over Bittrex here by providing lowest trading fee, i.e. 0.1% charges on trades. Moreover, the platform also allows you to get more discount on the trading fee on the use of Binance coin. You can get flat 25% discount on the fee for using binance coins as the base currency.
The trading fee on Bittrex is 0.25% which though less as compared to other top cryptocurrency exchanges but still more than that of Binance.
Binance vs Bittrex: Verification Process
As compared to Binance, Bittrex have a lengthy and more strict verification procedure. The platform allows you to sign up merely using your email address and trade cryptocurrencies, but to withdraw your funds, you must get verified firs. It has a multi-tier verification process for example if you have done no verification you cannot withdraw your funds, on basic verification, you can withdraw up to 0.4 BTC in a day from your account. If you do your ID verification, but without two-factor authentication, then you can withdraw up to 1 BTC, and with 2FA, the withdrawal limits extend to 100 BTC in a day.
However, Binance’s verification procedure is more straightforward. There’s no limit on deposit; however, the withdrawals are limited to 2 BTC on no verification. Once, you will get your verification done; the withdrawal limit extends to 50 BTC in a day.
Customer Support Comparison
Here also we find Binance taking over Bittrex because of Bittrex’s slow customer support response. Apart from slow customer support, the platform has been claimed for lacking transparency. This is one of the reasons Bittrex has lost many customers over these years and have lower down in rank. The exchange has always been in the limelight for hiding and not being fully transparent.
Alternatively, Binance is holding a good record and have no complaints regarding its customer service. Users can ask their queries about Binance through their email and social accounts, and even the response time is quick compared to competitors.
Binance vs Bittrex: Which one is More Secure?
You must have heard of the recent hack that happened in Binance when it lost over 40M worth of Bitcoins. Binance instant response on the security breach when it shut down all the account immediately and saved the exchange from further loss represents its secure service. Furthermore, even after the hack, the exchange didn’t lose its customers because it refunded all the funds of them.
As said above, Bittrex’s founders have years of experience in the IT security sector. They mentioned at the beginning of the exchange that the platform focuses on security. It also has strict laws on verification and needs its customers to enable two-factor authentication for withdrawing more than 1 BTC.
Conclusion
In terms of security, we consider both Binance vs Bittrex as secure as they can be. Although, if you consider all the other factors mentioned above, including trading fee, customer support and user interface, it’s a draw. Now, it is up to you whether you want to trade on Binance or Bittrex. Once, you select your cryptocurrency exchange, do take your time to decide which cryptocurrency wallet to use for storing your cryptocurrencies. It is recommended to have a hardware wallet if you want to keep your coins secure. And no matter how safe your exchange is, you should never keep your currencies in the exchange wallet. To know more about crypto wallets and hardware wallets, read our guide about the top cryptocurrency wallets in 2020.
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