Which One Is A Better Crypto Exchange: Bittrex Vs Bitfinex?
Table of contents
Bittrex vs Bitfinex: Introduction
Bittrex is founded by some of the best technologists including Bill Shihara, Richie Lai, Ryan Hentz and Rami Kawach six years ago. The exchange is considered as the most secure cryptocurrency platform because of the team behind it. Security is the priority of Bittrex, which is developed in the aftermath of big hacks like Mt Gox. Initially, the platform didn’t support fiat to crypto pairs, but now it has expanded its approach by adding support to some fiat currencies. Whether you want to invest using crypto assets or fiat currency, Bitfinex is indeed the best option in terms of security.Learn more in the detailed Bittrex exchange review here.
Bitfinex has been in the top 10 exchanges from very long. It is because of its high daily trading volumes and advance services. The platform is designed with seasonal traders in mind which offers trades for plenty of cryptos to crypto and fiat to crypto pairs. If you are situated in the U.S., you’ll have no other option but to choose any other exchange because Bitfinex doesn’t provide services to U.S. customers anymore.
Where Bittrex is considered as the most secure crypto exchange out there, Bitfinex has a pretty bad reputation for the same. Its majorly because of the big hack in 2016, which made the platform lose more than $70 million worth Bitcoins. Although the exchange refunded the victims of the hacks, it was tough for users to trust the platfrom. However, Bitfinex somehow maintained its position in the top exchanges worldwide. There have been no more instances of security breaches in the company after that.
Interface and Features Comparison
Both Bittrex and Bitfinex features advance trading tools for more experienced as well as institutional traders. It is the reason their interface is considered a little bit complicated. If you are a beginner, you will have to do some research to be able to understand the platform entirely.
We found the interface of Bittrex comparatively easy to interpret than Bitfinex as it displays the necessary information including candlestick chart, order books etc. around the input box where you place your order. Bittrex also gives you access to limit and conditional orders.
Bitfinex also provides the necessary information charts and order books, but as we said above, it’s a bit confusing. In addition to it, Bitfinex also features margin trading although, we suggest you do not step into it unless you have its proper knowledge.
Payment Methods And Cryptocurrencies Supported
Both Bittrex and Bitfinex supports multiple cryptocurrencies that includes all the major currencies anyone could want. Although Bittrex seems to offer more altcoins than Bittrex. You check out the cryptocurrency you are willing to trade on both the platforms and then decide which one is better at what.
As long the payment methods are concerned, Bittrex supports one fiat currency, i.e. USD and all other cryptos. You can deposit money in Bittrex through wire transfer.
Bitfinex accepts both USD and EUR bank wire as well as credit/debit card payments and other crypto trades. Both the platfrom requires you to verify your identity and offers 2FA security.
Bittrex Vs Bitfinex Cryptocurrency Exchange Fee Comparison
If you compare the fee of both Bitfinex and Bittrex, you’ll find out that Bittrex charges much more than not only Bitfinex but most of the major exchanges. While the charges of Bittrex is fixed to 0.25% no matter what the amount of trades, Bitfinex fee increases with the volumes. For makers, it is between 0.00% to 0.10%, and for takers, it lies between 0.10 and 0.20. If you are not planning to trade high amounts, you can choose any of them, but if you are planning to buy in high volumes, you must go for Bitfinex or any other exchange with low fee.
Customer Support
Both the platforms are pretty much similar when it comes to customer supports. You can get the necessary information from their knowledge base that includes new articles, FAQs, self-help guides and ask questions through tickets based supports.
You can also get answers to your queries through Bittrex social account on Twitter and FB. because of the high demand; sometimes, the responses are slow however there’s nothing to be alert of in both cases.
Final Thoughts
We hope you’ve found your cryptocurrency exchange after going through the differences between Bittrex and Bitfinex. However, if you are still confused and open to research more, do read our guide about best cryptocurrency exchanges. Choosing a reliable crypto exchange is just the first step in cryptocurrency if you want to stay secure from scams, do proper research about how to trade in cryptocurrencies and the precautions you need to take.
In our opinion, if you need an exchange with easy to use interface with promised security, then Bittrex is your answer. Although, those looking for advance trading features with low charges must select Bitfinex. It’s your decision to make, and only you can determine which one would be better for you. For beginners, we strongly suggest, other cryptocurrency exchanges like Coinbase and Binance as they are more intuitive supporting more fiat currencies.
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