Binance is the world’s largest cryptocurrency exchange. It has a user-friendly interface and offers many features that make it easy to trade cryptocurrencies for beginners. Bittrex is another popular cryptocurrency exchange with more advanced trading tools, but not as many features as Binance.
The binance vs bittrex reddit is a cryptocurrency exchange comparison guide that reviews the differences between Binance and Bittrex.
It may be difficult to choose the finest bitcoin exchange. It gets much more difficult when you have to pick between two of the world’s largest cryptocurrency exchanges. We’ll be looking at the crucial function crypto exchanges play in the crypto world with this comparison of Binance vs Bittrex. You will also have the option of selecting which exchange best meets your requirements.
Cryptocurrency exchanges, unlike conventional exchanges, serve as a link between money and cryptocurrency. Fiat to crypto and crypto to crypto exchanges are the two kinds of cryptocurrency exchanges. You may convert your money to crypto via a fiat to crypto exchange. With a crypto to crypto exchange, however, you are only dealing with digital currency. Let’s take a look at the similarities and contrasts between these two well-known conversations.
Table comparing Binance and Bittrex
What exactly is Binance?
Although Binance is headquartered in Malta, Changpeng Zhao founded the exchange in Japan in July 2017. It was established via an initial coin offering (ICO), which is widely regarded as one of the most successful ICOs to date. Binance earned $15 million from the sale of 200 million tokens when it was launched.
Binance was already rated as one of the top three crypto exchanges in the world only 143 days after its debut. The exchange had over 10 million members globally within six months of its debut and a daily trading volume of $1.2 billion. The exchange facilitates Initial Exchange Offerings (IEOs) via its Launchpad and lists hundreds of currencies.
What exactly is Bittrex?
The Seattle-based crypto exchange was founded in 2013 by Bill Shihara, Rami Kawach, and Richie Lai. Before starting the exchange, its founders worked at Microsoft as security specialists. Bittrex places a high emphasis on security, and amazingly, they have never lost a user’s money. Bittrex now supports hundreds of currencies, with Bitcoin and Ethereum being the most popular. You may also deposit in fiat currency, such as USD, EUR, or GBP.
We’ll look at additional aspects in our Binance vs Bittrex comparison now that you have a fundamental understanding of both exchanges. We’ll look at both exchanges’ features, price, fees, security, and other aspects.
Both exchanges have similarities, but for a true Binance vs Bittrex comparison, we’ll look at each one separately.
- Binance Coin: Binance has its own native currency, Binance Coin, that drives its ecosystem (BNB). Trading, withdrawal fees, and listing are all carried out through the BNB. Binance imposes a 0.1 percent trading fee, but if you pay with BNB, you receive a discount. The current discount is set at 12.5 percent.
- Binance’s order matching system handles about 1,400,000 orders per second, making it one of the quickest cryptocurrency exchanges.
- Binance trades over 400 crypto currencies and has one of the busiest order books in the crypto-sphere. Liquidity allows the exchange to process trade orders promptly and at competitive rates.
- Binance is accessible on a variety of platforms, including Android, iOS, and the web. Vietnamese, German, Russian, Turkish, Portuguese, Italian, Korean, Chinese, French, and English are among the 13 languages supported by the platform.
- Trading interface that is quick
- Trading commissions are as low as 0.1 percent.
- Excellent client service
- Within the community, you have a good reputation.
Cons of Binance
- There are only a certain amount of coins available.
- Liquidity issues
- This is not a beginner-friendly game.
- Secure Transactions: Bittrex was designed with security in mind. Users may activate two-factor authentication and utilize cold storage for additional protection.
- Trading Platform: The platform is designed to guarantee that transactions are completed in real time. It’s fully automated, and users’ wallet and transaction data are accessible. Furthermore, Bittrex is built with an API algorithm that allows third-party platforms and trading to be supported.
- If you’re searching for a regulatory-compliant platform, Bittrex is one among them. It complies with virtual currency laws in the United States.
Pros of Bittrex
- Signing up and verifying your account is quick and easy.
- Trading platform for professionals
- A wide range of coins are available for exchange.
- There’s a one-minute chart.
Cons of Bittrex
- Margin trading is not possible.
- Stop-loss orders are not possible.
- Liquidity issues
Fees for trading
For cryptocurrency traders, trading costs are a big issue. It’s critical to understand the fees charged by the exchange for deposits, withdrawals, and transactions. So, what is the difference in trading costs between Binance and Bittrex?
Fees on Binance
Binance imposes a maker/taker fee of 0.10 percent. You will also have to pay 0.0005 BTC as a withdrawal fee. You have the option of using credit cards or cryptocurrencies to withdraw money from the exchange. You won’t be able to receive money through wire transfer, and neither will U.S. investors.
Binance has no deposit fees.
Binance does not charge any fees for deposits. You may also use your credit card to buy bitcoin on Binance. While third-party service providers may charge you to transfer money to Binance, it does not charge you for deposits.
Withdrawal Fees on Binance
The withdrawal cost varies from one coin to the next. Binance, on the other hand, charges a fixed cost of 0.0005 BTC. Withdrawing any quantity of ether, however, costs 0.01 ETH. The withdrawal charge for most assets is one-half of the minimum withdrawal amount. As a result, if you limit the number of withdrawals you make for each asset, you’ll save money on fees.
Trading Fees on Binance
The amount of trading fees you must pay on Binance is determined by two variables.
- For the last 30 days, your trading volume
- Alternatively, the quantity of Binance currency (BNB) you own.
When you pay with BNB, you receive a 25% reduction on trading fees. Binance transactions typically include a basic charge of 0.1 percent for both makers and takers. However, with a 25% discount for utilizing BNB, you only pay 0.075 percent in trading costs. You will, however, need to double-check your settings to verify that you are paying with BNB rather than Bitcoin. This discount will gradually go down over time, according to Binance’s objectives. Every year, it will halve from 25% to 12.5 percent, then 6.75 percent, and finally zero percent.
Increasing your trade volume on Binance may also help you save money on fees. From VIP 1 through VIP 8, the exchange provides eight distinct degrees of cost reduction. The amount of BNB you hold and your 30-day trading volume determine your level. For example, if you trade at least 100 BTC in your 30-day trading volume and hold 50 BNB, you will get a 0.09 percent maker fee reduction, but your taker charge would stay at 0.1 percent.
Fees on Bittrex
Trading Fees on Bittrex
Unlike many other exchanges, Bittrex charges a flat 0.25 percent trading fee. This implies that the maker and taker fees are same. Bittrex has a competitive trading cost for traders who want to act on orders that have already been placed in the order book. Bittrex also provides a trade discount depending on your 30-day volume. A 0.25 percent maker and taker fee is charged on transactions between $0 and $200,000. If your transaction volume for the 30-day timeframe is $60 million or more, you will be charged a maker fee of 0% and a taker fee of 0.08 percent.
Fees for deposits and withdrawals on Bittrex
Bittrex also charges a fixed withdrawal fee of 0.0005 BTC. Each token or currency listed on Bittrex, on the other hand, has its own network transfer cost. A network transfer cost is incorporated into each token or currency, and we charge a modest fee to offset this price. The fee for each currency or token may be seen by clicking the withdraw button next to the coin to open the withdrawal window, which displays the network cost withdrawal).
Status of Security
Is Binance a secure platform?
The security of an exchange is the first thing a prospective trader looks for before deciding to use it. No one wants their money to be stolen as a result of a security breach. As it is, Binance provides a variety of options for keeping your money secure from outside threats.
- Two-Factor Authenticator: This is one of the initial security tests on Binance’s list. You will be prompted to install 2FA while creating your Binance account. Unless a hacker gets access to your mobile phone, your account will be secure.
- Additionally, any attempt to log in from a device or IP address that has never been used on Binance before will result in an email confirmation request. You may also get email confirmation requests for some activities, such as withdrawals.
- Address Whitelisting: With Binance’s Address Whitelisting function, withdrawals are limited to a single address. This reduces the likelihood of money leaving your wallet and being sent to a different address. You may alter this at any moment, but you’ll have to go through certain security checks first.
- Binance established the Secure Asset Fund for Users (SAFU) Reserve Fund in 2018 in order to protect its users. The SAFU feature protects against hacking. It functions as a reserve, with 10% of all trading fees generated by Binance going into it. The SAFU has the potential to develop into a big pool in the future since the exchange accepts high trading volumes.
Despite the measures made by Binance to avoid intrusions, the exchange was hacked in May of this year. The hackers made off with almost 7,000 Bitcoins, valued about $40 million at the time. Binance was able to guarantee that impacted clients did not lose their money because to the assistance of the SAFU fund.
Is Bittrex a secure platform?
Security was a priority when Bittrex was created. The exchange was established in order to provide its customers with a secure trading environment. Its trading engine was designed from the ground up with scalable elastic computing and a secure environment in mind. Bittrex is one of the few exchanges that has remained unhacked so far. The following security measures are used by the exchange:
Bittrex keeps around 80-90 percent of all tokens on its platform in offline cold wallets. This implies that if the exchange is hacked, hackers will be unable to access the majority of the money held on the platform.
Bittrex largely depends on two-factor authentication (2FA). 2FA credentials are needed to make withdrawals on the site. If you wish to connect your account to trading applications like TabTrader, you’ll also require 2FA. Additionally, every time you log into your account, you will get an email notice. You must also wait at least 2 minutes after signing in before making any withdrawals. If you’re being hacked, you’ll have ample time to acquire a signal.
Bittrex has not yet been hacked. Some people allege that their wallets have been hacked and their tokens have been taken. Most of these individuals, on the other hand, did not activate their security features, making it simple for their accounts to be stolen.
Conclusion: Binance vs. Bittrex
In conclusion, both exchanges provide excellent service to their clients and account for the majority of crypto users in the market. We may conclude that, based on our examination of their unique characteristics, they both provide a high-quality trading experience. Some features, fees, and currencies offered are somewhat different. The ideal option for someone would be determined by what is most essential to them in terms of trading.
I suggest that you check out both swaps to determine which one you like. This ends our comparison between Binance and Bittrex. Hopefully, you’ll be able to make an informed decision, and best of luck with your transactions! Please post any queries in the comments section below.
Binance is a cryptocurrency exchange that offers many different cryptocurrencies to trade. Bittrex is another cryptocurrency exchange, but it only offers Bitcoin and Ethereum. Reference: binance us vs bittrex.
Frequently Asked Questions
Is Bittrex or Binance better?
Binance is the best cryptocurrency exchange in the world.
Is exchange better than Binance?
Binance is a cryptocurrency exchange that allows for the trading of cryptocurrencies. While it has many benefits, it also has some drawbacks.
Is Binance legit 2021?
Binance is a legit exchange.
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