Bittrex vs Binance – Which Crypto Exchange is Best?
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Wondering whether to choose Bittrex or Binance as your cryptocurrency exchange? In this guide, Binance auf Bankkonto we’ll compare Bittrex vs Binance head-to-head to help you decide which platform is best for you.
What are Bittrex & Binance?
Bittrex is a Bitcoin exchange founded in Seattle, Washington in 2013. At the time, it was one of the earliest cryptocurrency exchanges in the US. The platform is not regulated in the US but complies with all US laws and reports to the Financial Crimes Enforcement Network (FinCEN).
Today, Bittrex offers trading on over 250 cryptocurrency markets. The exchange has over half a million active users.
Binance came later to the cryptocurrency world, in 2017. The company was originally founded in China, but moved to Japan and then the Cayman Islands due to increasing regulatory scrutiny in those countries. Binance now has its main platform, as well as Binance.US for US traders and Binance Jersey for EU traders.
Binance offers cryptocurrency trading on more than 500 coins, including 2 coins it has developed itself (BNB and BSC). The platform has over 13.5 million active users and is the largest cryptocurrency exchange in the world by trading volume.
Bittrex Pros & Cons.
US-based cryptocurrency exchange Over 250 cryptocurrencies to trade Supports credit and debit card payments No minimum deposit Excellent security measures Create an account in minutes.
Doesn’t support margin trading or derivatives Not regulated in the US Mobile app is poorly designed.
Binance Pros & Cons.
Trade over 500 cryptocurrencies Commissions from just 0.1% per side Instant fiat-to-crypto transactions Easy to use trading platform for web and mobile Pay with credit or debit card with no minimum deposit Trade crypto futures, Bitcoin options, and leveraged tokens Includes Binance Trust wallet.
Binance.US only supports 50 cryptocurrencies Not regulated and under investigation in the US High fees for instant credit/debit transactions.
Bittrex and Binance each offer a wide range of markets for cryptocurrency trading. To start, you can trade all of the most popular cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple, Cardano, and more.
Bittrex offers over 250 cryptocurrency markets in all. This includes a number of crypto-crypto pairs, such as BTC-ETH or DOGE-BTC.
Binance offers over 500 cryptocurrencies to trade, including hundreds of little-known altcoins. However, it’s important to note that Binance.US, the platform available to US traders, bank hasabyna yzyna almak
only offers 50 cryptocurrencies.
Bittrex stops at enabling you to buy and sell cryptocurrencies outright, but Binance doesn’t. Binance lets you trade crypto on margin up to 10:1 for Bitcoin trading and up to 5:1 for many other coins. You can also trade cryptocurrency futures and leveraged tokens, both of which give you more buying power to speculate on the crypto market. For Bitcoin, Binance even offers options trading.
Bittrex vs Binance Fees.
An important point of comparison between Binance vs Bittrex is how much it costs to trade. For the most part, Binance is cheaper.
Spot trading at Binance costs just 0.10% per trade, regardless of whether you make or take liquidity on the exchange. Bittrex charges 0.35% per trade.
Notably, both exchanges offer discounts for high-volume trading. With Binance, you get a discount once you trade more than 50 BTC per month. With Bittrex, discounts start at a trading volume of $25,000 per month.
Binance also offers a 25% trading discount if you use BNB, kung paano gumagana ang binance staking Binance’s custom cryptocurrency, to fund your transaction.
Both Bittrex and Binance also enable you to buy crypto instantly using a debit or credit card, although this is significantly more expensive. Bittrex charges an instant transaction fee of 3%, while binance cryptocurrency exchange
Deposit and Withdrawal Fees.
Neither Bittrex nor binance cryptocurrency exchange
charge deposit fees or withdrawal fees, regardless of what payment method you use to move funds around in your account.
Just note that if you choose to withdraw crypto, there will be a transaction fee from the cryptocurrency’s blockchain. This fee varies and is dependent on the token you withdraw, not the exchanges.
Spot Trading Fee Instant Buy/Sell Fee Deposit Fees Withdrawal Fees Bittrex 0.35% maker or take 3% None None Binance 0.10% maker or taker 1.5% None None.
Most cryptocurrency exchanges put limits on the minimum or maximum amounts of cryptocurrency you can buy per trade.
At Bittrex, the minimum order size is just $3. There is no maximum order size you’re allowed, but the platform will impose restrictions if you exceed 1,000 open positions or 500,000 orders per day - a limit that few traders are likely to run up against.
At Binance, how much crypto you can buy or sell depends on how many account verification steps you have completed. When you create an account, you can only buy or sell up to $300 worth of cryptocurrency per day. If you add an ID to your account and take a photo of yourself to verify it, your buying limit will be increased to $5,000 of crypto per day. Finally, you can verify your address to raise your buying limit to $50,000 of crypto per day.
Bittrex Wallet vs Binance Wallet.
One big difference between Bittrex vs Binance is how they manage your cryptocurrency. Specifically, to hold any cryptocurrency you buy with these exchanges, you will need a digital wallet.
On Bittrex, cryptocurrency wallets are built into the platform. When you buy Bitcoin, for example, you can create a new Bitcoin wallet inside your Bittrex account and transfer the coins there. The wallet itself is stored on Bittrex’s servers and maintained by Bittrex on your behalf.
For every different coin you want to buy on Bittrex, you’ll need a different wallet. Bitcoin goes in a Bitcoin wallet inside your account, Ethereum goes inside an Ethereum wallet inside your account, and so on. This means that if you trade many different coins, you could have dozens of different wallets linked inside your Bittrex account.
Does that sound confusing? It is. On the bright side, you only need your single Bittrex login to access all of these different wallets.
Binance takes a completely different approach. The platform doesn’t offer storage directly inside your account. Instead, you have to bring your own cryptocurrency wallet and link it to your account. Binance offers the Trust wallet, which supports over 500 different cryptocurrencies, for exactly this purpose, but you can also use any third-party wallet you choose.
While it’s good practice to keep your coins in multiple wallets for security reasons, linking one or more wallets to binance cryptocurrency exchange
is extremely easy. The fact that you can also mix different coins in a single wallet is a huge plus compared to Bittrex.
Bittrex also falls well short of the mark when it comes to mobile trading. The exchange only recently built a mobile app for iOS and Android devices, and the software could still use a lot of upgrades.
At first, the Bittrex mobile app looks like a lot of other cryptocurrency exchange apps. You can create a watchlist of coins, dive into technical charts for analysis, and place buy and sell orders right from your smartphone.
However, we found the app to be frustrating to use. Price data was slow to update, and we frequently received errors when trying to buy crypto or deposit funds. The app also requires you to authenticate your login every time you open the app, which makes it more difficult to use.