Bittrex Vs Binance: Which Crypto Exchange Is Better For You in 2022

Bittrex Vs Binance: Which Crypto Exchange Is Better For You in 2022

Binance finally overtook Bittrex as one of the world leaders in terms of cryptocurrency trading volumes. Even while Bittrex remains a well-liked platform today, Binance has diminished Bittrex’s once-dominant position. 

Let’s take a deeper look at the comparison: Bittrex vs Binance, which cryptocurrency exchange to choose for trading altcoins.

Overview

Overview

What is Bittrex?

Bill Shihara and two business partners created the digital currency exchange Bittrex in 2014. Out of all the exchanges in the globe, Bittrex handles one of the largest volumes of BTC trading.

Its user-friendly design and security procedures account for its appeal. The business has never been compromised, and the majority of its coins are kept in safe offline storage.

One of the biggest cryptocurrency exchanges in the world, Bittrex handles more than $300 million in daily trades.

The exchange provides a range of virtual currencies, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero, Zcash, and others. As a pioneer in the field of cryptocurrencies and one of the first exchanges to offer a variety of altcoins, Bittrex

What is Binance?

Hong Kong’s Binance Exchange is a significant cryptocurrency exchange that was created in 2017. Changpeng Zhao is the CEO of Binance (aka CZ).

Former manager of Blockchain.com’s Development Department, co-founder and technical manager of OKCoin, a once-famous cryptocurrency exchange.

It is heavily focused on altcoin trading. Binance facilitates crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin (BNB).

Pros and Cons

Binance Bittrex

Pros

  • A user-friendly platform with numerous tutorials and help to assist with platform familiarization.
  • High trading volume provides Binance traders with better liquidity.
  • Supports both crypto and fiat deposits and withdrawals.
  • A multitude of security procedures are implemented to safeguard investment assets.
  • Launchpad provides Binance users with access to newly issued cryptocurrencies and tokens.
  • Users can earn interest by saving cryptocurrencies and prizes by staking cryptocurrencies.
  • Multiple trading platforms to accommodate traders of varying expertise levels.
  • Comprehensive support center and round-the-clock client service
  • Large selection of cryptocurrencies: Compared to what other rival exchanges offer, Bittrex offers a sizable number of cryptocurrencies – over 440.
  • Low fee: Although not the lowest available, the platform’s maker/taker fees are reasonably low when compared to those of other big exchanges.
  • Widely available: Bittrex is widely accessible; it is not present in Connecticut, Hawaii, New York, or Vermont.

Cons

  • Numerous US states lack service.
  • Binance.US supported currency list is much shorter than the global list.
  • Limited customer service – if you require help, you can use the chatbot or open a ticket. It doesn’t provide live chat or phone support.
  • Poor user feedback – Bittrex has gotten a number of unfavorable user reviews, like many other cryptocurrency exchanges. Many of them have to do with identity verification and account lockout problems.
  • No margin trading – You’ll need to look at a different exchange if you wish to trade on margin. Margin trading is not available on Bittrex.

Bittrex Vs Binance: Which is Better?

Bittrex Vs Binance Which is Better

Features

Binance

Swap Farming

Without the need to deal with third parties, Swap Farming swaps currency pairings using an automated market maker (AMM) approach. Users of the exchange get immediate access to a liquidity pool where they can deposit or trade cryptocurrency pairs.

Typically, pairs of tokens are pooled together, and the swap price is based on the live ratio of those tokens. Swap Farming is a fascinating service that Binance customers may take advantage of, with reasonable access fees to these liquidity pools.

Margin & Leverage Trading

Users of the BNB exchange can engage in margin and leverage trading. For seasoned investors and traders wishing to purchase futures contracts and speculate on the future price movements of premium assets, these choices are intriguing.

Trades on Binance might have a 20x leverage. While the likelihood of earnings rises as a result, the likelihood of losses also grows. Therefore, only users with a strong tolerance for risk should engage in margin and leverage trading.

Futures and Derivatives

Binance facilitates the trading of futures and derivatives and provides a variety of derivative products in various cryptoassets. Investors have access to leveraged tokens through this account, which stand in for open futures positions.

On Binance, users can access quarterly Bitcoin contracts in addition to the majority of derivatives, which are perpetual contracts.

NFT Marketplace

Binance provides millions of users with chances for diversity in the Web3 industry. In response to the current surge in interest in metaverse NFT projects, it has made NFT marketplace available to investors.

To produce and sell non-fungible tokens, the objective is to unite creators, artists, and crypto fans on a single platform. Users can choose from three primary goods on the Binance NFT marketplace:

  • Events: This feature offers premium and limited-edition NFTs by well-known international artists.
  • Marketplace: With Binance, users can mint, buy, and place bids on the available NFTs.
  • Mystery Box: By accessing a box full of various surprises, customers have the chance to win exclusive rewards and NFT-related goodies via the mystery box feature.

With 770+ NFTs available, the Binance NFT market has a $42 million daily volume. Users can read our article on investing in NFT tokens for more details.

Bittrex

Spot Trading

The primary offering of Bittrex is spot trading, which combines easily with automatic order placement capabilities, including taking profits, stopping losses, and putting buy/sell orders at a certain price.

The essential technical charting tools a trader needs are also available on Bittrex. Spot trading allows users to directly purchase digital assets on Bittrex using a debit or credit card. But not all nations are eligible for this service from Bittrex.

You cannot use your Visa or MasterCard to purchase cryptocurrency at Bittrex if you are a US citizen.

Futures Trading

Future Trade is a derivatives market because there isn’t any actual trading. The spot market is the basis for prices. But occasionally, when there are too many orders and insufficient margin, the futures market price will move more quickly than on the spot market.

This cost is variable and alters every eight hours based on the ratio of buy to sell orders in the market.

Margin Trading

Margin trading is not currently supported on Bittrex. Because of this, the exchange is disliked by “advanced” traders investing in cryptocurrencies.

Leveraged Tokens

Leveraged trading is another option available on the Bittrex platform for more knowledgeable and risk-averse investors. This tool enables customers to borrow some funds from the exchange to strengthen their position.

As an illustration, if you trade DOGEBULL 3x at Bittrex, you are using 1:3 leverage to purchase Dogecoin. In other words, your profit margin will rise to 30% if Dogecoin’s value increases by 10%. When trading with leverage on Bittrex, it’s crucial to use caution. As a result, your profit and chance of loss will both increase.

Supported Currencies

Binance

Bittrex

Over 100 currencies such as BNB, BUSD, Ethereum, Tether US, 1 INCH, Aave, Cardano ADA, Algoard, and many more. Over 440 cryptocurrencies and stablecoins such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), Tether (USDT) and more

Staking, Credit Cards, Other Options

Staking

Binance

DeFi staking can be dangerous, thus Binance carefully selects its DeFi staking partners to reduce risks for its consumers. Despite the high APYs offered by Binance for DeFi staking, there is still some danger since Binance is not liable for any problems with the security of on-chain smart contracts.

With the help of this tool on the Binance exchange, you can get paid for holding a particular cryptocurrency for a predetermined amount of time. A coin like BEL, for instance, might offer a 15-day staking period with, let’s say, a yearly interest rate of 18%.

The staking process comes to an end after those 15 days because staking possibilities do not last indefinitely. The activities area of Binance is a good place to look because these deals change every month.

Bittrex

Users have the opportunity to stake currencies or coin pairs into smart contracts and earn incentives valued in cryptocurrency in exchange thanks to yield farming and liquidity pools, two on-chain activities that are common on smart contract / EVM platforms like Ethereum and Polygon.

Credit cards

  • Binance does not accept credit card payments. This is because crypto exchanges are prohibited from collaborating with institutions that issue credit cards.
  • Bittrex does not allow users to use credit cards. However, You can fund your Bittrex account through wire transfer, Visa/Mastercard debit card, or ACH.

Other options: Benefits for vip account

Binance

Whether you’re trading Spot, Futures, or Margin, your VIP tier entitles you to fee breaks and other advantages throughout the whole Binance ecosystem. Below are a variety of benefits:

  • Over-the-counter (OTC) support for orders of $10,000 and above
  • Exclusive Binance APIs with dedicated developer support
  • Higher borrowing rate for Margin trading
  • Sub-account services exclusive for VIP
  • 1-on-1 support from our dedicated VIP account managers
  • Gifts and merchandise to celebrate special occasions
  • Exclusive annual VIP dinner with the Binance team and partners
  • The market-maker program for eligible VIP partners
Bittrex

Bittrex is one of the most popular cryptocurrency exchanges and allows you to trade in a large number of cryptocurrencies. It also offers a VIP account which provides a number of benefits including:

  • Lower fees: VIP accounts have lower trading fees than regular accounts.
  • Increased limits: VIP accounts have higher withdrawal and deposit limits than regular accounts.
  • Faster processing: VIP account holders have their transactions processed faster than regular account holders.
  • Better customer support: VIP account holders have access to better customer support than regular account holders.

Security

Binance

SAFU, or secure asset fund for users, is the most effective method through which Binance safeguards your funds. This fund is a part of all fees collected by Binance in the event of a financial loss to their users. Their 2018-implemented SAFU would reimburse users for any Binance-related financial losses.

In addition, this exchange offers other security mechanisms, including two-factor authentication, whitelisting of IP addresses, and device restrictions. All of these features make it nearly impossible for anyone else than yourself to access your Binance account!

Bittrex

Since Bittrex was established by three cybersecurity experts, it has a very high level of commitment to security. The system makes use of top-notch security tools like 2FA and a flexible, multi-stage wallet design, and the exchange keeps the majority of its cryptocurrency in cold storage.

Through its blog area, Bittrex also aims to keep its customers informed of best practices and security measures. Articles there instruct readers on how to secure their accounts and thwart unauthorized access. Many people believe this exchange to be one of the most secure cryptocurrency exchanges in the United States since it appears to comply with regulatory agencies.

Both exchanges place a great importance on the security of users’ cash and take several security precautions to keep them safe. While both platforms provide strong protection for your currencies, Bittrex surpasses Binance in this area because of the absence of regulatory worries.

Geographic Availability

Binance

Currently supports over 180 different cryptocurrencies. It have compiled an exhaustive list of all the cryptocurrencies It currently support and intend to support in the future.

Bittrex

Jumio can already handle customers from about 200 different nations. You may view the complete list of supported nations here. Except for enhanced verified accounts, Bittrex does not yet enable deposits or withdrawals in fiat currencies.

Fees

Binance

Binance offers a very straightforward and well-organized fee structure. Trading charge rates are classified into ten categories, ranging from VIP level 0 to VIP level 10.

  • VIP level 0 customers have a balance of 0 to 50 BNBs and a monthly transaction volume of less than 50 BTC.
  • The VIP 9 level is designated for people who have more than 15,000 BTC in monthly transaction volume and/or a balance of at least 11,000 BNB.

Maker fees range from 0.0200% to 0.1000% between VIP 9 and VIP 0, while taker fees range from 0.0400% to 0.1000%. BNB holders are eligible for a 25% trading fee reduction and a 10% reduction in the charge for trading USDS-M futures.

Bittrex

Similar to Binance, Bittrex charges users based on whether a transaction is a maker or taker fee and lowers fees with higher 30-day trading volumes.

Bittrex only considers the entire trading volume on the site and does not provide any discounts on fees for using a particular cryptocurrency.

Besides, it charges maker and taker fees that range from 0.35% of transactions at the lowest trading volume to 0% maker costs and only 0.05% taker fees at the maximum trading volume. The maker fees even fall below Binance’s lowest levels, bringing the fees very close to its lowest levels.

Ease of Use

Binance

  • Quick and simple onboarding – The site allows for a quick onboarding procedure, allowing you to sign up and acquire cryptocurrency in less than 10 minutes. While signing up, a basic sliding verification is utilized to confirm you are not a robot or a computing system.
  • Visibility and access – The platform provides multiple degrees of trading screens to investors seeking varying levels of service. These are labeled as Markets, Basic, Advanced, and Over-the-Counter (OTC) in the website’s “Trade” section, which appears as a drop-down while hovering over the Trade section.

Bittrex

  • The exchange’s usability differs slightly between US and worldwide clients. The main distinction here is that the US version of the exchange has less assets than its international counterpart.
  • Both versions of the exchange provide a diverse choice of cryptocurrencies and strong market liquidity, which is ideal for those looking to liquidate their assets quickly. The most important modifications, however, have occurred in Bittrex’s user interface.
  • The new exchange’s UI is simple and easy to use. A list of supported trading markets is displayed on its primary screen, along with price overviews, volume, and percentage price change over the last 24 hours.

Interest Rates

  • Binance: are between 2 and 5% per annum. The interest rate is a floating rate and may vary over time.
  • Bittrex: Bittrex pays interest on certain account balances. The interest rate is variable and subject to change.

At a Glance

Binance

Bittrex

Location Distributed Seattle, Washington, United States
Supports fiat currencies? USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH USD, EUR
Range of cryptocurrencies supported? 373 cryptocurrencies 320 cryptocurrencies
Customer support Online help centre, email, social media Online help centre, email, social media, live chat
Ease of use Intermediate

  • Crypto-to-crypto trading only
  • User interface easy to navigate
  • Also offers advanced trading view
Beginner

  • Offers USD deposits
  • Clean and simple user interface
User interface Slightly confusing for beginners Reasonably easy for beginners to navigate
Set-up New users must provide:

  • Email address
New users must provide:

  • Email address
  • Date of birth
  • Country of residence
  • Residential address
  • Phone number
  • Proof of ID
Supported countries Global Global

FAQs

F&Qs

How Do Bittrex and Binance Work?

Users can trade digital assets on cryptocurrency exchanges Bittrex and Binance. Both exchanges have a sizable user base and provide a selection of unique coins and tokens.

Is It Safe to Hold Cryptocurrency in the Bittrex or Binance Exchanges?

In terms of safety, it is generally considered safe to hold cryptocurrency in either Bittrex or Binance. However, as with any exchange, there is always a risk of hacks or security breaches. Therefore, it is important to take precautions such as storing your coins in a secure wallet and not keeping all of your eggs in one basket.

Despite the fact that both exchanges have been compromised in the past, Bittrex is typically seen as being more secure than Binance.

Who Should Use Bittrex or Binance?

Both Bittrex and Binance are suitable for advanced traders. They are both excellent exchanges with a lot to offer, although they do have different strengths. If you are looking for a large selection of altcoins, then Bittrex is the exchange for you. However, if you want to trade on margin, then Binance is your best option.

Which One Should You Choose?

If you are looking for a more established exchange with more coins available for trading, then Bittrex is the exchange for you. If you are looking for a newer exchange with lower trading fees, then Binance is the exchange for you.

Conclusion

Bittrex is a fantastic option for individuals who are hesitant about investing with an exchange that might pull the rug out from under them, despite the fact that it lacks several of Binance’s capabilities. Overall, some users will choose Binance while others will find Bittrex to be more advantageous.

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