Cryptocurrency trading is an activity that is becoming increasingly popular throughout the world. However, a rising number of people are searching for the most refined cryptocurrency exchange platform for themselves. In this Bittrex vs Binance comparison, we’ll examine two industry titans. Binance and Bittrex are two of the internet’s most well-known cryptocurrency trading websites. They also have excellent reputations and are trusted by most cryptocurrency holders.
Naturally, most individuals would want to choose one of the two. This leads to debates over the safety and quality of the services provided by the platforms. Worry not about the Binance vs Bittrex, all of the necessities will be covered in this guide.
Bittrex vs Binance: Comparison Criteria
If you’ve been evaluating cryptocurrency exchange sites for a while, you’ve undoubtedly developed some precise criteria for analyzing the platforms and determining which ones best meet your description. That’s the appropriate way to do it, and it’s the process we’ll use in our Bittrex vs Binance comparison. However, because there are several ways to evaluate the two crypto trading platforms, we’ll concentrate on five key features: security, simplicity of use, costs, supported currency count, and user count. While there are more characteristics to consider these five are some of the most crucial.
Bittrex vs Binance: The Comparison
To keep things straightforward, we’ll stick to the abovementioned characteristics and compare and contrast both systems in this Bittrex VS Binance argument. We won’t dive into the Binance VS Bittrex costs or user numbers just yet; instead, we’ll start with security.
A bitcoin exchange platform can secure its members’ funds in various methods. Different platforms use different security methods, and the Bittrex vs Binance comparison is no exception. In conclusion, whether you pick Binance or Bittrex as your preferred crypto exchange platform, you can ensure that both exchanges have extraordinary security measures. You’ll be able to set up two-factor authentication on each of those sites, which will offer an extra degree of security to your bitcoin assets.
Furthermore, Bittrex provides its consumers with a unique feature: the exchange keeps 80 percent – 90 percent of all crypto assets in cold storage devices. This implies that hackers would be almost hard to infiltrate and steal your cryptocurrency! It’s no surprise that Bittrex is known as the world’s safest crypto exchange.
Ease of Use
A variety of factors determines a bitcoin trading platform’s usefulness. It’s also worth noting that what’s “simple to use” for a crypto trading pro will be pretty complex for a total rookie. You shouldn’t be concerned about this Bittrex vs Binance comparison because both platforms are easy to use and have basic designs. This is not to say that Bittrex or Binance lack any specific functionality. Both platforms will have all of the fundamental features you expect from a high-end crypto trading site, such as graphs, buttons, and the like.
The platforms also provide some helpful hints for those who are just getting started – you’ll be able to browse over each of the features and see what they do and how they might aid you in trading, buying, and selling cryptocurrency. Both sites in question have simple registration processes that you can do in minutes. Overall, both platforms will give you fantastic usability in terms of simplicity of use – a nice aspect to know for anybody looking at Binance vs Bittrex comparisons.
The Bittrex VS Binance fees are undoubtedly one of the most popular subjects among those wishing to begin trading crypto assets. As said earlier in the post, if you want to earn a profit with cryptocurrency, this is undoubtedly one of the things you’ll need to pay particular attention to! Naturally, it may not be the deciding factor, but consider this: you’ll most likely be trading and swapping your cryptocurrencies numerous times weekly.
If the fees are considerable, they will undoubtedly amount to a substantial amount of money. When it comes to low costs, Bittrex is an excellent option. The exchange will charge your transactions a flat 0.25 percent fee. Sure, it’s a little pricier than some other exchanges, but because it’s unchanging, you may save a lot of money in the long term. Binance does take a strong stand against Bittrex. With Binance, you will be charged a 0.1 percent fee on all deals. It’s one of the industry’s cheapest fees! However, this does not apply to withdrawal costs; only transaction fees are affected. So, in terms of Binance fees against Bittrex fees, Binance wins.
Number of Supported Coins
You should always anticipate a cryptocurrency trading platform to support all of the major cryptocurrencies, which means you should always be able to trade and exchange Bitcoin, Ether, Litecoin, and similar ones. If that’s not the case, you’d be better off with a different exchange entirely. When comparing Bittrex VS Binance, you’re probably more interested in the total amount of supported cryptocurrencies rather than whether or not the two platforms support the most popular crypto-assets. I mean, we’re talking about two industry titans here.
Whatever the situation, rest assured that both exchanges support a large variety of cryptocurrencies. Bittrex offers over 200 different crypto assets to choose from. Binance, on the other hand, supports fewer currencies – about 150, to be precise. While Bittrex supports more coins and is the “winner” in this section of the Bittrex vs Binance comparison, it’s worth noting that most individuals won’t utilize all of these trading options. When the number of supported coins reaches the hundreds, it becomes more significant to trade pros rather than industry beginners.
Finally, consider the issue of user count or the number of active users on the two platforms. When deciding on the ideal crypto exchange platform for yourself – whether it’s comparing Bittrex VS Binance or another platform – the user count will tell you how well the platform is performing in terms of trade and what the general attitude is within the community.
It makes sense if the exchange has many users. It’s likely to be dependable and trustworthy. Bittrex has over 500,000 active users. While it is on the lower end of the scale compared to other large crypto exchanges, it is still decent. Binance, on the other hand, has a user base of around 14 million. Yes, there is a considerable difference. In conclusion, if you want to make a long-term career out of cryptocurrency trading, Binance is the superior option unless Bittrex suddenly bursts with people.
Bittrex vs Binance: The Final Verdict
So, in terms of this Binance VS Bittrex comparison, which of the two platforms will be the best option? As you may have noted, while both exchanges are “up there” regarding reputation, Binance is the superior option. Binance has a massive user base, is highly safe and trustworthy, and has some of the best fees in the whole business. While Bittrex has excellent security features, it falls a little short in most other areas compared to Binance.
Finally, if you’re a cryptocurrency fan seeking the finest spot to start trading crypto assets, Binance is undoubtedly one of the most incredible options.