Bittrex VS Binance: A Detailed Comparison with Google Trends
The year 2017 has been a great year for the digital realm of cryptocurrency. Countless million common people and serious investors stepped in to take a piece of the action that has made people rich within a timeframe of a few months. Of course, to accommodate these people, many investors also looked into creating cryptocurrency exchange platforms and we saw a lot of new platforms like these.
We also saw two of the most prominent cryptocurrency exchange platforms, Binance and Bittrex, race toe-to-toe for the biggest share of the mainstream adopters who were pouring into the cryptoverse. But this is a new year, and we are here to answer the question: “Which one is better? Binance, or Bittrex?” Follows below a full Bittrex VS Binance comparison to help make your decision for your top cryptocurrency exchange platform.
If you have been a part of the vigorous revolution of Cryptocurrencies in 2017, you will know that Bittrex was by far the dominating platform during the start of 2017. However, Binance, with its cunning business and market strategies, was able to snapshot the success of Bittrex and overtake its rival by the latter half of 2017. Now is 2018, and anyone of the two has the opportunity and the resources to take lead. But you aren’t here for that, you are here to choose which one is best for you, so let’s begin.
PART 1: Binance VS Bittrex Key Features: What’s the difference?
Before comparing the features, it is important to mention that both of the platforms do not support fiat-to-crypto trading option. Both of the platforms only support crypto-to-crypto trading options.
Also, none of the two cryptocurrency exchanges are meant specifically for absolute beginners. It will be very hard to start using these apps right away if you are new to cryptocurrency exchanges. You will need some sort of a tutorial to understand their usage.
|REVIEWS||Bittrex Review||Binance Review|
|WITHDRAWAL LIMIT||0.4 BTC -> 100 BTC||2 BTC ->100 BTC -> 100+BTC|
|EASE OF USE||Medium||Medium|
Supported Cryptocurrencies: Variety Against Demand
The number of supported cryptocurrencies depends upon the decided model of any exchange platform. Bittrex supports about 200 different cryptocurrency projects for trading which makes it a single platform for all your needs.
Binance’s main selling point is a bit different. Although it does support a large variety of cryptocurrencies, though not as much as Bittrex does. On the other hand, Bittrex is among the very few cryptocurrency exchanges that are the firsts to list down the new hot projects these days. Any serious trader would want to grab coins of a hot new cryptocurrency project after its ICO because the coins are usually the most inexpensive during that time.
A number of cryptocurrency exchange platforms have their own native token, using which, will unlock a variety of perks that you won’t be able to access while using other cryptocurrencies for your trade.
Unfortunately, Bittrex doesn’t have its own Token, which means that users don’t have the opportunity for extra benefit. Binance, on the other hand, has Binance Coin (BNB) as an option to use as a trading base for your transactions. Using BNB as a trading base with popular coins like BTC (Bitcoin) or ETH (Etherium) will save users a huge portion of the trading fees that they will have to pay if they used any other token as their trading base.
Signing up for either of the two exchange platforms is as basic and simple as it is signing up on a video streaming website. Just put in your name, email address, some other profile details, and hit submit.
One thing you should be aware of is that both of the exchange platforms have been suspending new registrations for small intervals from time to time. This is because the hyper-growth of cryptocurrency traders has to be accommodated by adding more servers, expanding bandwidths and data centers.
Usually, this is the part where you will get mixed answers. Many people will say that the interfaces of both the cryptocurrency exchange platforms are rough and graceless. This characteristic often demotivates newcomers. But as mentioned earlier, these exchange platforms are meant for those who really want to trade, not for those who want to try.
Other than that, one can safely say that the user interfaces of both the exchange platforms cover the essentials to get the job done regardless if you are a novice or an advanced trader. A large range of features including, chart candles, 24-hour price data, and order books are present in both the applications for the users.
Bittrex has a perk over Binance here that Bittrex offers a larger array of chart capabilities that aren’t found on Binance as of now.
To summarize our answer to the question: “Which one is better?” It is clear that Binance and Bittrex are on an even page. However, Binance offers quite a few advantages to its users that can be very beneficial for you in the long run.
Having its own native crypto coin and offering the very-recently released cryptocurrencies are a great head start for newbies as they are great sources of investment for experienced traders.
Part 2: Bittrex VS Binance Trading: Which one is better?
Trading qualities of any cryptocurrency exchange platform can be judged by the quality of service it provides, supported currencies/cryptocurrencies, supported countries, and its charges for the said service. Since none of the two platforms offer fiat deposits, withdrawals, or fiat-to-cryptocurrency trade, this factor isn’t worthy of consideration between them.
Deposits and Withdrawals:
When it comes to depositing or withdrawing crypto-coins, both of the platforms are somewhat tied in the race. The process for exchanging cryptocurrency in both of the exchange platforms is fairly simple, direct, and identical.
However, as mentioned earlier, the variety of the supported cryptocurrencies differs in both platforms. Bittrex supports a slightly larger number of cryptocurrencies while you can buy or sell the hottest new cryptocurrency coins using Binance.
The fee charged for the transaction on Bittrex are quite high when compared to Binance. Bittrex charges about 0.25% for its transactions. Is it absorbable for us? Yes. Is it comparable with Binance? No. Binance charges between 0.05% and 0.1% for its transactions. A huge difference when it comes to trading in large volume.
Bittrex limits the withdrawal amount of any basic account to just 0.4 BTC (or equivalent) per day while Enhanced accounts can withdraw up to 100 BTC (or equivalent) in a day. Binance offers the same withdrawal limit of 100 BTC (or equivalent) per day for level 2 accounts. But level 1 accounts can withdraw 2 BTC (or equivalent) per day. Binance also offers a level 3 option where you can request Binance team to grant you an even higher withdrawal limit. Bittrex has no such option.
As mentioned earlier, Bittrex supports about 200 cryptocurrencies while Binance lists a little over 100 cryptocurrencies available for trade. But you should be assured that you can find the hottest and all the popular cryptocurrencies on Binance too. What you won’t find on Bittrex are all the most hyped new cryptocurrency projects that everyone wants to buy.
Bittrex is a US-based exchange platform, but it doesn’t provide service to over 20 states of the US due to regulations regarding cryptocurrencies in those exchanges. Both of the cryptocurrency exchange platforms are global. Whether it is supported in your country or not depends upon the regulations and restrictions regarding cryptocurrency exchanges.
PART 3: Binance VS Bittrex trust: Which one is more reliable?
As per the information seen on Google Trends, Bittrex had been in lead for almost the whole of 2017. However, Binance had definitely done something right by the end of the year. Within a matter of a month, Binance was able to overtake Bittrex by a large margin. This proves that Binance has made pretty great efforts to keep their users satisfied and secure. Because even as of the month February, Binance is still on a major lead according to Google Trends.
Apart from that, both the exchange platforms use email confirmations, two-factor authentication, and other basic security measures.
As for the source of customer support, Bittrex establishes contact with its users through email only while Binance supports Social Media and Email.
Quality and Consistency of Service:
A number of exchange are facing problems due to the drastic increase of cryptocurrency users and traders in such a short period of time. Of course, Bittrex and Binance also face problems due to that. But which one is affected more than the other? Let’s discuss.
Binance has only crashed a few times in the recent weeks due to high trade volume during specific times. For instance, Binance would crash when a popular new cryptocurrency project gets listed and a large number of users rush to buy the new coin. The traders on Binance have been a bit frustrated over the issue but isn’t anything that only Binance users are experiencing.
Bittrex, however, is in deep waters right now. Servers overloading and crashing down isn’t their biggest problem. There is a sort of a revolt among the Bittrex community as reports of users’ accounts being banned or shut down without any proper reason or explanation are in the air. Catering to such a huge mass, Bittrex will need to put special efforts to make things better if it hopes to keep its place on the top floor of cryptocurrency exchange platforms.
While the leadership of Bittrex is yet in the fog, for now, the exchange platform is facing a huge chunk of customer support problems that have been unsolved for months now. This non-compliance of the Customer Support of a company with its customer is a very alarming and frustrating issue for the users.
On the other side, everyone is familiar with the CEO of Binance, Zhao Changpeng, who has been showing up frequently on news agencies and magazines like CNBC and Bloomberg. Zhao Changpeng is making sure that all the activities are up-to-date and the company’s customers are satisfied in every way possible. This air of transparency lays a huge load off of our shoulders. You don’t want to wake up every morning worrying that something wrong might happen to your account.
The Extra Mile by Binance:
You can easily understand the commitment of Binance team by reflecting upon the hacking incident. When a group of hackers attempted to steal funds equivalent to $10 million, the team’s automated security measures were able to respond right away to the threat, ultimately rendering the hacking attempt unsuccessful No funds were lost except the hacker group’s when it tried to pump up the price of Viacoin and sell their own supply. The funds will be donated to charity. But that’s not all, Binance has also initiated a bounty which offers $250,000 to anyone who either arrests or reveals the identity of the hacker group.
Both the companies are practically established across the world from each other (Bittrex being based in the USA while Binance being headquartered through Japan) and are fulfilling cryptocurrency trading needs of countless million users. If you were to casually choose between the two, Bittrex and Binance both are equals. But if are the type of guy who wants as fewer flaws as possible, Binance is the clear winner.
Binance offers special perks on using its own cryptocurrency, the fees for transactions are lower on Binance, the withdrawal limit is more spacey. And the best part about Binance is that the team is ready to take significant steps to keep its users secure and satisfied.