Binance vs Bittrex, which Exchange Is Better? Our amazing team of analysts has come together to help answer that and more of the two popular cryptocurrency exchanges.
What is Crypto Trading?
Cryptocurrencies are currently the most popular application of blockchain technology – of course, Blockchain enthusiasts don’t waste time in letting the world know that there’s more to Blockchain than crypto.
Nonetheless, the fact remains that the first interaction that most people have with Blockchain technology is often a function of an interest in cryptocurrencies.
If you are interested in getting involved in crypto trading, you probably already know that you’ll need to do so through an exchange, very similar to stock or commodity trading.
This piece attempts to provide an objective comparison on two popular cryptocurrency exchanges – Binance vs Bittrex – with a view to helping beginner traders make informed decisions on the choice of an exchange.
Which Exchange Is Better?
Binance Exchange
Binance is a cryptocurrency exchange incorporated in Malta and it has operational offices in Taiwan and Japan.
Learning how to use Binance is pretty simple; you can access the platform via a browser on your computer or through a mobile app on your smartphone.
Coins are the only funding method available for your account, so you’ll need to first buy crypto from another platform such as Coinbase. And then send the coins to your Binance wallet.
The exchange offers the lowest-in-class trading fee of 0.10% per trade. But if you use Binance BNB native token, the fees could drop to as low as 0.05%.
In addition, they help you start trading as soon as possible; hence, there’s no limit on the number of coins that you can deposit into your account.
However, there’s a measure of verification required for withdrawals to protect your funds. Without verifying your account and ID, you’ll be subject to a daily withdrawal limit of 2BTC. Once your account is verified, the limit will be lifted to 50BTC.
Bittrex Exchange
Bittrex is a U.S. based cryptocurrency exchange founded in 2014 by the trio of Richie Lai, Bill Shihara, and Rami Kawach. It is headquartered in Seattle Washington.
The exchange doesn’t have a mobile app but its website functions as a web app through which you can conduct your core and ancillary trading.
Like Binance, cryptocurrency is the major funding method, but you can do a wire transfer if you want, with more than $100,000. Bittrex charges a flat 0.25% trading fee on all trades.
They are also somewhat more stringent on verifications than Binance.
Of course, there is no limit on the number of deposits you can make prior to verification. However, there is a zero (0) BTC withdrawal limit.
You can’t even withdraw a Satoshi from your account until you’ve done the verification.
After your basic verification, you’ll have a daily withdraw limit of about 0.4BTC. ID verification without activating 2-factor authentication will raise your daily withdrawal limit to 1BTC. ID Verification with 2FA will raise your withdrawal limit to 100BTC.