What are the differences between Bittrex and Binance? If you are given only two options, Binance and Bittrex to choose from, it is necessary to know the different aspects of each of these two crypto platforms in order to find out which among the two is best for you to use.
This article will ensure that you do so and do not miss out on anything left on the table.
Ideally, Binance and Bittrex are two of the most popular crypto exchanges that you will find out there that are created for the same purpose and have quite a good reputation in the market.
Since you will not be using both of them simultaneously, you will need to pick one among the two. Check out Differences Between Coinmama and Binance.
This leads to considering a few basic points that will differentiate the two platforms in terms of safety, security and quality of services provided.
In this article you will find all those basic and essential points covered as well as a few additional factors considered which will help you to make the right choice in the end.
10 Differences Between Bittrex and Binance
If you follow the recommendations of the experts in the crypto space and need to choose between crypto platforms like Bittrex or Binance, you may tend to favor Binance over Bittrex like most of the traders do.
Though there is no harm in doing so, you will be better off if you know whether or not the platform will suit you the best and be able to meet all of your needs.
For that, this list of differences will help you a lot in determining an appropriate platform for your crypto ventures.
Bittrex is typically a Bitcoin exchange. It is located in Seattle, Washington and was founded in 2013. This makes it one of the earliest crypto exchanges at that time that operated in the US.
As of now, there are more than half a million active users on this popular crypto platform that offers them a wide opportunity to trade.
In comparison, the Binance exchange is pretty young since it came into existence only in 2017. The company was founded by Changpeng Zhao and its head office was originally in China.
There are more than 13.5 million active users on this platform which also have the highest trading volumes, two basic factors that make it the largest crypto exchange in the world.
2. Supported Coins
When it comes to coin support, Binance tends to be more favorable than Bittrex, though both offer a wide range of crypto coins and markets for trading.
Bittrex offers more than 250 different crypto markets to trade with that include Bitcoin, Ethereum, Ripple, Cardano, Dogecoin, Litecoin, and more. On this platform, you can buy or sell different crypto coins outright.
In comparison, the Binance platform as of now supports more than 500 different types of crypto coins to trade with including two of its own, namely, BNB and BSC.
In addition, this also includes hundreds of smaller and lesser-known Altcoins. However, it is important to know at this point that Binance US, the platform designed for US traders, offers only 50 different types of crypto coins as of now to trade with.
When you compare the cost to trade on both these crypto platforms you will find that Binance is quite cheaper. As for spot trading, the Binance platform charges a standard fee of just 0.10% for every trade made on it.
The rate remains the same whether you make or take liquidity on this platform. If your trading volume is reasonably high, usually more than 50 Bitcoin in a month, then you can avail a discount on your trading fees.
Also, you can get an additional discount of 25% if you opt to pay for the fees in BNB, the custom crypto coin of the Binance exchange. If you want to make an instant buy or sell by using your credit card or debit card, Binance will charge a fee of 1.5% for that.
As for Bittrex, the cost of spot trading is 0.35% on each trade made on it. As for the discount offered by this particular platform for trading in high volumes, you can avail it only when you trade more than $25,000 in a month.
In the case of making instant trades with credit or debit cards on Bittrex, the platform charges a fee of 3% for each transaction thereby making it quite more expensive than the Binance platform.
4. User Interface
When you compare the user interface of the two platforms, that of Bittrex may seem to be very simple and easy to use. It comes with various options charts and also offers a lot of tools to make it convenient to use.
There are also several materials offered that are good to study and make better decisions. Apart from that the user interface also includes the market history, a trading book, and an order book.
On the other hand, the user interface of Binance typically is of two specific types. The basic version of it will allow you to see several graphics and charts, currency pairs trading, order book and trade history.
On the other hand, the advanced version of it also includes the open orders along with the trade history and currency pairs. The unique aspect of it is that it offers technical analysis of the value of the crypto assets over time.
5. Mobile App
If you are willing to trade on the go then Binance should be your choice. The app is pretty seamless and easy to use. The good thing about the Binance mobile app is that it comes in two modes namely, the ‘Lite’ mode and the ‘Pro’ mode.
The main difference between these two apps is in the details offered while the users want to check prices or trading. In the Lite mode, you will get simple price charts in lines.
On the other hand, the Pro version of the mobile app of Binance comes with all advanced features that will help you significantly while making a trade. It comes with highly customizable and full-screen charts.
Bittrex falls well short of Binance in terms of the app that it has to facilitate mobile trading. This app that supports both iOS and Android devices was only built recently and it seems that the software needs a lot of improvements.
This mobile app is quite frustrating to use because the price data takes a long time to get updated and it also shows some errors frequently when it is used to deposit funds or while buying crypto coins. It needs the users to authenticate them every time they open the app which adds to the difficulty in its use.
6. Buying Limits
You can also differentiate Bittrex and Binance trading platforms on the basis of the minimum and maximum limits imposed on buying cryptocurrencies in each trade.
As for Bittrex, the minimum size of an order is just $3 and there is no maximum limit imposed on the size of the order. However, if the open positions exceed 1000 or if you make 500000 orders in a day, both of which are highly unlikely for a trader, the platform will impose limitations on it.
On the other hand, when you consider Binance, the maximum and minimum limits on buying and selling orders will depend largely on the number of steps you have completed during the account verification process.
Ideally, while creating a standard account, the platform will allow you to buy or sell crypto coins worth up to $300 in a day. However, if you include a photo of yourself as well as an ID to verify your account, the same limit will be increased up to $5,000 worth of crypto coins in a day.
And, finally, if your address is also included in your account for verification purposes, the buying limits will be as high as $50,000 worth of crypto coins per day.
Another significant point of difference between Bittrex and Binance is in the way in which your crypto holdings are managed by these crypto platforms.
Typically, you will need to have a digital wallet for that matter. As for Bittrex, the crypto wallet of this exchange is typically built into the platform.
Therefore, you can create a Bitcoin wallet, if you wish to buy Bitcoin, that is, inside your Bittrex account where you can transfer the coins. This wallet itself is usually stored on the servers of the platform and is maintained by them on your behalf.
On the other hand, the entire approach of Binance is completely different. This particular exchange does not allow storing the coins directly inside the account. Instead, you will need to use your own crypto wallet.
You will have to link it to the account. You can use any third-party wallet for that matter or use the Trust Wallet that Binance offers. This particular wallet supports more than 500 different types of crypto coins.
8. User Experience
When comparing the user experience offered by the two crypto platforms Bittrex and Binance, it seems Bittrex beats Binance in that matter. The order form is pretty simple.
Once you have determined the type of crypto coin you wish to trade with, simply enter the amount of the coin you wish to buy, choose the particular payment method you want to use, and review the order before placing it finally.
The good thing is that the platform will allow you to sort the coins based on the 24-hour price changes or 24-hour trading volume. This will help you to see which particular crypto coin is gaining more traction.
Though most of the features of the Binance trading platform are almost the same, the fact that you will have to choose the payment method before you open the order form may throw you off.
When you click on the Markets page and click on a particular coin, the platform will not take you to an instant buy order form page but to the advanced trading platform. This is quite implausible. However, things may not seem to be a big hurdle once you get familiar with the platform.
The layout of the Bittrex platform also benefits it in providing a much better user experience. One specific aspect of the layout of this platform is that it comes with as many as seven preset layouts.
You can toggle between these layouts quite easily by using keyboard shortcuts. This is really very helpful if you want to dive deeper into the analysis. What is even more fascinating is the fact that you can even customize all the shortcuts of the keyboard according to your convenience and preference.
On the other hand, the Binance platform also comes with different modules which you can toggle between easily off and on but you will not be able to change the layout of the platform.
Apart from that, there are also no options for using keyboard shortcuts for added convenience and you cannot even view the depth charts and price at the same time.
10. Some Other Differences
Here are a few smaller factors that are also good to know for any trader to differentiate between Binance and Bittrex.
Though both Binance and Bittrex are not regulated, the Bittrex exchange has a slight edge over Binance since Binance is alleged for violating tax and money laundering rules and is currently under investigation by the DOJ and IRS in the US.
As for customer service, you can get in touch with the support team of Bittrex either through live chat or through a ticket system in the online Help Center.
Binance, on the other hand, provides a robot-chat service. If you want to get in touch with a person on the other end of the live chat you may have to wait for several days for it. There is also a YouTube channel to find some useful tutorials and guides.
As for the security, Bittrex seems to have a slight edge over Binance because 80 to 90% of the crypto assets of the users are held by the exchange in cold storage devices.
This makes it virtually impossible for hackers to get into it and steal the crypto coins. It also follows KYC, AML and CFT standards and all communications are SSL encrypted.
The Bittrex platform works under the supervision of the Financial Market Authority and the framework of DABA or the Digital Asset Business Act in Bermuda as well as Transactions Systems Based on Trustworthy Technologies Act in Liechtenstein, unlike Binance.
When you consider the trading options offered by these two platforms, you will find several of them on Binance. The Bittrex crypto exchange offers only spot trading with multiple order types and crypto coins support.
On the other hand, the Binance exchange allows spot trading with three types of orders, margin trading for leverage by borrowing funds in two forms such as isolated margin and cross-margin to maximize profits.
It offers quarterly and margin futures with up to 125x leverage, leveraged tokens trading without liquidation risk or collateral with leverage within the range of 1.25x and 4x, and options trading to make out the most of the price movements within diverse time frames with limited risks.
You may use multiple wallets as well for holding your coins, which is good in a way in terms of security, and easily link them all to your Binance account.
Or, if you want more convenience, you can also use a single wallet and mix different coins in it. This is a huge plus for Binance in comparison to Bittrex.
The API of Bittrex seems to be more powerful than that of Binance having REST endpoints and Web Socket service that provides better market and user data updates. However, the Binance API, on the other hand, will allow you to integrate the trading app with it.
In terms of design, both these crypto exchanges are typically web-based but Binance also has a fully functional mobile app for Android and Windows. In addition to that, there is also a Beta version available for iOS.
This is specifically designed to expedite the process of placing a buy or sell order as much as possible. It also allows the users to deposit funds, withdraw funds and even monitor the open positions.
Apart from that, this specific mobile app of Binance will allow you to make trades with crypto futures, leveraged tokens, and Bitcoin options right from your phone. This app comes with useful tools such as price alerts.
When you use the Binance platform you will not need to worry about complex things like trading fees and order books as you would when you use the Bittrex platform due to the Binance Convert feature. It will help in converting one crypto to another instantaneously.
The Binance platform also comes with several other useful features that are found lacking on Bittrex. These are peer-to-peer exchange, Binance Earn, Binance Pool, Binance visa card, crypto loans, and liquid swap.
Which is Better to Choose – Bittrex or Binance?
As of now, it is Binance. It is all due to the features and functionalities of this platform.
First, when it comes to fiat currency support Binance is much better than Bittrex supporting a much wider range of them, in fact, more than forty.
As for Bittrex, if you are not in the US, you can make fiat deposits in EUR, USD, and GBP.
Secondly, Bittrex was once the biggest crypto exchange in terms of trading volumes but Binance surpassed Bittrex recently after it implemented stricter Know Your Customer and Anti-Money Laundering regulations.
There are also several good reasons to choose Binance such as:
- This particular platform charges a reasonably low fee for spot trading
- It offers a wider selection of crypto coins and allows making instant purchases as well
- It also has a very useful mobile app which is much more seamless than that of Bittrex and most importantly
- The Binance platform supports a wide range of derivatives that you will not find in Bittrex.
Binance is the main platform that can be accessed from anywhere in the world.
It also has two other separate platforms such as the Binance US which is dedicated to US residents, and Binance Jersey which is designed to serve the traders in the European Union.
After the Chinese government banned the use of cryptocurrency in the country, Binance shifted its head office to several places such as Japan, the Cayman Islands, and finally settled in Malta which is a far more crypto-friendly place in the EU in order to avoid the increasing regulatory pressure and scrutiny in the other countries.
However, the Binance platform does not allow you to buy or sell crypto coins outright. Instead, it allows you to trade Bitcoin on a margin up to 10:1 and with other types of crypto coins on a margin up to 5:1.
Another good aspect of this particular crypto platform is that it allows the users to trade leveraged tokens as well as cryptocurrency futures.
Both these types of trades offer the users greater buying power and the ability to speculate much better on the crypto market. If you want to avail the options trading feature on this platform, you can do so with Bitcoin.
The interface of Binance offers a more detailed view in comparison to that of Bittrex though the design of the advanced user interface may seem to be more complex to beginners since it includes a lot more boxes and options.
With all these factors considered, Binance surely seems to eclipse Bittrex in terms of popularity and user base but annulling Bittrex without considering its features, functionalities, and offers will be pretty unfair.
Given the fact that this is equally popular and well-reputed, the Bittrex platform is surely worth considering.
If you have not chosen a crypto platform among Bittrex, Binance, or any other by now, you are not ready to start with your venture. To make the right choice you will need help from articles like this to know the differences between them.