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Well then you are at the right place.
I will in this guide provide you with a detailed comparison of these two top crypto exchanges. So that you can easily make your own decision of which one to choose when you want to buy, sell or trade cryptocurrencies.
If you are just starting out and you want to learn more about how exchanges work and the basics of cryptocurrencies then we recommend this starting guide to cryptocurrencies.
Bittrex vs Binance – which is the best alternative?
When it comes to picking cryptocurrency exchanges we have a lot to choose from.
Sometimes it is hard to know which one to select. They can at times feel very similar, and there are many things to consider when it comes to making a decision.
How secure it is, is it easy to use, do they have a customer support, etc.
But how do you make a decison after that? Or if you are just trying out exchanges not based on a specific crypto?
Well then this guide on Bittrex vs Binance will be perfect for you.
How this comparison will work:
We will judge Binance vs Bittrex on the following areas. And from there on we will get a winner between Bittrex and Binance.
- How secure and reliable is it? 1-5*
- How easy to use and user-friendly is it? 1-5*
- What are their current features? 1-5*
- How good is the selection of cryptocurrencies? 1-5*
- How good is the liquidity? 1-5*
- And what are the current payment options available? 1-5*
- And what are the fees? 1-5*
Based on these seven important aspects there will be a winner.
Ok, lets start comparing Bittrex vs Binance
Bittrex is a U.S based cryptocurrency exchange, known for its wide selection of available cryptocurrencies and today in 2020 it is also one of the oldest still remaining crypto exchanges.
Bittrex launched in 2014 with a clear focus on creating a secure platform where crypto enthusiast could easily buy and sell most of the cryptocurrencies available.
Bittrex has a site available for the North American / U.S based users and a separate site for the rest of the world – which is the global version.
The founders of Bittrex are Bill Shihara, Richie Lai and Rami Kawach. These guys have a background from companies such as Amazon, Blackberry, Microsoft amongst others.
They have a strong technical and security experience between the three of them. Producing a trio of very solid tech background compared to some of the other founders of other exchanges that have a more entrepreneurial background only.
Fast forward from 2014 and through the years until we reach where we are today and Bittrex might not be the leader of the pack anymore. Their competitors like Binance and KuCoin amongst others are doing similar stuff in a very nice-looking package.
That’s why we’ve seen Bittrex invest and improve the look and feel of the site recently.
How to get started at Bittrex?
To get started with Bittrex you simply head over to www.bittrex.com and you will automatically be redirected to the version based on where you are geographically based.
And then after that you select if you are a private user or a corporate user. And go through the signup process by entering your email and password.
The whole process shouldn’t take longer than a few minutes. It is a standard onboarding process.
How secure is Bittrex?
As mentioned earlier the strong technical and security background of the founders has meant that Bittrex’s focus on those aspects have been clear from the start.
That means they have so far not really had any specific hacks or critical breaches due to their own security setup. There’s been rumours of past SIM card hacks, but these haven’t been tied to any issues on Bittrex front. Rather user errors.
Bittrex have the standard security measures in place to help protect your funds, including two-factor authentication and email verification.
I think everyone should follow the expert’s advice and never leave much of their holdings on any cryptocurrency exchange.
How user-friendly is Bittrex?
I wouldn’t say that Bittrex has the most modern site based on all exchanges. But it is a straightforward site without any clear hiccups, and without the fancy tools and features.
For me it feels like an exchange without all the fuss and extra features and tools like perhaps KuCoin. And instead Bittrex is focusing on providing users with easy to use trading tools and experience.
I wouldn’t say that Bittrex is worse or better compared to Binance when it comes to UX and UI.
Bittrex offers a solid trading experience. With plenty of coins and the basics needed, such as trading, deposits and withdrawals.
You can get a nice overview of your trades and easily search and find the cryptocurrencies you want to trade.
You can download your trade history for tax purposes (via cvc file), and a referral program where you can invite friends to.
They also have an app available, available for iOS and Android. And this is a basic trading app, but nothing too fancy.
Otherwise, that’s pretty much it. Here in Binance and Bittrex’s comparison, they fall a bit short.
How good is the selection of cryptocurrencies?
I think this is the section where Bittrex truly shines. They have one of the best selections of available cryptocurrencies, 150+. With BTC and ETH being the standard base pairs.
And they have also fiat currency markets (USD + EUR) and USDT stablecoin markets.
How good liquidity is the liquidity of Bittrex?
And one very important thing to consider when picking an exchange to use is how good liquidity does this exchange have for this specific cryptocurrency you want to buy, sell or trade.
Without enough liquidity, you won’t find buyers or sellers. That means you can easily push the price up.
Bittrex liquidity is not on par with Binance, they lack the depth for both altcoins but also specifically for Bitcoin and Ether.
This is Bittrex’s top 20 crypto based on liquidity in BTC – taken from Coinpaprika
There is a common problem with wash trading and fake trading generally at exchanges.
Based on Coinpaprika’s evaluation of accurate and misreported data, Bittrex has one of the highest confidence scores with 80.60%.
So Bittrex has a fairly low liquidity and trading volume. This will make it harder for you to make your trades. Especially if you are trading in big volumes.
But they do score high in confidence score which takes their overall score up a bit in my book.
Payment options available on Bittrex
You can deposit and withdraw fiat currencies at Bittrex. Both USD and EUR. If you are a global user (non-U.S user) then EUR should be added automatically when you have verified your account.
For U.S users you will first need to apply for this feature to be available. You can do so here.
And after that has been approved you can deposit funds from your bank via a SEPA, Wire transfer, credit card or debit card.
They have fiat and cryptocurrency support, but it’s not the most intuitive and you will for U.S users apply for it first.
I would say that Bittrex has one of the best fee prices by all cryptocurrency exchanges.
They have one of the lowest fees and very generous discounts for bigger trading volumes.
Bittrex fees start at 0.1% for maker and taker fee, going down to 0% maker and 0.040% taker fees for the whales of crypto ($60M+ trading).
- Check out the full details on Bittrex fees here
Additional information about Bittrex:
- Find helpful guides and articles about Bittrex here
- Visit Bittrex Twitter
- And engage with others on Bittrex’s Reddit page
- How secure and reliable is it? 5/5*
- How easy to use and user-friendly is it? 4/5*
- What are their current features? 3/5*
- How good is the selection of cryptocurrencies? 5/5*
- How good is the liquidity? 2/5*
- And what are the current payment options available? 3/5*
- And what are the fees? 5/5*
- The total score of = 28/35*
Binance is one of the most popular and widely used cryptocurrency exchanges in the world. And they have pretty much been that since they launched back in 2017.
That is crazy to think about. Since its launch in 2017 Binance has grown to become perhaps the biggest and most used cryptocurrency exchange in the world.
The founder of Binance is Changpeng Zhao or CZ.
A few of the things that I think Binance did very well was to quickly add a lot of new exciting altcoins. They launched their cryptocurrency exchange during the early days of the bull run of 2017.
So people were flooding the crypto markets. New users were coming onto the scene reading about Bitcoin’s price movements from about $800/900 – $20,000. And all the new altcoins that were bursting onto the scene.
Many giving some outrageous returns of investments to their ICO investors or early investors post the ICOs. This meant that there was a gap in the market for a quality exchange to come in and provide a simple way for the masses to buy both Bitcoin but also the new crop of exciting altcoins.
And Binance probably provided this opportunity better than anyone else.
Combined with an outspoken and meme-able founder and CEO the success was a fact. From $0 to a billion-dollar company in under, a year is nothing short of remarkable.
Today there are three different Binance exchanges available. Standard Binance, and then you have Binance Jersey a fiat deposit/withdrawal exchange for Europeans and Binance US, an exchange open for U.S customers.
Binance has spot trading, margin trading, futures trading, and an OTC desk for bigger trades (learn more about Bitcoin and crypto OTC desks here).
- Find out more about how trading works at Binance here
How to get started at Binance
Getting started and opening an account with Binance is very easy. To get started with Binance you simply head over to their website – www.binance.com and click on Register.
Add your email, set a password and proceed through the sign up process. It will take just a few minutes.
Binance doesn’t openly state which countries they restrict , besides the U.S (Binance have opened Binance US for the American user group).
But this is what Binance has to say about restricting countries (in their Terms and Conditions):
Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.Binance T&Cs
How secure is Binance?
I think that Binance is one of the better options when it comes to security. But truthfully told, they have been hacked a few times actually.
But what Binance has done that is very interesting is that they have created a security fund. And this fund will reimburse their users in the unlikely scenario of a successful hack.
This security fund is known as SAFU.
Otherwise, Binance is a reliable exchange with most of the common security features that you expect. From 2F-Authentication, offline wallets and many additional security features built-in their products.
But perhaps since they’ve been hacked which Kraken hasn’t there might be some work to do for the future here.
How user-friendly is Binance?
I wouldn’t say that Binance is the most user-friendly exchange in the world. Based on the UI and UX of the site.
But Binance comes packing full of features and functions. So it can feel a bit busy at times.
But similar to Bittrex it’s not that hard to navigate and use if you are somewhat experienced crypto and digital users.
Binance have for their trading a few different available settings, so you can change the view depending on your level of experience. They have different versions (limited or full features) based on if you are a new and basic user, or a more seasoned trader.
So that’s fairly good. But it doesn’t dummy it down that incredibly much between the basic vs advanced mode.
Binance is one of the most feature-rich exchanges in the world. They have been a frontrunner in the development and progression of the entire cryptocurrency space.
Some of the features of Binance are:
1 ) SAFU (user reimbursement fund)
The SAFU (Secure Asset Fund for Users) has been set in place to reimburse users in the case of a successful hack on Binance.
That means you can leave your cryptocurrencies on Binance knowing that the will fund will help to secure the value of your cryptocurrencies.
2 ) Binance Launchpad
This is Binance’s IEO (Initial Exchange Offering) function. Where new blockchain projects can kickstart their startups and raise funds.
IEOs are fairly new, previously (and still is) it has mostly been ICOs (Initial Coin Offering) where new blockchain startups raised funds by their own, but often tied to one or more exchanges later on where their new coins or tokens would launch at.
Now this is done at exchanges for some of the new startups in the blockchain and crypto space.
3 ) Binance lending
This is a way for users to start earning interest on their funds and help to fund margin traders that uses Binance. You can earn anything from 3% up to 15%.
There are two types of lending features, one is fixed which has a higher interest rate and where you lock down your cryptos for a longer time.
The other is the flexible one, where you can withdraw your funds at any time but with a lower interest rate.
These are not all features of Binance, they have everything from staking, to margin trading, Binance academy for teaching users about crypto, the option to buy cryptos directly from your bank or with your card, to a debit card and an OTC desk.
In short Binance is a leader when it comes to features and functions.
How good is Binance’s selection of cryptocurrencies?
Binance has one of the biggest selection of available cryptocurrencies. As mentioned this was a big draw factor for attracting users during the height of last bull run.
And still, today sets Binance apart from most exchanges, but definitely not Bittrex. These two are similar here. They have more than 100+ coins and tokens available. And with several Fiat currencies and stablecoin trading pairs also available.
How good liquidity is the liquidity of Binance?
And then to compare Binance’s liquidity to Bittrex’s it will be evident that Binance has much deeper liquidity pools and volume for trading. So if you are trading bigger volumes I’d choose Binance over Bittrex.
This is generally true for all cryptocurrencies. For ETH, BTC but also for most altcoins.
This is Binance’s top 20 crypto based on liquidity in BTC – taken from Coinpaprika
Comparing Binance vs Bittrex here there is clear that the volume and liquidity is much bigger at Binance compared to Binance. For example comparing BTC, ETH and LINK vsd USDT trading pairs:
- BTC/USDT = 290.25 BTC at Binance
- BTC/USDT = 60.75 BTC at Bittrex
- ETH/USDT = 405.34 BTC at Binance
- ETH/USDT = 26.05 BTC at Bittrex
- LINK/USDT 200.72 BTC at Binance
- LINK/USDT 1.69 BTC at Bittrex
It is clear that Binance have much deeper and better liquidity than Bittrex.
Another thing to take into consideration is that based on Coinpaprika’s evaluation of accurate and misreported data, Binance has a confidence score of 53%. Which is much higher than many others, for example, Bkex has 2.37% and MXC 0.25%. But falling short of Bittrex’s 80.60%.
Payment options available on Binance
Binance currently has cryptocurrency withdrawals and deposits, and Fiat deposits for 8 fiat currencies, from EUR, GBP, HKD, RUB, etc.
You can also buy and sell cryptocurrencies on Binance with your credit card or debit card.
Additionally, Binance has its Jersey and US outfit too. Which offers additional payment options for EU and US citizens.
For spot trading, these fees apply at Binance: 0.10% in maker and taker fees up to 50 BTC over a 30-day volume. And then it goes lower from there.
But you can minimise your trading fees at Binance by buying their Binance Coin and use it for trading fees.
Then you can earn reduced fees of 25%.
Binance has margin trading fees (interest rates) that apply on a daily or yearly level, it differs from crypto to crypto
- Find out more about spot trading fees (maker and taker fees at Binance)
- And for margin trading fees at Binance here
Additional information about Binance:
- Find helpful guides and articles about Binance and trading cryptocurrencies here
- Visit Binance’s Twitter
- And engage with others on Binance main Reddit page and their Reddit page for the exchange
- How secure and reliable is it? 4/5*
- How easy to use and user-friendly is it? 4/5*
- What are their current features? 5/5*
- How good is the selection of cryptocurrencies? 5/5*
- How good is the liquidity? 4/5*
- And what are the current payment options available? 5/5*
- And how are the fees? 4/5*
- The total score of = 31/35*
And the winner is…
Binance, with a total score of 31*.
The total score of both Bittrex and Binance is:
- Binance 31/35*
- Bittrex 27/35*
So it is fairly close. And Bittrex did well. They are one of the top crypto exchanges around.
But for me, it is a fair winner. And Binance mainly takes it home because of its feature-rich site and app and for being a frontrunner in new developments. And also based on their trading volume and liquidity.
Both of Binance and Bittrex are really good choices. And exchanges that you can use for most, if not all of your cryptocurrency trades. Name a crypto, and they probably have it.
I hope you liked this article, and I thought it was to write and do the research. Obviously this is written by one person and with my own experience coming into play.
But I tried to take a neutral position and see it objectively from these fice areas selected.
If you have any questions about any of these exchanges or the article then feel free to leave a comment below. And we will get back to you as soon as possible!
If you liked the article then please share it with others!
Find other guides:
- Best way to invest in crypto
- Best Masternode coins
- Bitcoin investing guide
- How to buy BAT
- How to buy Tezos
- Best Ethereum wallets
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier