Binance VS Bittrex: Ultimate Crypto Exchange Comparison Guide

Comparison
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General Information

BinanceBittrex
Year of foundation20172014
CountryChinaUSA
LanguagesEnglish, Portuguese, German, French, Spanish, Italian, Korean, Russian, Traditional Chinese, Simplified Chinese, Dutch, Vietnamese, Turkish, Indonesian, Polish, UkrainianEnglish, Russian, Chinese
Mobile appiOS, AndroidiOS, Android
Restriction of trade for countriesIran, Serbia, Bosnia, Macedonia, Bosnia and Herzegovina, Belarus, Myanmar, Zimbabwe.Syria, Iran, North Korea, Crimea, Cuba.

Registration and Verification

Let’s compare both exchanges in terms of ease of registration for beginners and verification options, and the benefits that come with verification.

Binance

The exchange does not require mandatory verification.

  • withdrawal without verification – 2btc per day;
  • withdrawal with verification – 100 BTC per day;
  • required data for verification – document + personal photo.

Bittrex

Bittrex exchange allows you to register without any restrictions. But after registration, you can only see how the exchange works and get acquainted with the interface. If you want to trade, you must be verified and connect the two-factor authentication.

  • withdrawal without 2FA – 1btc per day;
  • withdrawal with 2FA connected – 100btc per day;
  • required data for verification – document + personal photo.

Depositing and Withdrawing Funds

BinanceBittrex
CryptocurrenciesAll currency pairs traded at the moment All currency pairs traded at the moment
FiatOn the main site deposit is available only by bank cards, there is no withdrawal and trading in fiat. Fiat trading is available at the binance.je branch in Jersey.Only for US bank account holders
Bank cardsAvailable for deposit on the main Binance website through Simplex platform.No

Trading Volumes and Traded Pairs

Binance

The exchange is in third place by volume. The daily trading volume exceeds Bittrex 10+ times. 630 million dollars were traded at the moment. There are 447 pairs traded on Binance right now.

Bittrex

The exchange ranks 46th with more than $61 million in volume. There are 335 cryptocurrency pairs available for trading on the exchange.

Commission

Binance

Binance’s commission is 0.1%. If you use BNB, the commission will be 0.075% of the order. It is possible to reduce the commission even more if you trade more or keep it in your BNB account.

Bittrex

The commission of the exchange is 0.25% and is unchangeable. That is, regardless of your trading style, deposit or any other factors, you cannot reduce the commission.

Security

Let’s start by looking at the common features that both exchanges have:

  • Two-factor authentication or 2FA through the Google Authenticator app;
  • Confirmation of actions via email;
  • White list of wallets;
  • Impossibility to change email.

Binance

  • SMS verification. Additional protection level. Not recommended for use without the Google Authenticator application because the phone number can be compromised;
  • Anti-Phishing Code is a unique code that helps to fight phishing attacks. This type of attack when a site, very similar to a stock exchange site, asks you to enter your username and password. Once this code is enabled, all emails from Binance will contain it.

Bittrex

  • White list of IPs from which you can trade, deposit and withdraw funds;
  • Email request for login confirmation from new IP.

Pros and Cons

So, we compared the two exchanges on many characteristics. But let’s take a closer look at the main positive and negative aspects of both exchanges.

Binance

Pros
  • Two-factor authentication
  • Popularity of the platform
  • Variety of cryptocurrencies available for trading
Cons
  • Difficult for novice cryptography enthusiasts.

Bittrex

Pros
  • High level of security. The exchange has never been hacked.
  • Verification is carried out with a minimum amount of data about the client.
  • The account verification process is faster than on many other exchanges.
  • Average commissions on the market. Bittrex charges 0.25% for any transactions.
  • Support for more than 250 cryptocurrencies, including rare ones.
  • No deposit limits.
  • Up to 90% of customer funds are stored in cold wallets.
  • The exchange is available for work in most countries.
Cons
  • There is no margin trading and no possibility to get loans to open positions.
  • Liquidity at the exchange sometimes does not allow to quickly process transactions with large volumes.
  • Lack of incentive programs for new users.
  • No referral program.
  • Slow response of the support service to requests from users.
  • Problems with the verification.
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