Among the most well-established and visited exchanges in the cryptocurrency world are Binance and Bittrex. Binance rose swiftly to prominence, taking only a couple of years to become the biggest crypto exchange today, while Bittrex has defended its steady growth with uncompromising security whose track record remains blemish-free. We go over each exchange’s features, security, ease of use, support, and more to help you choose your next trading platform.
Binance vs Bittrex Cryptocurrency Exchange Comparison Chart
|Fees||Check Fees at Binance.com||Check Fees at Bittrex.com|
|Fiat Currencies||n/a||EUR, USD|
|Deposit Methods||Cryptocurrency||Cryptocurrency, Wire Transfer|
|Exchange Volume||$2 billion||$37 million|
|Has Been Hacked||Yes||No|
|Support||Email, Phone, Social Media|
Bittrex has a spotless track record while Binance has an asset fund.
Founded by cybersecurity experts, Bittrex has maintained its stellar security over its long existence, making it one of the most secure and well-respected exchanges today. Its security-first approach ensures its any funds and transactions in the platform are kept secure with multiple layers of protection. Bittrex uses a multi-stage elastic wallet strategy and keeps over 90% of funds in cold storage. It has automatic IP lockups as well as IP login history to ensure account access is strictly verified.
Binance users have a lot of confidence on the platform’s security and performance, and more continue to flock to the platform. Its Secure Asset Funds for Users (SAFU) assures that any compromised funds are compensated in case of a breach. Unfortunately, it had occasion to use this after the May 2019 hack that saw around $40 million USD in Bitcoin being stolen. Binance enhanced its infrastructure and software since then, and impacted users recovered their losses.
Both exchanges use and encourage two-factor authentication (2FA) for all accounts. Multiple verification levels are in place to regulate withdrawals and other account activities, and an ID is mandatory on Bittrex. ID verification can take a while longer on Bittrex so it’s recommended to follow the requirements exactly to avoid pitfalls. On the other hand, Binance is more relaxed, requiring an ID only if you wish to withdraw more than 2 BTC a day. Binance also deployed an AI to monitor transactions and user activities to prevent a similar breach from happening in the future.
Bittrex supports more digital currencies while Binance offers more trading pairs.
Both Binance and Bittrex only offer crypto-to-crypto trading. Overall, Bittrex supports a greater number of cryptocurrencies than Binance, with more than 200 digital coins and tokens and counting. Bittrex specializes on high-demand proof-of-work (POW) coins which launched without premining. There are over 350 trade pairs with more being added as new digital assets get listed on the platform nearly weekly.
On the other hand, Binance focuses on listing ICO coins, so nearly all of the most popular cryptocurrencies can be traded on the platform. It has more than 150 digital assets, but it offers more trading pairs (around 500+) than Bittrex. Notable coins that are present on Binance and not on Bittrex are EOS and Ripple, with the inverse including Spendcoin, Ankr Network, and TenX. Likewise, Binance lists new assets every few weeks.
A key reason why Binance’s entry into the exchange industry was so successful is the platform’s advanced matching system and built-in scalability. It can handle more than a million transactions per second without hiccups, allowing it to function flawlessly even at extreme volumes. Now that it has the busiest order book among exchanges, Binance proves that it can handle huge numbers of trading orders, essential for any trader who wants to take advantage of opportunities swiftly.
Binance’s liquidity is also one of the most fluid in the market, and it’s also the biggest platform in terms of trading volume, which currently hovers around $2 billion USD. In comparison, Bittrex’s $37 million is less impressive, though still respectably large enough for constant trading activity. According to Coinpaprika, Binance’s confidence score is 83% while Bittrex is at 70%, indicating excellent liquidity and web traffic for both exchanges.
Fees and Support
Binance has lower fees and better support than Bittrex.
Deposits don’t incur any fees on either Binance or Bittrex. Withdrawals, on the other hand, are subject to network transaction fees as well as minimum amounts depending on the asset. Bittrex’s network charges for withdrawals are a bit higher than Binance’s, though its fiat deposits and withdrawals are free of charge. Note that you bank may require its own fee even so.
Trading fees are without a doubt lower on Binance than on Bittrex. Maker and taker fees on Binance start at 0.1% and decrease further depending on your 30-day trading volume. In addition, holding its native Binance Coin (BNB) nets you a further 25% discount. Bittrex has recently reduced its trading fees to 0.20% for both maker and taker orders, though it’s still double that of Binance. You also get lower rates according to your 30-day volume.
Further, transfer limits and KYC requirements are larger and easier on Binance. You have a 2 BTC daily withdrawal limit at the lowest verification level. Providing ID verification increases this limit to 100 BTC, with additional levels available if you want to exceed this ceiling. On the other hand, Bittrex requires identity verification for all accounts, and completing it with a valid ID gives you a 1 BTC daily limit. Adding 2FA for security will increase the withdrawal limit to 100 BTC, which is the current max even for heavy traders.
Customer support is slightly better at Binance due to the number of channels you can shoot your requests or concerns through. While Bittrex also has a robust FAQ and a standard email ticketing system, Binance adds phone support for its users. Moreover, Binance is notably active on social media, particularly on Twitter where its CEO regularly gives updates and even replies to specific user queries. Plus, Binance lets users create new threads in its subreddit, so you can choose which method to get the assistance you need from the support team.
Binance is recommended for active traders while Bittrex is better for new and intermediate users.
Lower trading fees and an incredibly fast matching system make Binance one of the best exchanges for active crypto-to-crypto trading. Nearly all major digital coins are supported, ensuring you can trade in high quality cryptocurrencies. Plus, Binance’s KYC processes are easy to complete while user funds remain secure both via cold wallet storage as well as the availability of its SAFU. Its own native coin continues to grow, too, enhancing platform loyalty while it continues to launch new and exciting innovations and projects.
Despite higher fees, Bittrex is recommended for new and intermediate users due to its user-friendly interface enabling secure trading and investment in proven digital coins. All of its listed assets follow its fair distribution policy, ensuring each project already has a significant community that’s active behind it. As such, you can ensure that your investments remain relevant for the long term, and with Bittrex’s excellent, proven security, your funds won’t be at risk.
So far, Binance Coin has managed to improve in value over its lifespan. Active traders get a sizable discount by using it for transaction fees. Investors will appreciate its quarterly burn, ensuring that the coin doesn’t devalue by regularly decreasing its supply.
In terms of overall security, Bittrex is a secure platform that allows users to trade in numerous cryptocurrencies with confidence. Its user-friendly interface makes it easy to recommend to beginners and intermediate traders. However, customer support has historically been its weak point, so it can take longer to get assistance or replies compared to other exchanges.
Yes, Bittrex has never been hacked in its long (for exchanges) history. Around 90% of all user funds are kept offline in cold storage. Moreover, user accounts are highly encouraged to be protected with two-factor authentication. IP and ID verification are also strictly enforced on the platform.
Binance, along with many other exchanges, highly advises users to store their funds in hardware wallets such as Ledger. This ensures that your coins are at no risk despite the possibility of a breach. While Binance definitely takes security seriously, it has previously been hacked. Thankfully, it implemented its Secure Asset Funds for Users beforehand, which compensated users who were affected by the attack.