Without a doubt, both Binance and Bittrex are highly regarded exchanges in the cryptocurrency world. While Binance’s overall total daily trading volume hit over $10 billion, Bittrex comes in at a 24-hour trading volume of “only” 1 billion. Both exchanges have had to close their trading platforms earlier this year as they experienced huge increases in signups.
Bittrex handles one of the the largest bitcoin trading volumes out of all the exchanges in the world, but currently Binance is the world’s largest cryptocurrency exchange. So while Binance seems like the best candidate hands down, let’s first get the rundown on both exchanges.
Currency Options and Trading Fees
Bittrex supports trading of over 190 currencies, but Binance’s unique selling point is that it makes the newest altcoins available on the exchange almost immediately, so traders can capitalize on new altcoins here before they are available on other exchanges. Since it is mainly focused on the Chinese market, most of these new altcoins are ones particular to that region.
Another advantage of Binance is that it offers its own currency, the Binance (BNB) Coin, which has continued to increase in value as the exchange has gained popularity. It is one of the top cryptocurrencies in the marketplace today.
Binance is known for one of the lowest trading fees of any currency trader at .1%. But you can finagle even lower fees if you use Binance’s currency to pay those fees. Bittrex’s trading fee is a bit higher at 0.25%.
Neither exchange currently accepts fiat trading.
Company History and Leadership
Based in Las Vegas, Bittrex prides itself on being fully legally compliant with US regulations. As one of the first exchanges ever to apply for New York’s Bitticense, it is able to offer its services to New York customers.
Binance, on the other hand, has its own impressive history. Founded in 2016, the Chinese-based company successfully raised over $15 million in its ICO which led to the creation of the Binance Coin (BNB).
The coin operates as a ERC20 token on the Ethereum blockchain, and it steady increase in value has enabled the exchange to quickly prove its value in the marketplace.
Binance has a strong leadership, with CEO Zhao Changpen having appeared on major news networks such as CNBC and Bloomberg. For traders interested in learning more about the face behind their exchange, the opportunity is available.
Bittrex is a web-based platform known to have a friendly and intuitive interface, although definitely designed by someone familiar with trading. It leads in its offering of advanced features with it offerings of few technical trading tools such as candlestick charts and crosshairs for more advanced traders.
Binance’s platform is also web-based, with two sets of interfaces: a simple one and a more advanced one for experienced traders. In contrast with Bittrex, however, Binance offers a mobile trading app in both iOS and Android.
Neither of these exchanges is for first-time traders, so it helps if you have a fair amount of experience.
Binance is known for its heavy-duty matching engine that allows up to 1.4 million trades per second – a serious advantage when the inability to exchange can end up costing you money.
Bittrex also prides itself on its security. It requires two-factor authentication for all withdrawals and API usage. Although a few individuals have claimed to have their accounts hacked, these claims are difficult to verify. Its record so far has been clear of major security attacks.
As a popular trading exchange, people had been holding their breath for Binance to have a security breach of some sort, and to see how the company would handle it. They didn’t have to wait too long: In early March of this year, Binance was hacked.
Hackers were able to place a large number of trades on the bitcoin market and artificially inflate the price – however, the company saw the attack in time and withdrawals were automatically disabled by their risk management system. Another problem with Binance traders might need to be aware of are crashes in the system – particularly at a time when a new altcoin gets listed.
It’s hard to beat Binance with its high trading volume, diversity of coin offerings, low transactions fees, lightning-speed trading engine and excellent reputation. It also has a transparent management team. However, if you’re looking for a friendlier interface or more advanced tools – or US regulation — perhaps it’s worth trying out Bittrex.