Bittrex Or Binance Market Is Bigger?
When it comes to comparing the markets, both Binance and Bittrex are not regulated crypto exchanges. As a result, they do not offer deposits or withdrawals in fiat like US Dollars or Euros. If you want to trade on these exchanges, you’ll have to use BTC or another crypto exclusively. However, as of late 2019, both platforms now cater for deposits using Visa and MasterCard.
While both have a similar structure, and Bittrex is the more established of the two exchanges, it might surprise you to learn that Binance is the bigger fish in the pond. Binance trades in 612 markets and supports trading with more than 500 tokens and cryptocurrencies.
Trading more than $4-billion in volume every day, Binance is a behemoth, and ranks third on the list for top exchanges in terms of liquidity, with more than $73-million available.
On contrast, Bittrex is number 20 on the list of exchanges with the best liquidity. Traders need liquidity to prevent slippage in trades. Slippage describes the adjusted pricing loss between your execution and your fill. Exchanges with low liquidity will give you more slippage, especially in thinner markets with obscure pairs.
Bittrex has daily volumes approaching $250-million, and trades in 376 markets, which is a little more than half of what’s on offer at Binance.
Which One Is Cheaper? Bittrex Or Binance?
Binance and Bittrex make money by charging your trading fees. Binance has the lowest trading fees in the industry. This pricing strategy was a bold and clever move on behalf of the Binance management team. Although the exchange was a latecomer to the industry, they saw a flood of new customers due to the lowest trading fees available.
As a result, Binance shot to the top echelons of the exchanges doing the most volume. Attracting new business allowed the company to grow quickly, allowing it to dominate with the big exchanges like Bitfinex, BKEX, and Huobi.
One of the most interesting and exciting offerings from Binance comes in the form of its platform token, BNB. The Binance token offers even lower fees for traders, with a 50% discount on transaction fees, that’s 0.05% on each transaction.
Bittrex operates a flat fee model, charging 0.2% on all transactions. That’s a significant difference between the two exchanges. You also get a sliding scale fee structure, allowing you to get fees as low as 0.08% if you’re trading more than $60,000,000 every month.
Compared to other exchanges, Bittrex competes with Bitfinex at the same price point. Bittrex charges withdrawal fees of 0.0005-BTC, and there’s a 3% processing fee on all credit card deposits, but this facility is not available for US residents.
Binance charges 2.5% to purchase cryptos with credit or debit cards, and once again, they do not accept US residents. Withdrawal fees for Binance are 0.0005-BTC.
Is Bittrex More User Friendly Than Binance?
Both platforms are not the best choice for beginners. They feature cluttered dashboards with plenty of features that new traders will find overwhelming. Binance has the more complicated dashboard of the two, and you’ll probably need to watch a few YouTube tutorials to learn how to use the platform correctly.
Bittrex is a bit more user-friendly, and we like that it offers 1-minute charts. If we had to choose a winner in this category, we would say that Bittrex is a nose ahead of Binance, but it’s still nowhere near as user-friendly as other platforms like Coinbase.
Can We Trade Via Mobile In Bittrex and Binance?
Most traders trade at a desktop. However, there are those times when you need mobile functionality. Your phone is a tool, and you can use it to check on trades while you are away from your PC or laptop. Fortunately, Binance offers you a mobile app for iOS and Android.
The app doesn’t have the full functionality of your desktop trading platform, but you’ll still be able to watch the price action and execute offers from within the app.
Bittrex offers you no mobile app. Don’t even bother trying to login to your account using the web browser on your phone; it’s too slow and confusing.
Bittrex Or Binance Has Better Support?
Bittrex has a low-level of customer support available. Unfortunately, poor customer support leads to low levels of transparency and angry customers that start to distrust the management team. This issue becomes a problem, especially when the company decides to suspend withdrawals while they check their security systems, as was the case with an attempted hack in January of 2019.
Binance has a better reputation for customer support. This company offers email tickets and chat support on social media for any of your technical problems with the platform. Response times are good, and transparency on the platform is excellent, giving Binance a high level of confidence in the eyes of traders.
One note is that Binance experienced a hack in August of 2019, where cyber criminals made off with $40-million in crypto from the companies hot wallets. However, it seems that Binance covered this security breach and beefed up their security since the attack.
Still, the hack was not long ago, and it will always be fresh in the minds of many traders that lost money in the security breach.