This article will compare two global crypto exchanges, Binance vs Bittrex.
Binance vs Bittrex: Summary
- Binance and Bittrex are cryptocurrency exchanges founded in 2014 and 2017, respectively.
- Binance offers spot, futures, margin, leveraged tokens, and options trading, while Bittrex offers only spot trading.
- Binance and Bittrex are entirely secure platforms and don’t allow anonymity.
- Both the exchanges offer a user-friendly interface and support Android and iOS.
- Binance offers comparatively fewer trading fees compared to Bittrex.
- Binance supports additional features such as crypto loans, liquid swap, Binance card, Peer-To-Peer Exchange, and more.
Binance vs Bittrex: Overview
What is Binance?
Binance is the largest cryptocurrency exchange founded in 2017 by Changpeng Zhao. They have their headquarters in Malta. It performs over 1,400,000 transactions per second. It is a one-stop shop for cryptocurrency trading, buying and selling crypto, earning interest, crypto loans, liquid swaps, and more.
What is Bittrex?
Bittrex is a cryptocurrency exchange founded in 2014 by Bill Shihara, Richie Lai, and Rami Kawach. They are registered in Bermuda and Liechtenstein. Bittrex offers a custom-built scalable trading engine for fast order execution. Additionally, they also support third-party trading platforms and algorithmic trading through APIs.
Binance vs Bittrex: Trading Options
Binance Spot Trading
Binance provides spot trading with three types of orders- Limit, Market, and Stop-Limit. To know in detail about Stop-Limit order and how we can place one in Binance, check here.
Binance Margin Trading
Margin Trading offers you to borrow funds to perform leveraged trading. They support both isolated margin and cross-margin mode. They amplify trading results to maximize profits.
Binance uses the margin level to calculate the risk involved in the margin account.
Binance Futures Trading
They allow both quarterly and margin futures up to 125x leverage. The significant difference between USDT margined futures and token margined futures is that the former has no expiration dates, whereas the latter is available with or without an expiry date.
Leveraged Tokens are tradable assets in the spot market that provide you leveraged exposure to an asset. They are a set of perpetual contract positions. You can get a leveraged position without collateral and liquidation risk. The leverage range varies between 1.25x and 4x.
Binance Options Trading
Binance Options offer you to take advantage of the price movement within different time frames with limited risk. You can trigger the contract any time before the expiry date. The period varies from ten minutes to a day. You can act as a direct buyer or seller when issuing or purchasing options using Binance Vanilla Options. They are priced and settled in USDT.
Bittrex Spot Trading
Bittrex offers spot trading. They support multiple order types such as Limit, Market, Stop-limit, Trailing, One-Cancels-The-Other-Order (OCO), and Ladder Limit.
They support an extensive range of cryptocurrencies. The Market section is divided into – BTC, ETH, EUR, USD, USDT, Tokenized Stocks, and Recently Added.
Bittrex vs Binance: Additional Features
Bittrex Instant Buy and Sell
Bittrex allows you to buy and sell instantly. You have to enter the amount you want to buy or sell. After reviewing the details, your transaction gets completed.
Bittrex offers a powerful API with REST endpoints for transactional operations. The WebSocket service provides streaming market and user data updates. You can check here for detailed documentation.
Binance Convert and OTC
Binance Convert offers the conversion of one cryptocurrency into another instantly. You don’t have to worry about complicated matters like order books and trading fees. It allows you to perform faster trading at a better price.
Binance API offers you to integrate your trading application with Binance. Check the detailed documentation here.
Binance P2P (Peer-to-peer Exchange)
You can buy and sell cryptocurrency directly with other users with negligible overhead costs. You can also set trade advertisements for your trade prices to attract users. Binance does not collect any information about the buyers and sellers.
Binance allows you to lend your crypto, stake your PoS (Proof of Service) coins, or deposit your funds to a DeFi service via Binance to earn interest on your crypto. You can choose among Flexible Savings, Launchpool, BNB Vault, Fixed Savings, staking, and other activities.
It allows you to earn passive income by automatically switching hash rates to mine different cryptocurrencies using the same algorithms.
Binance Visa Card
It is a cryptocurrency card similar to any other debit card with extra features. It has minimal fees, is entirely secure, and offers cashback of up to 8%. This makes your cryptocurrency experience similar to FIAT.
Binance crypto loans
Binance offers crypto loans in exchange for digital assets as collateral. You can also repay the loan before the maturity period and pay interest only for the days you have used the loan amount.
Binance Liquid Swap
Binance Liquid Swap allows you to make extraordinary annual profits by providing liquidity to Binance liquidity pools.
Binance vs Bittrex: Security
Security is a top priority for Bittrex. They use a multi-stage holding strategy and store most of the funds in cold storage. Cold wallets are completely air-gapped devices that cannot be connected to a network. All communication is SSL encrypted, which prevents phishing attacks. You can whitelist IP addresses and withdrawal addresses.
The platform has been built from scratch and uses multiple layers of protection and robust technologies to secure funds and transactions. It complies with the KYC/AML/CFT standard and is supervised by the Financial Market Authority (FMA).
They operate under the framework of the Digital Asset Business Act (DABA) in Bermuda and Transactions Systems Based on Trustworthy Technologies Act (the “Blockchain Act”) in Liechtenstein.
Additionally, they are licensed by the Bermuda Monetary Authority (BMA) to conduct Digital Asset Business.
Bittrex’s cross-chain recovery service helps you to recover funds if they were accidentally transferred to a wallet of wring coin type provided they are more significant than 5000 USD. Till now, there has not been any security breach on the platform.
Binance uses a multi-system security architecture. A significant portion of the funds is stored in cold storage wallets which are completely air-gapped.
Two-factor authentication is used for additional security. A confirmation email is sent out for every withdrawal. To ensure that you are clicking on an email sent by Binance, you can enable ‘Anti-Phishing,’ which gives you a code that will be present in every email. You can also allow withdrawal whitelisting.
Through Secure Asset Fund for Users, the program allocates ten percent of your profits to cover losses in unforeseen circumstances.
Binance vs Bittrex: Fees
Bittrex does not charge for deposits. A small fee is charged for withdrawals depending upon the cryptocurrency, which includes the network transfer fee.
Similarly, Bittrex has divided its trading fees into nine levels depending on your trading volume. They follow a maker-taker model.
The thirty-day trading volume is calculated every day and is updated between 00:30 UTC and 1:30 UTC each day. You can check the same under ‘My Activity.
|Thirty Day Trading Volume (USD)||Maker||Taker|
The withdrawal fee and minimum withdrawal depend on the blockchain network. Therefore, they are not fixed and depend upon network congestion.
Binance uses a maker-taker model. The fee structure is divided into eleven levels according to the trading volume in the last thirty days and BNB Balance. Hence, your trading fee is decided by your Level.
They update the trading volume over thirty days and BNB Balance every day at 0:00 am UTC for all their users. The tier level and maker-taker is fees is updated at around 2:00 UTC.
Trading fees is deducted from your BNB balance by default with a 25% discount on your trading fee. To get an additional 20% discount, you can refer your friends to Binance.
You can also check the detailed guide on the fee structure for Binance and Binance US.
Bittrex vs Binance: Identity Verification
To start trading on Bittrex, you have to complete your identity verification. You have to submit a front/back of a government-issued ID. You can check the set of acceptable IDs for your country. According to the website, It takes about five-ten minutes for the entire process to get completed.
In Binance, the withdrawal limit depends upon the verification level. Additionally, to deposit FIAT, you need to complete Advanced level verification.
|Basic ( Identity and Address Information)||5000 USD every day|
|Advanced (Proof of Address, Government ID)||1,000,000 USD every day|
|Complete Fiat Account (Brief Prime Time Questionnaire)||5,000 USD with ACH or 1,000,000 USD with wire each time|
Binance vs Bittrex: User Experience
Binance offers an easy-to-use interface that supports light and dark modes. The platform supports multiple languages such as English, Chinese, Japanese, Korean, Spanish, and many other languages.
Bittrex offers a user-friendly platform. It supports both light and dark modes.
The left sidebar allows you to switch between different markets easily. The middle section contains the price chart, depth chart, or both, along with order books, open orders, closed orders, and wallets. The right section contains different types of orders and trade history.
Additionally, they have a mobile application that supports Android and iOS.
Binance vs Bittrex: Customer Support
You can also submit a token for listing by writing to [email protected].
Additionally, live chat is available from Monday to Friday ( 6:00 AM to 4:00 PM PST).
|Trading||Binance||Binance supports Spot, Futures, Margin, Leveraged tokens, and Options trading, while Bittrex only supports Spot Trading|
|Identity Verification||Same||Both the exchanges don’t support anonymity. You have to submit identity proof.|
|Security||Same||Both the platforms are entirely secure|
|User Experience||Same||Both the platforms have an easy-to-use interface and support mobile applications.|
|Trading Fees||Binance||Trading Fees are comparatively less for Binance|
|Additional Features||Binance||Binance offers several other features under one platform: crypto loan, liquid swap, binance card, Peer-To-Peer Exchange, and more.|
|Customer Support||Same||Both the exchanges have extensive customer support. Though, Bittrex’s live chat is available only at specific timings,|
Binance vs Bittrex: Conclusion
Binance and Bittrex are secure and user-friendly crypto exchanges. You have to complete the identity verification to trade in both exchanges.
Binance offers more trading features compared to Bittrex. Bittrex only offers spot trading, while Binance offers Spot, Futures, Margin, Leveraged tokens, and Options trading. Binance also offers several other additional features, as discussed. The trading fees is also comparatively lower.
Frequently Asked Questions
What are the main differences between Binance and Bittrex?
Binance has more trading options such as Futures, Margin, Leveraged tokens, and Options trading. Binance also offers lower trading fees. It also supports crypto loans, liquidity swaps, peer-to-peer exchanges, Binance Card, and more.
Is Binance safe?
Yes, Binance is absolutely safe to use. It uses a multi-system security architecture. A significant portion of the funds is stored in cold storage wallets which are completely air-gapped. Further, Two-factor authentication is used for additional security.
Is Bittrex safe to use?
Yes, Bitrrex is safe to use. They use a multi-stage holding strategy and store most of the funds in cold storage. Cold wallets are completely air-gapped devices that cannot be connected to a network. All communication is SSL encrypted, which prevents phishing attacks. You can whitelist IP addresses and withdrawal addresses.