In this article, we will be comparing Binance and Bittrex, two major cryptocurrency exchanges.
At a Glance
In the battle between Binance and Bittrex, our pick is Binance. We picked Binance because of Binance’s lower trading and non-trading fees, better support for investors, its offering of more educational opportunities, and because it has more ways for traders to access and utilize their funds. While Bittrex is a fantastic platform with a wide selection of cryptocurrencies and low fees, it doesn’t have the same developed user interface Binance does.
Best for: Binance
If you’re looking for a big, broad platform with access to tons of markets and a great educational/research base, and you’re more of an early trader who wants help with the process, Binance is for you. Binance has the slight edge, as its fee structure is a little lower.
Binance has a larger user base, the largest user base in the world. Binance’s offerings in terms of assets you can trade are better overall; there is a broader selection. The platforms are generally about equal in terms of their user experience and ease of execution, but Binance is a little more oriented to new users who want the platform to do a lot of heavy lifting for them.
When it comes to depositing and making withdrawals, Binance also offers plenty of benefits. As mentioned above, when it comes to research and education, Binance also offers much more functionality and resources. Binance customer support is also very good, and you won’t be alone in your process. If you’re a newer trader who enjoys education while you utilize an exchange, Binance will be a stronger product for you.
Best For: Bittrex
Bittrex has a large selection of cryptocurrency, with over 330 cryptocurrencies available on, a large number compared to most competitors. Bittrex offers relatively low make/take fees compared with most other large platforms, although its fees are not the lowest on the market. Best of all, unlike most cryptocurrency exchanges, Bittrex is widely available with access in 46 U.S. states, excluding Connecticut, Hawaii, New York, and Vermont.
To dig in to these details a little bit more, keep reading!
Binance is the world’s largest cryptocurrency trading platform. It offers a vast and heavy-duty selection of trading options and functionalities.
Binance comes with fantastic user dashboards and offers a great array of trading features, including a large selection of market charts and hundreds upon hundreds of cryptocurrencies. Users can also access a variety of trading options including futures and options, as well as several order types. Several options and features are not yet available in the United States the international offerings for cryptocurrency are a bit more broad than those available in the US.
Binance was founded in 2017 by software developer Changpeng Zhao, and was originally a decentralized crypto exchange based in China.
Binance’s intuitive and versatile native utility token, innovative solution set, and fantastic management quickly made the platform a favorite among users. Within the first six months of existence, Binance scaled to more than three million users, and within a year was widely considered among the top three cryptocurrency exchanges in the world.
Today Binance is currently the largest cryptocurrency exchange in the world, with over 1.4 million transactions per second. Binance offers several hundred cryptocurrencies for global users. It is important to mention that the international Binance platform is significantly larger than its U.S. version, Binance.us, which only offers a little more than 65 cryptocurrencies.
Pro 1: Fees
Binance’s fee structure is among the lowest in the industry, and is consistently one of finances best features.
Globally, its fees are very low, and US users may pay slightly more, although the fees for United States users are still lower than competitors.
Binance uses a maker/taker fee structure, and fees vary based on variables such as trading volume and Binance’s native coin (BNB) balance. As one might expect, higher-volume trades generally mean lower fees.
Pro 2: Speed
Processing a mind-numbing 1.4 million transactions per second, Binance isn’t lacking in the speed and information-processing department. As a staking protocol, Binance Smart Chain likewise operates at a blistering speed of 3 seconds per block.
Pro 3: Security
Binance has a world-class security infrastructure that aggressively prioritizes user security and data infrastructure. One of the most respected cryptocurrency exchange security review sites ranked Binance.US as the 5th-most secure cryptocurrency platform as of March 2022, putting it ahead of some of the biggest names in crypto such as Coinbase.
Pro 4: Easy to use
This is what really sets Binance over the top and helps make it such a popular platform. Binance allows users a very easy process for buying and selling cryptocurrency.
Binance offers four general paths/functions to buy and sell currencies: Buy Cryptocurrency, Markets, Advanced and Over-the-Counter (OTC).
With Buy Cryptocurrency, the user interface is clean and easy to use. You can easily find the digital coin you’d like to buy and select how you’d like to make your purchase. If you’re worried about cryptocurrency investing and want to ensure you won’t do anything wrong, Binance will make it easy for you.
If you’re a more experienced investor, you might prefer using one of Binance’s trading platforms (there are two of them): Markets, its basic trading platform appropriately named “Basic,” and its “Advanced” platform.
Users will benefit from both Markets’ and Advanced’s low fees, although the functions and benefits these platforms provide will tend to be more suited to advanced traders who are interested in chart functions, live price change situations, and more specialized types of orders such as stop-limits. You can keep up with multiple crypto pairings and design your own user interface for keeping track of their movements, as well as what other investors are interested in.
Binance’s OTC feature eliminates fees for a trade with a value of at least $10,000, although a trader will need to pay the difference between the buy and sell price. This trading feature, because of its high minimum and P2P nature, should be used carefully.
Con 1: Regulatory issues
Binance global has encountered severe regulatory issues and ruffled feathers in some countries, and moved operations from China to Japan. Binance took action against its own compliance department’s judgments by recruiting customers in at-risk countries, including Russia and Ukraine, judged to be of “extreme” money-laundering risk” according to an internal report.
Bittrex is a cryptocurrency platform that gives users the ability to buy, sell, and trade its supported cryptocurrency offerings. Bittrex offers more than 300 cryptocurrency trading pairs (like ETH-BTC), but not all cryptocurrencies are directly available for purchase with fiat currency.
Bittrex is headquartered in Seattle, Washington. The company was started in 2014 by a group of ex-Amazon cybersecurity engineers, Bill Shihara, Richie Lai, and Rami Kawach. In it’s early stages it only offered crypto-to-crypto exchange but has since allowed users to purchase crypto with traditional fiat currency.
Bittrex is available to users in almost all 50 U.S. states, with the exceptions of Connecticut, Hawaii, New York, and Vermont. Bittrex is available in the vast majority of countries.
Bittrex Pros and Cons
Pro 1: Wide availability
Bittrex is accessible by more people in the world than almost any other cryptocurrency exchange.
Con 1: Poor customer service
Bittrex receives generally negative feedback on its customer support options, with no phone or live chat support available.
Comparison 1: Ease of use
A great cryptocurrency exchange makes sure it’s easy for the average user to navigate, execute key decisions, and more.
For Binance, ease of use is a top priority from a design standpoint and its user interface reflects this. You don’t have to be an advanced trader to take advantage of Binance’s options.
For Bittrex, ease of use is somewhat lacking. The user interface is not as easy to navigate as it is for Binance.
Ease-of-use winner: Binance
Binance vs Bittrex: The Winner
Overall, our winner for the best cryptocurrency exchange between Binance and Bittrex is Binance. Binance offers more research and education tools than Bittrex, better customer support (although both could improve), margin trading options that Bittrex does not offer, and an easier user interface.
While Bittrex has fantastic availability by location and a wide range of currencies to choose from, Binance offers an easier experience in buying, selling, and trading cryptos compared to Bittrex.
Which platform is best for beginners?
For beginners who are digging into crypto currency and understand how to execute trades, finance will simply be the better option in the short and long term as it offers deep educational and research tools that take a lot of the worry and wonder out of the crypto currency process. Binance’s user interface makes it easy to navigate and execute trades without wondering if you’re doing something wrong. It offers great speed and technical resources to ensure you’re never slowed down or hampered by anything internal on the platform, and its learning resources save significant time and energy for new investors who want to learn.
How to sign up
To get started on Binance, visit http://binance.com
To get started on Bittrex, visit https://bittrex.com