Cryptocurrency exchanges make life a whole lot easier. Binance and Bittrex are the two of the biggest players in this realm. Notably, both don’t support fiat deposits or fiat wallets for withdrawals. Before making a determination, let’s briefly go through the profiles and advantages of each:
Binance: Exchange the World
Binance is the world’s most popular exchange. Based in Japan and Shanghai, it is popular for its crypto to crypto exchange services. The popularity is largely due to its impressive number of Initial Coin Offering listings and low trading fees. There are only two options for trading coin; basic and advanced. The latter offers more comprehensive analysis of coin markets.
Advantages over Bittrex
- Binance has a token while Bittrex doesn’t.Binance Coin (BNB) token enables traders save a significant chunk of trading fees especially for large transactions. This in comparison to using Ethereum as a trading base. Besides, it can appreciate in value and earn a holder some profits.
- Binance offers better fees at between 0.05 and 0.1 percent in contrast to about 0.25 percent for Bittrex. For any two competing business rivals, lower costs for the same products are an advantage.
- Binance has better customer support through email and social media. That said, both exchanges need to up their game in this sector.
Bittrex: Global Leader in the Blockchain Revolution
The security aspect is a major focus of Bittrex. At the moment, it conducts over $ 300million in trade each day.
Bittrex Has the Following Strengths
- Better trading interface- This is rather subjective but it offers more complex chart capabilities that traders can better analyze compared to Binance.
- Though not a conventional advantage, the fewer users give Bittrex less problems at the moment in terms of technical issues. Binance has experienced a number of crashes recently due to high trade volumes. Bittrex is not immune from this; but its pains are not at the scale of Binance. It is something both teams must work on.
- Though both basic security measures such as two-step authentication. It is a major focus for the Bittrex team. This issue is critical for exchanges and may become more apparent in future.
Individual users can like the experience on either exchange better. This is because there are unique design features that could sway customer experience. Nonetheless, there it’s hard to argue against the fact that Binance appears to be the hotter of the two exchanges right now. Bittrex has some way to go to surpass it as the world’s pre-eminent digital currency exchange.