As millions of people worldwide continue to see the need to invest, hodl and trade in digital currencies, so also is the need for competent exchanges capable of providing users with quality and security in their digital currency transactions. There exist a lot of exchanges at the moment; however, Binance and Bittrex currently stand out as leaders in the cryptocurrency exchange business.
Both Binance and Bittrex boost of massive daily trade volumes, they both have their strong points and weaknesses as I previously explained in my Review of Binance and Review of Bittrex. Our aim today is to provide a quick comparative analysis of both exchanges and at the end know which is better.
Binance is a Chinese exchange currently based in Japan due to certain laws imposed on cryptocurrency transactions by the Chinese government; Bittrex, on the other hand, is based in the United States of America. Both exchanges bear a common similarity in the fact that they do not make provisions for fiat currency to crypto trading, they offer only crypto to crypto trading.(as at the time this article was written
Both Binance and Bittrex were not particularly created to suit beginners like certain other platforms such as coinbase, Luno, Remitano etc… That said, you need to have a bit of knowledge in crypto transactions and the use of wallets to get the best out of both exchanges.
Currencies They Support
Both platforms draw their popularity from the wide variety of cryptocurrencies they offer. Bittrex currently supports over 200 different cryptocurrencies, hence the reason why most traders prefer it to Binance.
Binance, on the other hand, supports fewer cryptocurrencies than Bittrex but more than makeup for this in the fact that, The transaction fee is 3 times lower than in bittrex, they are also always the first to list new tokens and cryptocurrencies. Most citizens of cryptoverse will agree with me that the money lies in investing in altcoins, getting a platform that lists them early before there rise in value is of utmost importance. Binance’s ability to list new tokens and cryptocurrencies long before other exchanges and the low fee is their major selling point. Bianace it 3 years newer than Bittrex and might support more coins in the future.
The Binance Token
Binance has its own native currency called the Binance Token (BNB). The token was developed to serve as both a trading pair for other major cryptocurrencies and as a medium for the payment of transaction fees. Users can trade in other currencies and pay for their trades using the BNB. Paying transaction fees with the BNB attracts a 50% discount for users in their first year with the platform and 25% in subsequent years.
Furthermore, as the value of the BNB appreciates so also will it benefit its hodlers. Bittrex can easily follow in Binance’s footsteps to launch its own coin, but they don’t seem to have such plans in place at the moment.
Which Has a More Active And Transparent Leadership?
Bittrex has grown faceless over time; its users have taken to social media and web forums to complain of unanswered customer support issues. That doesn’t seem to be the case with Binance, whose leadership seems to be particularly active, at least for the past couple of months.
The CEO of Binance Zhao Changpeng has made several appearances on Bloomberg and CNBC and this has put some level of hope and confidence in the minds of its users, who trade in the knowledge that the platform’s leadership is active and hence, its growth and sustainability is assured.
Which Has a Better Sign-Up Process?
Signing up for user accounts in Binance and Bittrex is easy and straightforward. However, there was a time when Binance temporary stop new users from registering in order to keep their servers in shape to handle the massive growth of their user base.
Besides this, the registration process is virtually the same on both exchanges. All you basically have to do is fill a form and check your email for a verification/confirmation link and you are in.
Which Has a Better Interface?
Both exchanges have different interfaces, while some will prefer Binance’s interface and others Bittrex, the general consensus is that they both make do of their promises.
Binance seems to have a more detailed interface than Bittrex, it offers better charts for analysis and is inarguably the better of the two in the interface department.
Both interfaces have all the necessary trade features such as chart candles, order books, volume statistics, bid and ask prices and a 24 hour price data, to support both novice and advanced traders
Deposits and Withdrawals
I earlier mentioned the fact that neither Binance nor Bittrex accept payment or withdrawal in fiat currencies, so that won’t be considered in this section.
Both exchanges work almost identically in the deposit/withdrawal department, they both generate wallets where users can deposit their funds into before trading, and allow users to withdraw their funds to any wallet address of their choice with minimal fuss using the same wallet.
Neither Binance nor Bittrex can boast of a better deposit/withdrawal system. We, therefore, have no clear winner in this department.
Their Current Challenges
Being the best comes with its challenges, and top on that list is having the capacity to deal with an increased influx of new users. Both Binance and bittrex have been susceptible to these challenges.
Binance is famed for listing new tokens and cryptocurrencies long before other exchanges. This has its challenges; the platform has crashed severally within the past couple of months as users flock in to buy into new promising cryptocurrency projects. This has been frustrating to most traders but those who understand the root of the problem are patient with the exchange.
Bittrex, on the other hand, has to deal with aggrieved customers who are protesting over numerous incidents of unanswered customer support problems and abrupt closure of certain trading accounts with little explanation. This is threatening to shake the very foundation of the exchange and if not tackled promptly might lead to its demise.
Binance fares better in this section; it charges an average of 0.1% per trade as against Bittrex’s 0.25%.
Security and Customer Support.
Neither Binance nor Bittrex has had any reports of security breaches or cyber attacks, they both have pretty standard security measures in place to ensure the safety of customers funds. Security measures such as two-factor authentication etc…
Binance fares slightly better on the customer support department, they handle customer support issues through email and social media while Bittrex does that only through email.
Both binance and Bittrex are trusted by many and enjoy a considerable amount of cryptocurrency trade volumes; this is mainly due to the fact that their platforms always get the Job done.
Some users prefer Bittrex while others will go for Binance. Either way, both exchanges have their respective pros and cons and as it stands, Binance has taken the lead. Bittrex still has a lot to do if it is to take back the status it held sometime last year.
Binance is a better option in my humble Opinion.