Whether you already have crypto or planning to buy crypto, your first resort should be choosing from the different available platforms. As it can be easily guessed from the title, here we are going to have a brief discussion on the major differences between Bittrex and Binance. Both platforms are well known for crypto-trading but have many differences between them.
While we start to find out the differences between Bittrex vs Binance, the first thing that we should know is that Bittrex has been around for quite many years now. This simply means that it is more popular than Binance. Although, both these platforms allow users to trade with different assets the trading mechanism on which they run is quite different.
So, let’s get started with our debate on Bittrex vs Binance!
Spotting the major differences
Every cryptocurrency platform charges some amount as a fee for trading with assets on them. Thus, it is important to know whether Bittrex is charging more trading fees or Binance.
Binance: when we speak about the trading fee that is charged by the users for investing in crypto through their platform, Binance charges you a fee of 0.1% as the trading fee. However, this fee is reduced to 0.05% if you are using BNB to pay for your transactions over it.
Bittrex: while speaking about Bittrex, they charge you more fee as compared to Binance which is 0.25%. By looking at these numbers, the clear-cut winner in this aspect is Binance.
Although it was said that trading in cryptocurrency is the safest thing you can do, but recently some scams took place which exposed the crypto accounts of many leading to huge losses. So, let us know how safe these platforms are for trading.
Binance: when you trade on Binance, you are subject to get email alerts of all the transactions you make over it. Also, whenever you or someone else tries to access your Binance account, he first needs to complete the two-factor authentication. So, for making any transaction via this platform, you have to confirm your action first. This simply hints towards the fact that Binance offers a secure way for using it.
Bittrex: while discussing the security level of this platform, it comprises of two-factor authentication feature that makes your wallet as well as account more secure. Looking at the past events, it is clear that none’s account gets hacked over this platform in the past 4 years. But, no matter how safe a platform is, you should not store a huge amount of crypto over it.
The ease-of-usefulness of any platform allows users to be more confident while dealing with crypto. So, let us know which user interface is better than the other.
Binance: when you navigate to the official page of Binance, you will get confused for a moment as the interface is quite difficult to understand by a beginner. However, if you are someone who has experience trading in crypto, then you should not find it too difficult.
Bittrex: On the other hand, its interface is quite user-friendly and a new person can easily navigate to different sections without having to think much.
Who wins the case?
After having a debate on Binance vs Bittrex based on three different aspects, the clear winner according to me is Binance. Besides losing the case in terms of the user interface, it is still better in two other aspects that are trading fee and security. However, you are free to make any choice after going through this article carefully.