Bittrex
and Binance are two of today's most
popular cryptocurrency trading exchanges. For those moving on to something a
little more advanced after spending some time in the cryptocurrency world,
these two platforms are typically recommended. The next logical step from
beginner exchanges like Gemini and Coinbase are these two exchanges.
Binance and Bittrex both offer a wide range of coins, so if you want
to exchange altcoins, either of them is a great starting point. While both
offer plenty of benefits and relatively low fees, one might be more meaningful
to you than the other.
This
article does not intend to endorse or deride one exchange for the benefit of
the other. We want to give you as much information as possible about each
exchange and to compare and contrast so that you can get an idea of which
exchange to choose for your business needs. Below is our comparison guide for
Binance versus Bittrex.
Bittrex
It's
no secret that Bittrex is one of the world's most popular exchanges of digital
currency. The platform started in 2014 in Seattle, Washing, USA, and typically
resides in the top three 24-hour volume-based exchanges. The site usually sees
around $300 million every day and has a good reputation as a safe and secure
site where users can exchange their cryptocurrencies.
Click
on the "Sign Up" option in the upper correct corner to build an
account with Bittrex. The site will request a password and your email address.
Once this is accomplished, you will receive an email from the site requesting
confirmation of your address.
You
will log into your account when that is achieved, which will then direct you to
the Bittrex Basic Verification page. Here you will receive deposit and
withdrawal data. Unverified accounts, for example, can not withdraw their money
from Bittrex. You will also provide some personal details such as your birth
date, complete name, address and other relevant data.
You
will need to provide photographic proof of who you are after you provide this
data. The site asks for formal paperwork from the govt along with a selfie to
validate who you say you are. Of course, this is not needed to trade but bear
in mind that until this is finished you will not be able to withdraw your money.
Bittrex
provides two kinds of account. Basic accounts involve only the minimum data
confirmed by the public record. Users can cancel up to 3 BTC (or the altcoin
equivalent) every day with this type of account.
Selfies
and public paperwork verifies enhanced accounts. Bittrex uses Jumio to validate
matches between face and ID. As soon as two-factor authentication is activated,
these account kinds can withdraw up to 100 BTC each day.
Bittrex
Fees
Based
on their website data, Bittrex utilizes the following for fee applications:
Trades–Each trading on the Bittrex platform gets a 0.25 percent charge that is
taken from the revenues of the trading itself. However, if any portion of the order has not been finished, the money will be transferred to the customer when
the order is canceled.
Withdrawals–Bittrex
does not intend to make earnings on withdrawals, but each transaction has a
network fee. Therefore, to cover this cost, the exchange has to pay a tiny fee.
Deposits–No
deposit charges are charged. However, when you send funds to Bittrex, you may
incur typical transaction fees from the coin network.
Cryptocurrencies supported
Bittrex
seeks to promote established blockchains as well as newer ones. The site is of
the opinion that this is crucial for increasing sector innovation. Bittrex,
therefore, attempts to make as many alternatives and choice as possible
available to its customers. They do this by allowing their customers to choose
from a wide choice of digital currencies.
Bittrex
currently does not pay a listing fee for listing on the exchange a
cryptocurrency. Because the site thinks that the blockchain industry is increasing,
it continues to spend and invest its resources in checking tokens that apply
for exchange listing.
This
is obvious from the reality that almost 300 trading pairs are supported by
Bittrex. Bittrex may be the only place you need to go if you're searching for a
location to trade coins.
Security
One
of Bittrex's greatest selling points is the experience its founders had with
Microsoft in their past careers. Bittrex has not endured a major hack since its
founding in 2014, with company-level IT safety expertise as its disposal.
The
team also thinks it is essential to give its users a safe and reliable platform.
The site utilizes a multi-stage wallet to store 80-90% of all of the offline
funds. Bittrex also needs the approval of two factors for any withdrawals, so
you can be sure that your money goes to the correct individual.
Customer
Support of Bittrex
Without
a doubt, customer support is an area where Bittrex could enhance. The Bittrex
support team has a substantial delay in response time. Users typically have to
wait for a response longer than 24 hours, and the only technique accessible to
contact assistance is through the internet ticketing scheme.
Bittrex
offers, apart from its ticketing scheme, a FAQ section, a section for the
latest news, and a Twitter feed that will update you on the latest
exchange-related data.
Binance
The second cryptocurrency exchange on our list, Binance is a
purely digital currency exchange. The site, which is a combination of the words
Binary and Finance, does not trade legacy currencies like EUR, GBP, or USD. The
exchange started out in China, however, due to regulations moved its
headquarters to the more crypto-friendly Malta.
While Binance is still fairly new to the cryptocurrency market –
it launched in 2017 – it has garnered plenty of popularity mainly due to its
impressive listings of ICOs. The site is also well-known for its low trading
fees and the professional attitude of its customer service team.
Account
Creation and Withdrawal Limits
Registering and establishing a Binance account is comparable to
Bittrex process users. Just go to the Binance website and press the
"Register" button in the page's top right corner. Enter your email
address with a password and you will receive an email from Binance for
verification.
Once you have received your email for verification, simply click
on the link given and log in to your account. You will have the capacity to
deposit your own digital assets when that's finished. Binance will highly
encourage you at this moment to allow two-factor authentication, which we also
recommend. The withdrawal limit on the site is 2 BTC every 24 hours for
unverified accounts. However, verified accounts have a limit of BTC 100 every
24 hours. This can be done by users who need a greater withdrawal threshold,
but they will need to contact Binance directly to make the arrangements needed.
Binance registration is an easier method than on Bittrex, and
typically for most consumers, the 2 BTC limit will be more than sufficient. But
there are still constraints without verification. You are marked as a level-two
user once checked. This implies that you have more liberty than an unverified
user to move about the platform.
You will need to provide Binance with your full name, gender,
country of residence, and a picture of your government's issued ID or passport
to become a verified user. In addition to your passport, you will also need to
provide a selfie for validation purposes.
for more information visit https://www.sharemarkethub.com/2019/09/01/binance-vs-bittrex-which-is-the-best-in-fees-trade-safety/
