When it comes to cryptocurrency trading, you have a plethora of platforms to make your transactions, acquire digital assets, and set up trading bots. Among these choices, Bittrex and Binance stand out as two of the most popular crypto exchanges.
But that is where things get tricky. With both exchanges holding immense popularity among the cryptocurrency community, it can be difficult to pick a platform that fits your needs for digital asset trading.
To help you make an informed decision about selecting your primary platform, here is a detailed comparison of Bittrex vs Binance. By going through these details, you can easily determine which one is the right exchange platform for you.
⌛ Reputation and Time in Business
Headquartered in Seattle, Washington, Bittrex was founded in 2014, which was right after the initial spread of interest around Bitcoin. Since then, the exchange has emerged as one of the top crypto trading platforms in the U.S. as well as around the world.
With 8 years in the industry, Bittrex has consistently stayed in the cryptocurrency trading business during its peak and its struggles alike. This also earns the exchange the status of being one of the largest and most reliable digital asset platforms that have stayed operational during the highs and lows of the crypto sector.
In terms of reputation, Bittrex has had a few controversies here and there. This includes the exchange’s run-in with a customer lawsuit about a hacked cryptocurrency transaction and its alleged involvement in the Tether scandal. But despite these instances, it remains a trustworthy platform for many. In addition to serving an array of countries, it also continues to provide services to all but 4 states in the U.S.
This makes Bittrex one of the most sought-after cryptocurrency exchanges for seasoned and fresh traders alike. This is especially true for traders in the U.S., who can surpass various hurdles to accessibility by choosing Bittrex as their primary crypto exchange. At the time of writing, Bittrex is also in the Top 30 cryptocurrency exchanges by trading volume.
When comparing Bittrex vs Binance, it’s important to note that while the latter was founded in China in 2017, its headquarters later moved to the Cayman Islands. As one of the most popular and biggest cryptocurrency exchanges across the world, Binance now remains synonymous with crypto trading. With that being said, it operates as a separate entity in the U.S. by the name of Binance.US and executes its global services through the traditional Binance brand.
The reason behind the creation of Binance.US was the exchange’s global operations not being up to par to U.S. authority standards. In order to overcome this hurdle, Binance.US was created in 2019 to ensure ideal adherence to local regulations for cryptocurrency trading. Besides delivering solutions globally, it serves all but 6 states in the U.S.
Besides its original operation being replaced in the U.S. due to authority objections, Binance has experienced other controversies. Perhaps the most popular of these issues stand out to be a U.S. probe against money laundering and tax fraud, as well as trader pushback after a market crash.
However, Binance’s overall popularity among its existing customers as well as new users has not been marred by much due to these reputational issues. If anything, at the time of writing, Binance rules supreme by snagging the top spot in global trading volume as well as overall ratings by seasoned cryptocurrency traders.
🤖 Trading Bot Support via API
The next step in Bittrex vs Binance comparison is trading bot support through application programming interface (API) keys. The function has become a significant part of cryptocurrency exchanges and their associated services. As a result, it is no surprise to see that both Bittrex and Binance provide you with full support for this functionality through their platforms.
In fact, a variety of popular trading bots prominently feature both Bittrex and Binance as their premier partners for making automated trades. This makes sure that you can access these solutions through reliable and trustworthy providers who can cater to your needs without putting your safety on the line.
Through the API key support that is provided by both Bittrex and Binance, you can set up your trading bot solutions without having to share your exchange account’s login details with the third-party app. As a result, you don’t need to provide the trading bot with access to your whole account. Instead, you can select what type of information is shared with the software.
This also holds true for the actions that trading bots can perform. For instance, you can allow your bot to simply trade your funds on the respective exchange but don’t give them access to withdraw your funds outside of the exchange. This ensures that your funds remain secure even if you are trading them through the help of a third-party solution.
⚙️ Trading Modes and Features
You can now move forward in this Bittrex vs Binance comparison to determine the difference between trading modes and features for these two popular exchanges. Whether you have plenty of experience in digital asset trading or have recently donned your training shoes, this information allows you to assess if the exchange in question is the perfect fit for your needs.
Since both Bittrex and Binance stand out with their support for digital asset transactions, they bring multiple trading modes and features to the table. The process of selecting a suitable option solely depends upon your preferences and trading style.
Bittrex Trading Modes and Features
- Spot Trading
- Leveraged Tokens
- Limit Order
- Conditional Order (Stop Limit Order)
- Trading Bot Support
- Mobile Apps
Binance Trading Modes and Features
- Spot Trading
- Margin Trading
- Futures Trading
- Options Trading
- OTC Trading
- Market Order
- Limit Order
- Staking
- Trading Bot Support
- Mobile Apps
- Binance Academy Knowledge Base
Since Binance and Binance.US are two different entities, the features between these two brands can differ greatly. This means that if you are excited about certain benefits that are marketed on Binance, they may not be available within your territory in the U.S. Keeping this in mind, ensure that you are cross-verifying features between these entities according to your jurisdiction.
While Bittrex does not have futures trading in place, it offers leveraged tokens to make up for it. Additionally, Bittrex is working on a new trading engine that would allow its users to access margin trading and more advanced types of orders. However, the exchange has not defined any timeline for the release of these features.
In this comparison, Binance wins this round with an array of trading modes and features that can satisfy the requirements of every kind of trader. But if you are content with the types of orders that are offered by Bittrex, you can easily choose the exchange for your primary trading activities.
🦾 In-house Automated Trading
While some modern cryptocurrency exchanges have started offering their own trading bots, neither Bittrex nor Binance holds these capabilities. This makes both exchange platforms require a third-party platform for automated trading.
With the widespread availability of an array of trading bot solutions, you can easily find an option that seems to be the ideal product for you. You just need to make sure that you are using a highly reputable, trustworthy, and accessible option for your trading needs.
As a rule of thumb, make it a point to only trust credible trading bots that carry the weight of the positive user and expert reviews, as well as a history of delivering optimal solutions to their clientele. This ensures that you are steering clear of any trading bots with red flags and only picking out solutions that are known for their prowess within the field.
This means that in this comparison of Bittrex vs Binance, both exchanges stand on level ground. But in order to pick a solution that fulfills all of your requirements, you should take your time and assess all necessary features before subscribing to an automated trading bot that is offered by a third party.
You can also read expert online reviews that speak of specific trading bot solutions. This ensures that you are not paying for a potentially-problematic product. Instead, you can make the most out of your selection by choosing a trading bot that checks all the boxes on your list of safety, efficacy, and ease of use.
💸 Trading Fees
The fee structure for both Bittrex and Binance is outlined below.
Bittrex Fees
Maker fee ranges between 0.35%-0.00%; while Taker fee rates are 0.35%-0.05%. The actual fee is decided by pre-positioned tiers for the 30-day trading volume.
For instance, if your account trades under $25,000 worth of cryptocurrency within a 30-day period, you may have to give the highest fees applicable. Otherwise, if your 30-day trading volume is between $100,000-$1 million, you can fall under the category that offers mid-tier fees.
Binance Fees
At Binance, you can get discounts on your trading fee by using Binance Coin (BNB) to make your trading fee payments.
Standard Trading Fee: If you do not use BNB, you can expect a 0.1% fee on each trade.
Trading Fee: Maker fee falls between 0.1%-0.02%; Taker fee ranges between 0.1%-0.04%. These fees vary according to your 30-day trading volume.
For further details, you can look at the Binance fee schedule. It is important to note that the Binance.US fee schedule is different from its global counterpart.
In this comparison of Bittrex vs Binance, Binance surpasses the former through its highly affordable rates.
📊 Trading Pairs and Volumes
Both Bittrex and Binance offer an abundance of trading pairs and hold significant trading volume. Where Bittrex offers over 440 digital assets including cryptocurrencies and stablecoins, Binance surpasses this impressive figure by offering over 500 options in these digital assets.
In terms of 24-hour trading volume, Binance takes the cake, with its global exchange ranking first in the world. Even Binance.US remains in the Top 10 exchanges by 24-hour trading volume. On the other hand, Bittrex lags behind by ranking in the Top 25-30 on this scale.
👩💻 Customer Support
Bittrex’s customer support options include live chat, FAQ/knowledge base, and its support ticketing system. On the other hand, Binance also offers the same slew of solutions to help you remain connected with its team.
The overall rate of response and speed of assistance remains almost the same across both platforms. With their credibility and ready accessibility, both Bittrex and Binance rank on the same level for this category.
However, it is important to note that the Binance Academy Knowledge Base feature goes above and beyond to help you learn more about the world of digital asset trading. This gives Binance a slight edge over Bittrex and its customer support.
👍 Pros and Cons of Each Exchange
While comparing the services of Bittrex vs Binance, looking at their quick pros and cons can also go a long way towards helping you make the right decision for yourself.
Bittrex
Pros
- Wide selection of cryptocurrencies
- High security mechanism
- Easy user interface
Cons
- Slightly higher trading fees
- No futures or margin trading
Binance
Pros
- Large list of tradable cryptocurrencies
- Extensive trading capabilities
- Discounts through BNB token
Cons
- Different platforms for global and U.S. traders
- Slightly tricky to operate
By learning these key details, you can decide if either of these platforms can be the optimal solution for you.
📢 Conclusion
With exceptional outreach and credible reputation, Bittrex and Binance offer you an easy, accessible, and exciting way to trade your cryptocurrencies. While Bittrex stands tall with its original U.S. presence, Binance provides you with extensive options for trading.
Another aspect is the availability of your preferred trading bot. If you want to use a specific trading bot solution that is only available with Bittrex or Binance, that could be a major deciding factor for you.
Whichever option you end up choosing, make sure that you are assessing all aspects such as cost, features, and availability according to your requirements. This goes a long way towards helping you determine which one of the exchanges is a better option for your needs.