When it comes to a cryptocurrency exchange, then it makes sense for you to spend a considerable amount of time checking out the various options that are available before you go ahead and start to trade in your digital currency of choice. If you spend any time looking at what is available online, then you will see that there are indeed a range of websites and platforms that can offer this kind of service.
Two of the main cryptocurrency exchanges that are available are Binance and Bittrex, but as they are two of the key options, then it does mean that we should look at both to try to determine which one is best. After all, it can make a huge difference to your ability to carry out the trades in the first place, and who doesn’t want things to go as smoothly as possible?
Looking at the Two Exchanges.
To make life easier, we can give a brief overview of both exchanges to help us with our decision. What you will see is that there are a number of similarities between the two. For example, neither of them offer the option to exchange fiat currencies for cryptocurrencies even though that does have the potential of being something that could change later on.
Also, it is fair to say that neither exchange is going to be suitable for the individual that is just starting out in this industry. Their interfaces are rather complex, and even though they do provide a substantial amount of information, it is often information that a novice would simply look at and fail to grasp the importance of what they were seeing.
The Currencies they Support.
Another key area to look at has to be the different currencies that they support since that is going to be one of the things that will draw you into using the exchange in the first place. With this, what we see is that Bittrex does have the upper hand as they provide over 200 different cryptocurrencies, and while Binance does fall short of this number, they do still offer way more options than most of the other exchanges out there.
However, Binance does open up a number of different projects compared to what is on offer from Bittrex. On the flip side, it does seem to be the case that Binance has the ability to list cryptocurrencies way before other exchanges, which has to be a huge bonus and is a huge reason why traders will often focus on what they are doing to hopefully get in on the act at an earlier point.
Tokens and Non-Tokens.
One area where there is a difference between the two is in the production of their own token. With this, it is simple to understand as Binance has produced its very own token whereas Bittrex is still lagging behind in this department.
The token that Binance has created is used in trading pairs with a number of the other major cryptocurrencies on their platform, which will prove to be rather useful. Also, if you use the token that they have created then you are also going to end up saving yourself a substantial amount of money with the actual fees as they are greatly reduced when you take this option.
The People Behind it.
When you are looking at either an exchange, platform or cryptocurrency, it will often prove to be rather useful to know who is behind the project and what their general experience is within the industry. When you do this, what you see between Binance and Bittrex are two completely different approaches.
Bittrex is pretty secretive about who is behind it all, which is not exactly a good thing for building confidence in your product or service. There is limited information available whereas Binance has had their owner on TV news channels and they project the image of being a company that cares about the people that are using their service.
This is also seen in the way that they deal with customer support. Bittrex has kind of built a reputation for not being that strong in this area whereas Binance is doing the complete opposite. Not only are they fast to deal with any issues, but they are also seen as being very thorough in their methods and ways in which they resolve any problems.
Signing Up and Using it.
For signing up, then both options are completely equal with one another as there is nothing complex and it literally does just take minutes. Also, both have suspended new registrations at different times, so once again we can say that they are level.
They are also pretty well matched when it comes to using their interface as both are seen by many as being slightly cumbersome and difficult to use. They are certainly not a good option for those that are new to cryptocurrency trading, so if you are a novice, then other options would be better.
Both exchanges offer the same level of service for both depositing and withdrawing money. They offer a number of digital wallets as an option and even the time it takes is pretty well matched. However, Bittrex does have a higher fee at 0.25% while Binance varies from 0.05% to 0.1% so it is clear as to who wins at that point.
So, Who is the Winner?
When you add everything together, then both exchanges have their positives while also lacking in other areas. Ultimately, it is your decision as to which one you prefer, so you may wish to experience both in order to help with that decision.
However, if you had to choose one, then we would tend to lean towards Binance, and that is primarily because of their token and its ability to reduce fees. Anything that does not have a negative impact on your user experience and saves you money in the process has to be a major positive, and Binance achieves exactly that. Also, it is regarded by many as being the hottest exchange at this moment in time, but who knows how that will change in the future.