There are a lot of different cryptocurrency exchanges out there, and it can be tough to decide which one is right for you. If you’re looking at Bittrex and Binance, two of the most popular exchanges, how do you decide which is the better option?
Here’s a look at some of the key factors to consider:
Both Bittrex and Binance have been in the news for security breaches. In 2017, Bittrex was hacked and over $30 million worth of Bitcoin was stolen.
Binance was also hacked in 2019, although the exchange claims that no user funds were stolen.
Bittrex charges a 0.25% fee on all trades, while Binance charges a 0.1% fee on trades.
However, if you pay with Binance’s native token (BNB), you can get a 50% discount on fees. This makes Binance cheaper overall.
3. Supported countries
Bittrex is available in most countries, but there are some exceptions. Countries that are not supported include: Cuba, Iran, North Korea, Syria, and the United States.
Binance is available in most countries except for: Belarus, Burma, China, Congo, Cuba, Iran, North Korea, Syria, and the United States.
4. Supported cryptocurrencies
Bittrex supports over 190 cryptocurrencies, while Binance supports over 140 cryptocurrencies. This means that Bittrex has a wider selection of coins to choose from.
However, both exchanges support all of the major coins like Bitcoin, Ethereum, and Litecoin.
5. Ease of use
Bittrex has a more advanced interface that may be confusing for new users. Binance has a simpler interface that is easy to navigate.
Both exchanges have mobile apps that are available for iOS and Android devices.
So which exchange is better? It really depends on your needs and preferences. If security is your top priority, then Bittrex might be the better option since they have implemented more security measures since their 2017 hack. If fees are your top priority, then Binance is probably the better option since their fees are lower overall (especially if you pay with BNB).
If you want to trade a wide variety of coins, then Bittrex is probably the better option since they have more supported coins than Binance does. And if ease of use is your top priority, then Binance is probably the better option since their interface is simpler and easier to navigate than Bittrex’s interface.