Bittrex Vs Binance: Which Crypto Exchange Is Better?

Binance Vs Bittrex graphic

Two of the more popular cryptocurrency trading exchanges available today are Bittrex and Binance. These two platforms are typically recommended for those moving on to something a little more advanced after spending some time in the cryptocurrency world. These two exchanges are the next logical step up from beginner exchanges like Gemini and Coinbase.

Both Binance and Bittrex offer a wide variety of coins so if you want to exchange altcoins, either of these is a great place to start. While both offer plenty of benefits and comparatively cheap fees, one might make more sense for you than the other.

The intention of this article is not to endorse or deride one exchange in favor of the other. We want to provide you as much information about each exchange as possible and compare and contrast so you can have an idea of which exchange to select for your trading needs. Below is our Binance versus Bittrex comparison guide.

Bittrex

Bittrex exchange under the magnifying glass

It’s no secret that Bittrex is one of the most popular digital currency exchanges on the planet. The platform began in Seattle, Washing, USA, in 2014 and typically resides in the top three of exchanges based on volume in a 24-hour period. The site usually sees around $300M each day and has a good reputation for being a secure and safe site on which users can exchange their cryptocurrencies.

Account Creation and Withdrawal Limits

Cash withdrawal

To create an account with Bittrex, just head on over to their site and click on the “Sign Up” option in the upper right corner. The site will ask for your email address and a password. Once that’s done, you’ll get an email from the site asking you to confirm your address.

When that is done, you’ll log into your account, which will then direct you to the Bittrex Basic Verification page. Here you’ll get information about deposits and withdrawals. For instance, unverified accounts cannot remove their funds from Bittrex. You’ll also provide some personal details like your date of birth, full name, address, and other pertinent information.

After you provide this information, you’ll need to provide photographic evidence of who you are. The site requests official government documentation along with a selfie to validate you are who you say you are. Of course, this isn’t required to trade, however, keep in mind that you won’t be able to withdraw your funds until this is complete.

Bittrex offers two account types. Basic accounts require just the minimum information which is confirmed through public record. With this type of account, users can withdraw up to 3 BTC (or the altcoin equivalent) each day.

 

Enhanced accounts are verified through selfies and government documentation. Bittrex uses Jumio to validate face and ID matches. These account types can withdraw up to 100 BTC each day so long as two-factor authentication is enabled.

Bittrex Fees

Based on the information from their website, Bittrex uses the following for fee application:

  • Trades – Each trade on the Bittrex platform receives a charge of 0.25% which is taken from the profits of the trade itself. If, however, any part of the order has not completed, then those funds are returned to the user when the order cancels out.
  • Withdrawals – Bittrex has no intention of making profits on withdrawals, however, there is a network fee associated with each transaction. Therefore, the exchange must charge a small fee to cover this charge.
  • Deposits – No fees are charged for deposits. You may, however, incur the typical transaction fees from the coin network when you send funds to Bittrex.
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