Bittrex vs Binance: Cryptos, Fees, KYC Difference

For those of you that are looking for popular trading exchanges, let's take a look at the differences between Bittrex vs Binance. These two reputable exchanges both came about in similar ways with huge followings. But which one is best for you?

Advantages and disadvantages of Bittrex

About Bittrex exchange

And so, Bittrex is a cryptocurrency exchange that was founded in 2014 by Bill Shihara, Richie Lai and Rami Kawach and started operating in 2015. It is headquartered in Seattle, Washington, USA.

Bittrex provides the ability to work with hundreds of asset pairs and also provides secure storage of funds - almost all digital assets are in cold storage. Security is top-notch, but it's unlikely to remain incognito here, as the platform requires passing a detailed personal information check (KYC): photos of documents and other identifying information.

With the advent of cryptocurrencies, several exchange platforms have emerged that offer users the ability to convert one cryptocurrency, such as bitcoin, into other altcoins or tokens. They have been gaining momentum since digital currencies took the world by storm in 2017-2018.

Originally, the Bittrex platform worked as an exchange service for various currencies, but now it is one of the largest crypto projects where you can trade almost any known cryptocurrency in the world.

About Binance Exchange

Binance is the largest cryptocurrency exchange and they provide a lot of innovative projects to make trading easier. They've been around for awhile and continue to gain popularity as people find out about them. At the moment, Binance is in first place in all ratings exchanges.

Comparative analysis of Bittrex and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Bittrex offers: 

Binance offers:

Available countries

Bittrex and Binance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Bittrex and Binance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Bittrex and Binance.

Available Cryptos and Tokens

Bittrex currently supports 971 trading pairs and 479 coins. 

Binance supports 357 trading pairs and 1466 coins.

Regulation

The most popular crypto exchange has changed jurisdictions several times during its existence, and there have been many rumors about it (Caymans, Malta, Singapore, Seychelles). The platform is actively recruiting regulatory staff and working towards licensing in major states.

At the moment, the legally independent Binance US platform for the US is fully legal. A list of licenses and regulators for each state is here.

The exchange is owned by Bittrex Global GmbH. The official website reports that the owners of the project have a license to conduct business in the field of digital assets from the BMA (Bermuda Financial Authority). The company's registration is easy to check by visiting the regulator's official website. The company is registered under the number 55591.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

Security on the Bittrex is good, but it is unlikely to remain incognito, because the platform requires a detailed verification of personal data (KYC): photos of documents and other identifying information.

All Binance users are required to have verification. It is possible to pass the KYC with a driver's license or passport.

Account deposit

Exchanges offer the following options for funding the account:

Comparison of Trading Fees

Bittrex:

Binance:

Account security

Fortunately, Bittrex has one of the strictest security measures you will encounter, not to mention two-factor authentication.

To add an extra layer of protection, they introduced a so-called IP verification procedure back in 2018. This means that they require all users to approve each new IP address through an email confirmation, which happens every time you log in from a new IP address.

By setting one or more addresses from the IP whitelist, you inform the platform to only authorize trades or withdrawals from those IP addresses.

You also set permissions for withdrawals to specific addresses only.

All of these features work in tandem to provide users with the strongest possible security. So use each of these measures without fail!

Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.

Passive earn on exchanges

Unfortunately, there are no additional investment programs on the Bittrex exchange.

Binance Earn is popular for its many investment plans and tools. It includes bicurrency investments, fixed and flexible deposits, stacking, and farming. It periodically offers new features as the crypto market evolves.

Which to choose - Bittrex or Binance

Significantly lower commissions on Binance, this will help save on commissions. Binance has more trading pairs and trading opportunities. Binance is definitely better than Bittrex in all aspects.

It's worth taking the time to get to know each exchange better, especially if you want to delve deeper into the cryptocurrency field.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is Binance better than Bittrex?

In conclusion, Binance is better than Bittrex because it offers more coins and lower trading fees while still being beginner-friendly with its wide variety of coin offerings and ease-of-use interface.

What is the minimum withdrawal amount for Binance?

There is no minimum withdrawal amount for Binance. You may withdraw any amount of tokens provided that you have the corresponding balance.

What is better than Binance?

Binance is currently the best exchange in the world.

Is Bittrex a Chinese exchange?

No, Bittrex is registered and established in the USA.

Conclusion

To summarize, in the struggle Bittrex vs Binance, both exchanges deserve attention, but their nuances are different. It should be noted that Bittrex commissions are slightly higher. If possible, we highly recommend signing up for both of these exchanges and seeing which one you like better. There's only one way to figure out which cryptocurrency exchange is best for you: by trying them. We recommend also considering other crypto exchanges, some of which we reviewed on our website