Cryptocurrency is the new “it” thing for young traders. Indeed, the crypto industry has grown seismically in recent years, and though it’s a volatile market, it’s projected to grow exponentially more in the coming years. In fact, if you’re reading this article, the chances are you’re interested in trading as well.
One of the first things you must decide before you begin trading digital currency is which cryptocurrency exchange is best for you. Binance and Bittrex are two of the more popular trading platforms in the United States. They have a lot of similarities, leading many people to wonder about the difference between the two platforms. Well, by the end of this article, you should be able to answer that question yourself.
Binance is the more robust crypto trading platform.
One of the most important things to look for in crypto exchange is features, so it’s the first issue we’ll settle in the Bittrex vs Binance debate. In truth, there isn’t much competition between the two platforms in terms of the features they offer traders. Bittrex is a great platform for trading crypto, and some of its features are similar to Binance’s, but Binance offers much more.
Binance offers Binance.us specifically for their traders in the U.S. who want to link their digital assets to their bank accounts, providing two-factor authentication for transactions. Furthermore, Binance has its own currency (BNB) as well as two blockchain networks, Binance Chain and Binance Smart Chain.
You can attach a debit card to your Binance account, engage in P2P trading, and even borrow against your crypto assets using the Binance platform. Moreover, Binance is one of the largest cryptocurrency exchanges, to which Bittrex pales in comparison as far as its trade volume. Indeed, if you’re looking for one trading platform for all of your cryptocurrency needs, Binance is the better choice.
Bittrex is an easier platform for beginners to learn.
Ease of use is usually one of the most important factors for beginner traders. After all, everyone needs a simple platform that enables them to get their feet wet and learn the ins and outs of the cryptocurrency industry.
One of the strong suits of Bittrex is that it has a user-friendly interface that’s easy for beginners to grasp. However, Binance does offer better tools for advanced traders. Of course, another great way to learn how to buy and sell cryptocurrency is to enter a cryptocurrency trading class.
In addition to being easier for beginners to learn, Bittrex also has the edge in cybersecurity. Bittrex and Binance have similar security features, but the difference is that no one’s been able to hack Bittrex so far.
Binance offers lower trading fees.
When you’re trading online, trading fees are a major factor. While both platforms offer some of the lowest fees in the crypto industry, Binance has a slight edge. In fact, if you trade BNB on the Binance platform, you only have to pay 0.05 percent per trade. Furthermore, since Binance isn’t attached to the U.S. banking system, trades go through quicker than with Bittrex.
In this article, we told you which crypto exchange is better in several areas, but the platforms are pretty similar in many ways. The key to finding out which platform is best for you is to take both of them for a test run to see which one best suits your trading needs and level of expertise.
Binance offers more features and lower trading fees, has a greater trading volume, and is a faster platform than Bittrex. On the other hand, Bittrex is the better platform for beginners and has a slight edge over Binance in terms of security. Bittrex claimed the edge in three of the five categories we examined in this article, but both platforms have their merits. The key to choosing the right platform is knowing your goals and limitations. Ultimately, you can’t go wrong with Binance or Bittrex.