Bittrex vs Binance | How Do They Compare & Who Wins?
Jack Moreau
Apr 2024
9 min read
Fact checked
Are you trying to decide between Bittrex vs Binance? Our thorough comparison examines the sign-up process, KYC requirements, trading fees, products offered, country availability and user experience of each platform. Read on to make an informed decision on which exchange is best to use!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Bittrex is a smaller exchange based in the US and Binance is one of the most well known and popular exchanges in the world. Let's begin with a basic overview to see how Bittrex and Binance compare.
Binance was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands as Binance Holdings Ltd. Meanwhile, Bittrex was founded in 2014 by Bill Shihara and Richie Lai and is registered in Liechtenstein.
Binance exchange
Binance is available in 186 countries and has over 150 million users worldwide while Bittrex has a user base of over 1 million and is also available across multiple countries.
Both exchanges are available as Android and iOS apps, with Binance having over 50 million downloads and a rating of 4.4 based on over 1 million reviews, and Bittrex having half a million downloads and a 4-star rating based on 10,000 reviews.
Bittrex app
Binance offers over 350 cryptocurrencies to trade while Bittrex supports over 400 cryptocurrencies.
Binance is known for offering a comprehensive suite of services, including spot trading, futures trading, staking and decentralized finance products.
Binance app
In contrast, Bittrex is recognized for its commitment to regulatory compliance and robust security measures.
Overall, Binance is the much bigger exchange with a much larger userbase and range of products and features. Bittrex is a smaller exchange with it's main strenght being offering a wide variety of cryptocurrencies.
Bittrex vs Binance Signup & KYC
When it comes to signing up for an exchange like Bittrex or Binance, you will encounter KYC requirements.
Binance requires users to verify their identity through a Know Your Customer (KYC) process before trading.
Creating a Binance account takes less than a minute but in order to unlock full account privileges, users must verify their account.
Submitting all of the required documents and information for verification such as government ID takes a few minutes tops.
Generally, the KYC verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete.
Binance KYC
On the other hand, Bittrex also requires KYC for all of its users. The signup process includes a full KYC verification in order to access any features.
The signup process takes 5-10 minutes and the ID Verification process can be as swift as 10 minutes but can take several days in the slowest case.
In short, whether you choose Binance or Bittrex, KYC verification is a necessary step for accessing full account privileges on these exchanges.
For those that would prefer to trade without providing their personal information, their are alternative exchanges that we recommend using such as Phemex and OKX.
Bittrex vs Binance Products & Services
When it comes to the range of products that Bittrex and Binance offers, it's not much of a competition.
Binance stands out as the most famous exchange in the world with massive community of over 150 million users. It's a one-stop-shop, offering an exciting array of services and products that cater to everyone including novices, experienced traders and even larger institutions.
The platform is designed with beginners in mind, making it super easy to find your way around. Both the website and the mobile app are user-friendly, ensuring a smooth and enjoyable experience.
One of the most well known offerings of Binance is its spot trading platform. Here, you can dive into the world of over 350 cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and many more.
Binance Spot Trading
For the more adventurous, Binance spices things up with margin trading where users can leverage their trades by 3-10X. This means you can amplify your trading power by taking on more risk.
Binance makes trading accessible and fun for beginners with thousands of automated trading strategies. These trading bots, which cover strategies like spot trading, Dollar Cost Averaging (DCA), and auto-investing, make it easy for newcomers to get started.
Binance Trading Bots
For those seeking a bit more adrenaline, Binance offers sophisticated futures trading products including perpetual contracts and options, with leverage going up to a whopping 125X.
Binance Crypto Futures
Plus, there's a wide array of USD-Margined futures contracts for those who want to balance out the crypto market's ups and downs with stablecoin settlements.
And there's more! Options trading on Binance lets you hedge your investments with options across five major assets, including BTC and ETH, offering over 700 contracts.
Binance Options
Binance is also a leader in trading volumes and liquidity with over $60 billion in 24-hour trading volume. This means you can trade efficiently, enjoying the best prices and saving money.
Binance Market Overview
For those interested in earning from their digital assets, Binance has a useful suite of financial products. The Binance Earn platform offers staking, savings, and liquidity farming, where you can earn interest on assets with flexible or fixed durations.
Binance Earn
For the explorers of new crypto horizons, Binance's Launchpad offers early access to fresh tokens and projects. And for the NFT enthusiasts, Binance satisfies your needs with a dedicated NFT section where users can buy and sell NFTs on Bitcoin, Ethereum and BNB.
Binance NFTs
For large-scale trades, Binance offers OTC Trading, ensuring private, secure transactions without market disruption. Plus, with its own Binance Smart Chain, developers can build DeFi applications, and users can explore with their non-custodial wallets like Binance's own Trust Wallet.
Binance OTC Products
Security is paramount at Binance. With a secure asset fund for users (SAFU) and proof of reserves, you can trade and invest with confidence, knowing your assets are well-protected and accounted for.
Binance Proof of Reserves
In a nutshell, Binance is not just an exchange; it's an exciting, user-friendly adventure into the world of cryptocurrency, offering something special for everyone, from beginners to pros.
Bittrex supported cryptocurrencies
While Bittrex does offer an impressive range of 400 cryptocurrencies, their average daily spot trading volumes are still on $10 million which is on the low end compared to most exchanges out there.
This means that liquidity won't be great and that spreads will be higher which translates into higher costs for users.
Staking on Bittrex
Overall, Binance offers a great user experience despite the wide range of products on offer. It manages to offer this wide range without overwhelming the user. In contrast, Bittrex's user experience is not great, and the range of products and services is quite limited.
Binance also offers futures trading with a maker fee of 0.02% and a taker fee of 0.04%. On the other hand, Bittrex does not offer futures trading at all.
Binance spot fees
The trading fees on Bittrex are much higher than on Binance with makers and takers having to pay a 0.3=75% trading fee.
Both exchanges offer rebates for high-volume traders. Binance's trading fees can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
Bittrex spot fees
Meanwhile, Bittrex offers trading fee rebates for those whose trades exceed $25,000 during a 30-day period. Even so, users on Bittrex have to trade for hundreds of thousand per month in order to achieve the 0.1% offered by Binance.
When it comes to deposit methods, Binance and Bittrex have their own unique offerings. Let's take a closer look at what each exchange has to offer.
Starting with Binance, they support a whopping 26 fiat currencies including EUR, AUD, GBP, and PLN.
This gives users plenty of options when it comes to depositing funds. Binance also offers a variety of deposit methods such as bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP), as well as Visa, Mastercard, PayID, and Advacash.
Binance fiat deposit
However, deposit fees vary depending on the method used. Deposits made with Visa and Mastercard come with a 1.8% fee while bank transfers via SEPA incur a 1 EUR fee. Those with an Advcash account can deposit with a 1.5% fee.
Moving on to Bittrex, they support 3 fiat currencies including USD, EUR, and GBP. Users can deposit funds via wire transfer, bank transfer (ACH), SEPA and credit/debit card. Bank deposits are free of charge while deposits made with a credit/debit card come with a steep 3% fee.
Overall, both exchanges offer a variety of deposit methods but Binance takes the lead with their extensive support for fiat currencies. That being said, Bittrex is still a decent option when it comes to fiat deposit options.
When it comes to withdrawing your hard-earned cryptocurrency earnings, it's important to know the options available to you. Let's take a look at the withdrawal methods offered by Binance and Bittrex.
Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance fiat withdrawals
On the other hand, Bittrex offers fiat withdrawals via wire, ACH, SEPA, and debit card. In terms of fees, Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard.
Binance also has a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies. Bittrex on the other hand offeres wire withdrawals that incur a $25 fee while ACH and SEPA withdrawals are free of charge.
Binance crypto withdrawals
When it comes to fees for withdrawing cryptocurrencies Binance does a better job than Bittrex and keeping these fees low. Binance charges a 0.0002 BTC fee for Bitcoin withdrawals, 0.000768 ETH withdrawal fee for Ethereum and a 0.008 SOL withdrawal fee for Solana.
For Bittrex to compete with Binance, that is not an easy thing to do. Binance is one of the most popular exchanges in the world with a larger userbase because of it's depth of products and user experience. Bittrex unfortunately is not even close to matching Binance across most categories.
While Binance has a larger user base of over 120 million users worldwide and is available in more countries, Bittrex is recognized for its commitment to regulatory compliance and robust security measures.
When it comes to trading services, Binance offers a wider range of products such as spot trading, futures trading, staking, and decentralized finance (DeFi) solutions, while Bittrex only offers spot trading and staking.
The one area that Bittrex beats Binance is the fact that it offers a wider range of cryptocurrencies. In terms of trading fees, Binance has a big edge with significantly lower spot fees for makers and takers at only 0.1%. Bittrex charges 0.35 for the same services.
As for deposit methods, Binance supports a greater number of fiat currencies and offers more options for depositing funds, while Bittrex only supports three fiat currencies in USD, EUR and GBP, which is still decent.
When it comes to withdrawing your cryptocurrency earnings, both exchanges offer multiple methods, with Binance once again offering more options at low fees.
Ultimately, choosing between Binance and Bittrex is not very hard. Binance is the better exchanges across almost all categories.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
