Bittrex vs Binance – Which Exchange is Better in 2022?

Bittrex and Binance have been two of the most popular cryptocurrency exchanges in the last few years.

Whilst Binance has grown to become the largest cryptocurrency exchange in the world, Bittrex has dwindled in traffic.

Bittrex still has a healthy trading volume, but supports fewer coins.

On top of this Binance offers lower trading fees. You can also get 20% off your Binance fees by using this sign up link.

Binance vs Bittrex Quick Compare

Exchange

Supported Currencies

Countries

Rating

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200+ Pairs

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Features

Bittrex as a crypto exchange offers a small amount of features.

They offer basic cryptocurrency trading which allows you to convert your fiat currencies into your favorite crypto such as Bitcoin or Ethereum.

Bittrex also supports algorithmic trading via their API.

Overall it allows you basic exposure to the crypto market. Buying and selling crypto is easy via the “Instant Buy & Sell” feature.

On the other hand Binance is much more than an advanced trading platform.

Binance offers retail investor accounts huge exposure to the cryptocurrency market. You can:

  • Buy cryptocurrency directly for fiat currency
  • Trade cryptocurrency on the spot market
  • Trade crypto on the derivatives market with leverage
  • Stake your cryptocurrency or fiat to earn interest
  • Get crypto loans
  • Buy and sell NFTs on their NFT market
  • Get a Binance VISA card
  • Options trading

Overall when it comes to Binance vs Bittrex in terms of features, Binance is the winner. It offers so many features and is much more than just a simple trading platform.

Fees Compared

Each trading platform has it’s benefits when it comes to trading fees.

Binance offers low trading fees when you stake BNB. Binance fees can be as low as 0.04% if you use our referral and also use the Binance Coin (BNB).

Bittrex charges a flat trading fee of 0.25% on all trades.

When it comes to withdrawal fees, these vary depending on the cryptocurrency. Currently Binance has a higher withdrawal fee than Bittrex.

The winner on fees is clearly Binance, it offers minimal fees on trading, which is the main priority of a cryptocurrency exchange. If only it had cheaper fees on withdrawals, that would put it far in the lead.

Security

When it comes to security, I have to say that Bittrex has the statistical advantage.

Binance has suffered hacking in the past. Although the hacking attack was only able to get a small sum of around $30 million, which Binance then covered the damages.

After the hack, Binance has developed serious security measures to ensure that no hack takes places again.

Both exchanges utilize cold storage to protect the majority of funds.

On top of this Binance has offered the “SAFU Fund”. The SAFU Fund is a separate fund that will cover any losses of users caused by hacks or exploits. This has developed significant trust between crypto users and the crypto exchange.

Going forward if you desire security, then Bittrex ticks all the boxes based on history.

Binance offers a transparent and secure crypto exchange, that is unlikely to have any security issues in the future, even though it suffered them in the past.

Speed

Both exchanges offer quick speeds.

Binance has issues with being the biggest crypto exchange with millions of active users, therefore it can run into issues during high traffic periods.

On your Bittrex account you are unlikely to have any issues with speed when you trade crypto. This is because the exchange is much smaller and doesn’t have many users.

When it comes to speed, Binance will be faster the majority of time when cryptocurrency trading. If Binance is under high load then Bittrex offers faster speeds.

Deposit Methods

Bittrex and Binance both offer fiat currency support.

Bittrex offers debit card, wire transfer and ACH Bank Transfer as the deposit methods.

Binance offers card deposits, wire transfer, bank transfer, peer to peer methods and other deposits through third party platforms.

Bittrex has a deposit limit of $50000 per month and $10000 per day on debit cards. There are no limits on wire transfers.

Binance deposit limits vary depending on your account verification status.

Both cryptocurrency exchanges offer unlimited crypto deposits from your crypto wallet.

Overall Binance is the better cryptocurrency exchange for depositing funds. It supports more fiat currencies and more deposit methods.

Trading Pairs

Binance supports over 500 trading pairs.

Bittrex only supports just over 200 trading pairs.

Binance also offers leveraged tokens with more coins to trade from.

Alongside the leveraged tokens, Binance spot trading supports levearge up to 20x in some cases on very liquid pairs.

Binance is the clear winner when it comes to trading a wide variety of crypto assets, with a large trading volume.

User Interface

In terms of UI it’s difficult to say which crypto exchange provides a better experience.

For mobile trading Binance wins hands down, with their far superior mobile app that works on any smart mobile device.

For desktop trading, the Bittrex user interface is suited to a professional trading community, whereas Binance has multiple platforms you can pick from, such as Convert, Classic and Advanced.

As a beginner trader, I would use Binance, there UI is much more friendly and easy to use.

Which is better Binance vs Bittrex?

Binance is the far superior cryptocurrency exchange.

Not only is it one of the fastest exchanges, it offers a great introduction to crypto for a relative newcomer.

It is able to offer low trading fees, whilst giving you tons of cryptos to start trading easily.

FAQ

What’s Wrong with Bittrex?

Bittrex has a few issues that I think makes it lag behind other cryptocurrency exchanges.

Some of these issues are:

  • A lack of trading volume
  • Trading fee is too high
  • Not many pairs to trade compared to other exchanges
  • Some argue it’s a difficult exchange to use
  • No extra features such as trading options or derivatives

Is Bittrex shutting down?

Some speculators believe the cryptocurrency exchange will soon be shutting down due to it’s low volume.

At this point is time we don’t think Bittrex is shutting down. It still has active users.

We think in the future the cryptocurrency exchange may be bought and taken over, although this is just speculation.

Is Bittrex better than Coinbase?

Bittrex does offer lower fees than Coinbase and has some benefits.

You can read more in our guide on Bittrex vs Coinbase.

Is any exchange better than Binance?

Binance definitely ranks as one of our top exchanges.

It has the highest volumes and liquidity. The most features and fantastic security.

We think the only exchange to challenge Binance is FTX. You can read our comparison here of FTX vs Binance.

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