Cryptocurrencies are the boom nowadays. They had become a cultural and financial revolution that has spread all around the world. So there is a strong need of virtual platforms where anyone can buy, sell or exchange cryptocurrencies. These are called ‘Cryptocurrency Exchanges’.
There are many trading platforms that had emerged in the recent years. They function as a support for the crypto coins exchange. Each one of them works and strives to be the best option of the client. This has created some kind of struggle for being the best. There are two of them that stand out as the protagonists of this ‘which is the best?’ struggle: Binance and Bittrex.
Binance vs. Bittrex Overview
Binance is one of the best-known trading platforms with an excellent reputation. Its goal is to offer the best to all its customers. They give the best, most friendly and most complete attention. They guarantee safety, stability, high liquidity, multiple-coin, and high performance. Binance is capable of processing 1.400.000 orders per second. They have also an added value of giving multilingual support and counting with superior technology.
Bittrex is one of the most recognized platforms for the exchange of crypto coins. It currently is a global leader that seeks to promote innovation. Bittrex highly complies with all the conditions of being a blockchain network for trading. Also it is meant to be an efficient platform. It guarantees several things like: a fast trade execution, dependable digital wallets and security practices.
Undoubtedly, they are two great well-known platforms for trading cryptocurrencies. This led to the emergence of a high degree of competitiveness between them.
Crypto coin is supported when it has the availability for buying, selling, depositing and withdrawing. The support gives them the value and it may vary according to the fluctuations.
They always depend on the country in which their main selling points are. Platforms also take into account the location of the payment method used by the trader.
Bittrex and Binance support some crypto coins but they are not necessarily the same ones. Actually, it is said that Bittrex supports much more crypto coins that Binance.
Each one of these platforms has their own requirements and conditions to support cryptocurrencies. That’s why there is no rule for supporting them. It totally changes from one exchanging platform to another. Bittrex currently counts with 200 supported crypto coins but with Binance that figure are unknown.
Interface literally means a ‘contact surface’. It’s the functional connection between two systems of any kind. This feature allows a quick and easier configuration of them.
In the crypto world, we are talking about a commercial interface. It yields mixed answers according to the kind of exchange the trader is looking for.
Making a rapid comparison between the interfaces of these two great platforms, different websites agree in one specific point. Both are well-done, but the Bittrex interface is indeed more complete and understandable.
Binance and Bittrex Deposits and withdrawal fees
Bittrex offers a quite easy deposit and withdrawal process, only in few steps. They clearly explain the process in the support section of its website.
It is important to be careful because the process varies depending on the type of account: personal or corporate.
Binance also presents a straightforward process for both deposit and withdrawal. Just like Bittrex, they describe the process quite well. They want you to avoid mistakes and clarify all your doubts. Also you must look out if the account is personal or corporate. Depending on that you have to follow some specific steps.
Either one or the other provides a client-directed service to make deposits or withdrawals of crypto coins successfully.
Identity verification process
Both of them strive to establish a good and strong security system. They want to protect their clients. That’s why they count with an ID verifying process.
Bittrex have improved their automated system to make it simpler and quicker. They use a one-step process that can be done in less than 15 minutes. But they still guarantee security only with a faster procedure.
Considering the volatility of the crypto coins, they use high technology to simplify things, through facial recognition. This is very useful because you have both strong security and quickness.
Binance counts with a quite more complex process of two or three steps. First, you have to complete the entire verification process in 15 minutes. But you must not refresh the browser throughout the process. If you exceed the deadline then you have to wait 30 minutes to try again. You cannot try more than three times per day. This is a secure but lengthy process.
As we can see below both of them guarantees security, they make customers feel safe. The difference is that the Bittrex process is more efficient and quick than Binance’s verification.
Where is Binance located?
Binance was created in China, which is where it was located in its beginnings. But with the years, cryptocurrency laws became more and more strict. And a few years later, they had to move their head office to Japan. Now they are moving to Malta.
Where is Bittrex located?
Bittrex is located in Las Vegas, Nevada, the United States since its creation. Unlike Binance, Bittrex has not seen the need to change its location.
Are Binance and Bittrex safe?
Yes, they are both safe as we could notice in their identity verification process. They make sure that customers are highly protected. They continuously strive to make security even stronger with time.
Neither of them conforms with their ID verification process. They also count with the Crypto Currency Security Standard (CCSS). This protocol should be used only for significant exchanges but they use it to protect account. Through CCSS, they provide even greater safety because both of them take customers’ security very seriously.
Have they ever been hacked?
After reading all these security practices they carry out, the chances of getting hacked should be very low. But surprisingly, they had suffered some breaches. In both of them, some accounts were hacked.
Been hacked doesn’t mean they aren’t safe; it’s just that no safety system is inviolable. That is why you must be careful and take the necessary security measures.
Both Binance and Bittrex, are great exchanging platforms and global leaders in the crypto market. We can’t tell which one is the best since both meet the requirements of a good exchange platform. They have all of them: reputation, fees, payment methods, ID verification, geographical restrictions, and exchange rate.
It depends on what you are looking for. If you want a more complete interface, you can apply for Bittrex. But if you prefer a safer platform, then Binance is the one for you!