In the field of exchanges that concentrate on offering a variety of cryptocurrency for trading, Bitrex and Binance are two of the most well-known brands in the business and Binance being among the largest brands within the cryptocurrency industry in general. Bitrex was at one time among the top players in the world of trading volume in cryptocurrency but eventually overtaken by Binance following the time that Bitrex introduced the stricter Know Your Customer (KYC) and anti-money laundering regulations. Bitrex is still a well-known platform, however they aren’t at the dominance they enjoyed prior to the introduction of Binance. There is a myriad of things to take into consideration when selecting an exchange that supports trading in altcoins, so let’s examine the features that Bitrex and Binance can offer their clients.
Bitrex vs Binance – Fees
The two Bitrex and Binance have one of the lowest fees that are available to trade between various cryptocurrencies. But, Binance has Bitrex beat for those who are more concerned with the cost of trading versus other aspects.
Presently, Bitrex charges a fee of 0.25 percent for every trade, but Binance is only charged 0.10 percent on trades. In addition, those who use Binance Coin (BNB) are allowed to enjoy additional fees that are lower than 0.05 percent. However, it needs to be mentioned that the use of BNB comes with certain risks as the user might lose value due to its high price volatility, while using it to make payments or staking.
The initial version that were Bitrex and Binance both functioned similarly. Both were exchanges that specifically focused on bitcoin and other altcoins, which did not have any connection to the traditional banking system. This enabled exchanges to attain an adequate degree of regulatory arbitrage the time. However, recently regulators have become more concerned about ensuring that cryptocurrency exchanges are able to track the usage of their platforms for illicit uses. For Bitrex it has meant the implementation of more strict anti-money-laundering policies, and as well, integrating into those of the U.S. banking system. Binance has taken the route of establishing an entirely separate exchange platform designed specifically for U.S. customers, known as Binance.us. The first Binance platform is still utilized by Americans in the event that they don’t require to connect their bank accounts with the platform.
Both platforms allow trading on mobile phones, meaning customers can trade cryptocurrency almost any location with an internet connection using the iPhone, Android, or another mobile device.
That’s where most of the similarities are in terms of the characteristics. While Bitrex is mainly focused on offering a trading platform, Binance has branched out to a wide variety of different cryptocurrency-related services over the years. Alongside having access to the trading platform that is used by the majority of users, Binance users are also allowed to take advantage of P2P trading, obtain an account with a debit card linked with the Binance account, buy crypto assets using the use of a credit or debit card or trade derivatives, gain the interest they earn on cryptocurrency assets lend cash against their crypto holdings as well as participate in a mining pools and many more.
In addition, Binance has launched two blockchain networks, in their form: Binance Chain along with Binance Smart Chain. In addition, Binance has its own private token called BNB.
If you already operate in the realm of cryptocurrency it is likely that you will be capable of using Binance without much hassle than when you make use of Bitrex. This is due to the fact that Binance and Bitrex use different strategies for regulation. With Binance it is possible to make trades of between 2 and 3 BTC every day without having to hand any personal information. Naturally, you’ll be able to bypass these limitations by having multiple accounts (as you’re able persuade Binance that you do not already have several accounts with them).
Because Bitrex is integrated with an established financial institution, it may take some time to start in certain instances where there is a problem authenticating your identity. Of course you’ll need to undergo this verification process when you decide to become involved in the market for cryptocurrency. If you’re not receiving bitcoin and other cryptocurrencies through the P2P model then you’ll need to provide details about yourself at both the entry and exit points in the cryptocurrency world.
In the end, you might be interested in becoming crypto-savvy in case you’re concerned about speed. Binance remains an option that permits users to work without restriction if you’re thinking of using crypto assets, and not working directly with traditional banks with a lot of strict rules and regulations.
If you’re concerned about security above all else it is inevitable be faced with problems when you interact with cryptocurrency exchanges that are centralized. These exchanges typically require you to give the control of your cryptocurrency to a third-party (the exchange). Although decentralized and non-custodial exchange options aren’t that far away but the reality is that the majority of the transactions are still on central platforms as of now.
Regarding their security settings There isn’t much difference from Bitrex as well as Binance. Yet, Bitrex should be seen as the superior choice for this particular category because the platform’s foundation hasn’t been compromised. On contrary has had to deal with multiple security breaches throughout the years. However the security issues haven’t led to the any loss of funds to Binance customers due to Binance’s ability to help them out.
Binance is a trusted partner for many more currencies in trading and trade pairs than Bitrex. This should not come as a surprise since Binance has established itself in the market through the years, by assisting as many currencies as it can as quickly as is possible.
The disparities in the amount of coins available on both exchanges could be due directly from the regulatory environment that both exchanges operate in. Bitrex has more scrutiny from regulators due to their relationship with an established financial institution, which means they might be more cautious with regards to the types of coins they choose to feature in their marketplace. There’s a chance of numerous coins that are illegal from a regulatory standpoint or even scams that are listed on Binance as opposed to Bitrex This is kind of an ambiguous sword.
In terms of power to trade both platforms are generally similar. Although there’s not much distinction in the way the trading platforms function on the fundamental level but it’s important to remember that Binance offers a variety of options when it comes to the many ways which traders can choose to trade. The Binance platform allows traders to trade using a variety of different user interfaces that are suitable for people with various levels of experience in trading. If you’re interested in trading derivatives Both platforms are able to help.
However, as we’ve already mentioned, Binance will have this capability for more tokens and coins than those accessible on Bitrex.
There are two ways you can view the differentiators in Bitrex and Binance with regard to the ease of use and user-friendliness.
The first thing to note is that Bitrex might be a more user-friendly interface since it lets you use conventional banking systems of the United States. Therefore, for those who reside in the United States who only want to utilize one platform for the entirety of their cryptocurrency trading requirements, Bitrex may be the most convenient option.
However, Binance has created a variety of user interfaces which are able to be used in conjunction with the platform that it is based on. This means that everyone starting from those who have traded online for a long time can access exactly what they need using the service.
At the final analysis, the accessibility provided by a platform is contingent on the particular features required by the particular trader.