With Bittrex having recently disabled so many users, seems people are beginning to turn to alternative exchanges to buy and sell cryptocurrencies. This has increased trade volumes on other exchanges with Binance rising to the second spot with large volumes being traded on a daily basis.
Though a statement released by Bittrex explained that those accounts were disabled to protect users from harm, as they continuously review user information. It was also mentioned that the total number of accounts disabled was less than 0.1% of the total number of accounts on the Bittrex platform and the rest unaffected.
Aside from the disabling of accounts, Bittrex is yet to add high volume cryptocurrencies like MIOTA, WTC, QASH, REQUEST, and VeChain. These and many more challenges posed by Bittrex has affected the recent drop in ranking of the exchange.
Binance Surpasses Bittrex In Trade Volume
In the space of 6 months of Binance existence, it has become the favorite as restrictions are less and platform easy to use. With a total of about $2.6 billion, Binance stands at second place as at the time of writing.
The sudden rise can be attributed to super support service provided by the Binance team and the fact that people vote cryptocurrencies they want to be listed on the exchange and it goes live in the set period. They’ve also got a whole lot of coins listed on the exchange these as added to so many porting to the exchange.
Binance vs. Bittrex
- This platform is a relatively new Chinese company, started by experienced professionals in the cryptocurrency space. Changpeng Zhao, former CTO at OKCoin is a recognizable name behind the project.
- Binance offers a substantial number of coins, which are traded mostly in Bitcoin and Ether.
- Binance doesn’t provide any information on the minimum deposit or withdrawal on their site, but it seems even small deposits get deposited and withdrawn with ease on the platform.
- Binance has a flat 0.10% fee on all trading is done on the exchange.
- Binance is one of the exchanges who don’t accept fiat currencies for deposits. It focuses only on the digital side. Users can withdraw or deposit coins supported by the Binance exchange.
- Bittrex INC is based in the United States and more specifically, in the New York.
- Bittrex offers excellent security for funds and company provides the two-factor authentication which is standard measure for keeping funds safe on exchanges.
- Users review on Bittrex is somewhat positive. The look and feel are great, but given the number of cryptocurrencies available to be traded, you need to be careful transferring your coins to the platform. Some users complain about having to recover coins sent to the wrong wallet. So you got to make sure you are generating the write wallet for every crypto you’ll be sending in there.
- Trading fees at Bittrex are 0.25%. Also, discounts on huge volume traders are provided based on their trading volumes.
- Withdrawals and deposits on Bittrex are also made via cryptocurrencies.
After carefully considering all cons and pros listed for each exchange above, it’s now in your hands to choose which is best and most convenient for you.
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