Bittrex vs Bitfinex Crypto Exchange Comparison
Making Crypto Simple
Making the appropriate choice when you have so many options is never an easy thing to do. Narrowing the selection to a couple of top picks doesn’t always do the trick, especially if the final two alternatives are similar.
This is why we decided to compare Bittrex and Bitfinex. Even differentiating the names of these two platforms may be challenging, right? Let us now examine the remaining similarities and differences between these two cryptocurrency exchanges.
After reading this article, perhaps you’ll be able to easily determine which platform is the best fit for your trading strategy.
- A fully regulated, user-friendly platform with a high trading volume;
- A strong accent on the platform’s cybersecurity and the trading processes;
- Advanced order types, real-time data, customized charting presentations, and a vast selection of cryptocurrencies;
- The UI provides a broad selection of features that can be customized to suit the trader for the ultimate user experience;
- Suitable for beginners and professional traders, although it leans more toward seasoned crypto investors.
- A rather long verification process;
- The exchange charges a withdrawal fee;
- Beginners in trading could be somewhat puzzled by the majority of advanced features.
- 99.5% of user funds are held in multi-signature cold storage wallets (offline);
- Margin trading with up to 10x leverage, crypto lending, and advanced order types;
- Excellent customer support;
- Highly customizable platform and suitable for both beginners and experienced traders.
- A history of hacking incidents;
- The controversy about the exchange’s connection with Tether (XRP).
Bittrex vs Bitfinex – How It All Started
Bittrex Global is widely regarded as one of the most reliable cryptocurrency exchanges due to its cutting-edge security features. This top-tier cryptocurrency exchange in the United States caters to traders who have realized the potential of innovative blockchain technology and are eager to join the revolutionary movement in the financial realm.
Bittrex’s developers aspired to be at the forefront of this technological advancement; thus, they prioritized making the platform as fast and secure as possible for their users.
Namely, the bespoke trading engine utilized by Bittrex was developed with scalability and real-time order execution as primary design goals. Through its comprehensive application programming interfaces (APIs), the exchange allows trading platforms operated by other parties and automated trading based on custom-made algorithms.
Users of Bittrex can also take advantage of the industry’s fastest transaction times thanks to a monitoring infrastructure that is both highly efficient and fully automated. This platform’s UI also contains all new or updated statistics regarding the users’ balance, exchange, or holdings.
Bitfinex is a trading platform for digital assets that operates out of Hong Kong. It provides a comprehensive assortment of financial products well suited for experienced traders. Beginners in cryptocurrency trading are also able to utilize Bitfinex because it has a user interface that is very user-friendly, entertaining, and informative.
In fact, Bitfinex allows all crypto enthusiasts, businesses, and institutions to implement well-thought-out and thorough investment plans thanks to its extensive trading tool offering and top-tier security measures.
Bittrex vs Bitfinex: The Exchange Comparison
Opening an Account
As a heavily regulated platform, Bittrex requires each new user to verify their identity via the Know Your Customer (KYC) procedure. During the sign-up process, users may have to provide a valid and government-issued picture ID, passport, or driver’s license in addition to other personal information, depending on the country in which they reside.
Users of the Bitfinex cryptocurrency trading platform can register for any of the several different accounts on the Bitfinex platform before they can begin trading. The types of Bitfinex accounts include individual trading accounts, paper trading accounts, and business accounts.
After creating your account, you need to activate two-factor authentication (2FA) and complete the Know-Your-Customer (KYC) authentication, both of which call for submitting certain pieces of personal information and documents as proof.
Bittrex provides its advanced clients with access to various order and configuration features, including basic order types, conditional order types that can be automatically pre-set, time-in-force order types, leveraged tokens, and more.
Bittrex also has an Instant Buy/Sell service, which makes it possible to buy Bitcoin or any other altcoin with just the click of a button and is geared at traders with less expertise in crypto trading.
Every Bitfinex client has the opportunity to customize their UI by selecting the desktop configuration that best suits their needs and a backdrop from a variety of options, and adjusting the notification preferences.
Traders who decide to use Bitfinex as their central trading location will have access to a wide variety of advanced financial instruments, including over-the-counter (OTC) for high volume trading, margin trading, crypto swapping, derivatives markets, paper trading, cryptocurrency lending, securities trading, staking, advanced order types, and many more.
The executives at Bittrex are dedicated to promoting blockchains that are both novel and well-established. The goal of the exchange is to present its clients with a constantly expanding range of blockchain platforms and tokens. In order to be listed on the Bittrex trading platform, all newly issued digital tokens are subjected to a stringent evaluation procedure.
There are more than 400 different cryptocurrencies currently supported by Bittrex, including stablecoins such as Tether (USDT). Also, this trading platform provides its users with order books that have excellent liquidity. As a result, traders can successfully swap various virtual currencies with marginal slippage.
On the Bitfinex platform, you can trade over 200 various cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Monero (XMR), Iota (IOTA), Tether (USDT), Ripple (XRP), Tron (TRX), and many other altcoins.
The ability to trade in USD markets and make USD deposits will already be activated for your Bittrex Global account if you are in a supported country.
No maximum deposit amount can be made into your Bittrex trading account using either wire transfers or credit card transactions. However, the minimum deposit amount that can be made through wire transfer is 50 USD.
Bitfinex is interoperable with the vast majority of the most frequently used payment methods, including bank wire transfers, credit cards, debit cards, and many more. On the Bitfinex exchange, you can use your credit/debit card to purchase cryptocurrencies through third-party payment services like Mercuryo.
Trading Fees and Limits
Bittrex Global is committed to providing its clients with some of the most competitively priced trading fees. The trading maker/taker fees fluctuate from 0.00% to 0.75%, based on the total 30-day volume of the account holder.
In addition, there are some blockchain network fees when a client moves the tokens from the Bittrex Global network to another blockchain.
While Bittrex Global does not charge any fees for deposits, there’s a network transfer fee on every withdrawal. When you click the withdrawal option next to each cryptocurrency, you will be given the option to review the network charge.
There is also a required minimum deposit amount for some currencies. The Deposit button on the Holdings page will take you to a page where you can review the deposit guidelines for each currency.
The first step in using the Bitfinex cryptocurrency trading platform to purchase, sell, or trade digital assets is to deposit funds into your trading account. You can fund your Bitfinex balance with fiat currencies such as USD, GBP, JPY, EUR, CNH, or any of the digital currencies listed on the extensive list of cryptos available for trading activities on this exchange.
If you opt to complete the purchase through an expedited wire transfer, you will be subject to a Bitfinex deposit charge equaling 1% of the total amount transferred in the last 24 hours. When it comes to making withdrawals of cryptocurrency, the Bitfinex user is required to pay various service fees to complete the transaction.
Besides that, the market maker/taker fee schedule charges makers roughly 0.1% of the trade, while takers are charged a higher fee of around 0.2% of the deal.
How Safe are Bittrex and Bitfinex?
Bittrex places a high premium on maintaining a secure platform at all times. The exchange employs a flexible and multi-stage storage approach so that the overwhelming bulk of assets can be stored in cold storage. Additionally, Bittrex encourages users to activate two-factor authentication (2FA) as an added security for all clients.
As a result of the exchange’s presence in Liechtenstein and Bermuda, Bittrex Global is entrenched under the strongest legal frameworks that oversee world-class financial networks.
Both in Bermuda, where it is governed by the Digital Asset Business Act (DABA), and in Liechtenstein, where it is overseen by the Transactions Systems Based on Trustworthy Technologies Act (also known as the “Blockchain Act“), the exchange works legally and fully regulated.
Under the provisions of the Due Diligence Act, Bittrex Global (Liechtenstein) is subject to the regulatory supervision of the Financial Market Authority (FMA) and is obliged to adhere to the KYC/CFT/AML requirements.
The Bermuda Monetary Authority (BMA) has granted Bittrex Global (Bermuda) Limited an unlimited license to operate a digital asset business, and the exchange is registered in Bermuda under the identifier 55591. With all these regulations (and more), we can safely confirm that Bittrex is one of the safest platforms out there.
Bitfinex has adopted various security measures in response to hacker attacks to ensure the safety of its network. In this regard, Bitfinex holds 99.5% of customer investments in multi-signature offline wallets.
Furthermore, the exchange complies with the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulatory frameworks, implements the Know Your Customer (KYC) standards in the account authentication process, etc.
If you search the comprehensive Bittrex Help Center and cannot find a solution to your problem, you can submit a ticket request, and the Bittrex customer support team will promptly send you an email with the response.
Similarly to Bittrex, Bitfinex has a vast knowledge base that can assist you with any difficulties you may experience using this platform. You can always contact Bitfinex’s customer support staff for assistance. The Bitfinex support team is accessible 24/7 via email and reacts to inquiries within twelve hours after receiving them.
Trading cryptocurrencies through the Bittrex mobile app is one of the safest ways to engage in swapping cryptos on the go. Although Bittrex’s cutting-edge blockchain technology is geared at experienced traders and provides financial services that are on par with those offered by banks in terms of safety, it also makes it possible to expedite such services for the new users.
Bittrex’s mobile app allows users to quickly and easily buy, sell, and maintain tabs on their preferred cryptocurrencies and get news and other relevant information about the cryptocurrency market.
Investing in some of the most well-known cryptocurrencies through this app is simple, and as a result, you can quickly build and oversee your cryptocurrency portfolio.
The Bitfinex mobile app, on the other hand, brings the full functionality of the online platform to all Android and iOS mobile devices for seamless trading on the go. You can easily swap hundreds of prominent cryptocurrencies with this software and use some of the more sophisticated trading tools.
Bittrex and Bitfinex vs Other Crypto Exchanges
Do you find yourself having second thoughts about these two exchanges? As a further alternative, we present to you briefly two more platforms out of the most reputable cryptocurrency exchanges bunch that are accessible to the residents of Canada:
Owing to the low trading fees and the wide variety of supported crypto and fiat currencies, Binance has established itself as the industry leader.
The trading platform can be adjusted to suit the needs of traders of varying levels of expertise. Unfortunately, the wide variety of trading choices could be too much for inexperienced crypto enthusiasts. Instead, they could opt for Gemini, Poloniex, or Kraken as some of the platforms with the most beginner-friendly UI and trading options.
As a bonus, Binance has extremely low fees for crypto trading services. Namely, this exchange charges a 0.5% fee for buying and selling cryptocurrencies, while spot trades cost 0.1% on this Chinese trading platform.
When compared with Bittrex and Bitfinex, the first major discrepancy that comes forth is that Binance is not a regulated exchange. Also, while the exchanges we compared in this article are real security powerhouses, Binance has experienced a security breach of its platform in 2019.
Coinbase is a well-known cryptocurrency exchange situated in the United States and is appropriate for novice and experienced traders. Investors in cryptocurrencies are protected from the risk of significant loss due to price swings if they trade on Coinbase because it is a highly liquid trading platform.
Although Coinbase’s trading costs are slightly higher than the industry average, this exchange is the clear winner in the area of the most beginner-friendly trading platforms.
With simple trading widgets for beginners and a plethora of sophisticated financial tools for professional traders, it’s no surprise that Coinbase is the world’s second-best platform, right behind Binance.
But, popularity is not the only thing Coinbase shares with Binance. Namely, the most beginner-friendly exchange in the world also suffered a hacking attack. It looks like the security systems on Bittrex and Bitfinex and their strict adherence to the financial regulations paid off in the end.
Bittrex is a well-established cryptocurrency exchange based in the United States that focuses strongly on its customers’ safety. The exchange’s security has never been compromised in its entire operating history on the crypto market, and its trading platform is frequently lauded for its fast performance and reliability.
Taking everything into consideration, Bittrex can be a decent option for expert market participants. The platform supports hundreds of cryptocurrencies, mainly focusing on crypto-to-crypto transactions. Additionally, users will like the option of placing advanced types of orders.
In comparison, Bitfinex is a top-tier trading platform that provides cutting-edge crypto trading products to its consumers and worldwide liquidity providers. Even Bitfinex’s twice-hacked security doesn’t deter us from appreciating the functionalities we found on this platform.
On the contrary, these incidents and the way Bitfinex solved them and continued to grow despite them show that Bitfinex is committed to improving the crypto trading experience at every step of its development.