What Is Bittrex and What Is Binance?
A cryptocurrency exchange is a business that allows customers to invest and use digital currencies, such as bitcoin, ethereum and litecoin.
The Altcoin market includes thousands of alternative currencies; therefore, a website where these currencies can be bought and sold is important for all traders, including beginners and experts.
A cryptocurrency exchange allows trades to be made with other cryptocurrencies, which can be exchanged for fiat currency, and other trading instruments can be invested in, like commodities, stocks and bonds.
Deposits can be made in some exchanges with fiat (traditional) currencies, such as dollars, yen, sterling or digital currencies.
It allows payment methods like credit cards, wire, bank transfers and even PayPal.
Bittrex and Binance are two well-known cryptocurrency exchanges; however, when considering which is best to use, there are a few things to consider before deciding.
What Matters In a Cryptocurrency Exchange?
There are several universal features of cryptocurrency exchanges. These can be used to discover what matters to you in terms of your trading needs.
Assessing each exchange using the descriptors of what matters will simplify the decision-making process.
Cryptocurrency exchanges make their money by charging fees for the exchanges.
This often includes fees for both those buying (takers) and those selling (makers) bitcoin, as well as costs for depositing funds into the exchange and withdrawing them too.
When dealing with any financial institution, ensuring your financial investments are safe is paramount, particularly when trading exclusively with online exchanges.
Online protection for your cryptocurrency can be applied by using two-factor authorization and verified accounts (with ID and address).
Number of Users
The more active users there are on a cryptocurrency exchange, the less likely downtime or problems will occur.
More users mean a constant and steady balance of supply and demand.
Whether you are a beginner trader or a professional, a simple and easy user interface will make it easier for you to trade.
The more straightforward the interface, the easier it is to use.
Accessible customer support is paramount for beginner traders.
Some exchanges also offer educational resources to teach you more about cryptocurrency and trading.
Choice of Currencies
Exchanges are designed for the buying, selling, and trading of currencies; therefore, the most useful exchanges offer the largest choice of currencies.
The most important features are a range of altcoins and fiat (traditional) currencies.