Bittrex vs Poloniex: Which is a Better Digital Currency Exchange?
Bittrex and Poloniex are among the leading cryptocurrency exchanges in the world today. Poloniex came earlier before Bittrex, but it has dramatically gained popularity over time.
Both Poloniex and Bittrex allow you to trade in most basic cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. They also allow you to buy hundreds of cryptocurrencies.
Both exchanges offer free wallets for all cryptocurrencies. The wallet is integrated into the crypto exchanges platforms. Therefore, you can easily track all your coins easily.
One thought you should keep in mind though is that you should be extra cautious when storing cryptocurrencies.
Unless you only want to store your coins for just a short period of time, then keeping them in online wallets is not recommended. Consider using hardware wallets.
Some of the common alternatives of Poloniex and Bittrex include KuCoin, Gate.io, and Binance.
In this review, we will compare closely Bittrex and Poloniex crypto exchanges.
What is Bittrex?
Bittrex is among the best cryptocurrency exchanges today. Bittrex was founded in 2014 by Bill Shihara, Rami Kawach, and Richie Lai.
It is based in Seattle, USA. Since Bittrex is a crypto-to-crypto trading cryptocurrency, you are only allowed to trade in cryptocurrencies. Therefore, you can’t use fiat currencies to buy cryptocurrencies.
Bittrex was initially founded to provide safer exchanges. This was in 2014, after the most significant crypto exchange in the world known as Mt. Gox went bankrupt. The exchange is said to have been hacked for several times what forced it out of business.
Bittrex founders, Shihara, Kawach, Ryan, and Lai, had previously worked at Microsoft and Amazon as security professionals. Therefore, they were a perfect match to come up with a crypto exchange that the world could trust.
Over the years, Bittrex has never been hacked since it was created. It has once again built the confidence of trading in cryptocurrencies.
Currently, people no longer consider trading in cryptocurrencies to be a risky thing. Bittrex has changed that. It is undoubtedly a cryptocurrency exchange to trust.
What is Poloniex?
Poloniex is a cryptocurrency exchange based in Delaware in the USA. It was founded by Tristan D’Agosta who previously worked as a freelancer composer; also he had a music degree from Rutgers University. Tristan is also said to have operated a company known as Polonius Sheet Music.
Poloniex was founded before Bittrex, and therefore it has more experience. In February 2018, a company known as Circle Internet Financial Ltd, sponsored by Goldman Sachs Bank, bought Poloniex in February 2018.
How is the User Interface & Features of Bittrex and Poloniex?
Poloniex is better in terms of features. It involves the use of advanced functionality such as margin trading and lending.
This involves one party lending their balance to another party. The borrowing party in return pays interest to the lender. This offer is however offered for 12 coins.
Margin trading and lending is a great way to earn a lot of money. However, always be cautious when you get involved in this kind of trading.
As far as cryptocurrencies are involved, security should still be your primary concern. Poloniex has two-factor authentication.
Most crypto exchange platforms are designed professionally. It’s therefore highly likely that most trading platforms features will be complicated to use especially for beginners.
Here is a simple illustration of Poloniex platform features.
As compared to Poloniex, Bittrex interface tends to be more intuitive than Poloniex.
It has a clear white appearance and it displays prices in USD since the value of Bitcoin tends to fluctuate wildly.
Bittrex has a two-factor authentication and allows its users to store approximately 90% of their exchange’s coins offline. Therefore, if the site gets hacked, the coins will remain secure.
Bittrex lacks a margin lending and trading. This makes Poloniex a better option for crypto traders.
Below is a Bittrex platform display.
Which cryptocurrencies do Bittrex and Poloniex support?
Both Bittrex and Poloniex support a number of cryptocurrencies. However, despite the fact that Poloniex came before Bittrex, Bittrex is far way ahead of Poloniex.
Bittrex supports over 250 cryptocurrencies while Poloniex supports just about 96 cryptocurrencies. Both exchanges offer range wide of services to its customers.
Whether you choose to join Bittrex or Poloniex, both have many buyers and sellers, and therefore, your needs will be fulfilled.
Below are charts showing the top 15 cryptocurrencies for both Bittrex and Poloniex.
Poloniex
Bittrex
Bittrex vs Poloniex – Fee Schedule
Each investor or trader is concerned about the amount of many they can make. Therefore, it’s critical for a trader to grasp the various terms and costs associated with an exchange to make the right decision.
For the case of Bittrex, the fees are clear enough to understand even for beginners. The fee here depends on the amount you wish to trade.
Each trader is charged a fixed fee of 0.25% of the amount traded. Both small and big traders face the same charges.
For Poloniex, how the fees work is entirely different from Bittrex. The amount of fee Poloniex will charge you is based on whether you are a taker or a maker, and the size of your trade.
For new traders, they are likely to pay a fee of 0.25%. For instance, if a taker trade with less than 600BTC, they will pay a fee of 0.25%.
Here is an illustration of the number of fees charged by Poloniex to its users
Each day, they calculate your account trading volume for the past 30 days. Then they adjust your fees based on the schedule above. To qualify for lesser fees, you should trade more than 600BTC. However, only a few traders can afford this.
One thing you should note is that both Bittrex and Poloniex offer similar fees, especially to beginners. However, it’s clear that the fees for Bittrex are easier to understand as compared to Poloniex. For big investors, Poloniex fees tend to be kinder.
Withdrawal Limits and Verification of Poloniex vs. Bittrex
Some cryptocurrency exchanges allow you to withdraw any limits without having to verify your account possession. Binance is an example.
Bittrex Withdrawal limits and verification
For users of Bittrex, you require to undergo a primary verification if you wish to withdraw about 0.4 BTC per day. The verification process may request your name, address, and the date of birth.
In the case of an enhanced verification, where your withdraw amount is about 100 BTC per day, the verification process may require you to submit a copy photo of your government issued ID.
Poloniex Withdrawal Limit and verification
Poloniex doesn’t explicitly specify their verification requirements both on their sites and on the user account.
However, Poloniex allows you to receive up to $25,000 per day. Logically, you will require your name, Social Security Number for U.S members, your address, and some identity documents.
Security offered by Poloniex vs. Bittrex
The safety of your money is the primary concern of both the exchange sites and yourself. Even before deciding to invest in any kind of investments, especially cryptocurrencies, it’s vital to be cautious.
Don’t invest in any cryptocurrency trade in case you have doubts about its security capabilities.
Let’s look at the security measures of both Poloniex and Bittrex.
Bittrex has proven to be the most secure cryptocurrency exchange that is available in the market today. Since its foundation, Bittrex has never been hacked. Its founders are experts in matters of exceptional security.
Bittrex system is built in such a way that 80-90% of all cryptocurrencies are stored offline, also known as cold storage. This makes Bittrex very secure since even if its hacked, most of its wealth is still safe.
All transactions in the Bittrex system use a 2-factor authentication. In this step, the user has to provide two types of account information before a transaction is verified.
At first, you have to input your password and then confirm your account through a mobile phone. This verification is compulsory for all API usage and withdrawals.
Poloniex also requests a two-factor user authentication in order to log in and even when withdrawing currencies from your account.
Poloniex was hacked back in 2014 where it lost approximately 97 BTC. At that time one Bitcoin was trading at below USD 500. Poloniex was able to repay the lost money to their customers.
Also, they adopted new security upgrades to build the confidence of their customers once again and avoid a similar situation in the future.
Also, ensure you upgrade your security as an owner. There are a number of tips you can use to avoid losing your money.
There are new reports each day that explain how people have fallen for tricks and scams and have ended-up losing millions of dollars.
In terms of confidence enjoyed in the marketplace, while Bitrex might record more transaction volumes than Poloniex, its patronage is lesser in America and Europe.
Global support for Bitrex might be more but overall, crypto users respect Poloniex for its stability and liquidity.
Teams of Bittrex and Poloniex
Bittrex founders are well known because they are mentioned in the site. Bittrex was founded by Richie Lai, Bill Shihara, Ryan Hentz, and Rami Kawach.
They are all tech experts who have worked in high-flying companies such as Amazon, Microsoft, BlackBerry, and Qualys with over 50 years of combined experience.
For the case of Poloniex, it is a subsidiary of Circle Inter Financial Limited, a digital services company with headquarters in Boston, Massachusetts in the USA.
The CEO of Circle is Jeremy Allaire and Sean Neville is one of the co-founders. Circle is also backed by Goldman Sachs.
Bittrex vs Poloniex – Customer Support
Customer support is a significant concern in any kind of industry. Any user wants to know if, in case of a problem or an inquiry, they will get the required attention, especially within a short period of time. The issue of customer support is very crucial, especially where money is involved.
However, with the rising growth of cryptocurrency users, the quality of the customer care tends to reduce with time.
With the rising demand for cryptocurrencies, you should not expect much from the customer support. Majority of the crypto currency platforms currently are unable to keep up with the needs of their customers. In fact, this is the reality that we live in.
For the case of Poloniex, we have experienced quite a number of complaints from its users about its customer support. Keeping this in mind, Poloniex is not great as far as customer support is involved.
Bittrex does not offer the best or perfect customer support, but it’s not close to the extreme complains of Poloniex. The worst customer support attention you can after submitting a support ticket is approximately one to two weeks.
Remember not to give any private account details on any cryptocurrency platform or forum or on social media. Am sure no one wants to lose money after working hard to make it.
Read Next: Trans-Fee Mining: The Second Wave Of Crypto Exchange Tokens
Conclusion
How good or bad a cryptocurrency exchange mainly depends on the user. For instance, Poloniex can have a poor customer support but a great interface features. Therefore, based on your user needs, you can identify and choose the best exchange to invest with.
Bittrex is currently offering the most cryptocurrencies, and it’s a long-trusted choice for most investors. Also, in terms of mentions in crypto telegram signals, Bittrex still continues to play actively in the cryptocurrency industry.
In addition, its daily trade volume is more than that of Poloniex. This clearly explains that many people opt to go for Bittrex instead of Poloniex.
Bitrex came later after Poloniex but it has proven to offer significant benefits in the cryptocurrency industry. Also, the fact that Bittrex has never been hacked since it was founded explains why people trust it more as compared to other exchanges.
Here is an illustration showing the Google trends for both Bittrex and Poloniex.
The table below shows a simple comparison of Bittrex vs Poloniex. You can compare the exchanges before deciding where you want to trade.
Feature image: Shutterstock.com
In-Post Image: Shutterstock.com, bitcoinist.com, Image Provided By Author
References
Disclaimer
The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.More Posts
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