Coinbase and Bittrex are two of the market’s most well-known and well-respected crypto exchanges. In this Bittrex vs Coinbase comparison, we’ll look at the benefits and drawbacks of trading on each platform and who each platform is best suited for.
Coinbase and Bittrex have both been operating for a while and follow a similar user flow, which may or may not be the same as what led you to your search for a trading platform.
Bittrex vs Coinbase: Brief Comparison
Coinbase is a wonderful site for novices to buy a cryptocurrency and is the leader in attracting new users, with a valuation of $1.6 billion. It is called a unicorn among entrepreneurs. They have a user-friendly site, but no margin trading is available, and the 1.49 percent trade cost is too high for rich investors. Coinbase also has a high reputation for grabbing the attention of investment capital from big financial institutions like the New York Stock Exchange (NYSE).
Bittrex is ideal for people looking to purchase a variety of various altcoins. The nicest thing about Bittrex is that it allows you to buy a large range of cryptocurrencies, which puts it ahead of Coinbase.
Bittrex bills itself as the next generation in cryptocurrency trading, claiming to support over 190 different coins. They intend to add more cryptocurrencies in the future, but only a few of the more popular ones. So there is no doubt that both the cryptocurrency exchanges are well equipped to serve traders and venture capital firms.
Let’s look at the table to differentiate the features of both platforms.
|Deposit and Withdrawal methods||Credit/Debit cards, e-wallets, Wire transfers, and Cryptocurrency||Only Cryptocurrency|
|Cryptocurrencies available||Bitcoin, Litecoin, and Ethereum||Around 200 cryptocurrencies are available|
|Mobile app/Trading platform||Yes||No|
|Client base||Over 98M verified users||Over 500k active users|
|Usability||User-friendly for beginners||Not suitable for beginners|
There are plenty of excellent exchange options available. However, to be a successful exchange in today’s world, your security must be impenetrable, as a single poorly handled security issue might be fatal to the exchange’s user base. In addition, Coinbase has accumulated millions of dollars from the Federal Deposit Insurance Corporation (FDIC).
Coinbase boasts the strongest security of any Bitcoin exchange and has never been hacked in its five years of operation. In addition, over 95% of customers’ bitcoin money is maintained in safe offline cold storage, and the credentials needed for cold storage transaction authorization are fragmented among offline hard drives.
They also provide two-factor authentication (2FA), send email notifications, and encrypt emails with PGP. Bittrex is run by a team of “security freaks” that are dedicated to keeping their customers safe at all times. They take pleasure in providing a secure platform and using the most up-to-date security solutions.
Both Coinbase and Bittrex are regarded as very secure exchanges. Both sites, however, are at risk of being hacked because even the most experienced security specialists in the world understand that no system or software can guarantee your safety.
Long-term storage of funds on any exchange is not advised because it raises the risk of them being hacked. It’s fine to keep them for a short time. You should, however, only keep what you intend to trade actively.
Coinbase is presently available in 30 to 33 countries.
Despite the fact that Bittrex is a US-based broker with global access, it is only available in a few jurisdictions, which is likely due to the changing nature of bitcoin regulation in certain areas.
Bittrex vs Coinbase: What suits you?
Coinbase has done an excellent job of building a highly user-friendly interface, which is why so many people choose it to get into the bitcoin realm. This simplifies the process of purchasing coins. In addition, you can have the best investment advice with both exchanges.
Users of Coinbase and Bittrex can purchase crypto assets, including BTC, ETH, and LTC. For beginners, though, the platforms are vastly different.
Bittrex is a safe and secure online cryptocurrency exchange that allows users to trade coin pairings with one another, much like a forex or stock exchange. However, it might be confusing for newcomers, and there’s a lot of possibility for little but costly mistakes.
Coinbase is more user-friendly than an exchange because it keeps the process focused and straightforward.
Coinbase allows you to deposit fiat currency and purchase a certain number of BTC, ETH, or LTC when trading fiat currency for BTC, ETH, or LTC. For many first-time customers, Coinbase is far more straightforward and convenient to use, which is why so many people prefer it.
It’s worth noting that the limits on bank transfers and credit card purchases on Coinbase vary for every user. Account age, purchase history, and verification status all influence credit card limitations. Users who want to buy larger quantities should use bank transfers because you may quickly access higher limitations after you’ve been authenticated.
Bittrex presently does not allow users to buy coins directly with credit cards, debit cards, e-wallets, bank wire transfers, or ACH bank accounts. Therefore, this functionality is currently unavailable. People at Bittrex, on the other hand, claim that they will be releasing stronger USD markets and deposit options, which means you’ll have to buy your BTC, ETH, or LTC on another exchange like GDAX or Coinbase, then move it to Bittrex to trade.
You are strongly advised to use bank transfers on Coinbase rather than credit cards to save money on fees. This is because you lock in the current price when buying Bitcoin on Coinbase. However, you won’t be able to withdraw your coins until your bank transfer has been completed.
Coinbase has done an outstanding job of designing a user-friendly interface and offers a few additional features that are unique to the platform. However, their fees are higher than those of most other exchanges, varying depending on how you pay.
Between Bittrex fees and Coinbase fees, Bittrex offers 0.25 percent trading fees on all deals; therefore, Bittrex is definitely worth considering if you want to save money by not paying the relatively high coinbase fees.
By exchanging US dollars for your preferred coins, you can use Coinbase and Bittrex in your crypto trading routine with your preferred payment method like bank transfer purchases. After that, you can move your coins to Bittrex and trade them for coins that Coinbase doesn’t have.
Bittrex vs Coinbase: Customer Support
Regarding customer care, the cryptocurrency sector doesn’t have much, unfortunately, this brag about. This is still controversial in the business, with many companies leaving this unanswered. A simple Google search for any crypto exchange will provide scores of scathing reviews about the site’s bad customer service, and you’ll see that many users have complained about slow response times, which could be due to rising demand.
Coinbase provides email assistance as well as online chat support during US business hours. In addition, Coinbase’s customer support is excellent, even better than that of many of its competitors.
Although Coinbase customer service has flaws, in our personal experience, we’ve normally received responses from support within 24-72 hours, which is substantially faster throughout the week. They also have a comprehensive FAQ section for general inquiries.
Pros and Cons of Bittrex vs Coinbase
|Great security||No fiat trading|
|Automated features||The verification process is slow|
|Easy to navigate|
|Huge selection of altcoins and forks like Bitcoin cash|
|Easy to use and Beginner Friendly||Has slightly higher fees than most Exchanges|
|Safely stores Customer funds||May Track How its users spend their Cryptocurrency|
|Has Lower fees than “Easy Buy” Customers|
|Purchase cryptos faster than most Exchanges|
|Simple and Modern Website|
|Regulated and Trustworthy Company|
|You can purchase cryptos with Credit Cards and Debit Cards|
Because Coinbase and Bittrex serve two different goals, choosing one over the other could be tricky. There is some overlap in the services that they provide. They do, however, each have a significant advantage over the other. You can easily apply your favorite investment strategy with the exchanges.
Many users buy Bitcoin on Coinbase and then transfer it to Bittrex to trade for other cryptocurrencies that Coinbase does not provide. Coinbase is an excellent solution for anyone who wants to get started with cryptocurrencies quickly. Bittrex, on the other hand, is an excellent place to go if you’re a frequent trader or want to invest in other cryptocurrencies.
So our final verdict of Bittrex vs Coinbase is that Coinbase is a better option for overall trading conditions than Bittrex.