Bittrex and Coinbase are highly popular cryptocurrency exchange platforms. While Coinbase was established in 2012, Bittrex was established later at 2014. However, both of them enjoy a strong reputation.
However, there are several crucial differences between the two platforms that will determine which one is ideally suited for you. The two platforms are such polar opposites in a few ways that if one of them is right for you, the other is probably terribly wrong for you.
In this comparative article, we’ll go through all the prime differences, specifications, and features of the two platforms to determine which one you should use.
PART 1: Bittrex VS Coinbase Key Features: What’s the Difference?
The most glaring difference between the two platforms is in terms of payment methods. Bittrex doesn’t accept or support any fiat currencies. It’s completely a crypto-to-crypto exchange platform. As such, it might be great for trading purposes, but it’s not good for beginners at all.
Coinbase, in comparison, accepts a number of popular payment methods such as bank transfers, credit cards, and even PayPal, and it supports payment in GBP, EUR, or USD. As such, it’s the ideal platform for beginners who want to start buying bitcoins.
Furthermore, Bittrex is also a lot harder to navigate than Coinbase, which has a much more intuitive interface. Based on these primary differences, we can see that Bittrex is a platform meant for advanced and serious traders, whereas Coinbase is more suited for beginners.
In our list of 20 best cryptocurrency platforms, Coinbase ranked #1 whereas Bittrex ranked #17. In the table below, you can compare their prime specifications and features.
|Reviews||Bittrex Review||Coinbase Review|
|Exchange Type||Cryptocurrency Exchange||Easy Cryptocurrency Buying/Selling|
1.49% to 3.99%
|Cryptocurrencies Supported||Bitcoin, Ethereum, Litecoin, and over 190 others||Bitcoin, Ethereum, Litecoin|
|Payment Methods||Cryptocurrency only||Bank Transfer, Credit Cards, Cryptocurrency|
|Ease of Use||Difficult||Great|
|Limits||Up to 100 BTC a day||Up to $50,000/week|
|Check Website||Bittrex Website||Coinbase Website|
PART 2: Bittrex VS Coinbase Trading: Which one is better?
Coinbase only supports three cryptocurrencies — Bitcoin, Ethereum, and Litecoin. Bittrex, in comparison, supports a large number of cryptocurrencies, such as Bitcoin Cash, NEO, OmiseGO, Dash, Zcash, and over 190 others.
Coinbase supports the fiat currencies such as USD, EUR, and GBP. Bittrex is a crypto-to-crypto exchange platform and as such it doesn’t support any fiat currencies.
Coinbase is available in 32 countries across the globe. Bittrex has global availability, depending on the country’s domestic laws, and they’re only available in 29 out of the 50 US states.
Coinbase charges a withdrawal and deposit fees, along with a transaction fees that ranges from 1.49% to 3.99%. Bittrex is meant for active trading and as such they charge a far lower transaction fee of 0.25%, and they charge no withdrawal or deposit fees.
Coinbase has a variable set of limits imposed upon the users based on their individual accounts and details. However, at its best, it can go up to $50,000 a week.
The transfer limits in Bittrex are only calculated in cryptocurrencies as they don’t accept fiat currencies. Their limit for an unverified account is just 1 BTC a day. However, if you’re verified with a 2-factor authentication, that increases to 3 BTC a day, and an enhanced account can make you applicable for 100 BTC a day.
PART 3: Bittrex VS Coinbase Trust: Which one is more reliable?
Founded in 2014 and based out of Seattle, USA, Bittrex is one of the world’s leading cryptocurrency exchange platforms in terms of exchange volume. Bittrex was founded by Bill Shihara, which has spent a lifetime in security engineering. As such, he’s brought a lot of professional clout to biiitex to ensure that it isn’t hacked.
Coinbase is an older site, having been launched in 2012 in the US. They’re one of the most popular exchange platforms in the world, and they’ve also never been hacked.
Furthermore, in terms of popularity, they are far better off than Bittrex, as you can gauge for yourself from the line graph below. Bittrex did briefly catch up with Coinbase in terms of popularity, but then Coinbase also experienced a sudden upsurge in popularity.
Coinbase is top-of-the-line in terms of security measures. They use 2-factor authentication to secure user’s accounts. Furthermore, they only keep about 2% of their funds online and the rest is kept in cold wallets offline to prevent losses due to a hack. They are also FDIC insured up to $250,000, so you’ll be fairly compensated in case of losses.
Bittrex also makes use of strong security measures. They keep 80 to 90% of their funds offline, use 2-factor authentication and API usage.
Despite the fact that they’re both extremely secure, you should still not use them to actively store all your funds. You should only store as much funds as you need for trading purposes. The rest should ideally be kept in cold wallets.
Coinbase has a pretty efficient customer support system, and they respond to email queries within 24 to 72 hours. Furthermore, they’ve recently also introduced phone support so you can talk to representatives directly.
Bittrex can also be reached via email at email@example.com, however there have been a lot of complaints about the speed of their service.
PART 4: Bittrex VS Coinbase Conclusion
If you’re a beginner, then you shouldn’t be using Bittrex. You should use Coinbase as it’s simple, accepts various fiat currencies, and has the most popular cryptocurrencies for purchasing purposes as well.
Bittrex is only meant for serious traders who need to regularly trade in a wide variety of cryptocurrencies.
Whichever platform you decide to use, please feel free to leave a feedback down in the comments section below.