In this article we do a Binance vs Bittrex comparison, as they seem to be the two most used exchanges. Having provided you with tutorials on how to buy Bitcoins, Ethereum and Ripple and how to transfer bitcoins or ethers to your Binance and Bittrex wallets, the next step is how to actually trade on these exchanges. Ofcourse first you have to register on Binance and Bittrex.
Binance is so far our favorite exchange at Crypto News, and also currently the world’s largest cryptocurrency exchange in terms of trading volume. Binance experienced its exponential growth in the latter quarter of 2017, where it had to begin suspending new user registration due to the massive number of people trying to get it on the bitcoin and altcoins hype.
Our next top exchange that we also recommend is Bittrex, which also has a high trading volume and is considered one of the biggest exchanges globally, having an extensive number of cryptocurrencies listed on its platform.
The following is a complete guide on how to trade on each exchange. If you haven’t already bought and transferred some BTC, ETH or XRP to your wallets on these exchanges, please first read our article on how to buy bitcoin, how to buy ethereum, how to buy ripple and how to trade altcoins. The following steps take you from the point of already having either Bitcoins, Ethers or Ripples.
How to Trade on Binance?
- First head over to the exchange page by clicking on the top right tab saying “Exchange” and choosing Basic.
- Next, insert the name of the altcoin you wish to trade your BTC for in the search bar. In this case we have chosen Tronix or TRON (TRX) as our example as it is one of my favorite coins.
- If you have Ethers in your wallet, click on the ETH tab right beside BTC above the search bar.
- After finding your desired cryptocurrency, head down to the BUY & SELL widgets.
- When buying a currency, first type in the amount of coins you wish to buy. To make it easier, Binance gives you the choice of buying the coins with 25%, 50%, 75% or 100% of your available balance. Otherwise enter the number manually.
- Next step is to check the price you are buying it at. Compare the price with the BID/ASK spread on the left widget. There you will see the prices being bid at the bottom in green numbers, meaning the prices people are willing to buy at.
- Above it in red numbers is the ask price meaning the price people are willing to sell at. So when selling, these are the prices you refer to.
- The price transactions are actually taking place at is in the middle in larger numbers.
- If you wish to buy at the spot market price, click on the “market” tab next to the “Limit” tab on the buy widget, same goes for selling.
- Look at the charts above the buy/sell widget for a graphical representation of the performance of the coin.
- After clicking buy or sell, check your wallet balance for that coin (TRX in our case), by heading over to “Deposits Withdrawals” under the Funds tab on top right section.
- If your wallet doesn’t reflect the transaction, it means that the order didn’t go through due to a change in the price. In that case go back to the open orders section at the bottom of the exchange page, cancel the order, and repeat the process from the first step. Another shortcut is to check the available balance on the top right corner of the sell widget to see if your order went through.
- Once you are comfortable with trading on Binance and you feel that you are ready for a more advanced experience, click on the “Advanced” section under the Exchange tab on the top left of the page.
How to Trade on Bittrex?
- For Bittrex, we are going to use Stellar Lumens (XLM) as our example, another favorite of Crypto News (for news on stellar lumens).
- You can go directly to the coin’s exchange page by clicking on the ₿ tab on the top left side of the page and typing in the initials of the coin (XLM).
- This shortcut is limited to bitcoin and usdt, so if you wish to trade with Ethers in your wallet, switch over to the homepage by clicking on the BITTREX logo on the top right corner.
- Here you can search for the coin in the search bar of each respective coin you wish to trade it for.
- After finding the right page for the coin you wish to buy corresponding with the coin you want to exchange it for, head to the buy and sell widgets at the bottom.
- To buy the coin choose the ask price and click on the max button if you wish to buy with all your available ETH,BTC,XRP. Otherwise enter the amount you require manually.
- To sell the coin choose the bid price and click on the max button if you wish to sell all available XLMs in this case. Otherwise enter the amount you require manually.
- Cross-check your prices with the bid/ask spread and the graph on top, similarly to the process in Binance.
- Check open orders if you didn’t get a green notification of your order going through and restart your bid/ask process after cancelling the previous order.
- To check your wallet balance head over to “Wallets” and search for your coin’s abbreviation.
Binance vs Bittrex
While Bittrex was initially my favorite when I started trading, due to the fact that it had more coins to offer, Binance slowly won me offer. Binance vs Bittrex? Personally I would say Binance trumped Bittrex as of lately. In addition to Binance taking the lead as the biggest cryptocurrency exchange, there is also the undeniable fact that it has the best interface and user experience out of all the exchanges. Bittrex lacks in this department, where it has a very old-school trading interface which would scare away most rookie traders. The process goes much smoother on Binance and seems much friendlier.
Another one of Binance’s pros are that when you are expecting a transfer from another wallet, you are able to see the exact number of blockchains remaining for the transfer to complete. You can observe this by heading to the “History” section under the Funds tab. Bittrex on the other hand shows you that there is a pending deposit in your wallet, but not as detailed. Overall both exchanges have been good to us so far, let’s see if they come up with any enhancements or updates in the future.