In the current times, when Bitcoin is reaching an all-time high of $20000 and dropping to a whopping $12000 in a matter of a few hours, cryptocurrency has proven itself to be one of the most volatile assets.
But with such a huge ups and downs comes the humongous opportunity to mint money. If not billions, you can surely make millions with trading.
I was introduced to cryptocurrency world in the beginning of 2017 and since then I have been dwelling deep into it. I use used to keep my BTC in an online wallet but then I came to know that there is a huge scope to make money by regularly buying and selling crypto.
I started my research and got familiar with many altcoins, I understood that there are many coins which can give much more returns than Bitcoin.
Initially, When I bought my first lot of BTC with Paypal using Virvow, I bought ARDR because I one of my friends told that ARDR would surely increase.
Soon ARDR crashed and I was in 70% loss but I didn’t panic instead I left the funds on the exchange and did more research.
This time I was well prepared and bought several altcoins with BTC. Everything went well and my money doubled within 3 weeks.
There were a few takeaways with my small success and one of them is the exchange we choose to buy altcoins. So, In this article, we will be discussing the two major exchanges of the current times i.e. Bittrex and Poloniex.
I started my journey with Poloniex but these days I use Bittrex for most of my trades.
Even if you wish to do long-term investment, you need to select a good exchange and cryptocurrencies. I will go through some key as well as basic features which could make or break your trading career.
So, Without any further Ado, let’s get started with Bittrex and Poloniex Comparision!
Bittrex Vs Poloniex: Which is a Better Exchange?
Bittrex and Poloniex are the top exchanges in the world which have a lot of things in common, however, there are a few things that make one exchange better than the other.
First of all, Bittrex and Poloniex are hardcore cryptocurrency exchange which not only lets you trade basic coins like BTC, ETH, LTC but allows to buy hundreds of altcoins which could make you wealthy.
And the best part is that both these exchange provide Free wallet for each cryptocurrency. Hence, You do not need to create a separate wallet for each of them.
These wallets are integrated into the exchange itself and you can keep track of all your assets in one go.
But one of the most important things which come to our mind while dealing in cryptocurrencies is Security. Yes, As we know cryptocurrencies are non-reversal and couldn’t be tracked, we need to be extra cautious when it comes to storing crypto.
This is one thing that I always emphasize i.e storing the funds on a Hardware wallet like Ledger, however, if you are storing the funds only for a short period of time, then its ok to keep on the exchange.
But before we go ahead here is a quick comparison between both the brilliant exchanges.
|Cryptocurrencies Available||BTC, ETH, and 94+ more||BTC, ETH, and 250+ more|
|Reviews||Bittrex Bittrex ReviewReview||Poloniex ReviewPoloniex Review|
User Interface & Features
The first impression is the last impression, thus User Interface plays a huge role.
Though both Poloniex and Bittrex have tried hard to ease the use for the users but one of them is a bit more beginner friendly and has more features.
When you see Poloniex interface for the first time, it looks simple and you can directly create an account of login.
Once inside the exchange, you will see price charts of the cryptocurrency and various markets. It gives you a direct option to trade in various trading pairs i.e. BTC, USD, ETH, XMR.
Apart from quick and simple trading, it has some very unique features i.e. Margin Trading and Margin Lending. These are two really useful and attractive features when it comes to making some extra bucks.
In Lending/Margin trading you can lend your account balance to someone else and you will get some interest on it. Currently, this feature is available on 12 coins including Bitcoin, Ethereum, Monero to name a few.
Thus, Simple and easy to use UI along with Margin/Lending trading makes Poloniex a clear winner.
Coming to Bittrex, on the first sight, Bittrex looks to be very advanced and a bit confusing for the beginners. When it comes to the trading page, it seems to have a lot of tools, graph, recent trades etc which can make you uneasy.
However, I like Bittrex more than any other exchange either be it Poloniex or Binance. Bittrex provides a very intuitive experience and the graphs are much better than Poloniex.
But if you are a new user, you might find it a bit difficult to get along with Bittrex.
Moreover, Bittrex does not have lending/margin trading features which give Poloniex a slight edge over Bittrex.
Overall, You need to try both these exchange to get a look and feel of them and select the one which you are comfortable to begin with.
When it comes to cryptocurrency supported by the exchange, Bittrex is far ahead of Poloniex. While Poloniex supports 96+ cryptocurrencies pairs, Bittrex offers a huge 256+ trading pairs.
Bittrex has many altcoin coins which are not available on Poloniex.
However, Both the exchange has high liquidity which means the exchange always has a large number of buyers as well as sellers, thus your order gets completed almost instantly.
When trading, a large amount of profit comes from small market capitalization coins, Bittrex takes a leap ahead Poloniex.
You need to keep in mind, Though Bittrex has a higher number of trading pairs, remember that none of them allows trading crypto for fiat currency.
Moreover, In the recent times, Binance has emerged as an amazing exchange which is rigorously adding new tokens and coins on their platform.
Bittrex & Poloniex: Tie
Fee schedule of both the exchange is almost similar if you are trading on a small scale. However, for large investors and traders, even a small fraction fee makes a huge difference in the profit.
Bittrex has a fixed fee of 0.25% per trade which seems to be average when compared to other exchanges in the market.
On the other hand, Poloniex has a complex fee structure which varies for both Maker & Taker and the amount traded.
If you are not familiar with Maker and Taker terminologies, let me give you a short intro to it.
Maker is the one who puts the sell order or the one who is selling the coin on the platform.
Taker is the one who bid to buy the certain cryptocurrency on the asking price of the seller.
Apart from this, the fee is also dependent on trading volume. Every 24 hours, Poloniex calculate the last 30 days of trading volume on your account (spot and margin combine) and automatically manages the fee as per the above schedule.
However, what makes me go away from such fee structure is that you need to trade cryptocurrencies more than 600 BTC to lower down the fee, that too only 0.01%. And at this point in time when BTC is around $15000 each, 600 BTC is a humongous amount and is useless for most of the people. This is something Poloniex should surely revise in the coming days.
So, looking at the simplicity of the fee schedule, Bittrex is great but Poloniex charges a lower fee from the seller which is a great too. Thus, Here is a tie.
Security and Team
The biggest fear while trading cryptocurrencies is the security of the funds. Since most of the day traders and short-term investors keep their funds on the exchange itself the exchange should be highly secure.
Both the exchange has 2-factor authentication and DDoS attack protection. A proper authentication mail is received at the time of login and withdrawal of the funds.
Apart from this, Both the exchanges are Operated and registered in the United States thus complying with strict US laws and policies. This gives an extra assurance that the company goes an extra mile to safeguard the customers’ interest.
Apart from this, Bittrex claims to store 80-90% of the funds to ensure multi-stage wallet strategy.
Since the Team of any company gives an idea about the seriousness and trust, I’m discussing Team and Security in one go.
Talking about the team, Bittrex has highly qualified professionals having a combined experience of more than 60 years with companies like Amazon, Microsoft, Blackberry, and Qualys.
All the founders are active on twitter and regularly provide updates about ongoing development and major events of the exchange.
This kind of open communication acts as a trust-building factor when it comes to trust and online entity.
On the other hand, There are no contact details of the Poloniex founders and it does not have proper communication channels.
The names of Poloniex founders are not mentioned on the site, unlike Bittrex which has a separate page for team introduction.
Poloniex does not have any public persona which makes me think twice before staking huge funds on it.
At the end, I have more trust on Bittrex than Poloniex.
Customer support is one of the most important things from a user point of view but sadly it is not the same for the exchanges.
Both the exchanges have seen exponential user growth and the customer support quality have been going down.
I have personally used both the exchange and wasn’t satisfied by either of them. But Bittrex customer support team is slightly better than Poloiex.
I have created several tickets regarding the issue and even for verification but the response is quite slow.
However, When I tweeted Bittrex about my verification issue, it was solved almost instantly.
Also, Bittrex has well more refined resources regarding the frequently asked questions which can help the users to resolve the issue on there own. They also have a responsive social media presence that includes Facebook page, Slack, and Twitter.
Conclusion: Which is Better Poloniex or Bittrex?
Both the exchanges are almost similar but Bittrex is slightly better than Poloniex. Bittrex came late into the game but has seen a significant growth in the user base.
Here is a quick look at Google trends of both the exchanges.
From the above image, it is clear that Bittrex searches(corresponding user base) have surpassed Poloniex searches. This shows more people visit Bittrex than Poloniex.
Since Bittrex has a more transparent team, I have more trust in them. Since we all leave a good amount of funds on the exchange we need to have a peace of mind and a trust factor.
But that being said, we can not completely rule out Poloniex just because the team is not Public. Poloniex contributes to huge trading volume in certain cryptocurrencies which makes the exchange highly liquid.
Currently, I trade on Bittrex as well as Poloniex and my experience on both the exchanges has been a bit different.
I would also recommend you to do the same as this will help you to become familiar with the crypto world.
So, Go ahead and try both the exchanges and do share your review in the comments below! I will be waiting for your comment!
Also, remember if you are buying altcoins for the long term, do not store them on an exchange. Rather you should store them in a trusted wallet like Ledger Nano S(Cryptocurrencies supported by Ledger Nano), Coinomi, Exodus or Jaxx.
Meanwhile, you can read our other guides:
- Instantly Convert one crypto to another
- Best ways to Buy Ethereum Quickly
- HODL & other Cryptocurrency Terminologies