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Bittrex vs Poloniex vs Binance: Which is the best altcoin exchange?

Poloniex vs Bittrex vs Binance

If you’re looking for the best altcoin exchange, there’s three popular options to choose from. In this guide, we’ll be comparing Bittrex vs Poloniex vs Binance, to help you choose the best place to trade altcoins.

These exchanges we’ll be covering are cryptocurrency only exchanges. This means they allow you to trade one cryptocurrency for another, but do not support depositing or trading fiat currencies (USD, EUR, etc.). If you do not already own any cryptocurrency, you may want to first check out our guides on “How to Buy Bitcoin” and “The Best Bitcoin Exchanges”.

You can navigate this guide using the following links:

Exchange Binance Altcoin Exchange Logo bittrex altcoin exchange logo Poloniex Logo Dark
Rating 4.1/5 Stars 3.9/5 Stars 2.6/5 Stars
Review Binance Review Bittrex Review Poloniex Review
Fees 0.1% 0.25% 0.25% or less*
Deposit/Withdrawal Methods Cryptocurrency Cryptocurrency Cryptocurrency
Withdrawal Limits 2 BTC equivalent / 24 hrs unverified accounts

100 BTC equivalent / 24 hours verified accounts

0.4 BTC equivalent / 24 hrs basic verified accounts

100 btc equivalent / 24 hrs enhanced verified accounts

$2000 equivalent / 24 hrs basic verified accounts

$25,000 equivalent / 24 hours enhanced verified accounts

# of Supported Cryptocurrencies 100+ 190+ 65+
Mobile App mobile icon

Yes

No No
Company Launch 2017 2014 2014
Company Location Hong Kong & Tokyo Seattle, Washington Wilmington, Delaware
Community Trust Grade A+ A+ C-
Customer Support Good Okay Very Bad
Site Visit Binance Visit Bittrex Visit Poloniex
Exchange bittrex altcoin exchange logo SMALL Poloniex Logo Dark Small
Rating 4.1/5 Stars 3.9/5 Stars 2.6/5 Stars
Review Binance Review Bittrex Review Poloniex Review
Fees 0.1% 0.25% 0.25% or less*
Deposit/Withdrawal Methods Cryptocurrency Cryptocurrency Cryptocurrency
Withdrawal Limits 2 BTC equivalent / 24 hrs unverified accounts

100 BTC equivalent / 24 hours verified accounts

0.4 BTC equivalent / 24 hrs basic verified accounts

100 btc equivalent / 24 hrs enhanced verified accounts

$2000 equivalent / 24 hrs basic verified accounts

$25,000 equivalent / 24 hours enhanced verified accounts

# of Supported Cryptocurrencies 100+ 190+ 65+
Mobile App mobile icon

Yes

No No
Company Launch 2017 2014 2014
Company Location Hong Kong & Tokyo Seattle, Washington Wilmington, Delaware
Community Trust Grade A+ A+ C-
Customer Support Good Okay Very Bad
Site Visit Binance Visit Bittrex Visit Poloniex

Both Bittrex and Poloniex were launched in early 2014.

In their early days, they were relatively small exchanges in terms of trade volume. While most exchanges accepted deposits and trading for fiat currencies (USD, EUR, etc.), Bittrex and Poloniex did not. Initially this seemed to put them at a disadvantage.

While they did not support fiat currencies, they did offer trading for far more altcoins than their competitors. As interest in altcoins exploded through 2016 and 2017, so too did the use of Poloniex and Bittrex.

Early in this boom, Poloniex seemed to dominate the altcoin trading market, consistently ranking #1 in terms of daily trade volume of all cryptocurrency exchanges. Meanwhile, Bittrex was typically just ranking in the top 10-20 range.

CoinMarketCap via Wayback Machine 24 hour trade volume Apr 1 2017

April 1st, 2017 coinmarketcap.com 24 Hour Trade Volume Rankings using the “Wayback Machine

Unfortunately, as Poloniex’s user base grew, they struggled to scale their operations along with it. Of all their flaws, poor customer support was likely the biggest issue (and still is today). They also weren’t adding new cryptocurrencies to their platform as fast as competitors.

In mid to late 2017, part of Poloniex’s user base seemed to begin flocking to Bittrex, which offered better customer support and was continuously adding new cryptocurrencies. Bittrex began consistently having more trade volume than Poloniex.

CoinMarketCap via Wayback Machine 24 hour trade volume Aug 12 2017

August 12th, 2017 coinmarketcap.com 24 Hour Trade Volume Rankings using the “Wayback Machine

While Bittrex was moving past Poloniex, a 3rd major competitor began to take shape – Binance.

In mid-July 2017, Binance announced their plans to raise funds through an initial coin offering. Just a few weeks later, the company raised $15 million in 3 minutes through their ICO. On July 14th, 2017 the exchange went live.

In the time since its launch, Binance has become a contender for the #1 cryptocurrency exchange, in terms of trade volume. In fact, on the day of writing this article, Binance is out ranking both Bittrex and Poloniex. It’s also worth noting that despite Binance being the only of these exchanges based outside of the United States, U.S. customers actually makes up their largest user demographic.

Coinmarketcap 24 hour exchange volume Dec 27 2017

coinmarketcap.com 24 hour exchange volume rankings Dec 27 2017

These days, Poloniex is in a somewhat distant 3rd place of these three exchanges.

As a whole, poor customer support is currently plaguing the cryptocurrency exchange industry.

Crypto prices have seen exponential growth over the last couple years and new investors have been signing up to exchanges in droves. All major exchanges seem unable to keep up with their increasing customer support demands.

With that in mind, you unfortunately need to limit your expectations when dealing with any exchange. We’re not saying we like that this is the case, just that it’s the reality we live in.

While all exchanges are struggling, we’ve seen some extreme complaints from Poloniex users. After multiple users began posting issues on Reddit, NewsBTC.com wrote an article titled “A 90-day Pending Support Ticket on Poloniex is the new Normal”.

Considering multi-month-long response times are a possibility with Poloniex, we highly recommend avoiding them. This leaves us looking towards the other two exchanges.

Binance and Bittrex aren’t perfect, but we haven’t seen anything close to as extreme as Poloniex. At worst, we’ve seen users complain of support tickets taking 1-2 weeks to handle.

It’s also worth noting, Binance employees seem to be fairly active on their subreddit and other social media platforms. We’ve seen them help push through support requests that were taking an abnormally long time.

Note: Never give any private details about your cryptocurrency exchange accounts on forums or social media.

In the battle of trading fees, Binance is the clear winner.

Binance has a flat 0.1% trading fee for all cryptocurrencies.

Bittrex has a flat 0.25% trading fee for all cryptocurrencies

Poloniex uses a maker-taker fee schedule, which has lower fees the more you trade. Keep in mind, you only receive discounted fees when you maintain a “Trade Volume Trailing 30 Day Average” greater than 600 BTC. For most Poloniex users, they’ll be paying between a 0.15%-0.25% trading fee.

Exchange Trading Fees Withdrawal Limits

Binance

0.1% 2 BTC equivalent / 24 hours w/ no verification

100 BTC equivalent / 24 hours w/ "Level 2" Verifcation

bittrex altcoin exchange logo SMALL

Bittrex

0.25% .04 BTC equivalent / 24 hours w/ "Basic" verification

100 BTC equivalent / 24 hours w/ "Enhanced" Verification

Poloniex Logo Small

Poloniex

0.25% or less,

Maker-Taker Fee Schedule

Note: We currently do not recommend using Poloniex.

We are just using it to compare fees.

Binance is also the only of these 3 exchanges to offer any withdrawal limits without account verification.

Binance Withdrawal Limit Tiers

  • Unverified Accounts can withdraw up to the equivalent of 2 BTC / 24 hours. All that’s required is an email address to sign up.
  • Verified Accounts can withdraw up to the equivalent of 100 BTC / 24 hours. This requires submitting your name and photos of a government issued ID.

Bittrex Withdrawal Limit Tiers

  • Basic Verification allows you to withdraw the equivalent of 0.4 BTC / 24 hours. This requires your name, birth date, and address.
  • Enhanced Verification allows you to withdraw the equivalent of 100 BTC / 24 hours. This requires submitting a photo of a government issued ID.

Poloniex Withdrawal Limit Tiers

  • Unfortunately, as far as we can tell, Poloniex doesn’t clearly define their verification tiers on their site or on user accounts. We do know that you can receive limits up to the equivalent of $25,000 / 24 hours. We believe this requires your name, address, social security number (U.S. users), and possibly identity documents.

Supported Cryptocurrencies

Bittrex offers deposit, withdrawal, and trading support for the most cryptocurrencies (190+), followed by Binance (100+), and in last Poloniex (65+).

Bittrex and Binance are also continuously adding new cryptocurrencies to their platform. Meanwhile, Poloniex has seemed to delist around the same number of cryptocurrencies that they’ve added over the last year.

Considering how quickly Binance has been adding cryptocurrencies, we think there’s a strong possibility they catch up with Bittrex in 2018.

With all this said, both Bittrex and Binance are great options to trade a variety of cryptocurrencies and we think they’ll continue to be for years to come.

While everyone will have their personal preference, we don’t think any one of these exchanges pulls ahead much in terms of the UI of their web platform.

However, Binance is the only one of these exchanges to also offer both a mobile app and PC client.

Binance Exchange Platform Web

You can see exactly how to use the website’s exchange in our Binance review.

Binance Exchange Review

 

Binance Mobile App and PC Client

Binance’s mobile app and PC client offer similar functionality to their website.

Binance Mobile App and PC Client

Bittrex Exchange Platform Web

You can learn how to use Bittrex here.

Poloniex Exchange Platform Web

Comparison Summary

When looking at Binance vs Poloniex vs Bittrex, we like two of the three options.

We’d avoid using Poloniex, due to their poor customer support. With 90+ day support tickets being a possibility, there’s no way we’d recommend this exchange.

Bittrex is a long-trusted option, offering the most cryptocurrencies available to trade of these three exchanges. It’s our guess that Bittrex will continue to be a strong player in the altcoin exchange market.

Binance is the new kid on the block and seems to be the way of the future. The exchange already often has more daily trade volume than Bittrex and Poloniex. It’s also rapidly adding trading support for new cryptocurrencies.

To learn more about any one of these exchanges check out our Binance Review, Bittrex Review, or Poloniex Review.

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