Whenever we talk about the most popular crypto trading platforms, Bittrex and Coinbase are the first to come to our minds. Both these US-based exchanges are used widely but serve different purposes. Bittrex is a cryptocurrency only exchange where you can trade cryptocurrencies with each other. Coinbase is a popular fiat exchange where you can transfer a fiat currency for cryptocurrencies. In this Coinbase Vs Bittrex article, we will see the main differences between these two platforms and learn why they are so popular.
Coinbase Vs Bittrex: Key Difference
The main difference between Coinbase and Bittrex comes down to the number of cryptocurrency assets offered by each one. Coinbase offers nearly 50 coins only, while Bittrex supports 219.
Earlier, Bittrex was considered the safest cryptocurrency exchange in the world as security specialists developed it. One of the main selling points of Bittrex was that nearly 90% of their cryptocurrency assets were stored in cold storage. So, they were not easily accessible, making the funds safe from hacking and cyber-attacks. However, Coinbase implemented similar measures and ensured that 98% of their cryptocurrency assets were stored in cold storage, giving them an edge over Bittrex.
Another difference is the total number of users of each platform, and the difference is significant. Coinbase has around 13.3 million users, while Bittrex has nearly 500 thousand.
Coinbase Vs Bittrex: Feature Comparison
Now that we are familiar with the main difference between Coinbase and Bittrex let us compare the features of both these platforms.
With regards to customer support, both Coinbase and Bittrex have faced criticism about poor customer support service. It is mainly because of the heavy workload during these busy times. Both Coinbase and Bittrex have a different support page to access their guides, handbooks, and FAQs section. Both these platforms also offer their support through email.
Coinbase does not have phone support with live agents. It, however, offers an option of phone support in case of emergencies. But for this, you should submit your email request first. It generally takes 24- 72 hours for Coinbase to reply to any issues. Bittrex had also faced criticism for slow response times when their clients faced major issues with their accounts.
Ease of Use
Among the two platforms, Coinbase is simpler to use. It is mainly convenient for beginners due to the simple site navigation. You will not encounter difficult cryptocurrency trading graphs or terminology with Coinbase.
In contrast, Bittrex has been known to be hard to use for novices. However, with some of the latest development, Bittrex has managed to become user-friendly. On the main dashboard of Bittrex, you can find a comprehensive list of supported markets with volumes, price chart overviews, and price change percentages. However, it cannot compete with Coinbase even with these functionalities.
Deposit and Withdrawal Method
With Coinbase, US citizens can pay using wire transfer, bank account, or debit card. It lets European citizens withdraw and deposit through bank accounts while using debit cards for purchasing only. With Bittrex also, you get the benefit of using all these methods.
Both Coinbase and Bittrex offer their free mobile apps. You can download them through Google Play Store or the Apple store. Once you log in, you can select different markets to trade in, place market orders, and view charts.
These platforms’ fees charged per trade are one of the main things to consider while choosing the right cryptocurrency exchange. Those who want to trade large volumes should go with Bittrex. The fee scheme of Bittrex is clear and transparent. Bittrex charges 0.25% of trade volumes for every trade. So, the fees do not depend on the number of coins traded. However, a negative point here is that Bittrex does not allow direct buying of coins using debit cards, credit cards, wire transfers, and ACH bank transfers.
Coinbase, conversely, has a higher trading fee compared to other exchanges. Depending on the preferred payment method and the amount, Coinbase discloses the fee at the ordering time. A flat price is charged for a transaction below $200, no matter what the payment method is. Below is the complete pricing structure of Coinbase:
- For transactions below $10.99, Coinbase charges a commission of $0.99.
- For transactions between $11 and $26.49, Coinbase charges $1.49.
- For transactions between $26.50 and $51.99, Coinbase charges $1.99.
- For transactions between $52 and $78.05, Coinbase charges $2.99.
However, Coinbase introduced a similar feature. They were fast to enhance their security system efficiency by combining offline and online cold storage. Coinbase stores 98% of its digital assets in cold storage. They store the funds of their clients in geographically different physical vaults and safe deposit boxes. Earlier, Coinbase used codes sent to mobile numbers of users as text messages to verify the login attempt of users. But many mobile phone numbers were hijacked. So, the platform included 2-factor authentication.
Earlier, Bittrex was the most stable and safest cryptocurrency exchange in the world. They stood proudly as the crypto exchange that never faced any hacking or cyber-attack since their establishment. They claimed that nearly 90% of the cryptocurrencies of their clients were stored safely in cold storage. It is of the main features that distinguish these two platforms. Bittrex also had the provision that you need to confirm your account through an email whenever you make a transfer or log in.
The available currencies make the biggest difference between Coinbase and Bittrex. Bittrex offers nearly 219 coins and tokens, one of the widest varieties in the crypto industry, while Coinbase supports only 50 of them.
It will be a big mistake to compare Coinbase and Bittrex to select one to use. For those new to the crypto world, Coinbase can be a great place to begin. It is simple to use, safe and has a handy app. For traders looking for an intuitive and secure platform to buy/ sell many currencies, Bittrex can be the ideal platform. So, both these exchanges complement each other. And still, if you want to know more about this exchange, you can go through the Coinbase review by CryptoNewsZ for more details & information. Coinbase offers a simple method to turn fiat into cryptos, while Bittrex offers many alternative coins also to trade.