Coinbase and Bittrex have become two of the most popular places for trading cryptocurrencies. However, they are not exactly similar. There are some distinctive advantages and disadvantages on each. Below, we will see the detailed comparisons between Coinbase vs Bittrex to help you choose the most suitable platform that meets your needs and expectations.
Ease of Use
The first thing to consider when choosing between Coinbase vs Bittrex is whether you prefer a simple buy/sell cryptocurrency platform or a real crypto exchange. If you are a beginner with little to no trading knowledge, or if you simply want something that is easy and straightforward to use, Coinbase is more recommended.
Coinbase is not a real crypto exchange. It is a platform that serves people who want to buy and sell crypto money. You can say that it is a ‘middleman’ between the real crypto exchange and the client. It hides the complex processes and calculations behind, and it simply shows set prices to the client. Since the set prices are often very close to the ones being traded on the exchange, this is a great choice for beginners and lay people. For experienced traders, take a look at Coinbase vs GDAX!
On the other hand, Bittrex is a real crypto exchange on which you can trade huge amounts of digital money. It supports various cryptocurrencies, even the more obscure and exotic ones. As a crypto exchange, it comes with various advanced features, such as live graphs showing the fluctuations of the cryptocurrencies. This platform is more recommended for people who have trading knowledge due to the complexity and learning curve.
The next difference between Coinbase vs Bittrex is the available cryptocurrencies. Coinbase is designed for beginners and lay people, so it is not a surprise that the platform only supports three mainstream cryptocurrencies, which are Bitcoin, Ethereum, and Litecoin.
If you want to trade other altcoins, Bittrex is a more suitable option. This crypto exchange supports more than 190 cryptocurrencies from all around the world. For sure, it supports Bitcoin, Ethereum, and Litecoin. But it also supports Blackcoin, Ubiq, Dash, Gambit, Gridcoin, ReddCoin, and others. It is a great place for serious and hardcore traders who want to trade a wider variety of cryptocurrencies.
Coinbase vs Bittrex supports different transfer methods. Coinbase is awesome because it supports multiple deposit and withdrawal methods. In order to make a deposit, you can use a bank transfer, crypto transfer, credit card, or debit card. Meanwhile, to make a withdrawal, you can use a bank transfer, crypto transfer, or PayPal transfer.This platform is great if you need some flexibility, but keep in mind that alternative transfer methods such as credit/debit cards and PayPal carry higher fees.
On the other hand, Bittrex is more difficult to use because it only supports crypto transfers for deposits and withdrawals. You can’t use bank transfers to buy or sell. This may be quite problematic for some people. This is why many people use both Coinbase and Bittrex; you can make the purchase on Coinbase and then transfer the crypto money to Bittrex to start trading.
Coinbase is extremely user-friendly, convenient, and easy to use. However, those advantages come at a price. The fees are relatively higher compared to the ones on real crypto exchanges. But it should be noted that the fees are still lower than some other platforms and services.
If you use a bank transfer to buy or sell, the fee is 1.49%. However, if you use a credit/debit card or PayPal, the fee is 4%, which is quite high. If you want to minimize your expenses on fees, you should avoid using the credit/debit card or PayPal methods. Use them only as a last resort when you really can’t use any bank transfer.
If saving on fees is a high priority, Bittrex is much more recommended. It is a real crypto exchange with a much lower trading fee. The scheme is very simple. There is just a 0.25% commission on each trade. Also worth a note, Bittrex only applies the fee when you trade different cryptocurrencies. For example, you buy Ethereum with Bitcoin or ReddCoin with Litecoin. This is why trading on Bittrex can net you considerably bigger profits.
Both Coinbase and Bittrex have been around for some time, and both have become trusted companies. Due to being a worldwide popular crypto platform, Coinbase has attracted the attention of multiple reputable investors, such as the NYSE, BBVA, and USAA Bank. Its USD balances are FDIC-insured for up to $250,000. On the other hand, Bittrex was created by cryptocurrency enthusiasts with support from big companies, including Microsoft, Amazon, Qualys, and Blackberry.
Both Coinbase and Bittrex are considered to be very secure platforms. On Coinbase, only 2% of the holdings are exposed online at a time, while most of the funds are secured in cold offline storage. Bittrex implements an elastic multi-stage wallet strategy that secures 80% – 90% funds offline. In addition, Bittrex requires a two-factor authentication on every withdrawal or API usage.
Nevertheless, nothing is perfectly safe. There are always a number of factors that may compromise the platforms and your accounts. Therefore, it is recommended that you don’t store your funds for a long-term period in either exchange. You should just keep an amount that you want to trade actively.
Coinbase provides 24/7 customer support via email. They usually respond within 24 – 72 hours on a support ticket. Although the customer support still has a few shortcomings, it is still quite better than the other competitors in the same field.
On the other hand, Bittrex also has customer support via email. Unfortunately, it has received quite some negative reviews due to the slow response. At least, it is not entirely out of reach. There is also a support center which provides basic tutorials and FAQs.
|- A platform for easy buying and selling cryptocurrencies||- A crypto exchange which supports various cryptocurrencies|
|- Has Bitcoin, Ethereum, and Litecoin||- Serves more than 190 cryptocurrencies including Bitcoin, Ethereum, and Litecoin|
|- 1.5 % fee for bank transfer, 4% fee for credit/debit card and PayPal||- 0.25% commission for trading different cryptocurrencies|
|- Allows deposits and withdrawals via bank transfer, credit/debit card, PayPal, and crypto transfer||- Only allows crypto transfers|
|- Good customer support||- Slow customer support|
Coinbase is more recommended for beginners due to the simplicity and easy use. However, if you want to trade other altcoins and enjoy considerably lower trading fees, Bittrex is the way to go. Note that you may need to use Coinbase for deposits and withdrawals on Bittrex, as it only supports crypto transfers.