Selecting a cryptocurrency exchange for trading and investing is one of the biggest challenges a new crypto user faces. There are hundreds of exchanges out there, all having distinct features and functionalities.
The two exchanges we’ll talk about today are Bitfinex and Bittrex. They are renowned cryptocurrency exchanges with millions of users worldwide.
Founded in 2012, Bitfinex has a 24h spot trade volume of $1.7 billion. Bittrex was founded in 2014 and has high volumes of $178k.
In this exchange comparison guide, let’s compare the two exchanges and determine which one is better and why.
Bittrex vs. Bitfinex: Supported Cryptocurrencies
Both Bittrex and Bitfinex allow you to choose from hundreds of cryptocurrencies.
Bittrex has over 350 popular coins that you can trade against USDT. You can also trade many of these cryptos against BTC, ETH, USD, and EUR, and other cryptocurrencies. Overall, there are over 600 trading pairs on Bittrex.
Bittrex doesn’t have futures, but you can trade tokenized stocks and leveraged tokens with 3x leverage. Additionally, Bittrex allows you to instantly buy and sell 300+ cryptocurrencies on its exchange.
Bitfinex also supports over 300 cryptocurrencies, and you can trade them against USDT, USD, EUR, BTC, ETH, EOS, and other coins. Apart from spot trading, Bitfinex has perpetual futures that you can trade against USDT.
Bitfinex provides advanced financing features as well, including lending and securities.
Verdict: It’s a tie, as Bittrex and Bitfinex both offer 300+ cryptocurrencies that you can trade against various coins. However, Bitfinex offers more options when it comes to derivatives and financial products.
Bittrex vs. Bitfinex: Trading Fees & Withdrawal Fees
Both crypto exchanges Bittrex and Bitfinex follow a market maker/taker fee method and have a tiered fee structure. Let’s look at the trading fees and withdrawal fees on each exchange.
Bitfinex has a complex fee structure, so let’s try to break it down a bit. The exchange charges a net taker fee depending on your trading pair. Here’s how the fee looks like:
- Crypto to Crypto: 0.20%
- Crypto to Stablecoin: 0.20%
- Crypto to Fiat: 0.20%
- Derivatives: 0.650%
However, the fee reduces as your 30d trading volume increases. Bitfinex has 16 trading fee tiers. Users with a 30d trading volume of less than $5 million are in the first tier, while those with a volume of over $30 billion are in the final tier.
The market maker/taker fee for spot trading is 0.100%/0.200% for the first tier and 0.000%/0.055% for the final tier.
For derivatives trading, Bitfinex has seven tiers. Traders with a 30d trading volume of less than $2 million are in the first tier, and those with a 30d volume of $30 million or more fall into the final tier. The market maker/taker fee is $0.02%/0.065% for first-level traders and –0.010% (rebate)/0.035% for final-level traders.
Bitfinex charges no deposit fees. However, there is a withdrawal fee for certain cryptocurrencies like Bitcoin, Bitcoin Cash, Cardano, etc. For example, there’s a 0.0004 BTC fee for Bitcoin withdrawals.
The global fee schedule of Bittrex has ten tiers. Users with a 30d volume of less than $5k fall into the first tier, while users with a trading volume of over $100 million are in the final tier. The market maker/taker fee is 0.75%/0.75% for first-level traders and 0.0%/0.05% for final-level traders.
Bittrex, like Bitfinex and other crypto exchanges, doesn’t charge a deposit fee. However, there is a withdrawal fee, which is unique to each cryptocurrency.
Verdict: Bitfinex is the winner, as it charges the lowest fees and also offers a rebate for market maker orders to high-tier traders.
Bittrex vs. Bitfinex: Account Funding Methods
Both Bittrex and Bitfinex allow you to fund your account using cryptocurrencies, stablecoins, and fiat currencies.
When it comes to depositing fiat currency, Bittrex supports only two methods: VISA bank cards and SEPA bank wire transfers. The available funding methods depend largely on the currency you want to deposit. For instance, more options are available for depositing EUR and less for depositing USD.
Bitfinex, on the other hand, allows you to deposit the following fiat currencies: USD, EUR, GBP, JPY, and CNH. You can deposit funds using VISA/MasterCard cards, bank wires, and third-party payment gateways, depending on the currency you want to deposit.
Verdict: It’s a tie, as both exchanges allow you to buy Bitcoin and other cryptos using fiat currency.
Opening Account & Account Limits
Both Bitfinex and Bittrex offer a seamless account opening process. Let’s talk about the procedure to open an account on both exchanges.
To open an account on Bitfinex, you need to go to the Bitfinex website and click on Sign Up. A registration form will open where you’ll need to enter the following details:
- Email address
- Confirm Password
- Country of Residence
- Referrer code (optional)
Once you enter all these details, click on Open Account. You will receive a verification code at your email address. After confirming your account, you’ll be able to use the Bitfinex trading platform.
Coming to KYC requirements, Bitfinex has four levels for KYC:
- Basic Plus
When you create an account, you automatically complete the Basic level of verification. You can upgrade to the next levels as per your needs. The Bitfinex website doesn’t mention any deposit or withdrawal limits for unverified users. However, such users get limited features.
For example, non-verified users can’t use derivatives trading and can’t deposit funds using Tether or other stablecoins. So, it’s recommended to complete Bitfinex KYC if you want access to the full Bitfinex platform and advanced trading options.
Bittrex also offers a seamless account opening process. All you need to do is visit the Bittrex Global homepage and click on Open Free Account Today. A registration page will open where you need to choose whether you want to open a personal account or a corporate account.
To open a personal account, enter your email address, password, and referral code (optional). You’ll need to contact the Bittrex team if you want to open a corporate account.
Bittrex has mandatory KYC. You’ll need to verify your identity if you want to use the services offered on the Bittrex platform. However, the KYC process is effortless, and you can complete it within a few minutes.
Verdict: Bitfinex is the winner, as it has optional KYC, and you can deposit and withdraw funds without verifying your identity.
Bittrex vs. Bitfinex: Ease Of Use & Interface
Bittrex and Bitfinex have some of the most powerful trading platforms in the crypto industry. Let’s compare the two platforms to help you decide which one is better.
Bittrex has a simple, user-friendly, and intuitive trading terminal. The charting system on the top left side of the terminal covers the majority area. Bittrex has its proprietary charting system that’s closely inspired by TradingView.
It has all the features and functionalities you see on TradingView, such as multiple chart types (candlestick chart, bar chart, etc.), multiple time frames, various indicators, drawing tools, etc.
On the right side of the chart, you’ll find the order form where you can place buy and sell orders. The bottom end of the terminal has the order books and trade history. These sections provide real-time insights into the market depth and sentiments.
Bittrex also has an Instant Buy & Sell terminal. This section allows you to instantly buy and sell crypto.
Overall, the platform of Bittrex is very intuitive and ideal for beginners. Besides the desktop app, it has a mobile app, allowing you to perform mobile trading.
The trading terminal of Bitfinex is a bit more advanced and feature-rich. You get a charting system powered by TradingView on the top right side of the terminal. It comes with all TradingView features, such as different charts, timeframes, indicators, and drawing tools.
The top left side of the terminal has the tickers section, where you can find all the assets available for trading. Below the tickers, you’ll find the order form, where you can place an order. Bitfinex supports the following order types:
- Stop Market
- Stop Limit
- Trailing Stop
- Fill or Kill
- Immediate or Cancel
- Post Only
- Reduce Only
The order form also allows you to select whether you want to place an exchange order or margin order.
The bottom end of the terminal has a Positions and Orders section, where you can see your current and past positions and orders. Below that, there is a volume depths chart, order book, and live traders section that lets you analyze the sentiment of the crypto market in real-time.
Since Bitfinex has more advanced trading options, it’s ideal for experienced traders who have been trading crypto markets for a while.
Verdict: It’s a tie. If you are a new trader, you’ll find it easier to use Bittrex. If you are an experienced trader, Bitfinex could be an ideal pick.
Bittrex vs. Bitfinex: Security Features
Bittrex and Bitfinex implement all the security features as other popular cryptocurrency exchanges.
Bittrex takes the following security measures to provide a safe trading experience to its users.
- Multi-signature cold storage wallets for storing digital assets
- Two-factor authentication
- IP allowlisting
- SSL encryption
- Mandatory ID verification
So far, there haven’t been any security breaches associated with Bittrex. So, you can make fiat deposits in Bittrex with confidence.
Bitfinex implements the same security features as Bittrex. These include cold storage wallets, private keys, two-factor authentication, IP whitelisting, and strong passwords.
Verdict: It’s a tie, as Bittrex and Bitfinex are equally secure and provide a safe and credible experience for their users.
Bittrex vs. Bitfinex: Customer Support
Customer support is a crucial factor to consider when choosing a cryptocurrency exchange. Let’s see how the customer support of Bittrex and Bitfinex compare against each other.
Bittrex offers customer support in three ways:
- Help center with articles, blog posts, and FAQs
- Live chatbot
- Email support
On the other hand, Bitfinex has two support media:
- Help center and FAQs
- Email support
Verdict: Bittrex has a slight edge here, as it has a chatbot that helps you find support materials faster.
- Is Bittrex a safe exchange?
Yes, Bittrex is a safe exchange. It implements all the security features and functionalities needed to create a risk-free environment for users. Bittrex also has mandatory ID verification requirements to ensure every user is verified.
- Is Bitfinex a safe exchange?
Yes, Bitfinex is a safe exchange. Like Bittrex, it takes all the security measures taken by the most popular cryptocurrency exchanges. Bitfinex doesn’t have mandatory KYC requirements, but it ensures the complete security of users’ funds.
Bittrex and Bitfinex are both amazing cryptocurrency exchanges, and there is no clear winner.
You can choose Bitfinex if you want low fees and more trading products than other exchanges. It also has a more robust trading platform.
Bittrex will be a better pick for new users. It also has mandatory KYC requirements, making it more secure and trustworthy.
Overall, you can choose any exchange as per your needs.
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