Bitfinex and Bittrex are among the most popular cryptocurrency exchanges around the world and caters to hundreds and thousands of people every day. Though the two exchanges are pretty much similar in nature, they do have some differentiating points over each other, that may force you to choose one over the other. However, both of them offer multiple trading pairs alongside low fees that make these exchanges ideal for a lot of customers to trade from. Let us look into more detail about each of these exchanges and decide which one is better than the other.
Supported Cryptocurrencies
Although Bitfinex is not as large as Bittrex in the number of cryptocurrencies that it allows to trade in, yet it supports 35 plus different cryptocurrencies. This is still very good in comparison to other large crypto exchanges platforms such as Coinbase that only allows trading in a handful of coins on its platform.
On the other hand, Bittrex supports over 190 plus tokens and coins, which is very high when compared to Bitfinex, let alone Coinbase. Bitfinex is a United States based exchange, which provides support for a large of cryptocurrencies to be traded on its platform. It is one such exchange that offers a lot of digital currency in the industry.
Trading Fees
When it comes to trading fees associated with these cryptocurrency exchanges, Bitfinex is one of the platforms that make use of the trading fee schedule, to determine the trade fee on each trade made. To determine this figure, the exchanges use your trade volume history along with the status of your maker/taker. You are termed maker when you put a trade on the book, and in such instances, you will pay 0.00% to 0.10%. Whereas, as a taker, that is, filling order from the book, the fee associated will be from 0.10% to 0.20%.
On the other hand, the trading fee structure is not so complex with Bittrex. The exchange charges its customers a flat fee of 0.25% on all of the trades that they do. This trading fee, however, is on the higher side, when compared to other popular exchanges like Bitfinex and Binance.
Payment Methods
As for payment methods, Bitfinex accepts both cryptocurrencies, EUR and USD bank wire transfers. However, in order to make the deposit using USD and EUR, the customers are required to verify their account, which normally takes a longer period of time as compared to deposit through crypto. Deposit through fiat takes between 6 to 8 weeks of time, because of the length procedure it has of verification.
However, when it comes to Bittrex, the platform accepts deposits and allows withdrawals only through crypto only. It does not take fiat either for deposits or withdrawals. Though this is not a major concern for existing crypto traders, a new investor would like Bitfinex more, as there they can buy crypto using USD or EUR.
Security Policies
Security of cryptocurrency exchanges holds much importance. It must be ensured that
Bitfinex Security:
We encourage all Bitfinex users to review our conditions, which significantly increase personal safety. It reduces the number of required crypto-monetary deposit confirmations and prioritizes withdrawals through automatic processing. Crypto currency’s highest priority is the safety of funds and user information. Our security team is continuously improving our security measures end-to-end, improving audit processes and reducing our infrastructure’s “attack surface.” Security measures for Bitfinex include:
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Protection of User Account
Some of the following safety measures are implemented by default, and others can be enabled on a safety basis. It is essential to check the security status of your account. This can be done by visiting the Bitfinex site.
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Two-factor Authentication
To add safety layer to your accounts and protect vulnerable operations like login, generation of API keys, and removal. Configure authentication by two factors using the U2F Security Key, Google Authenticator, Twilio.
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Universal Second Factor
Use a physical safety key to benefit from the highly-secure, open authentication standard of FIDO Universal 2nd Factor (U2F).
Bittrex Security:
Bittrex is the first safety exchange of cryptocurrency established by experts who have combined their know-how over 50 years.
Bittrex is widely considered to be a safe crypto-monetary trade with a customized trading engine that enables fast and efficient order handling and execution. The company was established in 2014 in Las Vegas, Nevada, by IT and security experts with more than 50 years of combined knowledge. Its security commitment means it offers a wide variety of cryptocurrencies but is only focused on reliable coins.
Importance of VPN during crypto-currency exchange
Your money is hard-earned, so you can also take protective measures. You are vulnerably open to an extensive network that crawls with hackers and mischief when you operate your Bitbns account on a public system. You may or may not be aware of how much information you can collect with a simple IP, but let’s break it with yo. It’s a lot, including banking details, identity, monetary status and more. A small piece of data leak with information on your crypto-monetary wallet could quickly flush your money.
Thus, it is always advisable for a VPN service to use the VPN shield, which will make your data useless for a malicious individual via a private network in an encrypted format. Many VPNs provide excellent services and are very efficient to use while you have a cryptocurrency exchange. Here we are comparing two of them. Let’s have a look!
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Nord VPN
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AVG VPN
You can safely browse the website using AVG Secure and maintain your information with a virtual private network. Virtual private networks (VPNs) operate through a company-based private server to tunnel all of your online business and encrypt data along the way. This process transcribes all your data into coded information packets, which can be read by anyone completely unread.
Whenever you surf the web securely with AVG, you will not find your IP address or physical location. But will be covered and displayed in one of AVG’s international servers.
The threat of data-stealing is real, whether you are in your home network or a public network. Public systems are unbelievably easy to hack and often completely unsafe, leaving you open to attack.
With AVG Secure, however, you can conveniently surf both public and private networks, knowing that all your information is encrypted and your employer, government and criminals can trace anything.
Enjoy your freedom to browse the web with AVG Secure without limitations and security threats or find more about AVG VPN here.
Wrapping Up
All in all, both of the crypto exchanges have certain limitations along with the various offerings they provide. Bittrex doesn’t allow to trade in fiat, making it difficult for new users to trade, whereas, Bitfinex offers less number of coins in comparison to Bittrex. Taking this into consideration and how you want to trade, you can make the choice that best suits your need.
