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.
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.