With an ever-changing cryptocurrency trading system, various trading currencies pop up time and time, to give traders diverse experiences. Before you start to use these alternatives, make sure that you research their levels of suitability.
Cryptocurrency should be an easy sail and make sure that you have details on how easy the Bittrex alternatives are. In the extension below, we list down the best alternatives to use other than Bittrex. The list encompasses alternatives like Binance, UPHOLD, Coinbase, and Kucoin. Read on
Bittrex Disadvantages
Unfortunately for traders and investors, the Liechtenstein-based Bittrex currency appears to have more disadvantages than advantages. This has led to a sharp rise of more alternatives that investors can play around with. Below, we outline the present Cons of Bittrex trading cryptocurrency
- Not flexible due to the lack of a mobile application
- Bittrex, unlike fellow competitor Binance, Bittrex does not have its own specific coin, not only a coin but also a token.
- Lack of quality customer assistance scheme and poor response to customer concerns
- Currency diversity is poor since they disallow fiat currency, that is US dollars, Euros, or Japanese currency, to mention but few
- Charged fees for trading are cumbersome, going for 0.25%.
- Absence of new coin addition
What To Look For In An Alternative
In an alternative, traders and investors, especially bitter competitors should expect low charges on trading. This has been unheard of in Bittrex trading which charges a whole lot of customer loyalty through good communication between the server and the actual customer.
This should be visible through up-to-date customer responses. Coin upgrade should be another objective looking at the fact that Bittrex is unable to do such. Security of digital transactions should be experienced but Bittrex traders and Bittrex competition traders.
Ability to experience fast and efficient withdrawing functions. Take note, when looking for an alternative make sure that you assess the rate at which trades are met, the lapse period of response because some alternatives are far much better than Bittrex.
Alternatives To Bittrex
Kucoin
Kucoin is an upgrade to the usual Bittrex cryptocurrency. Developers made Kucoin with aim of providing more secured and ideal trading of the digital asset. Kucoin provides traders with a chance effect service exchange. These are more appropriate and simple to use. By doing so, Kucoin is actually creating a universal stage of transacting which lays its basis on combining and linking premium assets. The levels of digital construction are exceptional and operational.
Features
- Zero margins
- No risk of forced liquidation
- Suitable for crypto investors
- Low fees
- 24/7 customer supports
- No forced KYC checks
- Variety of altcoins
Pros
- Has an advanced set of digital asset transactions
- Very easy to use
Cons
- Relies more on Bittrex
- Though it has reputable digital technology, newbies might find it difficult to trade
Binance
This alternative is well known for its use of ICO (Initial Coin Offering). What is ICO anyway? Well, this is a blockchain option that allows traders and investors to crowdfund using what is called a smart contract.
It is also found on other digital trading platforms other than blockchain. It is a Japanese currency established on the market in the year 2017 through the initiatives of Changpeng Zhao. During its fresh inception on the market, the Zhao-led currency accumulated a total of $15 million. With that $15 million, Zhao managed to raise a total of 200 million tokens to start trading and making transactions.
Binance has been labeled as the best and the first alternative to mention after Bittrex because of its advances in cryptocurrency basics, be it security or exchange. Let us look at some of the advantages and disadvantages of the best alternative around.
Features
- They have created a Launchpad
- Shows detail of blockchain projects and how traders can upload coins
- Investors gain knowledge on new projects
Pros
- Binance fees have a low fee charge of 0.1%. Even if you have to trade with BNB, they can charge you a total of 0.05% which is pretty low as compared to Bittrex’s 0.25% charge.
- Binance has top-notch security systems, these include emailing messages to give a proper confirmation of transactions. When you send your trading amount, you receive a confirmation.
- Reputable steps to register and very fast
- Upgraded coins and the presence of quality Initial Coin Offering.
- Has mobile applications compatible with Android and iOS software.
- Ideal support system’s through fast responses on emails and social media platforms.
Cons
- Though customer support is good, there is a need for upgrades
- Interface from Binance is not friendly to investors and traders
- Fiat currency is absent hence lacking diversity
- Binance is more focused on short-term trading, forgetting the long-term trading.
Coinbase
Well, this a digital currency that is also kept in a digital wallet. This means that traders can transact fast through other forms of digital currencies which include ethereum, Bitcoin, and litecoin. Coinbase is well known for its diversity in digital coin selections. Exchanges from Coinbase are reachable and efficient enough.
Coinbase is much better than many wallets in a diverse manner when it comes to digital basics.
Features
- Wide selection of vetted projects
- Regulated exchange
- 24/7 customer support
Pros
- Coinbase has more usable systems
- When it comes to fulfilling requirements and deadlines, Coinbase is the digital place to be.
- Mechanisms to support traders and investors are efficient and rated among the best.
Cons
- High fees
BitBay
Incepted in 2014, BitBay has managed to expand the trading platform through purchasing and selling a variety of bitcoin and litecoins. BitBay is actually a Polish trading platform that has been growing since the days of Sylwester Suszek, the CEO. The popularity of BitBay has largely been credited to the combination of Bitcoin exchange companies, one specializing in Bitcoin exchange and the other specializing in financial systems.
Features
- Support ATM withdrawals
- Great customer support
- Accepts fiat currencies too
Pros
- Has a reputable financial setup
- Trading is easy and lucrative
Cons
- Its trading operations are centralized
UnifyPay
UnifyPay is a safe and open-source wallet that has set up most of its setups in a single application. The security features are top-notch. Very compatible with iOS and Android software. Sending of funds and coins is fast and efficient looking at the fact that UnifyPay has been combined with advanced technology. When it comes to available coins that can be traded, there are Litecoin and Bitcoin.
Features
- Easy to use
- Fast transactions
Pros
- It is all in all a good alternative
- Very easy to operate looking at the fact that Android and iOS software have mass usage
- Security systems are top-notch thereby determining the safety of coins and funds
Cons
- Has not yet received much attention on the market
Spot Bitcoin Wallet
Everything about the Spot Bitcoin Wallet is instant and straight to the point. Very precise ways of purchasing Bitcoin are at the traders’ disposal. Mainly utilizes the worldwide credit card method of purchase. Very free and flexible looking at the fact that iOS and Android software are used. Of the available coins that are on the market, Spot Bitcoin mainly uses Bitcoin exchange, dominated by Bitcoin.
Features
- Accept credit/debit cards
- Available on mobile
Pros
- Has a user-friendly system
- Trading is fast and efficient as compared to other wallets
- It is a web wallet that makes it possible to execute instant trades
Cons
- Relies basically on one coin, that is bitcoin
- Prone to hacks since it is a partial web wallet.
Kriptomat
With such a complicated name, nothing is complicated when it comes to its security systems. Has been rated as one of the safest wallets around, though it is still growing. Seasoned traders and newbies can actually sell and store their various crypto coins using Kriptomat. Very compatible with Android and iOS software. When it comes to the web wallet, it is also possible to do so with Kriptomat. Mainly utilizes Nitecoin through an exchange.
Features
- Low fees and high limits
- Secure fiat-to-crypto gateway
- Regulated exchange
Pros
- Very easy
- The use of high tech has placed it on the digital map
- Has reputable security features
Cons
- Lacks diversity when it comes to coin variety, which is the most challenging factor of low simple wallets
How We Picked And Tested
Not all cryptocurrencies are created equal. Therefore, you will need to be careful when choosing the best cryptocurrency. Below is how we selected the best Bittrex alternatives.
1. Security
The first thing that we considered is the security of the alternative. It’s important to go for a cryptocurrency or altcoin that protects your funds and personal and banking data.
2. Decentralization
The next thing we looked at was whether it is centralized or decentralized. Decentralization means that there is a high level of security. Not only that, but you will also find out that no outside influence or manipulation is affecting the cost, fees, and more.
3. Scalability
The best cyrypto should be able to process several transactions quickly. This allows the funds to move from one wallet to the next in a matter of seconds.
4. Usability
Above, your chosen crypto should be easy to use. The account creation process, as well as the transaction process, should not be confusing to the user. In fact, even newbies should be able to transact easily.
How To Choose The Best Bittrex Alternative
- When coming with a possible selection of a Bittrex alternative, make sure that you create an achievable balance between Bittrex itself and features of other alternatives of Bittrex (Binance, Kucoin, Huobi). This will help you in determining the crypto exchanges that are offered by both digital parties.
- Of all the available Bittrex and alternatives features, they should consider quality security upgrades to ensure customer loyalty.
- Cryptocurrency is digital and you should take note of the offers not within the Bittrex coin.
Conclusion
The steady growth of cryptocurrency has allowed traders to inspire the need for diversity in digital currency. Some have flopped over time causing a rise in other digital currencies. Bittrex alone has proved pale when it comes to upholding traders’ expectations, this has been largely due to its lack of basic features of security and user-friendly settings. A comparison between Bittrex and Binance has shown that Binance and other related actually offered better options.
