Poloniex and Bittrex are two of the most popular cryptocurrency exchanges available today. Both platforms offer a wide range of altcoin trading pairs and have a loyal user base. However, choosing between the two can be a daunting task, especially for beginners. In this article, we will compare Poloniex and Bittrex in terms of security, trading features, fees and charges, user interface, supported currencies, customer support, and company background to help you make an informed decision.
Understanding Poloniex: Poloniex was founded in 2014 and is headquartered in Wilmington, Delaware. The exchange has a user-friendly interface and offers a wide range of trading features, including margin trading and lending. Poloniex has a reputation for being a secure platform, with two-factor authentication and cold storage for user funds. The exchange supports over 100 cryptocurrencies and has a 24/7 customer support team.
Understanding Bittrex: Bittrex was founded in 2013 and is headquartered in Seattle, Washington. The exchange is known for its robust security measures, including multi-factor authentication and cold storage for user funds. Bittrex offers a wide range of trading features, including margin trading and advanced order types. The exchange supports over 200 cryptocurrencies and has a 24/7 customer support team.
Key Takeaways
- Poloniex and Bittrex are popular cryptocurrency exchanges that offer a wide range of altcoin trading pairs.
- Poloniex has a reputation for being a secure platform and supports over 100 cryptocurrencies, while Bittrex is known for its robust security measures and supports over 200 cryptocurrencies.
- When choosing between the two, factors such as security, trading features, fees and charges, user interface, supported currencies, customer support, and company background should be considered.
Understanding Poloniex
Poloniex is a cryptocurrency exchange that was founded in 2014 and is based in the United States. It has gained a reputation as one of the most popular exchanges for trading altcoins.
Features
Poloniex offers a wide range of cryptocurrencies for trading, including Bitcoin, Litecoin, Ethereum, Ripple, and many more. It also provides trading pairs with USDT, which is a cryptocurrency that is pegged to the US dollar.
Poloniex offers margin trading, which allows users to borrow funds to increase their trading position. It also offers lending and borrowing services, which enable users to earn interest on their digital assets.
User Interface
Poloniex has a user-friendly interface that is easy to navigate. It offers advanced trading options for experienced traders, as well as a simple interface for beginners. The platform also provides a mobile app for users who prefer to trade on the go.
Security
Poloniex uses an elastic multi-stage wallet strategy to secure user funds. This means that the majority of funds are kept in offline storage, which is not connected to the internet. The exchange also employs two-factor authentication and email verification to protect user accounts.
Customer Support
Poloniex provides customer support through a ticket system, which allows users to submit their queries and receive a response via email. The exchange also has a comprehensive FAQ section that covers a wide range of topics.
Fees
Poloniex charges a taker fee of 0.125% and a maker fee of 0.075%. The exchange also charges withdrawal fees that vary depending on the cryptocurrency being withdrawn.
Verification
Poloniex requires users to complete a verification process before they can start trading. The verification process involves providing personal information and submitting identification documents.
Trading Volumes
Poloniex has a daily trading volume of around $100 million. It offers a wide range of cryptocurrency trading pairs, which makes it popular among traders who are looking for more exotic altcoins.
Conclusion
Overall, Poloniex is a popular cryptocurrency exchange that offers a wide range of features and trading pairs. It has a user-friendly interface, strong security measures, and good customer support. However, it does charge relatively high fees compared to some other exchanges.
Understanding Bittrex
Bittrex is a US-based cryptocurrency exchange that was founded in 2013 by Bill Shihara, Richie Lai, and Rami Kawach. It is one of the most popular exchanges in the cryptocurrency community, with a large number of trading pairs and high trading volumes.
Features
Bittrex offers a wide range of features that make it attractive to both beginners and experienced traders. It has a user-friendly interface that is easy to navigate, and it provides users with a wide range of trading pairs, including Bitcoin, Litecoin, Ethereum, Ripple, and many other altcoins.
Bittrex also offers margin trading, which allows users to trade with leverage. The exchange charges a taker fee of 0.25% and a maker fee of 0.15%. Additionally, Bittrex has a robust security system that includes two-factor authentication, elastic multi-stage wallet strategy, and API usage.
Trading Volumes
Bittrex has a high trading volume, which means that users can easily buy and sell cryptocurrencies on the platform. According to CoinMarketCap, Bittrex has a 24-hour trading volume of over $1 billion.
Wallets and Withdrawals
Bittrex provides users with secure wallets for each cryptocurrency that it supports. Users can deposit and withdraw cryptocurrencies from their wallets without any hassle. Moreover, Bittrex has a fast withdrawal process, and users can withdraw up to $3,000 worth of cryptocurrencies per day without any verification.
Customer Support
Bittrex has a dedicated customer support team that is available 24/7 to assist users with any issues they may encounter. Users can contact customer support through email or by submitting a support ticket on the Bittrex website.
Sign Up and Verification
Signing up for Bittrex is a straightforward process that requires users to provide their email address and create a password. However, to start trading, users need to complete the verification process, which involves providing personal information and a government-issued ID.
Commission and Limits
Bittrex charges a commission of 0.25% for takers and 0.15% for makers. The exchange has a daily withdrawal limit of $3,000 for unverified accounts and $100,000 for verified accounts.
Mobile App
Bittrex has a mobile app that is available for both iOS and Android devices. The app provides users with access to their Bittrex accounts, allowing them to buy, sell, and trade cryptocurrencies on the go.
In summary, Bittrex is a reliable and secure cryptocurrency exchange that offers a wide range of trading pairs, high trading volumes, and a user-friendly interface. It is an excellent choice for both beginners and experienced traders who are looking for a trustworthy exchange to buy and sell cryptocurrencies.
Security Measures
When it comes to cryptocurrency exchanges, security is one of the most important factors to consider. In this section, we will compare the security measures of Poloniex and Bittrex.
Both Poloniex and Bittrex take security seriously and have implemented various measures to protect their users’ funds. They both use two-factor authentication (2FA) to secure user accounts. This means that users need to provide a second form of identification, such as a code generated by an app on their phone, in addition to their password to log in to their account. This significantly reduces the risk of unauthorized access to user accounts.
In addition to 2FA, both exchanges have a team of security professionals who monitor their systems for any suspicious activity and take action to prevent any potential threats. They also store the majority of their users’ funds in offline wallets, which are not connected to the internet and are therefore less vulnerable to hacking attempts.
Poloniex separates its customers’ funds from those used by the company for operations and investments, which provides an additional layer of security. Bittrex, on the other hand, uses an elastic multi-stage wallet strategy to ensure that the majority of user funds are stored offline.
While both exchanges have had security incidents in the past, they have taken steps to improve their security measures and prevent similar incidents from happening again. In 2014, Poloniex suffered a hack that resulted in the loss of approximately 12% of its Bitcoin holdings. However, the exchange has since reimbursed its affected users and implemented additional security measures to prevent future incidents.
Bittrex, on the other hand, has not suffered any major security incidents to date. However, the exchange has faced criticism for its handling of certain security issues, such as the suspension of user accounts without proper explanation.
Overall, both Poloniex and Bittrex have implemented strong security measures to protect their users’ funds. However, as with any cryptocurrency exchange, there is always a risk of security incidents, and users should take appropriate precautions to protect their accounts.
| Security Measures | Poloniex | Bittrex |
|---|---|---|
| Two-Factor Authentication | ✔️ | ✔️ |
| Security Professionals | ✔️ | ✔️ |
| Offline Wallet Storage | ✔️ | ✔️ |
| Separation of Customer Funds | ✔️ | ❌ |
Trading Features Comparison
Bittrex and Poloniex are popular cryptocurrency exchanges that offer a range of trading features. In this section, we will compare the trading features of both exchanges.
Trading Pairs
Both Bittrex and Poloniex offer a wide range of trading pairs, including Bitcoin, Ethereum, and many altcoins. Bittrex has a larger selection of trading pairs, with over 400 pairs available, while Poloniex offers around 200 trading pairs.
Trading Volume
Bittrex has a higher trading volume than Poloniex, with an average daily trading volume of $2 billion compared to Poloniex’s $300 million. This means that Bittrex has more liquidity and traders can execute trades more quickly.
Trading Fees
Poloniex has lower trading fees than Bittrex. Poloniex charges a trading fee of 0.125%, while Bittrex charges a fee of 0.2%. However, Bittrex offers lower fees for high-volume traders.
Margin Trading
Both Bittrex and Poloniex offer margin trading, allowing traders to borrow funds to increase their trading positions. However, margin trading is not available for all trading pairs on both exchanges.
Currency Trading
Both Bittrex and Poloniex offer trading in multiple fiat currencies, including USD, EUR, and GBP. However, Bittrex supports more fiat currencies than Poloniex.
Cryptocurrency Trading Pairs
Both Bittrex and Poloniex offer a wide range of cryptocurrency trading pairs. However, Bittrex has a larger selection of altcoins available for trading.
Overall, both Bittrex and Poloniex offer a range of trading features for cryptocurrency traders. However, Bittrex has a larger selection of trading pairs and higher trading volume, while Poloniex has lower trading fees.
Fees and Charges
When it comes to trading on cryptocurrency exchanges, fees and charges play a crucial role in determining the profitability of the trades. In this section, we will compare the fee schedules of Poloniex and Bittrex and analyze which platform offers better value for money.
Poloniex Fees
Poloniex charges a flat trading fee of 0.125% for both makers and takers. The exchange does not charge any deposit fees, but users have to pay a withdrawal fee that varies according to the cryptocurrency being withdrawn. For instance, the withdrawal fee for Bitcoin is 0.0005 BTC, while the fee for Ethereum is 0.01 ETH.
Bittrex Fees
Bittrex charges a slightly higher trading fee than Poloniex, with makers and takers both being charged 0.2% per trade. The exchange does not charge any deposit fees, but users have to pay a withdrawal fee that varies according to the cryptocurrency being withdrawn. For instance, the withdrawal fee for Bitcoin is 0.0005 BTC, while the fee for Ethereum is 0.01 ETH.
Comparison
As we can see, Poloniex charges a lower trading fee than Bittrex, making it a more cost-effective option for traders. However, the withdrawal fees on both platforms are the same, so there is no significant difference in that aspect.
To summarize, if you are looking for a cryptocurrency exchange with lower trading fees, Poloniex is the better option. However, if you are not too concerned about the trading fees and prefer a more user-friendly platform, Bittrex may be a better choice.
| Exchange | Trading Fees | Deposit Fees | Withdrawal Fees |
|---|---|---|---|
| Poloniex | 0.125% | Free | Varies by coin |
| Bittrex | 0.2% | Free | Varies by coin |
User Interface and Experience
One of the most important factors to consider when choosing between Poloniex and Bittrex is the user interface and experience. Both platforms offer a clean and intuitive interface, but there are some differences to be aware of.
Poloniex has a sleek and modern design that is easy on the eyes. The platform is well-organized, with a simple navigation menu that makes it easy to find what you need. Users can customize their dashboard to display the information they want to see, such as their balances, order history, and charts.
Bittrex, on the other hand, has a more basic design that may not be as visually appealing to some users. However, the platform is still easy to use and navigate. Bittrex offers a customizable dashboard that allows users to choose which information they want to see, such as their balances, order history, and market data.
In terms of mobile apps, both Poloniex and Bittrex offer mobile apps for iOS and Android devices. The apps are well-designed and offer many of the same features as the desktop versions. Users can view their balances, place orders, and view market data on the go.
When it comes to user experience, both Poloniex and Bittrex offer a smooth and reliable trading experience. However, some users may prefer the more modern design of Poloniex, while others may prefer the simplicity of Bittrex. Ultimately, it comes down to personal preference and which platform feels more comfortable to use.
| Platform | User Interface | Mobile App |
|---|---|---|
| Poloniex | Sleek and modern design, well-organized | Well-designed mobile app for iOS and Android |
| Bittrex | Basic design, customizable dashboard | Well-designed mobile app for iOS and Android |
Supported Currencies
Both Poloniex and Bittrex offer a wide range of cryptocurrencies for trading. Users can trade in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, and Tether. Additionally, they offer a variety of altcoins, which are alternative cryptocurrencies to Bitcoin.
Bittrex offers over 250 cryptocurrencies for trading, including popular ones like Bitcoin, Ethereum, Litecoin, and Dash. They also offer a range of lesser-known altcoins, such as 0x, Aeternity, and Augur.
On the other hand, Poloniex supports over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. They also offer a range of altcoins such as Ardor, BitShares, and Civic.
Both exchanges offer free wallets for all cryptocurrencies, which are integrated into their platforms. Users can store their cryptocurrencies in these wallets or transfer them to external wallets.
It is important to note that neither Poloniex nor Bittrex support fiat currencies. This means that users cannot directly deposit or withdraw USD or EUR. However, users can deposit cryptocurrencies and trade them for other cryptocurrencies on the platform.
In terms of fees, both exchanges charge a trading fee of 0.25%. However, Bittrex charges a withdrawal fee, which varies depending on the cryptocurrency. Poloniex, on the other hand, charges a withdrawal fee only for Bitcoin and Tether.
Overall, both Poloniex and Bittrex offer a wide range of cryptocurrencies for trading, including popular ones like Bitcoin and Ethereum, as well as lesser-known altcoins. Users can store their cryptocurrencies in free wallets provided by the exchanges and trade them for other cryptocurrencies. However, neither exchange supports fiat currencies, and users cannot directly deposit or withdraw USD or EUR.
Customer Support
Customer support is an essential aspect of any exchange, and it can make or break a trader’s experience. Both Poloniex and Bittrex offer customer support through email and ticketing systems. However, Bittrex provides a more comprehensive support system, including a phone line and a live chat feature.
Poloniex has a reputation for slow response times, with some users reporting waiting for days or even weeks to receive a response. On the other hand, Bittrex has a more efficient customer support system and generally responds to inquiries within 24 hours.
In terms of complaints, both exchanges have received negative feedback from users. Poloniex has been criticized for its lack of transparency and communication during downtimes and other issues. Bittrex has also faced criticism for its sudden delisting of certain coins and the lack of clear explanations for these actions.
Overall, Bittrex offers a more comprehensive and efficient customer support system compared to Poloniex. However, both exchanges have received complaints from users, and it’s important to conduct thorough research before choosing an exchange to trade on.
| Exchange | Customer Support |
|---|---|
| Poloniex | Email and ticketing system, slow response times |
| Bittrex | Email, ticketing system, phone line, and live chat feature, efficient response times |
Company Background
Bittrex and Poloniex are two of the most popular cryptocurrency exchanges in the world today. Both exchanges were founded in the United States and have been in operation for several years. Bittrex was founded in 2014 by a team of security professionals, including former Amazon and Microsoft employees, while Poloniex was founded in the same year by Tristan D’Agosta, a freelance composer.
Bittrex is headquartered in Seattle, Washington, and is known for its robust security measures and user-friendly interface. The exchange has a strong reputation for its compliance with regulations and has never been hacked. Poloniex, on the other hand, is based in Wilmington, Delaware, and is known for its wide selection of altcoins and its active community on Reddit.
Both exchanges have experienced significant growth since their company launch. Bittrex has expanded its offerings to include over 300 cryptocurrencies, while Poloniex has become one of the largest altcoin exchanges in the world. However, both exchanges have faced their fair share of controversies. Bittrex faced criticism for its handling of the Mt. Gox hack, while Poloniex has been criticized for its lack of customer support and occasional technical issues.
In terms of company background, Bittrex and Poloniex have different strengths and weaknesses. Bittrex boasts a team of experienced professionals from top tech companies like Amazon and Microsoft, while Poloniex has a founder with a background in music composition. However, both exchanges have proven themselves to be reliable and trustworthy options for trading cryptocurrencies.
| Company | Founded in | Location | Founder |
|---|---|---|---|
| Bittrex | 2013 | Seattle, Washington | Former Amazon and Microsoft Employees |
| Poloniex | 2014 | Wilmington, Delaware | Tristan D’Agosta, a freelance composer |
Pros and Cons
When it comes to choosing between Poloniex and Bittrex, there are several pros and cons to consider. Here are some of the most important factors to keep in mind:
Pros
- Wide Range of Cryptocurrencies: Both Poloniex and Bittrex offer a wide variety of cryptocurrencies to trade, making it easy to diversify your portfolio and take advantage of different market trends.
- High Liquidity: Both exchanges are well-established and have a large user base, which means that there is typically high liquidity for most trading pairs.
- Advanced Trading Features: Both Poloniex and Bittrex offer advanced trading features such as margin trading, stop loss orders, and more, which can be useful for experienced traders.
- Good Security Measures: Both exchanges have strong security measures in place, including two-factor authentication and cold storage for customer funds.
Cons
- Limited Payment Options: Both Poloniex and Bittrex have limited payment options, with only a few cryptocurrencies and bank transfers accepted. This can make it difficult for some users to get started on the platform.
- Stability Concerns: Both exchanges have experienced some stability issues in the past, with occasional downtime and slow processing times. This can be frustrating for traders who need to make quick trades.
Overall, both Poloniex and Bittrex have their strengths and weaknesses, and the choice between them will depend on your individual preferences and trading style. It is important to do your own research and carefully consider all factors before making a decision.
| Pros | Cons |
|---|---|
| Wide Range of Cryptocurrencies | Limited Payment Options |
| High Liquidity | Limited Mobile Support |
| Advanced Trading Features | Stability Concerns |
| Good Security Measures |
Frequently Asked Questions
Which exchange offers better prices, Poloniex or Bittrex?
Both Poloniex and Bittrex offer competitive prices for trading cryptocurrencies. However, the prices can vary depending on the specific currency pair and market conditions. It is recommended to compare prices on both exchanges before making a trade to ensure the best deal.
Is Poloniex available for US citizens to use?
Yes, Poloniex is available for US citizens to use. However, due to regulatory requirements, certain states may have limited access to certain cryptocurrencies on the exchange.
What led to Poloniex shutting down?
There have been rumors circulating about Poloniex shutting down, but these rumors are false. The exchange has not announced any plans to shut down and continues to operate normally.
Did Poloniex actually shut down?
No, Poloniex has not shut down. The exchange is still operational and allows users to trade a variety of cryptocurrencies.
Can Poloniex be considered a trustworthy exchange?
Poloniex has been in operation since 2014 and has a good reputation among cryptocurrency traders. However, like any exchange, there is always a risk involved when trading on the platform. It is recommended to take proper precautions and do thorough research before making any trades.
What are the main differences between Poloniex and Bittrex?
Poloniex and Bittrex are both popular cryptocurrency exchanges that offer a wide range of trading pairs. However, there are some differences between the two platforms. For example, Bittrex offers more trading pairs than Poloniex and has a more user-friendly interface. On the other hand, Poloniex has a higher trading volume and offers margin trading.