Coinbase vs Bittrex (UPDATED 2018): Are They Safe?| VKOOL

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Comparing Coinbase vs Bittrex

Coinbase and Bittrex are cryptocurrency marketplaces which offer different kinds of coins. They are both popular and the way they function is slightly different, with Bittrex offering many kinds of alt coins and Coinbase offered for beginners to crypto. We’ll provide all the necessary information so you know which is best for your needs.

Key Details of Coinbase vs Bittrex

Coinbase offers the sale of Litecoin, Bitcoin Cash, Ethereum, and Bitcoin.

With Bittrex you can access the same above coins, but there are also over 190 different alt coins. Bittrex is slightly newer as they launched in 2014, and Coinbase began in 2012. Both operate out of the US.

Coinbase has a simpler sign up process than Bittrex and they offer the buying and selling of crypto, while Bittrex offers trades.

You can’t actually buy crypto on Bittrex, instead you have to deposit already existing crypto and exchange it for the coin of your choice. With Coinbase you can provide a bank transfer, credit card, or debit card to deposit money, they do not accept cryptocurrency trading.

Coinbase and Bittrex Base

The biggest difference in Coinbase and Bittrex is the kind of consumer it caters to. Since Coinbase focuses on only 4 major coins, it’s meant more for the average consumer who may be first getting an introduction to crypto.

Bittrex would be more suited for people invested in alt coins which are harder to come by. It seems highly likely that more seasoned users would set up trading on Bittrex. This is because information for alt coins requires more research since they’re less featured on the news, and to even begin trading you must already have cryptocurrency to trade.

With Coinbase the process of setting up an account and deposing funds is simple and requires little effort other than providing your contact details and securing a password.

Fundamentals of Coinbase vs Bittrex

There are a lot of different things to consider before making a decision on Bittrex or Coinbase. It’s going to depend on whether or not you are interested in certain coins, whether or not you want a diverse portfolio of different coins, and what your experience level is like. We’ll fully explain all the necessary information to make a decision.

Safety

Both companies offer a wallet to store your cryptocurrency, though it’s typically advised not to keep crypto on marketplaces. With Coinbase they offer a full FDIC insured backing up to $250,000 USD. Keep in mind however that this is only for USD, not for any actual cryptocurrency.

Most of the funds stored on Bittrex are offline with up to 90% of it in cold storage. They also have a certified 2FA security for withdrawals which ensures that the person making a withdrawal is associated with the account.

Simplicity of Coinbase

The reason Coinbase offers only 4 of the major cryptocurrencies for purchase is because they cater their platform for beginners. People who are just starting off may not have any cryptocurrency to begin with, which is why they offer bank transfers and credit or debit card purchases.

They also don’t have any complex tools offered nor do they ask a lot in order to make an account. All they require is proving your full name, email, and a password of your choice. Even visiting their front page shows how easy it is to work with, all you need to begin is explained in simple terms.

Bittrex would be more for the trader who already has coin, and who wants to invest in alt coins. They also have a more detailed showing of the marketplace for people interested in predicting markets.

For Coinbase all you have to do is select a payment method and view the current market price to verify that you’re comfortable with making a purchase.

You’ll get a notification like above as your selection is processed, and you’re given the total fee price is before making the purchase.

The only thing to consider is that the limit you're allowed will depend on numerous factors. For larger withdrawals you have to provide more information like an ID, as well as have a solid history with Coinbase. For bank transfers the screen will appear similar to this:

With bank transfers since there is extra time need to verify, it can take a few days to be fully processed. This is also cheaper than a credit or debit card.

The difference with Bittrex is that you can only perform transfers of coin, though they will be shortly coming out with the option to make USD deposits. At this time however if you want to use Bittrex you’d have to already have cryptocurrency to trade.

Consumer Help

They both offer an explanation on how they function, and what you expect before setting up an account. Since cryptocurrency marketplaces and trade sites are becoming more popular, naturally there is going to be a major rise in the amount of delays each company has. This is likely the reason why many people often say they opened up tickets with each and have had delays in response times.

The about page of each has a good explanation of all that hey offer and you can contact each directly either on social media or via email.

The expected time for a response can vary depending on which consumer reviews you look at but they do eventually respond.

Reliability

The reason why both of these marketplaces are commonly used for cryptocurrency is because they are trusted. You can also find out a lot about the companies by researching them online.

Coinbase for example is used in over 190 countries and they have partnered up with the likes of Time Inc., Dell, and Expedia. They also offer press released for people to read about how they are doing and what they have set for the future.

For Bittrex they are active on Steem where you can read blogs from the owners. They also have an unofficial Reddit page which has a lot of people who pose questions and discuss the marketplace.

Different Fees

All trades come with a 0.25% charge on Bittrex. If you’d also like to get paper copies for any kind of correspondence then it is $10 with a $1 per page charge with shipping and handling in the US, this changes if it’s outside of the US.

Coinbase fees are varied depending on the country of origin but in the US it’s 1.49% for bank wires, or 3.99% on credit and debit cards. It’s a higher price than other marketplaces due to the fact it’s streamlined and easier to use, and they offer unique credit and debit card purchases.

Cryptocurrency Options

Bittrex is a clear favorite in this category since they have over 190 different coins. Coinbase currently only offers Bitcoin Cash, Ethereum, Litecoin, and Bitcoin. You can find all these and more on Bittrex, and there is a live market update to highly the price and which coins are offered.

You can also see the value of each coin so if you want a rarer alt coin you know what kind of value it would have on the trade market.

Coinbase vs Gemini

Gemini is a cryptocurrency exchange site where they offer Ethereum and Bitcoin. You can buy with USD or make an exchange. They use a much different fee structure which relies on volume. You can expect anywhere from 0.25% to 0.10%.  They also have updated market changes so people knew what price point they are making a purchase at.

Coinbase vs GDAX

GDAX is owned by Coinbase and they offer exchanges for people who need more tools to trade in cryptocurrency. They currently offer Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. Once you set up an account you can look at all the open orders, set up a stop limit, and set up a modified trade for your account. Essentially it gives the power to work more within the scale of the market.

Coinbase vs Bitfinex

You can store crypto or trade it on Bitfinex. They allow trading for many alt coins as well as major coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash and others. Provided are live market updates and an interface which can be customized to suit your needs. It’s more for people who already have a background in trading, as they offer many tools.

Bittrex vs Binance

Binance offers people the ability to set up trades from major coins to smaller alt coins. There are several kinds of different alt coins to choose from at competitive rates. You can look at the live changes in the market to make a sealed purchase at a time of your choosing. They have a 0.1% fee for trades, but this comes at a discount if you use their BNB tokens.

Bittrex vs Poloniex

With Poloniex you can trade several different kinds of alt coins. They charge makers 0.25% and takers are charged 0.15% if the amount traded is less than 600 BTC. The company has an auditing program that is run non-stop, and they make sure to track any and all activity which may be fraudulent.

Coinbase vs Bittrex FAQ

  1. Where’s the Coinbase login page located?
    Visit their official website and you’ll find it on the top right hand corner.
  2. Is Coinbase safe to use?
    They do offer 2FA authentication and have been offering cryptocurrency purchase since 2012, making them likely reliable.
  3. Is Coinbase down or are they open?
    Their website appears to be running.
  4. What are the associated Coinbase fees?
    It depends on your region but in the US credit and debit card use is 3.99% and 1.99% for bank transfers.
  5. Where can I find the Coinbase Reddit page?
    There is, it’s: https://www.reddit.com/r/CoinBase/
  6. Can you explain why does Coinbase need my ID?
    Likely for two reasons, to ensure that the person request on a transaction is actually associated with the account, and to prevent possible illegal purchases.
  7. Is Bittrex safe to use?
    They do have an outline of their safety protocol and offer 2FA for reliable purchases.
  8. Where is the Bittrex sign up page?
    Their front page of their website has the sign up button on the top right hand corner.
  9. Is there a Bittrex Wiki page?
    All they have is a small page which has a quote from the company but they do have a Wiki cryptocurrency page.
  10. Is there a Bittrex app available?
    Yes they offer a free app for their wallet and for setting up trades.
  11. How to use Bittrex?
    Simply make an account, select the kind of crypto you want to trade and the kind you have, and after the process will guide you to finishing a trade.
  12. What are the full Bittrex fees?
    0.25% for all trades.
  13. Where is the official Bittrex login page?
    It is: https://bittrex.com/account/login
  14. What is the Bittrex Twitter handle?
    You can find it here: https://twitter.com/bittrexexchange?lang=en
  15. Where can I find Bittrex support?
    Their email is [email protected] and their contact us page is here: https://bittrex.com/Home/Contact

Summary

If you want Litecoin, Ethereum, Bitcoin, or Bitcoin cash purchased with a debit, credit, or bank wire, than Coinbase would be right for you. If you want to invest in an alt coin that is harder to find and need the variety of potentially 190 different coins, than Bittrex might be a preferred option. At this time Bittrex also only offers trading, though they will provide USD deposits in the future.

Coinbase offers different payment methods and it’s made particularly for beginners to cryptocurrency since their process is streamlined and easy to understand. Both have customer support staff and a lot of information to read about on their official website if you want to learn more. They are also very popular places to access cryptocurrency, due to their ease of use.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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