Poloniex vs Bittrex Exchange Review (UPDATED 2018): Are They Safe?| VKOOL

776 Review(s)
AVG Rating: 7.9/10

Comparing Poloniex vs Bittrex

Poloniex and Bittrex are cryptocurrency exchanges which can be used to trade lesser known alt coins. Both are commonly used by traders as they offer tools to examine the market fluctuations, as well as competitive rates.

We’ll give all the details needed so you can decide which exchange best suits your needs.

 

Key Details of Poloniex vs Bittrex

If you already have cryptocurrency to trade, all you have to do is set up an account with the password of your choosing. Bittrex offers a lot more coins, but Poloniex also has a fair share of alt coins. They both got their start in 2014 and they operate out of the US. Their rates are also less than the average exchange site.

Bittrex keeps it simple with a standard 0.25% commission fee, and with Poloniex it can vary depending on the total 30 day volume. They are as low as 0.15% for makers and 0.25% for takers.

Consumer Feedback

People often said they enjoyed the competitive rates and many offered kinds of alt coins which are harder to find. There have been some rumblings about the time it takes to get back to customer tickets, but both exchanges are on the top of the list when it comes to popularity and amount of exchanged crypto.

User Experience

Looking at the front page of Bittrex and Poloniex shows their ease of use with their simplified approach to setting up an account.  Typically people recommend either of these exchanges for traders who are looking to access alt coins.

If you want to observe live market updates and current value of different cryptocurrencies, all you have to do is click on the exchange tab. You can start depositing funds and checking on the total value of the coins you’re most interested in.

The Bittrex official page is also fairly easy to navigate around. You can also look at the current market evaluations, and learn about what the trading volume is of different coins. They also have the main important details about how they function on the top right hand corner.

The marketplace can also be evaluated clearly as you can see below Ethereum is clearly outlined. You can learn about what the daily highs and lows are, as well as what the value changes have been through history.

Safety

You’re able to open up a ticket if the inquiry you have hasn’t already been answered on their FAQ pages. Both companies also have been around since 2014 and they are based out of the US, which makes them more likely to follow regulations.

The owners of Bittrex have offered multi-factor authentication and ensure that up to 90% of funds are completely cold through offline storage. The team consists of former representatives of major businesses like Amazon and BlackBerry.

Poloniex also offers 2-factor authentication to ensure that anyone logging into an account is actually associated with it. You can also take advantage of their live chat if you have any additional inquiries.

Fees for Trading

The major difference between these exchanges is that with Bittrex the fee for transactions is always 0.25% no matter the volume. Poloniex is much different as the have scale which determined what the fees are. Those who trade larger amounts on Poloniex within a 30 day period are rewarded with much lower fees.

The preference for transaction rates than matters more on what you’re looking to do. Takers are always going to be charged a lot more than takers on Poloniex. The benefit of this volume scale is that if you are making large transactions, you won’t have to worry about the 0.25% fixed fee on Bittrex.

As a maker you’re limited to accepted trades and if someone buys it at the rate you are looking to sell it at, then there is a commission fee paid to Poloniex.

Offered Cryptocurrency

There are more options on Bittrex but both have a lot of different kinds of alt coins. They also both share the same major coins like BTC, ETH, LTC, and BCH.

As you can see from the graph below, Poloniex is pricing their coin differently then the next image which has Bittrex’s available crypto.

Bittrex is a major leader in the offering of lesser known alt coins. They are also working on allowing USD deposits in the future.

2 major factors to consider is not just what the fees would be of the exchange, but also at what cost each is offering for the coin of your choice. To figure out which would be cheaper you’d have to perform simple math and calculate the total transaction fee as well as the pricing of the crypto.

Poloniex vs Binance

Binance provides trades for several kinds of alt coins. They accept BTC, ETH, and BNB, their own crypto. Fees are set for 0.1% if trading, and there is a discount if you use their BNB. Transaction fees can vary depending on what you’re looking to get. For example, it would be a total charge of 0.001 BTC for a minimum withdrawal of 0.002 BTC.

Poloniex vs Kraken

With Kraken you can make crypto trades for all kinds of alt coins. Their fees vary on volume and come at a high of around 0.26% for takers and 0.16% for makers, depending on the kind of coin you’re looking for. They currently accept major coins like ETH, BCH, XMR, LTC, and XRP.

Bittrex vs Coinbase

Coinbase was made specifically to allow for ease of trading using a clean and simple interface. They have somewhat higher fees due to this ease of use, but they offer ATH deposit, bank wire, credit, or debit card. On here users can access major coins like Ethereum, Bitcoin, and Litecoin. Their services are offered to 32 countries including the US, Europe, and Canada.

Bittrex vs GDAX

GDAX offers BTC, BCH, LTC, and ETH for fiat currency. There’s also free tools so experienced traders can set up stop orders. They have a fully integrated website that provides clear information and updated market evaluations. This is owned by Coinbase and as such, offers the ability to transfer funds from Coinbase to GDAX. Makers are charged 0% while takers can pay upwards of 0.25% on lower end volume transactions.

Bittrex vs Gemini

With Gemini you can take advantage of bank transfers with USD. They allow people to buy and sell ETH or BTC. As of right now they only offer these 2 forms of cryptocurrency. They also provide free tools to examine the market and verify what the cost is of each coin. There’s also a fee based off on volume which is calculated every 30 days. This can be as high as 0.25% for both makers and takers.

Poloniex vs Bittrex FAQ

  1. Is there a Poloniex app?
    There are a few 3rd party apps but the company has not issued their app.
  2. Is Poloniex safe to use?
    They’ve been a trusted source for crypto for some years now and people generally say it works.
  3. How to use Poloniex?
    Simply create an account by providing your unique password, country of origin, and email. This process may take a few weeks to be fully processed. After this you can begin trading.
  4. What are the full Poloniex fees?
    They charge depending on the trading volume within a 30 day period. It can be as high as 0.15% for a maker and 0.25% for takers if it’s less than 600 BTC or equivalent. There is a 15% fee for earned interest to lenders.
  5. Is there a Poloniex Wiki page?
    Only a bitcoin wiki page with a short quote.
  6. When was Poloniex founded?
    They got their start in 2014.
  7. Who is the Poloniex founder?
    He goes by the name of Tristan D’Agosta, and he is their CEO.
  8. Is there a Bittrex app?
    There is no official app but there applications that are offered for free.
  9. Is Bittrex safe to use?
    They’ve been used successfully for many trades since they started.
  10. Where is the Bittrex sign up page?
    It’s on the official website on the top right hand corner.
  11. What is the Bittrex Wiki page?
    They only have a bitcoinwiki page where they provide a 2 sentence quote.
  12. What are the full Bittrex fees?
    All trades come with a 0.25% commission.
  13. Where can I find Bittrex support?
    For support they offer a FAQ and you can submit a request here: https://support.bittrex.com/hc/en-us/requests/new
  14. What is the official Bittrex Twitter page?
    It’s available here: https://twitter.com/BittrexExchange
  15. What is the official Bittrex Reddit page?
    They do not have an official page, but heir unofficial page is: https://www.reddit.com/r/Bittrex/

Summary

Whichever exchange you decide to select depends on numerous factors. Since Bittrex has a built in fee of 0.25% for all transactions, you’d have to determine which exchange is best by examining the total fees. The total volume you’re looking to exchange in 30 days, and the kind of coin you prefer since there is different pricing on each exchange.

Both are highly popular in the world of cryptocurrency due to their ease of use and simple approval process. They also offer free tools where users can make certain purchase orders and evaluate how the market is doing. These exchanges are made for people who already have cryptocurrency and each offer many kinds to choose from.  To find the exchange which best suits your needs we highly recommend calculating the fees and coin pricing.

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.

No comments yet.

Your email address will not be published. Required fields are marked *

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.