COINBASE VS BITTREX: CRYPTO EXCHANGE COMPARISON

Cryptocurrencies are taking over the international market. And people don’t only use them for e-commerce. Before, they were a niche product. Now, they are exploding.

Still, you need a cryptocurrency exchange platform that you can trust. Coinbase and Bittrex are two options. Let’s take a closer look at this comparison.

Two platforms, different situations

Deep dive into Coinbase

Brian Armstrong founded it in 2012. Two years later, Coinbase already had one million users. In 2017, the company obtained the BitLicense to trade in Litecoin and Ethereum. During the years, Coinbase added investors and funds to its venture.

And the pandemic didn’t stop it—just the opposite. In fact, in 2020, it bought digital asset trading from Tagomi. It also launched the Visa debit card program. In 2021, Coinbase went public, joining the  Securities and Exchange Commission.

The products for individuals

What does Coinbase offer to its users? First and foremost, there are four main categories to consider for individuals:

  • Buy and sell cryptocurrencies
  • Wallet, also for bitcoin and ethereum
  • Earn free crypto
  • Card

Simply, buy and sell means trading all the cryptocurrency options. The earn free crypto product isn’t necessarily earning free cryptocurrencies. Instead, it lets users join programs on the platform. For example, the Numerai (NMR) is a crowdsourced hedge fund. You can take introductory lessons to learn how it works and earn up to $3 in NMR tokens.

On the other hand, the Wallet allows having all your information and data in one safe place. It’s an app that lets users store the tokens and collectibles on your device. It offers multi-coin support for cryptocurrencies such as Bitcoin, Ethereum, and ERC-20 tokens. With the Coinbase Wallet, users can make simple and quick payments, an easy wire transfer to purchase anything they’d like. You do not need a Coinbase.com account to use Wallet. 

Finally, the Coinbase card product is a Visa debit card with a balance of cryptocurrencies. This way, customers can spend their crypto for any purchase and in all security. Tracking the bitcoin transactions is easy, thanks to this friendly platform. And the crypto exchanges are safe.

How to choose the best offers

While Coinbase has many options and platforms, the right offer for you depends on your needs.

For example, if you are not interested in trading, a wallet might be the perfect fit. Since it allows to buy, sell, and purchase any cryptocurrency, Wallet is ideal for both e-commerce, thanks to its ease of use.

How is it different from the card offer? The Wallet option works with private keys. These are on your mobile and device, instead of that on the platform of Coinbase. Meanwhile, the Card allows any customer to store the cryptocurrency. With it, s can deposit money on their account, make withdrawals from any ATM, and use the card for debit -or even credit.

On the other hand, the perfect offer for trading is the buy and sell program. It’s perfect for the customer looking to invest, exchange cryptocurrencies, and create crypto credit.

For businesses

Indeed, Coinbase features corporate trading and offers. In this case, the options are four:

  • Prime
  • Commerce
  • Custody
  • Asset Hub

The Prime platform allows customers to buy, sell, exchange, store, and offer cryptocurrency services to businesses. Professionals can invest in security and ease of use. The Prime product also includes hedge funds, VCs, and the purchase of assets for sovereign wealth funds.

On the other hand, the Commerce option allows free access to accept crypto and fiat currencies. It’s a fast platform that allows customers to convert cryptocurrencies into USD, coins, and cash.

The Custody option is safe cold storage. It includes insurance and financial security. It’s especially perfect for institutions since investors can give funding. S can participate in governance activities, like voting, while assets are kept offline. The last Coinbase program for businesses is Asset Hub, which makes trading friends and a 100% storage security.

The comparison of products

The Prime offer is an ideal platform for companies that move and operate online. It’s also perfect for a business with s who deal, buy, and trade in bitcoins and any cryptocurrency. Any company 100% remote and virtual can benefit from this Coinbase offer. Meanwhile, the Commerce crypto exchange program allows its base to move transactions and exchanges offline too. It makes it easier for companies that are looking to connect their bank accounts with their crypto-based Coinbase deposit methods.

As mentioned before, the Custody program is perfect for institutions since it offers safe storage for funds and investments. With this offer, any customer can enjoy bank transfers, exchanges, and credit.

Coinbase for developer

Coinbase also offers six products for developers.

  • Connect
  • Bison Trails
  • Commerce
  • WalletLink
  • Pro
  • Rosetta

Especially interesting is the Bison Trails, an enterprise infrastructure that allows easy trading and exchange platform. Through these six offers, any customer who is a developer can work and trade in cryptocurrencies. As Coinbase writes on its website, the Connect allows “developers to use the OAuth2 protocol to allow s to grant a 3rd party application full or partial access to the account, without sharing the account’s API key or login credentials.”

On the other hand, the option WalletLink allows customers of Coinbase to connect all their crypt accounts through encrypted features and protected private keys. The Pro program offers the best of both crypto worlds, including a market overview.

Finally, Rosetta is “an open standard designed to simplify blockchain deployment and interaction.” With it, customers can integrate blockchains, and they can always operate with the best industry standards.

How to choose

The choice depends on the needs of the s. The best offer for trading is Bison Trails since it allows exchanges, trading, and transactions. If developers connect and trade with other developers, the best Coinbase product is Connect.

Instead, WalletLink is perfect for moving money online, for simple and secure crypto transactions. For the best of both Bison and WalletLink, the right offer is Pro, which is the right mix of Coinbase offers for cryptocurrency and customer’s transfer.

s of the Coinbase platform can check out all the market updates. This feature allows customers to keep track of the bitcoin, ethereum, and currency movements. And it’s useful because s will always know when to exchange, buy, purchase, transfer, or trade cryptocurrencies.

Deep dive into Bittrex

Time to find out more about Bittrex in this Coinbase vs. Bittrex comparison.

This is the ideal company for cryptocurrency exchange. Bittrex was founded in 2014, and it’s a US-based company. In fact, it operates out of Seattle. It focuses on and on many crypto options for its customers.

In fact, it features a variety of crypto and fiat currency, over 190. It also allows s to purchase digital coins. This, thanks to a full verification and authentication back check. With Bittrex, customers can invest, although using USD only. There is also a mobile app, easy to use on any device.

With this premise, Bittrex focus on two offers:

  • Trading
  • Wallet

Here’s an in-depth look at what they mean.

Trading

In the comparison Coinbase vs. Bittrex, the latter allows s to trade in USD and other fiat currencies, like the euro. Customers can also deposit and make withdrawals, taking the transactions offline. People can also use their credit or debit cards to make the crypto exchange.

As the Bittrex website reports, “the minimum BTC trade value for orders is 50,000 Satoshis (.00050000).” This specification applies to trade limits. On the other hand, Stop Limit Orders “allow s to instruct the system to place an order when the market price of a coin has moved past a given value.”

The purchase of trades and cryptocurrency is easy. Indeed, it’s beginner-friendly. You simply need to click “buy.” It’s also possible to make Quick trades, both for purchase and to sell. Both transactions permitted by this crypto exchange allow the exchange of coins.

In the trading section, customers can add USD markets to their accounts (and other available fiat currencies), both personal and corporate.

Personal accounts feature a deposit minimum, which is $50 per wire transfer. But there is no maximum. Instead, the minimum withdrawal is $10. The best part? There is no initial deposit to join this USD and fiat platform.

The corporate account is an upgrade to the personal one. There are no minimums nor maximums, not for the deposits nor for the withdrawals. Still, just like the personal account, the withdrawal minimum is $10. And there is no initial deposit on the Bittrex platform.

Wallet

First, you need to create a Bittrex account to deposit coins, withdraw cryptocurrency, and even enjoy promotions. Compared to the Trading offer of Bittrex, the wallets almost act as your online bank account, even allowing safe bank transfers.

It’s important to know that some coins have a minimum deposit, so it might be useful to double-check. Depositing any cryptocurrency, tokens, or coins is easy with Bittrex. You will always receive a transaction id (TxID) to check your history and messages.

Is there minimum or maximum fees? When it comes to deposits, it depends on the coins. Meanwhile, “all coins on the Bittrex Global Exchange require a minimum amount for withdrawals.” And, as Bittrex writes, “ it must be greater than 3 times the fee.”

The corporate account

Finally, Bittrex features the option of a corporate account. As mentioned before, this is the upgrade from the personal one, and it’s free of charge. Here’s a summary of what this Bittrex service entails:

  • Unlimited deposits and withdrawals
  • Faster deposit and transactions
  • Immediate customer service support via email
  • API Integration Benefits 

Please note that you need the documents translated into English to make the upgrade, identify the identity, and submit all the Bittrex requirements.

Finally, coin developers can submit a token for listing, always via email.

Coinbase vs Bittrex, the basic info

So, you’ve learned everything Coinbase and Bittrex offer. Now, it’s time to see the ease of use. How user-friendly are these platforms?

Coinbase vs Bittrex, opening an account

Coinbase

To sign in, you need:

  • Document ID that proves you are over 18
  • A valid phone number for the two-factor authentication
  • Valid email
  • Google Chrome on your device

After you’ve submitted your information, you will receive an email to confirm your account. You will have to answer five easy questions. Such as “What do you use Coinbase for?”. Finally, you have to verify your payment method.

Bittrex

Registering on Bittrex is even easier. And no, there are no fees either. You need the password and email. You will be able to access your profile right away to verify your ID and add additional information.

After the two-factor authentication, you will be able to purchase and manage your cryptocurrency exchange.

Fees

Other important details include trading fees.

Coinbase

Speaking of transactions, “Coinbase Fees may vary based on your location, payment method, and other circumstances.” Still, the crypto platform charges about 0.50% for any purchase and sale.

Bittrex

Here are a few useful details in the Bittrex vs. Coinbase comparison. In this case, the trading fees are only .25% for both market maker and taker. There are no deposit fees. While there are some transaction fees and the amount depends on the cryptocurrency and fiat.

Coinbase vs. Bittrex, making the right choice

For businesses

There is no doubt that Coinbase offers more options to corporate profiles. Coinbase has more specific and tailored options. Remember there are four of them, from the basic storage needs with Asset Hub or the full and 360° experience with the Prime program.

On the other hand, Bittrex simply offers an upgrade from the person’s account features. While it allows deposits, transactions, and USD exchanges, it doesn’t include any 3D or developer options.

Coinbase vs. Bittrex, the best choice for amateurs

Between the two, Bittrex is the most beginner-friendly. Since it doesn’t include any fancy profile options, it’s ideal for learning and making the first step into the crypto trading and industry. The personal account offers the basic features.

Coinbase vs. Bittrex, the best for online payments

Both Coinbase and Bittrex have a wallet option. The main difference is that, with Coinbase, you don’t need to create an account.

Coinbase vs. Bittrex, the accessibility issue

Coinbase isn’t available worldwide. In fact, it deals with the US and Europe. Bittrex is available everywhere, except for North Korea, Iran, Syria, and Cuba.

Coinbase vs. Bittrex concerns

Both cryptocurrency exchange platforms are concerned about the safety and of their users. Bittrex always keeps 80%-90% of funds safely offline. It features a two-factor authentication for all transactions.

On the other hand, Coinbase requires a government-issued ID to register on the platform, which might be more information that some people are willing to give.

Coinbase and Bittrex, the conclusion

Both Coinbase and Bittrex are great options for cryptocurrency exchange, trade fiat currency, and exchange Bitcoin and Ethereum. In the exchange comparison for Coinbase vs. Bittrex, the latter is a simpler platform, including fewer programs, especially for businesses.

Still, registering to both is simple, so it’s all about trying. And jumping into that crypto wagon of success.