Coinbase Vs Bittrex is a very common question. Both are online forex brokers that have very strong reputations. Both have high levels of support for their clients, both have low transaction fees, and both allow you to trade in multiple currencies.
So which one should you go with?
Both sites are great service providers. I would not compare them at all. They do have support different styles though.
Bittrex seems to be far more advanced and user friendly, but that may just be my personal taste. Coinbase has a much larger number of traders, so they may have a slightly larger number of support people, which could explain the difference.
Also Read: Binance vs Coinbase Comparison
Bittrex seems to have slightly better support than Coinbase.
If you have a problem with the platform, you can call their customer service support. Their operators are quite helpful and you will get your answer within a reasonable amount of time.
On the other hand, I have never seen any way to contact their operator via email. Their support is abysmal. Also, their fees are higher, which could be a problem if you have an account at a high volume broker or exchange.
The security issue is a bit more complex. Bittrex seems to be far more secure than Coinbase. However, I was able to find no security holes in their system, and this was after testing both systems for several weeks.
Security is a very important factor in this case. If you are using an exchange with a high level of security, you won’t have any problems with this issue.
One more difference that I thought would be worthy of a mention is the pair of coins that the two exchanges offer.
Both offer the EUR/USD pair, although Bittrex offers slightly more profitable rates. However, it is unclear whether this is a relevant comparison since there isn’t much difference between the EUR/USD pairs on the exchange itself.
Bittrex also offers the BCHP or the Black Cash Currency Unit, which trades far more actively than the other site. This is clearly a point that will go towards one side or another.
Coinbase has recently started offering indicators on their site.
These can be used by both new and old traders. Although I haven’t personally used them, they do seem quite useful. They also look like fairly transparent software and I don’t see any reason why anyone wouldn’t want to use them.
So, what is the final conclusion?
Well, the main deciding factor boils down to the level of security offered by each site. With so many users on the internet, this aspect can be pretty difficult to evaluate.
If you think about things objectively though, it seems pretty clear that both Bittrex and Coinbase are solid exchanges, with minor edge for Bittrex.
My final thought is to simply trade where you see your traffic. This will help you make a better decision about which exchange to trade with.
And if you are just starting out and have little or no experience, don’t risk it on anything. The more experience you gain, the more you can justify investing in a more established and secure exchange like Bittrex or Coinbase.
Coinbase has recently received a lot of negative press. This is mostly due to a few issues involving the handling of money by their interface.
They had to temporarily remove this service due to a few hackers stealing user information. However, after that they have been rectified and the security issue has been addressed.
I find that a legitimate exchange would never ban their service simply because they had a few mistakes made. This shows that this exchange takes their user’s safety very seriously.
Now that we’ve covered some of the major points, let’s take a look at some factors that may help you decide which exchange to trade with.
First of all, look at the fees and does it cover those fees. It seems pretty obvious that Bittrex charges more since they are more popular, but that doesn’t mean that other exchanges are not as good. Look at how long the site has been running and do they have any special deals.
At the end of the day, you just want to get as much coverage as possible for the amount that you’re willing to spend.
Finally, make sure you understand the exchange itself.
Make sure you understand how the system works, who sets the rates, and what kind of risk you are taking. It’s best if you can learn about these things before you go ahead and trade. Good luck!
If you have any question feel free to ask in the comment box below.