In the world of cryptocurrency, an investor can easily make millions if not billions of money if he knows the right way to invest.
Many altcoins have been launched after seeing the success of Bitcoins, and as its prices are constantly increasing investors can easily generate profits on them, and if you deal in day trading, you can easily generate millions. Obtaining an altcoin through an exchange is the easiest way out there in the market lately and the two most popular altcoins exchanges are Poloniex and Bittrex. But, which is better?
But are these exchanges safe? One thing of utmost importance is that the best cryptocurrency exchanges that we use are secure and safe, apart from offering solution for the trading needs. Thus, let’s look into Poloniex and Bittrex in detail.
If I have to compare the Team of Poloniex and Bittrex on the basis of my experience I feel Bittrex wins. Poloniex has been increasing its user base since the past few years, however, on the other hand, their customer support is still very low. There is also not much of a social media support from Poloniex. On Reddit, Poloniex has only two contact details that you can get in touch with, otherwise, you cannot find any contacts in case of emergencies.
On the other hand, you can find the founding members of Bittrex on Twitter who update any upcoming events or any new happenings via tweets. This helps in gaining trust and accountability.
-> Features & Interface
Poloniex and Bittrex both have a very simple interface and both of them have a two-factor authentication. Poloniex has a fee schedule where it charges a 0-0.15% of marker fee and 0.1-0.25% of taker fees, on the other hand, Bittrex has a flat 0.25% fee, apart from which it also changes a withdrawal fee.
Margin lending is when you borrow the money in managed funds so that you can invest them elsewhere. This is where Poloniex beats Bittrex as it has advanced features to offer in the margin lending/margin trading field that Bittrex lacks.
-> Available Currencies
As more and more altcoins are coming in the market and more tokens are coming out, both Poloniex and Bittrex are grabbing the opportunity to offer the users with a wide selection of coins to trade on.
However, Bittrex offers a whopping 270 trading altcoins as compared to Poloniex 99 altcoin offer. Bittrex clearly takes a win here in terms of the variety it has to offer for trade on the exchange. This also offers the users the flexibility in small-cap altcoins and newly launched ICOs.
Even though both Poloniex and Bittrex have only minute differences in their fee structure but this fraction of a change can bring a lot of difference to those investors that invest in these for a long period of time.
In Bittrex, a trader needs to pay a commission of 0.25% despite the volume or the frequency of the trade. Even though through this plan a user can buy coins rapidly but through Poloniex, you can save 0.1% of the trade price.
Poloniex calculates the trading volume on user’s account of the last 30 days in every 24 hours, however, to gain the benefits of its lower fees you should be trading more than 600 BTC volume and if your order doesn’t get filled you would only pay 0.15%, however you pay 0.25% if you “take” an order and it gets filled immediately.