Bittrex and Poloniex are two prominent digital currency exchanges, well-regarded for their extensive Bitcoin-to-altcoin trading pairs. Both platforms have established themselves as leaders in the cryptocurrency exchange market, each with distinct features and trading environments. This review provides a detailed comparison to help you determine which platform aligns best with your trading objectives.
Overview of Exchanges
Bittrex and Poloniex facilitate the trading of a wide range of cryptocurrencies, far beyond major coins like Bitcoin (BTC) and Ethereum (ETH). They provide access to emerging altcoins such as Litecoin (LTC), Dash, and Ripple, among others. It's important to note that neither platform supports fiat currency transactions—all trading, deposits, and withdrawals are conducted exclusively in cryptocurrency.
Key Features Comparison
User Interface and Experience
Poloniex offers a clean, minimalistic interface that emphasizes simplicity. However, some users find its navigation unintuitive—for example, locating wallet balances requires navigating to the "Deposit/Withdraw" section.
Bittrex, in contrast, presents a more professional and feature-rich trading interface once logged in. It includes real-time tickers, advanced charting tools, and displays prices in USD, which many traders find helpful amidst Bitcoin's volatility.
Supported Cryptocurrencies
Poloniex supports around 99 cryptocurrencies, offering substantial variety for most traders. Bittrex, however, surpasses this with over 270 trading pairs, including many low-market-cap altcoins and recent initial coin offerings (ICOs). This makes Bittrex more suitable for traders seeking diversity and early access to new tokens.
Fee Structures
Bittrex employs a flat 0.25% commission on all trades, regardless of order type or trading volume. This simplicity benefits users who prefer straightforward fee calculations.
Poloniex uses a maker-taker model:
- Maker fee: 0.15%
- Taker fee: 0.25%
Volume discounts are available for high-frequency traders, but these require significant trading activity—over 600 BTC in 30-day volume—to qualify for reduced rates.
Security Measures
Both exchanges implement robust security protocols, including mandatory two-factor authentication (2FA) for withdrawals and API usage. Bittrex, founded by security professionals from companies like Amazon and Microsoft, stores nearly 90% of assets offline. Poloniex also emphasizes security, though it experienced a hack in 2014 (with losses reimbursed). Since then, it has strengthened its safeguards.
Customer Support and Reliability
Poloniex has faced criticism for slow customer support, with response times sometimes stretching weeks or months. Bittrex generally receives better feedback in this area, though some users still report delays.
Neither exchange offers a mobile application, which may be a drawback for traders who prefer on-the-go access.
Which Exchange Is Right for You?
Your choice between Bittrex and Poloniex depends on your priorities:
- Choose Bittrex if you value a wide selection of altcoins, a user-friendly interface, and transparent operations.
- Opt for Poloniex if you engage in high-volume trading and want to benefit from lower maker fees or margin trading opportunities.
Since both platforms are free to join, many users maintain accounts on both to leverage their respective strengths.
Frequently Asked Questions
Can I use U.S. dollars or other fiat currencies on Bittrex or Poloniex?
No, both exchanges operate exclusively with cryptocurrencies. You’ll need to use a separate platform like Coinbase to convert fiat currency to crypto before trading.
Which exchange has better security?
Both take security seriously, but Bittrex’s offline storage strategy and founder background in cybersecurity give it a slight edge. However, Poloniex has also reinforced its systems since past incidents.
Are these platforms suitable for beginners?
Due to their advanced interfaces and lack of fiat support, neither is ideal for beginners. Newcomers may prefer starting with a more user-friendly exchange that offers fiat onboarding.
Do Bittrex or Poloniex offer mobile apps?
Currently, neither exchange provides an official mobile application. Bittrex has indicated that one is in development.
How do I reduce trading fees on Poloniex?
You can qualify for lower fees by increasing your 30-day trading volume. High-volume traders benefit from the maker-taker model, especially when placing limit orders.
What happens if I encounter an issue with my account?
Bittrex generally offers more responsive support, though response times can vary. For urgent issues, check community forums or official status pages for updates. For a more streamlined trading experience, you can explore advanced trading platforms that combine multiple features.
Final Thoughts
Bittrex and Poloniex remain top choices for altcoin trading, each catering to slightly different audiences. Bittrex excels in coin variety and interface usability, while Poloniex appeals to volume traders with its fee structure. Evaluating your individual needs—such as preferred coins, trading frequency, and desired features—will help you select the most suitable exchange. For those looking to broaden their trading toolkit, discover comprehensive exchange solutions that integrate multiple market advantages.