The cryptocurrency world has become very popular as its popularity exploded in 2017. Many
people are attracted to investing in the new online currencies. Since the explosion
in the value of bitcoin, many people are discussing different cryptocurrencies more and
more. Also, the number of websites have been launched that allows users to invest in and trade
cryptocurrencies with efficiency. Two popular websites that have been compared a lot with each other for its popularity in the crypto world are Bittrex and Poloniex. These two websites are viral among Americans.
Let’s discuss its pros and cons.
- Both the Bittrex and the Poloniex provide built-in wallets for individual coins. Storing your earned crypto in a dedicated wallet on your computer’s hard drive is an ideal way to trade crypto.
- Some popular examples of wallets used by crypto traders are Electrum and Bither. It provides you direct access to your tokens instead of having them on an online trading account or platform such as Coinbase or eToro. So, there is no 3rd party access to deal with your storage. You can store your tokens in a dedicated wallet without any fear.
- The problem of owning multiple wallets for different cryptocurrencies is the real hurdle for many. But, Bittrex and Poloniex allow you to have separate wallets which are embedded into their application. So, you can feel very secure to deal with the trading of different cryptocurrencies.
Let’s begin the comparison
- The Customer Support
Customer support is indeed an important aspect. People dealing with different cryptocurrencies on different platforms will frequently need to know the conversion rates of any given exchange Website. So, for the success of any crypto exchange, customer support teams is indeed an important aspect. Bittrex easily wins this category. In the recent months, there some issues with Poloniex for responding to their user comments and complaints. So, it seems Poloniex has not put an effort in their customer support. Also, their contact support page is just an FAQ.
- Having a presence on social media is not enough when you have a considerable exchange platform. In contrast, Bittrex is very active for replying to any user comments or complaints. So, the winner of this category is Bittrex.
UI and Functionality
- Considering the UI and functionality for crypto exchange services, some tools and functions become really important. Bittrex does not have features that Poloniex have like margin lending and margin trading.
- As margin lending and trading is an advanced feature in terms of exchange services, people prefer Poloniex as one of their main exchange platforms. Still, most of the exchange platforms do not have these features. So, if you are looking forward to using this advanced feature, you can choose Poloniex over Bittrex.
- If you are not planning to use these advanced features, it will still remain a difficulty to decide whether Poloniex or Bittrex. If you are a beginner, you can go with Bittrex as it has better functionality and user interface except margin trading and lending.
- In terms of UI, Bittrex is slightly better. Both the sites have similar two-factor authentication process for security purposes. But, Bittrex also has an extra feature called " elastic multi-stage wallet strategy for advanced security. It allows users to store their wallet coins offline in case the site gets hacked. So, it is much better to rely on yourself than anyone else for security.
- But, winner for the UI and functionality category is Poloniex as it provides marginal trading and lending. But, if you are a beginner, and don't know how to deal with marginal trading and lending, Bittrex is suitable for you. So, make your choice depending on your needs.
- Bittrex and Poloniex are the leading crypto exchange services. You cannot find much
difference in the library of cryptos available. But, Bittrex is faster as compared to Poloniex regarding acquiring specific new tokens. So, if you are willing to deal with the latest tokens available, Bittrex is much better for you. So, the winner of this category is Bittrex.
Who is the final winner?
Both of these platforms are really impressive for providing great e-trading quality to a huge number of users. Most of the people use one or both of these sites daily. So, who is the final winner? Bittrex? Yeah!
- How Bittrex becomes the final winner? Just because of Poloniex’s poor and unreliable
customer support. The customer support team is a great proof Bittrex. Talking about marginal trading and lending provided by Poloniex, it used only by the experienced crypto traders. But, the majority of the users would love to have better customer support, better UI, and better rate of acquiring newly supported tokens. So, the final winner is Bittrex.
- It does not mean that Poloniex is not a good e-trading platform. Poloniex also provides great service. All they need to do is to work on their customer support team so that users can rely on the platform. You can try both and decide which one you like better. So, if you deal with multiple cryptos, try out both and decide which one you would prefer to use.