The Difference between Bittrex and Poloniex

in #bitcoin • 9 years ago (edited)

I tried to analyze which of the two crypto-trading platforms is more reliable. I usually convert my Steem or SBD to Bitcoin in these crypto-exchange platforms for my use of coins.ph which is my way to encash the Bitcoin or use some of its amazing features like paying my water bills in PH and for topping up prepaid cellphone loads, buying stuffs, etc.. And so these crypto-exchange platforms are important for my Steemit journey.

I have transferred 5 steem to both Bittrex and Poloniex and i sold them for bitcoin to see if there's any comparison between the two.

My Initial Balances

I currently have a $5.06 worth of Steem in Bittrex and $5.05 in Poloniex. Exchanges are volatile that's why they're not perfectly identical in value.
bittrex balance.jpg
polo balance.jpg

Comparison

1. The Transaction Fees: SAME

0.00100000 STEEM will be deducted to your balance when you try to withdraw/transfer your balances from your Bittrex/Poloniex wallet.
transaction fee.jpg

2. Converting Steem to Bitcoin - The Same

I Sold my Steem to Bitcoin with Bittrex with the current exchange of 0.00018052 BTC with a commission of 0.00000226 BTC and i got 0.00090034 BTC (worth $5.15) the commission % is in between 0.12-0.13%

and I Sold my Steem to Bitcoin with Poloniex with the current exchange of 0.00017660 BTC with a commission of 0.0000022 BTC and i got 0.00088080 BTC (worth $5.04) the commission % is in between 0.12-0.13%

bittrex commission.jpg

polo fee.jpg

Summary of Bitcoin Conversion

The USD amount of Bitcoin i had in my Bittrex wallet is turned $ 5.15 from $5.06 before, and in my Poloniex it's $ 5.04 from $5.05. It is just because the value of BTC has been increased by the time i had transactions with Bittrex, but they actually work the same.

results.jpg

3. Transaction fees - The Big Difference

Poloniex is now better because the transaction fee for its Bitcoin withdrawal is just "0.0001" ($0.55) versus Bittrex's "0.001" ($5.55) which made it impossible to withdraw because i only have $5.15 worth of BTC in my Bittrex wallet.

And because the Poloniex transaction fee is just 0.0001, my coins.ph wallet will be able to receive a total of 0.0007808 BTC from Poloniex. It's worth $4.33 USD. I just lost approx $0.72 from the transactions with Poloniex.

Reliability

Reliability of Poloniex is still questionable for some other users because of its issues with Steem in the past that scares the Steem investors. However, you can use Poloniex for quick and less-charged transactions just like what i did.

Now i'll be able to withdraw at least Php 221.49 from my 5 Steem assuming that the value of 1 BTC is $5,549.31 USD at this time of writing. Happy Steeming!!! :-)



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#cryptocurrency #review #steem #news
9 years ago in #bitcoin by
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     9 years ago 

    nice info! thanks kabayan!

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     9 years ago 

    nice info bro..upvoted

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     9 years ago 

    Thanks bro! :-)

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     9 years ago 

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       9 years ago 

      I enjoy having fun with my Coins.ph account. When BTC is high, I will convert my BTC to pesos. When BTC dips, I buy it back. Just in the last 3 weeks, my profit in pesos is about P389. If I had a larger balance to play with, my returns would be even better. But you must have patience and be like a hawk.

      [-]
       9 years ago 

      Dont forget the withdraw fees, as they seem to be updated since this but anyway:
      https://steemit.com/steem/@zedikaredirect/crypto-adventures-2-exchanging-your-cryptocurrencies-for-bitcoin-costs-money

      [-]
       9 years ago (edited)

      Updated and saw the big difference :-O thanks for the link

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         9 years ago 

        hi oliver! :) thanks for this info. do u how much blocktrades charger to convert steem or sbd to btc, then send that to coins.ph? does coins.ph charge some withdrawl fees?

        [-]
         9 years ago 

        as far as i know blocktrades charges 3%. Coins.ph does not charge btc-peso conversion and they doesn't charge withdrawal fees but the remittance centers of your choice does have charges about 2% of your withdrawal amount. :-)

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          You have collected your daily Power Up! This post received an upvote worth of 0.15$.
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           9 years ago 

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