Are you looking for the best cryptocurrency exchange? Here is a detailed review of the two best exchanges that allow you to trade a wide variety of cryptocurrencies.
In the world of cryptocurrencies there are dozens of exchanges, but there are two exchanges which are responsible for most of the altcoin trading volume every day. Bittrex and Poloniex are two of the market leader and they share some similarities as well as differences.
Both of these exchanges are well respected and of course, there are complaints for both of them.
One of the thing I love the most about them is that they exchange dozens of different altcoins, not just the typical BTC and ETH, but many new, up and coming cryptos such as Litecoin, Ripple, Dash and one of my personal favorites GOLEM.
When it comes to Bittrex, you can trade using BTC, ETH and USDT.
Poloniex has a slight advantage here as it also offers trades through XMR.
In regards to support, both exchanges are fairly dependable. Poloniex is my favorite, with a clean Q&A section on their site that can be easily accessible, and a contact page where you can quickly send a message.
On the other hand, Bittrex offers its support email on the website, they also have a Q&A section and a much wider social media presence that includes a Slack and Facebook page. Both platforms also communicate via Twitter.
Poloniex fees are very competitive, charging 0.15% to Makers and 0.25% to Takers with a trade volume bellow 600 BTC. As the trading volume increases, the fees decrease.
Brittex fees are simpler but more expensive overall. All trades have a 0.25% commission.
Bugs and Hacks
Both exchnages seem to have had their fair share of bugs as well as multiple cirumstances where the exchanges were down.
This of course is impart to the fact that this technology is fairly new and that the exchanges may at times be overwhelemed with so many trade requests. After all, we can’t expect them to work like the NY Stock Exchange, which has been operating for decades.
In regards to hacks, I had trouble differentiating between real and false news so I am unable to comment much on this. One thing is for certain, almost every altcoin exchange has been hacked in one way or another and that is why it is always recommended to move altcoins to offline wallets as soon as possible.
Needless to say, both exchanges receive daily complains:
“Have had some periods of smooth, lag-free trading - but not many. I have been waiting over 40 days for a response to my ticket about a stuck FCT deposit.”
“withdrawal of STEEM 'pending' for days, no response to support request. I will not be coming back to this exchange!”
“Missing deposit and after 3 days, no response from their support! WTF!!”
“Poor service + customer support”
“I cant get my money about a week, it have a Awaiting Approval status and no feedback from support team”
“My withdrawal has been missing since Weeks contacted bittrex team in FaceBook, Twitter ,Email but not a single response from the Bittrex team” .
“Not recommended. I deposited token to my Bittrex wallet from myetherwallet. But I didn't get them over at Bittrex account. “
“They blockade my siacoin for 2 days by now, I cannot trade or withdraw my bitcoins for 2 days.... This never happened me before in any other service”
Of course, there is much that works well with both exchanges. This is what people are saying:
“I am from Europe and never had problems depositing or withdrawing ANY coin”
“Best Exchange, i am using it since 2016, i had problem once withdrawing Bytecoins long back. but that was solved within few minutes.”
“Poloniex completed my LTC trades. The first one took +3 days. The second one was the customary 5-20 minutes. Go figure. Doubt that Poloniex is a scam or trying to scam traders. Looks a lot like a simply overwhelmed system with overloads to me.”
“Withdrawal received in 3 minutes! Works very good. I made withdrawals every day, and I didn't have any delay.”
“works fine never hangs or deposit withdraw issues :)”
“BiTtrex is simply amazing!! As others have said you just need to familiarize yourself with the interface and buying and selling.”
“So far so good, deposits and withdrawals work like a charm”
“Great exchange, no issues.”
Both exchanges have been reviewed by other websites. Here you can see their scores:
- Poloniex : 2.2 Stars
- Bittrex: 4 Stars
Trust Pilot Reviews
- Poloniex: 3.1 Stars
- Bittrex: 3 Stars
Best Bitcoin Exchange
- Poloniex: 3 Stars
- Bittrex: 4 Stars
It is clear that both exchanges are some of the best when it comes to trading a wide variety of altcoins. If I had to choose, after doing so much research, I would go with Bittrex. Overall it seems to be the safest and when it comes to trading cryptocurrencies that is my number one priority.
What do you think?