There are more than thousands of cryptocurrency exchanges dealing in digital currencies, but Poloniex and Bittrex are the two exchanges that are known to be responsible for the increasing altcoin trading volume every day. Apart from this, both of them also hold a huge position in the crypto market and have been able to share some differences and similarities as well. Although both Poloniex and Bittrex have emerged as the most popular exchanges for cryptocurrencies, they have been most beneficial for their alternative trade-pairing options from Bitcoin. Withdrawal or trading, fiat currencies and deposits are not accepted by both of these exchanges. Apart from these exchanges exclusively deal in cryptocurrencies. For more information about bitcoin trading, you can go through this site.
What is Poloniex?
Poloniex is also a cryptocurrency exchange that was started in the year 2014 by Tristan d’Agosta. It is located in the USA. He runs a company called Polonius Sheet Music which confirms that crypto is for everyone. For the Bittrex team, d’Agosta has emerged as a different kind of entrepreneur. He was a man who has previously worked as a freelance musician and holds a degree in music from Rutgers University.
What is Bittrex?
It exists as a cryptocurrency exchange that was founded in the year 2014 by Rami Kavach, Richie Lai and Bill Shihara. This team was deemed perfect for cryptocurrency exchange development as well as customers could easily rely on it. Bittrex USA is based in Seattle. The founders of Bittrex, who previously worked as professionals at Microsoft and Amazon, were therefore fully aware that cryptocurrency needed a protected digital currency.
Bittrex vs Poloniex – Comparison
The numbers are looked at before determining the ‘SIZE’ of a cryptocurrency platform. One of the most important of these numbers is the 24-hour trading volume that occurs on a cryptocurrency exchange. Here if we talk about trading volume, more trading has been found on Bittrex than on Poloniex. Although Poloniex is not considered as big as Bittrex in today’s time, no one knows for sure that tomorrow’s numbers in the cryptocurrency world can change completely. Cryptocurrency trading is offered by Bittrex and Poloniex, so fiat currencies cannot be used to buy or wend cryptocurrencies.
Finding out which ‘currency’ is being traded the most by a cryptocurrency exchange is a must before you sign up on an exchange. USDT which exists as a cryptocurrency that was backed by the de facto US dollar. Whenever you use Bittrex or Poloniex you may need to check another cryptocurrency exchange platform before that as Tether does not solve the issue of how you are going to buy your first digital currency.
Protect is one of the things that every new trader choosing a cryptocurrency exchange needs to consider. If we talk about Bittrex, it is considered one of the most secure among the cryptocurrency exchanges and moreover it has never been hacked. Bittrex also includes a feature where up to 90% of currency can be stored offline with 2-factor certification. On the other hand, talking about Poloniex, it was hacked by hackers in which about 12.5% of bitcoins were stolen by them. And the users who lost their money at the time of hacking were refunded by Poloniex team. Since then, the Poloniex team has been continuously striving to improve protection.
Bittrex cryptocurrency for ‘coin selection’ is widely recognized for its huge collection. Currently, Bittrex is able to offer around 250 different cryptocurrency trading pairs. And on the other hand, 97 different trading pairs are provided by Poloniex. Bittrex exchange provides trading for highly popular coins such as: Siacoin, Factom, eBoost, Litecoin, Ether Ripple, Polymath and Bitcoin.