Cryptocurrency is a very diverse industry offering countless opportunities to users to explore and benefit from them in several ways. If you take a look around the internet, you will find hundreds of cryptocurrency exchanges aiming to provide the best possible experience to their users, while some focus on easy purchasing and selling of digital assets, some are built explicitly for trading. On the other hand, some also offer investment opportunities that would allow you to make your idle assets work for you and earn interest rates through them.
If you are also an explorer who loves to hop from one exchange to another just to experience new things and unexplored concepts, you will have to transfer your funds from one exchange to another. But if we specifically talk about one of the most popular cryptocurrency exchanges, Coinbase, how long does it take to transfer from Coinbase to Bittrex? Let’s find out by taking a brief look into the details.
- Both platforms offer the same crypto services, but depending on your wants, needs, and trading experience they vary in rating and efficiency
- The procedure to transfer from Coinbase to Bittrex is fairly simple, but you need to pay attention to details in order not to make any mistakes
- The amount of time it will take to transfer varies anywhere from 10 minutes to several hours or even days, depending on the network traffic and your selected fee
What is Coinbase?
Coinbase is one of the biggest and oldest cryptocurrency exchanges that has come a long way in terms of expanding their services and bringing what is important and innovating for the everyday crypto user. The platform was launched all the way back in 2012 when the concept of cryptocurrencies was not even popular among most of the world. But their vision of equality and efficiency within the financial industry made them build the exchange providing equal opportunities to everyone.
As of now, Coinbase has got a lot of services to offer to their users. Those services also include buying and selling assets, advanced trading, and crypto investing to earn interest.
What is Bittrex?
On the other hand, Bittrex is also a very advanced cryptocurrency exchange, launched in 2014, just two years later than Coinbase. One interesting thing about Bittrex is that the platform was built and designed by three cybersecurity engineers, so you can imagine the security and privacy they would provide to their users. Bittrex also allows their users to instantly buy and sell their cryptocurrencies or trade a variety of assets in a professional environment.
Their fast and robust technology provides their users with a seamless crypto experience, whether they are trading on the exchange or buying cryptocurrencies with fiat assets.
Coinbase Vs. Bittrex: Which one is better?
As we have already taken a look at what both the exchanges are designed for and how they both are playing their part in promoting the crypto industry, the question here is, which one is better?
Number of available cryptocurrencies
If you are a professional trader or simply want to expand your crypto portfolio, then this aspect would mean a lot to you. If we take a look at the number of cryptocurrencies offered by both exchanges, Coinbase offers over 160 assets that you can instantly buy or trade on the exchange. This number includes all the popular cryptocurrencies but not many of the altcoins that you might want to trade or hold in your Coinbase wallet.
When it comes to Bittrex, the platform has a massive variety of cryptocurrencies available, and you can trade over 200 assets on the exchange. So yes, if you are looking for diversity, Coinbase might not be the best choice, as Bittrex dethrones Coinbase in this particular aspect. But if you are a casual trader looking forward to only engaging with popular crypto assets, both platforms would work out.
Both exchanges offer a professional and advanced trading experience through their trading layout. You get access to the face and accurate charts for the selected pair. You can also play with the settings, tweak and customize whatever you want, and use indicators to make your trading experience better.
This is where Coinbase wins the race by miles due to the fact that Coinbase is more popular than Bittrex and has got deeper liquidity. The liquidity and volume of Coinbase are billions, allowing the traders to execute real-time trades without any problems. On the other hand, Bittrex has liquidity and volume in millions, which still is good, but cannot be compared to what Coinbase offers.
Security and protection
As security, privacy, and protection play a very crucial role in the crypto industry, none of the exchanges have compromised a bit in these aspects. You will find great security features within both of them that would enable you to protect your account in several ways.
The trading fee at Coinbase starts at 0.60% for takers and 0.40% for makers. Traders on Coinbase can get trading fee discounts depending on their average trading volume in the past 30 days.
As for Bittrex, the trading fee on the platform starts at 0.35% for takers and makers. Of course, it is cheaper than Coinbase, and in this case, too, traders can bring the fee down by increasing their average trading volume.
Transferring cryptocurrencies from Coinbase to Bittrex: Step-by-step guide
You may have heard some scary things regarding crypto transfers: that a single mistake can make your money disappear, and you will not have a chance to get them back. In order to avoid such scenarios, it is very important to pay attention to the details, and the whole process will become very easy in the end. You can take a look below to find out how you can transfer cryptocurrencies from Coinbase to Bittrex.
- As we are trying to transfer assets from Coinbase to Bittrex, I suppose you would already have a verified Coinbase account. But what you need to do is get your Bittrex account verified, too, so that you would not have to face any kind of trouble later.
- Now you can log into your Coinbase account and access your wallet.
- That is where you can click on Bitcoin or whatever asset you want to transfer and select the send button. Do remember that we will be discussing the rest of the procedure in terms of Bitcoin, but you can send any other asset the same way.
- Now Coinbase will ask you to enter the receiving wallet address, which you can get from your Bittrex account.
- In order to get the receiving wallet address, you will have to log into your Bittrex account and access the holdings tab.
- After clicking on the show zero balances, you will be provided with a list of different crypto assets.
- Now select Bitcoin and click on the deposit icon.
- Bittrex will prompt you to generate a new receiving address, and you can proceed with it to get the address.
- Now copy that address carefully, and get back to the Coinbase sending screen, where you can paste the address provided by Bittrex.
- Make sure that you have entered the right receiving address.
- Enter the amount you want to send and keep the sending fee in mind.
- Click on send, and confirm the verification process to complete the procedure.
How long does it take to transfer from Coinbase to Bittrex?
The amount of time that it takes to transfer from Coinbase to Bittrex solely depends on the network congestion, the number of confirmations required, traffic, and the fee you have selected. Coinbase allows you to select a particular fee when sending assets on the other side. If you select the higher fee, your transaction will be processed faster, as miners usually opt for higher fee transactions to verify first.
In the particular case of transferring Bitcoin, your transaction can be completed within 10 minutes if the network traffic is low and you have selected a suitable fee. But it might also take several hours or even days in some unfortunate scenarios to get your transaction processed. The same scenario goes for the transfers executed on other crypto networks. So make sure to select a higher network fee when transferring assets from Coinbase to Bittrex, and hope for the best. You can access your Bittrex account and look out for the upcoming deposit; you will see the transaction mentioned there almost instantly after initiating the deposit, but you won’t be able to access the funds until the transaction is fully completed.
It can be an excellent idea to shift from one exchange to another and see what others are exploring. This way, you will be able to learn how different exchanges work and determine which has the best services for you to use in the longer term. So if you have decided to send funds from Coinbase to Bittrex, the process is really simple, and you can receive the funds on the other side without any problems.
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