Are buying altcoins cheaper on Binance As Opposed to Bittrex?

[jerry0]

Hey all.  What exchange is the best to buy altcoins?  I created an account on bittrex but i read that they charge a flat 0.001 btc fee for withdraw.  That is quite a bit for a btc withdraw especially if btc gets higher.  Do other exchanges charge less fees?  The fees i read are 0.25 percent which i read is very cheap.


However, some people mentioned about binance, hitbtc, poloniex and crytopia.


They said binance is the best because the fees are 0.1 percent but if you own binance coin or something like that, fees are 0.05% which makes it even cheaper than bittrex.  I had thought bittrex was the number 1 exchange for altcoins.  So it isn't?  I read that bittrex and poloniex was the best ones but now binance is number 1?  Also another thing.  But say you want to buy altcoins with btc.  If an an altcoin cost less on binance than bittrex but say the usd rate


Would like to use an example of a coin.  Say you want to buy powerledger with bitcoin.



Say to buy powerledger on bittrex its buy price is 0.00003328btc or 0.57

Say to buy powerledger on binance its buy price is 0.00003328btc or 0.53


To sell btc on bittrex is  16281

To sell btc on binance is 15877.43


Bittrex

16281/0.57 = 28563 powerledger x 0.025% fee = about 71.  28563-71 = 28492 powerledger


Binance

15877.43/0.53 = 29957 x 0.10% fee = about 30.  29957 - 30 = 29927


29927-28492= 1435 power ledger difference?


Thus if you spend 1 btc to buy power ledger, its better on binance as oppose to bittrex because you get 1435 more.. or about $817.95 more?  Is my calcuation right here or not assuming those are the buy power ledger prices and sell btc prices on bittrex and binance?

[brushtooth]

The prices can vary but the fees are fixed, on bittrex you pay a 0.25% fee for buying/selling whereas on binance that is only 0.1% and can also be halved if you get binance tokens. Therefore if you're making a lot of trades and paying high fees then binance could be better.

[jerry0]

Hi there.  What do you mean by have binance tokens?  Do you buy these?  How much are they?  And how many do you need in order to have fees go half?  So you could buy a few but you must hold it?

Also is my calculation correct with what i posted with those numbers?

[Victorycoin]

Hey all.  What exchange is the best to buy altcoins?  I created an account on bittrex but i read that they charge a flat 0.001 btc fee for withdraw.  That is quite a bit for a btc withdraw especially if btc gets higher.  Do other exchanges charge less fees?  The fees i read are 0.25 percent which i read is very cheap.

Exchanges here behave like banks, they charge fees for every withdrawal as well as for every buy or sell that gets filled. You would want to go through all that before dealing with any exchange, because some could leave you in total disbelief at the end of a deal and for the worse, cryptocurrency transactions are not reversible.

[jerry0]

Is my calculation right or wrong?

[btcone111]

I absolutely love binance - having said that, sometimes alts have slightly different prices on these two platforms.
Also you could purchase BNB to lower the transaction fee to aprox 0.5% whch is really good.

[uszaty43]

It was brilliant, you explained it very well in there, it is very helpful for those who still does not even understand that there are big spreads between different exchanges, and different prices as well.

Is my calculation right or wrong?

How can you be in love with binance? Binance and BitStamp are the only exchanges who have bitcoin price by less than $400 - $500 of the actual price that is showing Blockchain.com (and the rates from there are 3 - 4 percent lower than in any other exchange)

I absolutely love binance - having said that, sometimes alts have slightly different prices on these two platforms.