I would add here 2 factors:
1. Binance lists a lot of new coins and announces trading contests (the latter I view absolutely unethical);
2. Bittrex has toughened trading requirements (min order size on highly liquid markets might exceed EQV of 20$, on Binance it's 0.01 ETH ~ 8$) and trading system is sluggish - order history lags, order cancellation and placement is burdensome.
Kudos to Binance - they seem to scale well, yet I would not discard Bittrex as the top altcoin exchange:
1. Founders and major personnel is publicly known and the exchange is within US jurisdiction
2. The volume is more stable on established coins, opposed to Binance where traders switch from one new coin to another
3. Better liquidity
4. Better on-site charting tools
BTW, if BNB price rises, you pay more $ in fees
Yes, I had some trouble accepting it especially when Waves launched with them the new contest, and I am actually a Waves holder. At the basis I felt that this could be seen by others as a way to artificially inflate trade volume, and then also to encourage people to buy as that places them in contention.
I know other coins even Bitcoin had plenty of contests but these were all done by individuals, never by anyone who was in any way a developer.
Binance does well now as it is new, as you said, it gets more expensive as BNB goes up. So it is counter to what they want to achieve.
Either way, I still want to move to decentralized exchanges.
