Bioimpedance spectroscopy is widely used in clinical and biotechnological applications for electrical characterization of biomaterials in a non-invasive fashion. States of the living organs dynamically change during impedance measurement. Therefore, fast acquisition of the impedance spectrum is desired. Unlike a conventional frequency-domain method, the time-domain method can facilitate fast spectroscopy. In order to investigate the feasibility of using time-domain as a faster alternative to the frequency-domain, the result of both measurement techniques shall be compared. Hence, a measurement device is instrumented with the capability of generating signals using both techniques. An impedance measurement system, including front-end analog circuit based on the three-electrode system, data acquisition, and control unit has been developed. The system excites a dummy cell by generating a customized binary wideband signal and measures the response signal. The process is repeated once again using the frequency-domain method. Finally, experimental results are compared with simulation and theoretical results. Comparison between the experimental and simulation results reveals a deviation of less than 10 percent for both measurement techniques. The time-domain method can be used as a faster alternative to the frequency-domain method within acceptable accuracy.