You need a crypto trading platform where it is possible to trade, sell, and buy cryptocurrencies. But since there have been cases of forgery where people and investors have been duped by hackers, it becomes very important to do your own research (DYOR). As a beginner, you need to be very careful. Various crypto trading platforms can be considered for crypto trading. One example is the GDAX exchange. Today we are going to review it and will know about GDAX vs Binance.
GDAX exchange: Is it as good as other recommended crypto trading platforms?
GDAX is a cryptocurrency exchange like Coinbase, Kraken, Binance, Bittrex, Gemini, and many more. It stands for Global Digital Asset Exchange. This crypto trading platform lets buying, selling, and trading a variety of crypto coins. It laid its foundation six years ago.
People who are behind the creation of the GDAX exchange belong to a similar company that operates Coinbase which holds the reputation of being the largest exchange broker exchange worldwide. Mainly, this crypto trading platform is like a middle path that connects buyers and sellers. GDAX generates money via transaction fees. Giving an example, if David wants to purchase some BTC and Katherine is willing to sell, the GDAX exchange helps in putting them together.
The founders wished to facilitate their million Coinbase users with a more advanced crypto exchange. The reason behind this is that the Coinbase exchange lets only buy and selling of cryptos, but GDAX, also known as Coinbase Pro, differs in letting trading for users in real-time via distinctive tools for trading.
Even though, this exchange targets the ones with experience in trading, there is also the possibility of using real-world payment options like withdrawal funds, deposits, and bank accounts. One notable thing is if someone has his account registered on Coinbase, then he will be having GDAX account automatically. All it needs is to enter the similar login details that are used in Coinbase.
Is it better to Binance?
Largest trading volume
No matter if GDAX lags behind Binance, still, it fares in having the largest trading volumes in the crypto industry. In terms of daily trades, the crypto trading platform averages $100 million. It has been reported that in late 2017, the GDAX exchange reported maximum trading at $650 million in one single day.
Rebranding of GDAX to Coinbase Pro
In May 2018, GDAX announced rebranding it to Coinbase Pro. It has similar advantages to GDAX but will comprise newly added features to become more appealing. Now just as you have been automatically connected to GDAX when you log on to your Coinbase account, similarly, you will be redirected to the newbie Coinbase Pro website, when you access GDAX. When you explore it, you will spot some differences for sure.
First of all, the platform has much clarity that makes it easier to traverse through. Moreover, the process of withdrawal and deposit is also very simple. Besides this, you will also notice multiple options provided by pricing charts. This way you can view historical data very easily.
While making a declaration about the rebranding, GDAX also disclosed overtaking Paradex. The technology built by this company lets users of GDAX and Coinbase in transferring of the ERC-20 token between wallets. Not to forget, this is a cryptocurrency that has been built upon the top of the Ethereum blockchain. In total, there are hundreds.
Fees and payment methods
Coming up to fees and payment methods, some countries can use bank accounts to deposit. Moreover, for the payment structures, it depends on which country you are living in. Let’s say, if you are a citizen of a European nation, then SEPA comes as the option to use. No fees are charged for this by GDAX which seems good. €0.15 is the withdrawal fee of this exchange for SEPA. Contrary to it, if you live in the United States, then you can deposit via your U.S bank account. The price of the total transaction here is 1.49%.
If a person lives in countries like Australia, Canada, or Singapore, then he can find the use of real-world money for depositing funds into one’s GDAX account. But it is not possible to withdraw at the moment. For this, conversion of any fiat money into one’s cryptocurrency is a must. Only then it is possible to withdraw cryptocurrency back to the wallet.
Sending crypto to Binance
While discussing GDAX, a trading exchange for selling, buying, and trading cryptocurrencies, there must be a query in your mind like how to send from GDAX to Binance. For this, you need to follow some key steps.
- First of all, you have to choose the cryptocurrency that you wish to withdraw specifying the amount.
- Paste the wallet address of Binance that has been copied by you on your clipboard to the address box of the sender.
- Now to finish your transfer of crypto from GDAX to Binance, you have to click on Send, and it is done.
If you want to look for more comparisons between the exchanges, log on to the Cryptoknowmics website which comprises a myriad of topics via blogs and articles.