GDAX vs Binance Exchange Comparison
GDAX vs Binance
GDAX vs Binance: Two of the biggest exchange platforms in the cryptocurrency space. GDAX is commonly an investor’s first step beyond Coinbase while Binance is where traders usually first dip their toes into the alternative coin (altcoin) pool.
It’s helpful to compare the two, but ideally, you should think of how you can use both together. GDAX is a great fiat on-ramp where you can trade, say, U.S. dollars for basic coins. Whereas, Binance is strictly for crypto to crypto exchanges.
In this GDAX vs Binance exchange comparison, we’ll cover all you need to know in order to decide which exchange is best for your trading strategy.
We’re going to outline:
- Funding Methods
- Trading Fees
- Available Cryptocurrencies
- Transfer Limits
- Company Trust
- Fund Security
- Customer Support
GDAX vs Binance Key Information
|Site Type||Cryptocurrency Exchange (with Fiat)||Cryptocurrency Exchange|
|Buy/Deposit Methods||Bank Transfer, Coinbase, Cryptocurrency||Cryptocurrency|
|Sell/Withdrawal Methods||Bank Transfer, Coinbase, Cryptocurrency||Cryptocurrency|
|Available Cryptocurrencies||Bitcoin, Ethereum, Litecoin, Bitcoin Cash||Bitcoin, Ethereum, Litecoin, Bitcoin Cash + >100 more coins|
|Location||San Francisco, CA, USA||Malta|
|Site||Visit GDAX||Visit Binance|
You’ve got quite a few options on how to fund your GDAX account. You’re able to deposit USD through ACH, bank wire transfer, or even from your Coinbase wallet. All transfers from Coinbase are feeless and instantaneous. On top of that, you can fund your account with any supported cryptocurrency, which currently includes Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Binance only has one funding method – cryptocurrency. You can deposit any cryptocurrency that the platform offers. However, we recommend sticking with the coins that have trading pairs – Bitcoin, Ethereum, Binance Coin, and Tether.
The GDAX interface is slightly more geared towards beginners than Binance, yet still offers robust data tools.
GDAX conveniently places important charts, order book information, and trade history all on the same page. This allows you to perform analysis without having to switch back and forth between views. GDAX also enables you to make all standard orders (market, limit, stop).
Binance gives you two options for trading interfaces: Basic and Advanced. The primary difference between the two is that the Advanced view has more tools for technical analysis. Similar to GDAX, Binance shows all relevant data, charts, and order books on the same page – albeit in a slightly different layout.
GDAX uses a trading fee schedule to determine your fees on each trade. If you put an order on the books as a maker, you don’t pay a fee. If you fill an order from the books, though, you’ll pay anywhere from a 0.10% to 0.30% trading fee. The higher your 30-day trading volume, the lower the fee you pay.
The Binance fee is 0.10% for all trades. However, if you pay the fee with Binance Coin (BNB), it’s cut in half.
On Binance, you can trade for over 100 different coins and tokens. The list includes the same cryptocurrencies as GDAX plus:
If you’re looking to diversify among several different cryptocurrencies, Binance is for you.
On GDAX, you don’t have a deposit limit for cryptocurrency or wire transfers. Your trading history, account age, and verification level determine your weekly limit for ACH deposits. Those deposits usually enter your account within 3-5 business days but could take up to 7-10 calendar days at times.
GDAX has a withdrawal limit of $10,000 per day.
Binance is significantly less restrictive when it comes to transfer limits. The platform has no deposit limit. But, your daily withdrawal limit is as follows:
- 2 BTC with no verification
- 50 BTC with ID verification
Both of these companies have the trust of the millions of traders that use their platforms.
GDAX, owned and operated by the same company as Coinbase, is located in San Francisco and adheres to the strict regulations of the United States government and SEC.
Binance is probably the most transparent cryptocurrency exchange in the market. They consistently keep users informed of any issues they’re having, and the community is overwhelmingly supportive of the company in return.
Your U.S. dollar funds on GDAX are FDIC insured up to $250,000. And, the exchange stores the majority of cryptocurrency funds offline in cold storage wallets.
Binance isn’t as upfront about their security measures. However, the exchange has shown that they due take fund security seriously. In a recent phishing/API attack, Binance froze withdrawals associated with suspicious activity, reversed the malicious trades, and returned funds to the traders that were affected by the attack.
Although previously overwhelmed by the sudden user growth toward the end of 2017, the customer service on both platforms seems to be improving.
GDAX has added a customer support phone line to complement their normal support ticket system. The exchange also has a long list of helpful FAQs.
Binance is quickly knocking out their laundry list of support issues, and the team is communicative on social media in answering any additional questions you may have.
GDAX vs Binance Conclusion
GDAX and Binance are both excellent in what they specialize in. GDAX is an easy-to-use fiat gateway with low fees while Binance utilizes a top-tier trading engine to offer hundreds of trading pairs with minimal fees.
Many investors opt to first purchase Bitcoin or Ethereum with fiat on GDAX before transferring those funds to Binance. From there, you can easily trade those cryptocurrencies for other altcoins. The synergistic properties between the two exchanges provide a low-cost, straightforward trading experience.
More GDAX Comparisons
More Binance Comparisons
Minergate was the first company to provide Cryptonote mining pool services to the public. Learn more here...
Bitcoin mining, hardware maker, Bitmain, has announced a new next-gen mining ASIC chip dubbed the BM1391. Bitmain’s...
In this article, we compare the costs and ROI potential of cloud mining and bitcoin mining hardware....
Iran is about to launch its Rial digital currency, which is being developed by the Informatics Services Corporation. According to the agency’s CEO, Seyyed Abotaleb Najafi, the coin will support…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.