Bittrex and Gdax are two of the most popular cryptocurrency exchanges in the industry. For crypto exchanges, both of the platforms have been there for a long time. And both of them proved themselves as highly secure together with high liquidity options to attain cryptocurrency. However, these two exchanges are often used for different complimentary purposes.
GDAX stands for Global Digital Asset Exchange that provides limited cryptocurrencies for trading purposes. However, it also lets you fiat deposits and withdrawals. On the other hand, Bittrex provides a great deal of cryptocurrencies and allows for cryptocurrency deposits and withdrawals only. Just because of this, traders often use these two exchanges mutually to get their fiat money into cryptocurrency with GDAX. Next, they transfer it to Bittrex for trading one of their many cryptocurrencies.
In the comparison of Bittrex vs GDAX, we will dig deeper into these exchanges:
Bittrex vs GDAX Comparison
- Bittrex is not user-friendly, and GDAX has this feature to some extent.
- GDAX use Bank transfer, Bank wire, coinbase transfer, and cryptocurrency for buying or depositing purpose, whereas, Bittrex use cryptocurrency only.
- In terms of selling or withdrawal methods, Bittrex uses bank transfer, bank wire, coinbase transfer, and cryptocurrency, whereas GDAX relies only on cryptocurrency.
- Bittrex has ~0.3% or less purchasing fees, and GDAX has 0.25% amount of fees.
- Bittrex has more than 190 supported cryptocurrencies, whereas GDAX has Bitcoin Cash, Bitcoin, Ethereum, and Litecoin.
- GDAX is available in the USA, San Francisco, and California, while Bittrex is available in the USA, WA, and Seattle.
- Both of the exchanges have an A+ grade of trust.
- Customer support of GDAX is good as compared to Bittrex.
Background Information on Both Exchanges
Coinbase owned and operated GDAX, and in 2015, it was launched as ‘Coinbase Exchange’ that rebranded to GDAX later. Consequently, if you have a GDAX account, it will directly be linked to your Coinbase account, and transferring cryptocurrencies will become easy and free. Based in California, USA, and San Francisco, GDAX has the ability to deposit and withdraw fiat with the help of bank transfers to trade in GBP, USD, or EUR for Ethereum, Bitcoin, Bitcoin Cash, or Litecoin. With an updated interface and minimal clutter, GDAX is made simple to use.
Together with Coinbase, in the USA and elsewhere, people find it easy to get their money into the cryptocurrency market. In terms of daily traded cryptocurrency volume, GDAX is currently the 10th cryptocurrency exchange.
In 2014, Bittrex started in Washington and Seattle. Without current security breaches, this exchange is believed to be secure and trusted. By volume, Bittrex has been enlisted in the top 10 exchanges all the way through its existence. By daily trade volume, Bittrex is now the 12th biggest exchange.
Is Bittrex vs GDAX Safe?
The parent company Coinbase and GDAX share the same security methods. As GDAX is based in the US, it must conform to several consumer protection as well as financial service laws such as The USA Patriot Act and The Bank Secrecy Act.
Further security measures include:
- Customer funds and company funds are kept separate. Customer funds are not used for any company dealing.
- Cold storage (offline) has around 98% of all the cryptocurrency funds.
- Online funds of cryptocurrency are insured, and FDIC insured USD balances for up to $250,000.
- 2FA, 2 Factor Authentication is customary, which makes it difficult for a hacker to seize an account.
- In terms of Coinbase, time-delayed withdrawals are likely, and new device verification is needed.
In comparison with GDAX, Bittrex does not have insured balances, and still, it is hugely believed to be secure and safe. Similar to GDAX, Bittrex is amenable fully with State and Federal legal requirements and features include:
- 2 Factor Authentication 2FA
- IP whitelisting
- Cryptocurrency address whitelisting for withdrawals
As cybersecurity experts actually launched Bittrex, they also know how to keep the majority of users offline funds.
Platform Interface and Features
Keep in mind that GDAX is not as simple as Coinbase, but it has a relatively easy and sensitive interface. On the same page as the order book, GDAX offers fundamental charts and tools, which makes it easy enough to choose the cryptocurrency that you want to buy, overview the basic chart and make up your mind about whether it is beneficial to buy or not. Besides, it also provides Market and Limit Orders, Stop Limit Orders, and Conditional Orders.
Bittrex, on the other hand, has a relatively easy interface. With GDAX, you can implement Limit, Market, and Conditional Orders on a similar page as charting and information tools. While Bittrex recently fixed its user interface completely, however, each fundamental tool is there as before, including depth chart, candlestick graph, and volume indicators.
This is one of the extreme differences that exists between Bittrex vs GDAX in terms of supported cryptocurrencies. Bittrex has more than 190 supported cryptocurrencies, whereas GDAX supports only Bitcoin Cash, Bitcoin, Ethereum, and Litecoin. Bittrex has a huge amount of cryptocurrencies, which is more than any other major exchange. Well, this number is still growing; however, Coinbase has declared that GDAX will have more tokens in the upcoming future.
European and USA citizens are allowed by GDAX to deposit and withdraw through bank transfers. You can deposit and withdraw cryptocurrencies, and strangely, most of the cryptocurrency exchanges don’t charge fees for depositing or withdrawing. Though Bittrex is a cryptocurrency-only exchange, so no payment methods are there apart from supported cryptocurrencies.
A maker-taker system makes the trading fee schedule for GDAX. Makers are those who place an order to the order book, and takers fill an order from the order book. No trading fee charges are there for makers, and takers’ fees range from 0.10% to 0.30%, which depends on 30-day trading volume.
With 0.25% fees on all trades, Bittrex has a flat fee rate.
- A huge volume of trades
- A great deal of pairs
- User-friendly interface
- High-level of security
- Only English language on the site
- Lack of supported payment systems
- Low withdrawal limits
- A huge volume of trades
- Purchase of cryptocurrency for fiat
- Most of the cryptocurrencies available
- High-security level
- Insurance of deposits
- Expert orientation
- Interface is not the easiest and only available on English
- Limited number of cryptocurrencies
- Limited number of countries
- Mandatory verification
GDAX vs Bittrex Outcome
The cryptocurrency exchange setting changes so quickly that keeping up with the latest exchanges becomes difficult, including which ones have the best liquidity, interfaces, security, or the lowest trading fees. In terms of cryptocurrency trading, GDAX and Bittrex are quite different from each other. So, it might not be practical to evaluate them in the either-or approach.
With a limited number of cryptocurrencies, though GDAX has the ability to bring fiat money into the market, Bittrex supports a great deal of currencies with a little bit more advanced trading interface.