While GDAX and Binance are two of the world’s most active cryptocurrency exchanges, they differ greatly ter their offerings. Te this GDAX vs Binance comparison, wij’ll explain the differences and tell you why you may actually want to use both exchanges.
GDAX vs Binance Exchange Offerings
Te the most basic sense, GDAX and Binance are similar, te that they both function spil traditional cryptocurrency exchanges. When you place a trade on the exchange, you’re order is matched with other users’ trades. Past this, the two platforms differ a good overeenkomst.
GDAX is a cryptocurrency exchange that primarily permits users to trade fiat currencies (USD, EUR, GBP) for cryptocurrencies (Bitcoin, Ethereum, Litecoin, Bitcoin Metselspecie). Using a canap transfer or wire, you can deposit fiat onto the toneelpodium. Merienda your deposit has bot processed, you can then trade it for the Four aforementioned coins.
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While the exchange is primarily used to trade fiat to crypto, users can also trade Bitcoin for the other Three supported coins.
Binance is a cryptocurrency exchange entirely faithful to trading cryptocurrencies for other cryptocurrencies. You can’t use fiat currencies to deposit, withdraw, or trade. You can however trade overheen 100 different cryptocurrencies.
When comparing GDAX vs Binance, think of GDAX spil an entry point to the world of cryptocurrency and Binance spil a gateway into a yam-sized multitude of altcoins. If you presently do not own any cryptocurrencies, but are interested ter acquiring a diversity of coins, you’ll likely need to use both a fiat-to-crypto exchange (like GDAX) and a crypto-only exchange (like Binance).
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Let’s say you wished to buy IOTA, a somewhat obscure cryptocurrency. There’s presently no good way for the media investor to buy this coin directly with fiat currency, so here’s what you could do.
- Use GDAX to buy Bitcoin or Ethereum.
- Merienda you’ve finished this, send the Bitcoin or Ethereum you purchased to Binance.
- Trade the cryptocurrency you deposited to Binance for IOTA.
Note: You may want to check out our GDAX Review and Binance Review for more specific information on each exchange.
Side-by-Side Exchange Comparison
Aside from the major differences discussed above, you can see other key details of each exchange te the table below: