What is Bittrex?
Bittrex is a cryptocurrency trading platform built and hosted in the US. Founded in 2013, it has quietly grown to become one of the leading crypto exchange platforms. Bittrex sees a large volume of daily users who buy, sell, and exchange all the top cryptocurrencies, including Bitcoin. In this article, we will discuss the advantages and disadvantages of choosing GDAX Vs Bittrex in detail.
The Bittrex exchange platform has developed a reputation for having a high number of different cryptocurrencies. It also has some of the best security of any platform, leading to a high volume of users.
Bittrex is known for its straight-forward trade fees. All trades conducted on Bittrex come with a flat rate of .25% of the profits of the trade. This is same for all trades, with no changes to fees across the board.
Deposits from Bittrex come with no charges. Because all coins come with built-in network transfer fees, minor withdrawal fees are charged. This varies from each coin – simply click on it to see the transfer fees.
Pros and Cons of Bittrex
- Highly Secure – One of the most secure exchange platforms in operation with features including multi-stage wallet strategy and two-factor authentication.
- Fast – Deposits and withdrawals are very fast on Bittrex. This is namely because of automated monitoring platform that updates balance, wallet, and trade info.
- Large Volume of Cryptocurrencies – Bittrex currently has one of the largest volumes of cryptocurrencies available, with over 250 available in more than 180 countries.
- Solid trading fees so there isn’t any reductions available for users.
- No margin trading or lending.
- Can’t use fiat currency (e.g. dollars, sterling, euros) to purchase tokens
What is GDAX ?
GDAX (Global Digital Asset Exchange) is a cryptocurrency exchange platform owned by leading platform Coinbase. Unlike Coinbase, which is designed to be user-friendly for beginners, GDAX is geared towards advanced crypto traders.
As a result, GDAX is a trading platform that caters to a global market. Ethereum, Bitcoin and are the two main currencies for trades, while GDAX also accepts fit currencies dollar and euro deposits. It attracts many professional crypto traders
One of the more attracting aspects of using GDAX is the fees charged. It’s notable cheaper than Coinbase, with varying trading rates from 0.1% to 0.25%. GDAX has a great breakdown of how fees are charged and processed.
Pros and Cons of GDAX
- Great user interface
- Includes price charts, order books, trade history, and order forms on a single screen
- Variable trading fees
- High security
- Interface can be initially difficult to understand
- Only supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash trading
GDAX and Bittrex are both great cryptocurrency exchange platforms. However, Bittrex is likely the better choice for beginner’s or anyone looking for alternative cryptos away from Bitcoin and Ethereum.
GDAX certainly has its benefits too, including variable trading fees that make exchanges generally much cheaper. It has a great interface, although this does take some getting used to, but once you do it’s a much better user experience.