GDAX a fully fledge trading platform.
Poloniex – a multiple cryptocurrency exchange.
That’s it? No there is more.
“Bitcoin is a technological tour de force.”
–Bill Gates, Co-founder of Microsoft
Why include this quote, because to actually achieve tour de force, Bitcoin exchanges have to perform likewise and to top it all of, stay ahead in the game.
Poloniex and GDAX are the most talked about cryptocurrency exchange platforms.
GDAX is for advanced traders who want faster trades, less downtime, more volumes. They focus on only few trading pairs which are relevant.
This is rule no.1 of starting an advanced trading platform – less is more.
Poloniex is designed to serve traders and investors who want more coins.
There is not much to margin trade at Poloniex. Very few users use that option on Polniex.
GDAX is currently not offering margin trading on its platform.
Both follow Maker and Taker system when it comes to trading fees. You are a Maker if you trade with the limit order because you bring volume to the network and Taker is the one who trades with the market order which are fulfilled immediately i.e you take out the volume. That’s why Taker fees are high than Maker fees.
GDAX has 0% maker fee. Their taker fee is as follow-
The fees depend on last 30 days trading.
There are some day traders who don’t think too much about trading fees. But, calculating the fees reveals that they are losing money in the process. It’s one thing to appreciate fewer fees and it’s another to be careless when it comes to fees.
You will be surprised to see how much people lose in fees. Using a real trading fees calculator can be the logical thing to do. Even if you are someone new to a particular trading platform, while doing day trading please look at the fees. Compare all the cryptocurrency exchange fees here.
Poloniex fees are as follows –
So basically you can trade cryptocurrencies without any fees on GDAX if only you trade with the limit order.
As I mentioned earlier as GDAX is an advanced trading platform, it has to perform quickly and it doesn’t disappoint.
Poloniex takes a little time to load but not much so as to get irritated.
I started to think how GDAX achieves such a high speed, then I read the website carefully; I discovered that GDAX is backed by New York Stock Exchange, so it has to be perfect.
Poloniex performs the way every multiple cryptocurrency exchanges has to.
UI of GDAX match to that of the perfect trading platform.
On the other hand, Poloniex follows a calm and white theme.
If you are familiar with regular stock trading platforms, then you will get used to GDAX. The look and feel of GDAX is minimal with buy and sell button having red and green colors.
The UI of GDAX will lure you to trade immediately. Once you deposit the money there is not stopping you from jumping to trade directly.
Almost anyone with basic knowledge of trading would love to test their strategies on GDAX. Right now, GDAX makes me login in it every day just because of its looks, maybe the green profits are the reason behind it.
An exchange that offers huge speed need to be minimal in their UI approach and GDAX knows its game.
Use only those exchanges that make the balance between its fees and the features it offers and a seamless UI is one of them.
Amongst the huge number of crypto exchanges out there, Poloniex is well respected and trusted and maybe the familiar feel of the UI is one to thank.
The UI of both Poloniex and GDAX are for different reasons. An advanced trading platform like GDAX beats Poloniex here.
Both offer security, monitoring as well as volume to match their performance.
Poloniex is an exchange which aims to provide new coins to trade whereas GDAX provides professional trading.
That would not be the best course of a decision if advanced trading platform provides too many cryptocurrencies. I advise you to read the reviews of individual platforms and decide for yourself if one of these platforms is suitable for you or not. The more you do demo trading the more you succeed.
The trading pairs pf GDAX are as follow –
Poloniex is for beginners who just want to get hands-on multiple cryptocurrencies.
Poloniex offers lots of cryptocurrencies for trading like BTC, ETH, ZEC, LTC, BCH, ETC, XEM, XRP, DASH, DOGE, DGB, BCN, STRAT, MAID, OMG, STEEM, GAME, STORJ, and many more.
My conclusion is that Poloniex if for crypto investors and GDAX is for advanced crypto traders.