How To Transfer Money From Gdax To Poloniex

GDAX and Poloniex are both leading exchanges. GDAX is commonly recommended for new users, while Poloniex is suggested for advanced users. Simply why?

In this GDAX vs Poloniex comparison, we're going to prove you lot the key differences between both exchanges then that you can choose which one is right for you.

Annotation: Recently Poloniex users accept been lament about customer support tickets taking weeks or even months to get handled. Be cautious using Poloniex.

GDAX vs Poloniex: Key Information


Reviews	GDAX Review	Poloniex Review
Site Type	Cryptocurrency Exchange	Cryptocurrency Exchange
Beginner Friendly
Mobile App
Purchase/Eolith Methods	Bank Transfer (ACH), Depository financial institution Wires, Crypto Deposits	Cryptocurrency
Sell/Withdrawal Methods	Depository financial institution Wires, Banking concern Transfer, Cryptocurrency, Coinbase Account	Cryptocurrency
Available Cryptocurrencies	Bitcoin, Ethereum, Litecoin	Bitcoin, Ethereum, Litecoin, and 90+ more
Company Launch	2012	2014
Location	San Francisco, CA, United states	Delaware, The states
Customs Trust	Great	Okay
Security	Cracking	Adept
Customer Support	Good	Poor
Fees	Very Depression	Very Low
Site	Visit GDAX	Visit Poloniex

As y'all might accept notice in the above table, one major difference betwixt these exchanges is their deposit and withdrawal methods. While GDAX allows users to deposit fiat currencies (USD, EUR) through bank transfers, Poloniex deal entirely in cryptocurrency. This means that if you do non already own cryptocurrency, yous will have to use GDAX or some other exchange to first buy cryptocurrency, then deposit it to use on Poloniex.

Poloniex, The Alt-Coin Option

Alt-coins, a term used to describe whatever coin other than Bitcoin, observe their habitation on Poloniex. While Poloniex has a bad reputation when it comes to customer support, they are not lacking when it comes to money offerings. With over ninety different coins available to trade, information technology'due south easy to see why and then many day traders are drawn to Poloniex.

Conversely, GDAX but offers Bitcoin, Ethereum, and Litecoin. While that's excellent for someone who wants to buy a few of the major coins here and in that location, it's non ideal if you're looking to put some altcoins in your portfolio.

Poloniex View

Using Poloniex takes some getting accepted to. On the correct, you'll see a list of all the different cryptocurrency exchanges available. Meet those tabs along the acme? That indicates the main trading currency.

In the above screenshot, everything is traded in BTC. Then When it says STR, it really means STR/BTC. You'll buy STR with Bitcoin, and sell STR for Bitcoin.

If nosotros click over to the ETH tab, y'all'll see:

Poloniex ETH

Now, every currency pair is for Ethereum. And so, where it says OMG, it'south really saying OMG/ETH.

Poloniex Buy Sell

Right below the chart, y'all'll take the options to buy or sell in the chosen currency pair. It's rather intuitive: yous input how much you want to purchase and hitting 'Buy', or how much you desire to sell and striking 'Sell.'

GDAX is a little more than convenient. Here'due south what the platform looks like after yous've set up your account:

GDAX UI

In the upper left, you select your trading pair. Just below that, you lot'll be able to deposit to fund your account or withdraw to cash out. If you lot'd like to buy or sell, you select the appropriate pick and input the corporeality of USD you'd similar to spend or the corporeality of BTC you lot'd like to sell. You lot name your price, and when an order matches that price, it'll sell (or purchase) automatically.

Overall, GDAX is easier to use and has a more pleasing interface. It's too endemic by, and integrated with, Coinbase. Existing Coinbase users have easy verification and already have 2FA built in.

Meanwhile, Poloniex has an interface that looks like it'southward straight out of the early 2000'south. It has not been modernized, although it'southward definitely usable. Poloniex has the alt-coin advantage, however. They are one of the leading exchanges for buying and selling alt-coins.

So, you have to ask yourself when deciding which exchange to use, do you care about alt-coins? If you only intendance virtually ownership Bitcoin, become for GDAX. If you want to buy STR, 0X or Dogecoin, head on over to Poloniex.

Customer Support

Customer support is of the utmost importance in the cryptocurrency globe. Unfortunately, Poloniex has a reputation for having abysmal customer support. Reddit has a laundry list of posts that show people having bad experiences, or no experiences, with customer support.

Poloniex has a long way to go with their customer support earlier nosotros tin can give them a firm recommendation. Even as the leaders in the alt-coin world, they simply require a handful of newly trained agents, or fifty-fifty open a full-on the call eye.

Conversely, GDAX has a robust FAQ accompanied past an like shooting fish in a barrel-to-use form to contact customer support. To take information technology a pace further, GDAX is surprisingly offering phone support. You tin can reach GDAX customer support at 1-888-908-7930. Yous can too reach them on Twitter @GDAX_Support.

While GDAX customer support has come up nether some criticisms in the by for non offering phone back up, they have conspicuously gone to a higher place and beyond to correct this event.

Pitiful, Poloniex, merely this round goes to GDAX.

Both Companies Are Trusted past the Community

While Poloniex has a poor reputation for customer support, both GDAX and Poloniex are trusted options in the cryptocurrency community.

GDAX started as an exchanged called Coinbase Substitution in 2015. In May of 2016, they rebranded to the name GDAX along with offering Ethereum. Coinbase and GDAX are both operating under the BitLicense from the New York Country Department of Financial Services, allowing the company to operate within New York. Funds up to $250,000 are FDIC insured.

The history of Poloniex is less clear. We know they were launched in 2014 and that they're based in the U.s.a.. Other than that, Poloniex does not make much information about themselves publicly available.

Safe and Secure

Both exchanges hope to keep your funds safe and secure. Take they been successful in this endeavor?

Poloniex was hacked in 2014 due to a hacker discovering an exploit in their software. A reported 12.3 pct of total Bitcoin was lost. The software has been fixed and a response deemed by the customs as satisfactory was provided. Since then, there have been no major hacks.

GDAX, on the other hand, has simply experienced a wink crash caused by a multi-meg dollar sell social club. This sell order caused the price of Ethereum to plummet from over $300 to under $1. Fortunately, GDAX handled the thing with grace and made matters correct using their own funds. Not necessarily a hack, but worth mentioning.

Funds stored in GDAX are FDIC insured, up to $250,000. Poloniex does not offer the same protection.

Poloniex claims that the majority of funds are stored in an air-gapped common cold storage. They only go on plenty online to facilitate trading. GDAX also keeps 98% of funds offline in cold storage.

Fees

Poloniex also has low fees, with fees at or below .25% . Fortunately, in that location are no fees for deposits, but there are withdrawal fees. These fees are charged by the cryptocurrency network itself, not by Poloniex.

GDAX has extremely low fees , with no fees on maker trades. Taker fees start at .25%, with a discount based on volume dropping the fees to .ane%. Merely like Poloniex, at that place are no deposit fees and network-based withdrawal fees.

The lack of maker fees gives the win to GDAX, although both exchanges tin be proud of offering depression fees.

Available Cryptocurrencies

GDAX only offers Bitcoin, Ethereum and Litecoin (the aforementioned cryptocurrencies y'all can purchase on Coinbase). GDAX volition add limited support for Bitcoin Cash in 2018, simply there's no give-and-take on if they'll offer whatever other new coins in the nigh future.

Poloniex, on the other hand, offers Bitcoin, Ethereum, Litecoin, Stellar, Ripple, Bitcoin Greenbacks, Ethereum Classic and near 90 other coins. New coins seem to exist added weekly, with GAS and OMG both recently added.

The sheer magnitude of coins offered is what describe people to Poloniex. Many people, such as myself, are willing to overlook their poor customer support in exchange for having the ability to buy coins that aren't easily constitute elsewhere.

GDAX vs Poloniex: Final Thoughts

GDAX has meliorate client support and a superior reputation as compared to Poloniex. Poloniex, on the other hand, has a various selection of alt-coins available to trade. However, there are other alternatives, such every bit Bittrex , for those who wish to trade alt-coins.

Ultimately, if y'all're just interested in Bitcoin, Litecoin and Ethereum, consider GDAX your new home. If you want to merchandise alt-coins, consider Poloniex or Bittrex. Bittrex has a much better reputation in the cryptocurrency customs, and that'southward vitally of import.

Poloniex should be used with the warning that you will not likely receive satisfactory assistance from client support should a trouble ascend. If you tin can handle that, caput on over to Poloniex and ready upwardly an account. Otherwise, you'll be wise to stick with GDAX and Bittrex.