Today we will be talking about two of the reputed US-based cryptocurrency trading platforms who have managed to earn a decent name in the digital currency business for themselves, GDAX and itBit.
Following this review, we try to sketch out the pros and cons of both the companies and compare them with each other with regards to service they provide to their customer along with their core policies and values.
Exchange Comparison of GDAX vs itBit
Global Digital Asset Exchange or in short GDAX is a brainchild of the company Coinbase which was established in the year 2012. The company is operated from the location of San Francisco, CA, USA and they have a common management group which looks after both the activities of Coinbase and GDAX.
GDAX came into existence aiming to serve the intermediate and advance cryptocurrency traders and has no or little to offer for those who are new in the business. They do offer a worldwide trading facility.
ItBit started its journey in the year 2013 as a company dealing in cryptocurrency trading with its headquarters in New York. They have an international office in Singapore which allows deposits and withdrawal using Singapore dollars free of charge. The company serves in the 33 different states of United States of America on a regular basis.
GDAX does have a web-based platform which exceeds in quality to that of its mother concern Coinbase. The portal is a little bit complex in nature and does not usually suites beginners as the company’s primary criteria are to serve the intermediate and advance users in general.
The company generally deals in Bitcoin, Litecoin, and Ethereum. USD and EUR are used for trading along with the availability of BTC and GBP.
Regarding the minimum initial deposit required in case of GDAX, there has been no clear idea gathered. GDAX supports margin trading along with 1:3 leverage ratios. A maker fee is 0% whereas the company offers up to 0.25% taker fees which are subjected to a standard account type.
On the other hand, itBit has a fairly straightforward web-based platform for its users. The company is abided by strict rules and regulations in terms of trading from its platform and is very strict with their policy. The company does offer low fees for larger traders which is quite encouraging. Apart from Bitcoin trading, itBit has additional approvals to expand their services to include Ether, Litecoin, Stellar Lumens and Bitcoin Cash.
The company offers to trade in Bitcoin against USD, and EUR and SGD.
The company generally offers a standard account type to its traders asking for leverage of 1:1. itBit asks for a taker and maker fee of 0%. For large order, the company’s trading desk does charge a 0.10% flat fee in terms of per transaction.
Support, Security and User Experience
When it comes to customer support, GDAX does provide good customer support to its users around the globe. There has been no user security breach till date and no news of any major hacks has been heard which is significant in terms of the company’s reputation.
An overall good review has been obtained from the traders regarding the company and its policies which do encourage more and more traders around the globe to join the platform without any concerns or doubts.
ItBit does provide a standard security system for its customer’s funds. They do provide layered security when it comes to safeguarding the vault. The company has a reputation of being fully compliant with the anti-money laundering of the government of the United States of America. The review obtained regarding the company is quite decent and boosts the company’s reputation.
Thus before drawing an ending line to this review here are the few salient features that the companies have in comparison to each other.
- Does have a New York BitLicense.
- Low trading fees.
- Good security system with no hacks to date.
- Bank transfer is available.
- The trading platform is a decent one
- Little availability of altcoins.
- Not suitable for beginners
- Have a regulatory license from the NY.
- Do provide a special service for large traders.
- Do accept FIAT currency.
- Good reputation in terms of safety and security service
- Uses Bitcoins only.
- No acceptance of credit and debit card.
- No anonymity trading.
Unique features of the portals in a nutshell
- Company’s location: GDAX is based in San Francisco, California, whereas itBit is based in New York.
- Customer Support: GDAX provides 24×7 ticket and email support. ItBit also provides the same support having a strong FAQ database.
- Derivates and Margin trading: Both of the portals do not allow derivates and margin trading to its users/customers.
- Hacking of any sort: According to the data obtained, both of the portals have a standard security system to protect the assets and thus till date no news of hacking has come into light.
- Security: In terms of security, both the portals does provide excellent security support to its customers.
- Coins obtained for trading: GDAX supports different coins like Bitcoin, Ethereum, Litecoin, and others. Whereas, itBit supports Ether, Litecoin, Stellar Lumens and Bitcoin Cash in addition to Bitcoin.
- Trading volume: Both GDAX and itBit have a similarity in terms of the trading volume. Both of them possess medium trade volume.
- Deposit Fees: GDAX does not offer any deposit fees from its users/traders. itBit does charge a nominal deposit fee from its users.
- Trading Fees: GDAX charges trading fees of 0.1-0.25% in comparison to itBit, it has a tiered system based on 30-day volume.
- Withdrawal fees: Both GDAX and itBit ask for a minimal amount of withdrawal fees like all other portals.
Both itBit and GDAX today stands as one of the most reputed portals that deal in cryptocurrency trading and are globally well known. Both of them have got their own merits and demerits to work with and in terms of superiority between the two, both portals stand evenly balanced with a huge customer base to support.