Tranfering Coin From Gdax to Binance and Back

Among the hundreds of cryptocurrency exchanges available in the crypto space allowing you to sell, buy and trade a wide variety of coins, Binance and GDAX (Coinbase Pro) stands out as the renowned crypto exchanges platform with massive daily trading volume. Before welcoming the crypto enthusiasts to the step-by-step tutorial of "How to transfer from GDAX to Binance", I just wish to brief about both the crypto exchanges and will help you in understanding the possible reasons to transfer your cryptocurrencies from one exchange to another. So, have some water, sit back and start reading the following section.

GDAX | Quick Overview

GDAX  is a cryptocurrency exchange which allows crypto enthusiasts to trade both crypto to crypto and fiat to crypto. If you are a newbie, you would be surprised to know that it is owned by the same company that is behind Coinbase. GDAX was launched in 2016 but in 2018, the team announced that exchange will be named as Coinbase Pro from that day onwards. Account-holders of GDAX automatically got the one at Coinbase at that time.

The Crypto exchange platform of GDAX offers you the option to sell and buy cryptocurrencies namely Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Two of the popular fiat currencies, USD and EUR can also be utilized to buy them. If you are a newbie in the crypto space, you can easily start your account with GDAX as it offers you the facility to buy crypto coins with your fiat currency. Transaction fees range from 0.1% to 0.3% depending on the trading volume of a particular user. Trading can be free if a customer is involved in providing liquidity to exchange. With the facility of cold storage, two-factor authentication, and FDIC insurance for USD balances, GDAX ensures the highly secured network.

Binance | Quick Overview

The malta-based crypto exchange, Binance was launched in 2017 and within a span of a year, Binance turned into the platform handling the maximum trading volume in the crypto marketplace. Binance gives the advantage of choosing from hundreds of coins to trade, ranging from Bitcoin, Ethereum to less popular coins. This crypto exchange platform offers the crypto-to-crypto services, i.e. does not permit the customers to deposit or withdraw the funds utilizing the fiat money. Binance is known to offer minimal transaction fees amongst the competitors present in crypto space. With a user-friendly interface, newbies can easily trade the crypto assets while with an advanced interface, advanced trade feels free to trade as much as it wants. With the reporting of no major hacks, Binance claims to offer a highly secured platform to investment into cryptocurrencies.

Is It Binance Vs GDAX? | Is It Binance And GDAX?

In crypto space, traders generally have accounts on both exchanges or on either of them. Both the exchanges have their different features to captivate the interest of users. If the platform of GDAX  allows the people to purchase the cryptocurrencies through the real-world fiat currencies as it accepts the bank transfers, debit, and credit cards then on the other hand platform of Binance offers the hundreds of cryptocurrency options for trading while GDAX offers only four.

Generally, in the first step of trading, people find the GAX as a more comfortable option as it allows the fiat to crypto purchase. Then, the majority of traders move to the Binance to take advantage of hundreds of coins. Traders also tend to reciprocate the process from Binance to GDAX to convert their Bitcoin into real money and finally get transferred to their bank account. Thus, accounts on both the exchanges are necessary, and moreover creating an account on crypto exchange platforms is free of cost. So, now let us quickly follows the step-by-step tutorial of "How to transfer from GDAX to Binance".

How to Transfer from GDAX to Binance?

Let us just start the step-by-step guide, but before anything, you need to create an account on investment into cryptocurrencies for better understanding.

Firstly, you have to do Binance login or log in to the account created on Binance so as to receive your crypto wallet address.

Then you have to simply click on the "Funds" option given in the upper tab of the window and nextly to "Deposits" in the drop-down menu.

After clicking on "Deposits", you need to select the coin or token, you wish to deposit in your account or want to transfer from GDAX to Binance (You can only choose from the pair of four currencies available on GDAX). Let us consider transferring Ether from GDAX to Binance.

After selecting the Ether from the drop-down menu, you will receive the unique Ethereum address for the platform of Binance. Carefully click on "Copy Address" to copy the same on our clipboard (Double-check it before sending your coins)

So, steps on the Binance exchanges are done. Now you have to move to your GDAX account after opting for the New tab.

Once you reach the website of GDAX, you can easily notice the "My wallets" on the top of the screen. You just need to click on that option.

As soon as you click the previous option, you will be redirected to the "Withdrawal" page where you can select the withdrawal cryptocurrency (in this case, it must be Ether) along with the amount you wish to withdraw.

In the next step, Paste the wallet address of Binance into the "Sender's Address box" that you had copied on the clipboard.

Finally, you can cross verify the details and complete your transfer from GDAX to Binance by clicking on "Send".

Isn't it a simple and quick process? It generally takes only ten minutes to transfer from Coinbase to Binance with minimal transaction fees of Blockchain. So just check both of your accounts after ten minutes if the transaction has been completed successfully!

Summing Up

Now you can finally transfer from GDAX to Binance with the help of this step by step guide, whenever you wish to do so.! In my personal opinion, you must have accounts on both of the crypto exchanges to increase the prospects of earning profits from your investment into cryptocurrencies.

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Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.

Tranfering Coin From Gdax to Binance and Back

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