GDAX Cryptocurrency Exchange Review

Exchanges
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GDAX History

The GDAX trading platform is a project of Coinbase. It should be noted that it was launched in the spring of 2016. The developers’ task was to create an exchange designed for professionals. At that time there already existed Coinbase exchange, focused on the rapid acquisition and trading of digital currency. From the first days of its existence, this platform established itself. First of all, this was due to the fact that Coinbase had an excellent reputation, and in the creation of the new project invested in such investors as:

  • New York Stock Exchange.
  • Union Square Ventures investment fund.
  • Andreessen Horowitz – a large venture capital fund.

Registration on GDAX

To start trading, you need to register. To do this, go to the appropriate section on the website gdax.com and enter the following information:

  • name and surname;
  • email;
  • access password.

If you previously worked at Coinbase, you don’t need to register again. It is offered the possibility of authorization with the same registration data. In order to start working, you need to verify your account. Confirmation of personal data means indication of date of birth, place of residence, source of income, as well as one’s field of activity. You are also required to provide proof of identity. Suitable:

  • Passport.
  • ID card.
  • Driver’s license.

If the work will be done on behalf of a legal entity, the platform will also require the company’s constituent documents. By the way, some users who have registered at the GDAX exchange and decided to verify the account face a situation when it is impossible due to the lack of the region in the list of available countries. In this case, the user is notified about this and provided with information on the options for solving the problem.

Buying and Selling Cryptofunds

The GDAX exchange allows you to buy digital currency for fiat. Three main currencies are available: dollar, euro, pounds sterling. The use of one or another currency depends on the region where the customer is located. For example, for Americans only dollars are available, while for the British – the pounds sterling.

Account replenishment can be performed directly from the bank card. However, initially you need to go through the verification of your account. As a rule, transfers are made within 3-5 days. In order to withdraw cryptofund in fiat, you need to go to “Withdraw” section. The procedure is similar to funding your account. It should be said that users of the trading platform are given the opportunity to transfer funds from Coinbase to GDAX without problems. Transactions are performed in seconds and there is no transfer fee.

There are 9 currency pairs on the crypto exchange:

  • Bitcoin – USD.
  • Litecoin – USD.
  • Litecoin – Euro.
  • Ethereum – Bitcoin.
  • Bitcoin – Pound sterling.
  • Litecoin – Bitcoin.
  • Bitcoin – Euro.
  • Ethereum – USD.
  • Ethereum – Euro.

Despite the fact that customers can see all pairs, they are available depending on the country. Traders have the ability to create orders by stop orders, limits and by market.

GDAX Fee

It is possible to replenish your account for any amount. There are no restrictions here. However, when withdrawing, there is a daily limit. Customers can withdraw no more than $10,000. The commission depends on the payment system used. Many options are free. During trading, the commission is not charged from the makers. For takers, it is calculated depending on the turnover.

Security on GDAX

As noted earlier, this crypto exchange is focused on professional traders. In this case, the interface of the site itself is not complicated and is understandable even for ordinary users. The interface – in English, which once again emphasizes the focus on users from the U.S., Britain and the European Union.

Talking about security, it is important to note that this is one of the top priorities for the developers. About 98% of all assets are located on digital media, off-line. Assets that are in the public domain are subject to insurance. Management conducts regular security checks and financial audits. In terms of data protection, no negative situations have occurred over time. To ensure the protection of accounts, during the registration process, users need to provide their phone number and set up two-factor authentication. When logging into your account, you need to enter a one-time password, which comes in the form of SMS.

Pros
  • The possibility of buying a crypto fund for fiat money.
  • Large trading volumes.
  • Insurance of clients.
  • High level of data protection and platform security.
  • Focusing on experienced traders.
Cons
  • A limited number of countries.
  • Differences in the number of currency pairs for traders from different countries.
  • Small number of available crypto-assets.
  • Necessity to pass verification.
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