GDAX Exchange – All You Need To Know
Global Digital Asset Exchange (GDAX) recently rebranded from Coinbase Exchange. It is now the professional platform riding on Coinbase secure systems to ensure investor funds are safe. The platform helps you easily exchange digital assets from anywhere across the globe. GDAX has become the world’s most popular exchange where you can convert your digital coins.
The company behind Coinbase also runs GDAX,but the latter has become very popular among investors looking for the best deals in cryptocurrency trading. This is an asset trading platform and allows traders to save on their trading fee, GDAX fees are reasonable. With the growing demand for digital assets and cryptocurrencies, this is the right transaction medium.
The popularity of GDAX is as results of the wide range of cryptocurrencies that you are able to pair. These are usually grouped per region or country for ease of trading. Since it leverages on Coinbase architecture, your data and information is secure and never disclosed to third parties without your consent.
What is GDAX?
GDAX is a digital currency exchange. This is a platform used by traders to convert their cryptocurrencies into fiat. You can use credit cards as a method to fund your digital wallet. If you hold BTC, ETH or LTC, you can convert them into USD, EURO or GBP.
Any cryptocurrency user in the world can buy digital coins through the interface. GDAX fees are quite affordable compared to other exchanges including Coinbase. The platform is insured and supported by investors of repute includingAndreessen Horowitz, NYSE and the Union Square Ventures.
At the time of writing,GDAX trading is offering several currency pairings. These include the three major cryptocurrencies; BTC (Bitcoin), LTC (Litecoin) and ETH (Ether) and three major fiat currencies; GDP, EUR,and USD. Below is the GDAX product list:
The GDAX website is user-friendly,and the Dashboard is easy to navigate even for the beginner, as a trader, you can easily track the market trends, access historical trades’ data, view and monitor active orders, among other functionalities. The GDAX API is available for advances traders. This can be accessed using the URL docs.gdax.com.
Traders undergo a verification process at the time of opening an account. After verification, you can fund your GDAX wallet or account and start trading.
Facts about GDAX
GDAX is a cryptocurrency exchange that is located in San Francisco, CA. Theoriginal company was founded on 2nd July 2011 by Fed Ehrsam and Brian Armstrong and was rebranded from Coinbase Exchange to Global Digital Asset Exchange in May 2016. You can use bank transfer to deposit and withdraw fiat currency.
GDAX Supported Countries
GDAX operates in the UK, US, Europe, Canada, Australia,and Singapore.In Europe, the exchange supports Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden and Switzerland.
GDAX Buying and Selling Information
To start trading with GDAX, you need to have an account with Coinbase. This should be verified and linked to a bank of repute. Once your account is set up and verified, you need to fund it before trading. GDAX does not allow you to buy from their platform with debit or credit. You have to transfer funds from Coinbase or the bank to your GDAX account.
GDAX Buying and Selling Limitations:
The GDAX platform allows traders to place orders for buy or sell as low as 0,001 BTC, 0.1 LTC,and 0.01 ETH. However, if you are depositing BTC, ETH or LTC, there is nolimit; it depends on how much funds you have at your disposal. The same applies when you are depositing USD via wire transfer.
It is important to confirm the amount you deposit in advance if you are using ACH or SEPA. These have variances and a prior confirmation before depositing. This is a system requirement,and it puts into account the current rates in the market and the volatility of digital assets.
The beauty of the platform is that traders are not restricted to the amount they can trade in. this also applies to the balance in your account; it is unlimited.
Withdrawals from GDAX
Withdrawals are categorized into to two; individual and institutional. As an individual, you are allowed to withdraw up to $10,000 from your GDAX wallet or account. For institutions, $50,000 per day is the limit. These limits are not cast on stone; you can go to the setting sections of your GDAX dashboard and increase your limit.
As noted earlier, the three cryptocurrency products on the GDAX platform are Bitcoin (BTC), Ethereum or Ether (ETH) and Litecoin (LTC). However, you need to be keen on the pairing. At the moment, you cannot trade ETH with LTC; you must covert your ETH to any fiat currency traded on the platform before converting it to LTC.
GDAX is among the best exchanges in terms of fee affordability. Their transaction fees are open and have no hidden charges. The maker fee is 0% irrespective of the volumes involved. For the taker, a volume base fee of 0.30% is applicable. However, this drops to a low of 0.1% if your trade volume exceeds 113,432 BTC within a thirty day period.
Maker and Taker on GDAX
A market maker is a trader agreeing with the current list price on the GDAX platform order book and willing to settle the trade immediately. However, the trader must be comfortable with the highest and lowest price.A market maker is a trader placingan order with a different price from the current price in the market. These traders thrive on buying high and selling low to make profits.
Trade orders that are not matched immediately are usually added to an order book due to lack of an available taker. Unavailability of a taker means the order attracts 0% fee. Below is a detailed breakdown of the different GDAX tier fees:
|PRICING TIER||TAKER FEE||MAKER FEE|
|$0m – $10m||0.30 %||0 %|
|$10m – $100m||0.20 %||0 %|
|$100m+||0.10 %||0 %|
All GDAX users must undergo a verification process before being allowed to trade. This is a two-step process. This is done during adoption. For US users, a State ID or driver’s license are required. Passports are not allowed since they do not indicate the state of residency.
The second step is the residential customer address and Social Security number (SSN). If you fail to produce any of these documents, you cannot be allowed to trade on the platform. Verification is done online through GDAX official website.
Verification for UK residents
For the UK residents an ID issued by the government, Driver’s license or Passport are accepted. Just like the US customers, verification is done online,and there is no way the process can be manipulated manually.
In both cases, you will be taken through some verification questions. There are mean to verify your residency identification against what is available from the national identification data depository.
Non-US and UK Resident Verification
Customers who are not residents of the US and UK have a different verification requirement. This requirement covers countries like Australia, Singapore, Canada and European countries only. If you are from these countries, you need to provide your passport, Driver’s license,and National Identity card.
- The GDAX trading dashboard is user-friendly and ideal for middle and advanced traders, it has a global appeal and trades are real-time,and once you are verified and have funded your GDAX wallet, you can start trading immediately.
- Your online digital assets are insured and in the event that you incur loses as per the insurance provider, you are entitled to a $250,000 compensation. The funds are FCID covered.
- The GDAX API support allows for real-time market data,and every trader has unlimited access. This is part of securing the platform’s activities.
- The platform is highly secure,and 98% of the total funds are stored in cold storages that are offline. This and scheduled IT and financial audits make it a trusted system.
- Lowest fee in the marketplace: Offering a 0% fee for the maker and 0.1% for the taker makes GDAX affordable.
- GDAX allows traders to trade in multiple fiat currencies and cryptocurrency pairings.
Is GDAX safe?
With their increased online presence, many adorers keep asking whether GDAX is legit or whether GDAX is safe. Trader funds are insured,and this makes the platform safe. In addition, trader funds are stored offline in cold storages. These are safe from hacks and other threats which give users enough confidence, to trade and sell while utilizing the GDAX wallet.
There is some trust as far as GDAX is concerned,but as a trader, the verification process tends to go overboard. However, this is a blockchain based platform,and your personal information cannot be shared without your consent. Use of government-issued identification documents is an added security feature to keep the community safe.
To ensure the customer funds are safe, wallets are encrypted,and use of multi-signatures in the part of the trader is an extra security measure. In addition, FDIC insurance covers all user wallets up to $250,000 worth of compensation.
The GDAXcustomer support team is reachable by phone. However, the mobile services are manned between 6am and 6pm. Their online support can be reached using their official website and takes hours or days before you get a satisfactory response. This might not work well when you feel your account has been compromised.
How to use GDAX?
To place a GDAX “Buy Order” is easy; below are the steps to follow:
- You need to log in to your account
- Select your product from the dropdown list
- Once your product is highlighted, click the “BUY” button
Under the “BUY” you are prompted with more options “Market,” “Limit” and “Stop.”
- If you want to buy you click on the “Market” tab. This allows you to buy currency at the indicated price.
- You select“Limit” tab to set the amount you are willing to pay. This is just like placing an order.
- The “Stop” tab allows you to state the amount you want to buy in USD.
GDAX Review Summary
The GDAX site is user-friendly and loads fast. The dashboard is easy to navigate. Everything is easy to understand. Anyone with cryptocurrency trading idea can navigate through. The platform is secure and designed for digital currencies and fiat money. To date, no cases of hacking have been reported.
However, GDAX support team is not the best; they do not have a 24/7 on phone support given the sensitivity of online trading. Their online complaint portal is not manned, and responses take days or weeks before getting a workable solution.
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