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GDAX Exchange Review
4.2 (39 votes)

GDAX Exchange Review

GDAX overview

One of the most popular places for the trading and exchange of cryptocurrencies is Global Digital Asset Exchange, which is most often referred to as GDAX. Institutions and professionals have the ability to trade a wide range of digital currencies like Bitcoin, Ethereum, and more on a regulated U.S based exchange. The cryptocurrency trading exchange platform is aimed at more advanced users and professional traders.

Users just need a Coinbase account to use the GDAX exchange platform. With no fees and hidden charges, the users will be able to transfer their funds from their Coinbase account to this cryptocurrency exchange platform.

How should you buy cryptocurrency from GDAX?

This exchange platform is ideal and suited for cryptocurrency investors with an intermediate understanding of cryptocurrency trading, professional investors, and institutional investors. USD funds and FDIC of the users on this cryptocurrency will be insured. It will mean that users with balances up to USD250,000 will be protected on this cryptocurrency exchange platform.

Bitcoin, Ethereum, Litecoin, as well as fiat currencies such as USD and EUR can be easily exchanged and traded.

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How to sign up and create a GDAX account?

  1. Users need to follow different steps to sign up and create their account with this exchange platform.
  2. First of all, the users need to visit www.gdax.com  and then they have to select the “create account” icon on the website.
  3. They have to click “create an account” after completely filling the sign-up form with their correct details.
  4. A verification link will be sent to the valid email address of the users.
  5. Users need to click the verification link to complete the account verification process.
  6. Users will be asked to provide a phone number after verifying their email address.
  7. The users need to specify if they would like to create an “institutional” account.
  8. Users will need to provide information about themselves or their institution depending on the account type selected.
  9. Users have the option to link their bank account, so they can fund their trading account with US dollar, GBP, or EUR.
  10. Users can skip the step and fund their account with ETH or BTC.
  11. Users will begin trading the currency pairs available in their region.

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How to open a GDAX account as a pre-existing coinbase customer?

  1. Customers who already have a Coinbase account can also open an account on this platform by following certain steps.
  2. Users will need to visit www.gdax.com and click on the “sign in” button.
  3. The users will be taken to a coinbase.com hosted page and then sign in using the email address and password of their coinbase.com account.
  4. The users will be prompted to enter the Coinbase 2-step verification code if they have already verified a phone number with Coinbase.
  5. Users will be asked to enter a valid phone number if they have not already verified their phone number.
  6. Depending on which verifications the users have previously completed in their Coinbase account, users need be asked to verify their identity.
  7. Users will have the option to link their bank and fund the trading account, if this cryptocurrency platform supports trading with the local currency (EUR, USD or GBP) of the region.
  8. Users can fund their account with BTC or ETH and skip the step to link their bank with their trading account.

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Deposit and withdraw

  1. The Deposit and Withdraw buttons on the left side of this exchange platform will help the users transfer USD funds or digital currencies between this platform and Coinbase.
  2. To deposit funds onto this exchange platform, users need to click on the Deposit button.
  3. Users can use the funds that they have deposited into their Coinbase.
  4. Users need to deposit from the bank account linked to their Coinbase.
  5. Users can do a wire transfer from the bank.
  6. It will show up beside the USD balance on the left panel above “Withdraw” and “Deposit” buttons.

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Order book

  1. The users will see the order book in the next section. It will show how many orders are present for each price point.
  2. The sell orders for different price points are shown by the red ones on the order book.
  3. The buy orders for different prices are shown by the green ones on the order book.
  4. The difference between the lowest sell order and the highest buy order will show the USD spread in the middle.
  5. The volume and demand for different digital currencies on a certain cryptocurrency exchange are generally shown in the order book.
  6. More and more people are buying and selling cryptocurrency if the traded volume is high. The USD spread will be very minimal if the traded volume is minimal.
  7. The order book will serve as an indicator for the investor to decide whether an exchange is good or not because not many people will trade on exchanges with less demand/volume, as their orders won’t be filled as expected.

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Charts

Price charts and depth charts are the two kinds of charts.

1 – Price chart

It will help users to understand the pattern of the selected trading pair over time with an option to select intervals such as 1 minute, 5 minute, 15 minute, 1 hour, 6 hour, and 1 day.

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2 – Depth chart

Another interesting chart of the exchange is the depth chart. It shows the users the supply and demand of selected trading cryptocurrency against the trading currency.

Users will have an empty space with two tabs “fills and orders”. It shows the time elapsed when the users of this exchange platform have placed an order.

The trade will be executed once the price reaches the price the users have placed. According to the order placed, it means the user will be allocated the amount of digital currency, which is called the order being filled. It moves to the filled tab.

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Trade history

The trade history shows the list of orders currently being executed.

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Type of trading on GDAX

Market buy

This type of trading is pretty standard on any cryptocurrency exchange platform, but if the user does market buy on this exchange platform, then they need to pay a lower fee.

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Limit buys

Users will be able to set a price limit when they want to purchase a cryptocurrency with the limit-buy trading option on this platform. For example, if the user thinks the price of cryptocurrency is going to drop, then they can set a limit buy for a lower price. It will fulfill the trading order of the users at the lower price if the price does drop.

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Stops

Users will be able to set stop losses by using a stops-trading option on this cryptocurrency platform. This exchange platform will automatically sell a specified amount of a user’s cryptocurrencies if the price drops to a certain threshold.

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Margin trading

Users will be able to carry out margin trade with leverage between the 2x and 3x, depending on the cryptocurrency trading pairs. It is a very risk way to go about cryptocurrency trading but the profits of this type of trading can be enormous.

Is GDAX safe to use?

Exchange and trading of different types of cryptocurrencies on this exchange platform is extremely safe as it provides the same security and back-end functionality as Coinbase with a fraction of the fees.

1 – Financial audits and regular IT security checks

The development team behind this project places a monumental amount of value on keeping the exchange safe for the user. They carry out regular IT security checks and financial audits in order to keep the cryptocurrency exchange platform safe for the users.

2 – Flexible API

A flexible API is one of the primary reasons why many professional investors and institutions prefer to trade cryptocurrencies on this exchange platform. It allows for a secure and programmatic trading pot.

3 – Real time market data

Users will be able to see the most up-to-date price of different cryptocurrencies, ICO stats on this exchange platform.

4 – Wide variety of fiat and cryptocurrency pairs

Users will be able to trade between BTC/USD, LTC/EUR, LTC/USD, ETH/USD, ETH/BTC, LTC/BTC, BTC/GBP, and BTC/EUR.

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5 – Secure storage

98% of the funds of the users will be kept out of the internet in cold storage.

6 – FDIC insured

Up to USD250,000 will be insured.

GDAX’s customer support

The cryptocurrency support makes it particularly appealing to users in the United Kingdom, Europe, and the United States. It is essential to understand that cryptocurrency trading is only supported in Australia and Singapore but not in their fiat currencies.

The phone support agents of this cryptocurrency platform are available to assist users with trust and safety issues including if they believe their account has been accessed without their authorization as security is a top priority of this exchange platform.

Phone agents are unable to assist with account-specific inquires such as the account history, specific digital currency transactions, and order status, for security purposes. You need to submit a request if you require assistance with these types of issues.

Countries serviced by GDAX

This cryptocurrency exchange platform is currently operating in the US, Australia, Europe, Singapore, UK, and Canada.

GDAX’s buying and selling limits 

The minimum investment that users can place for a buy or sell trade on this exchange platform is 0.001 BTC, 0.1 LTC, or 0.01 ETH.

Other limits are as follows:

Deposit (SEPA or ACH): varies.

Deposit (BCH, LTC, ETH, and BTC): unlimited.

Deposit (USD via wire): unlimited.

Withdrawal limit for individual accounts: USD10,000/day for individual accounts.

Withdrawal limit per institutional accounts: USD50,000/day for institutional accounts.

Users need to go to their settings within this cryptocurrency exchange platform and click “increased limits” to be considered for higher withdrawal limits.

Sending cryptocurrency from your crypto wallet to GDAX

The user will see a deposit address typically accompanied by a QR code if they are using a hardware, mobile, or desktop cryptocurrency wallet. The wallet addresses and public keys are a long string of numbers and letters. The cryptocurrency exchange platforms have an address to deposit to. The cryptocurrency wallet address of the user should match the cryptocurrency they are sending to the GDAX exchange platform.

Sending cryptocurrency from Coinbase wallet to GDAX

The transfer of cryptocurrency from the Coinbase wallet to this cryptocurrency exchange platform is extremely easy. Users will only need to click on the “Deposit” button and move any number of Bitcoin cryptocurrency that they have from their Coinbase wallet into this exchange platform. The amount of cryptocurrency (Bitcoin) will show up instantly and immediately into this exchange platform. Users will be able to use the cryptocurrency to carry out exchange and trade on this exchange platform.

Sending cryptocurrency from GDAX to your crypto wallet

Users will be able to withdraw their cryptocurrency in a simple manner from this exchange platform to their cryptocurrency wallet. First, the users will need to click on the “Withdraw” button and withdraw their Bitcoin using the BTC address.

They can select the amount of the cryptocurrency and paste in their cryptocurrency wallet address in the “destination” field. They will need to put in their two-factor authenticator (2FA) code and click “withdraw” funds.

Withdrawing digital currency

  1. The user will need to obtain a destination address from the service to withdraw a digital currency to another cryptocurrency wallet from this exchange platform.
  2. Users need to visit gdax.com/trade and then select a trading pair with the digital currency that they wish to withdraw from the “select product” menu.
  3. If the users swant to withdraw ETH then they need to select ETH/BTC or ETH/USD.
  4. They need to select the withdraw button at the top left of the platform.
  5. They are required to select the “LTC addresses”, “ETH addresses”, “BTC addresses” or “BCH addresses” tab.
  6. Lastly, they need the address for the external service and the amount they want to withdraw from the GDAX trading and exchange account.

Summarizing GDAX

GDAX provide a solid platform for trading and exchanging Bitcoin and other cryptocurrencies, associated with their ICO particularly in the United States and Europe. This cryptocurrency exchange and trading platform is a great exchange because it provides the same security and back-end trading functionality as Coinbase but with a fraction of the fees.

It is a well-rounded exchange platform that is ideal for professional traders who already own major cryptocurrencies and want to trade or exchange with low fees. The platform will create an excellent opportunity for users to move from their first investments to getting more hands-on with cryptocurrency trading.

It is a well-developed cryptocurrency trading platform that systematically respects the user, allowing it to build great trust in the industry. Many advanced investors inevitably make this cryptocurrency exchange platform their primary form of crypto trading.

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