Global Digital Asset Exchange, popularly called GDAX, is one of the renowned cryptocurrency trading exchanges in the world. GDAX is establishing a stellar reputation as the growth of cryptocurrencies accelerates rapidly into the public consciousness.The platform is directed at more experienced users and professional traders. If you are already trading cryptocurrencies at Coinbase and want to develop your trading capabilities further, then using this platform will be an easy treat for you.
GDAX operates as a sister trading platform to Coinbase, as both exchange services are owned and controlled by the same mother company. The company behind the operation is a San Francisco-based company and has been in service since 2012, so it knows its way around the digital assets markets.Traders that own a Coinbase account can use the same account to log into GDAX and start trading immediately. All you need to do is move funds from one wallet to another, which shouldn’t be an issue, as the beauty of cryptocurrency makes that very simple. Of course, there is no particular requirement to be a Coinbase client to work on the GDAX exchange. If you want to change trading platforms, then you will be pretty satisfied with GDAX’s slick design and an assortment of currency support.
This exchange provides adequate coverage of significant cryptocurrencies and Fiat currencies. Bitcoin, Litecoin, and Ethereum are all available for market trading. One more fascinating thing about this platform is that you can trade Ethereum and Litecoin with fiat currencies. GDAX is a global trading exchange, so naturally, it has a very decent functionality all over the world. The selection of fiat currency support makes it especially appealing to users from the United States, Europe, and the United Kingdom. There is a selection of cryptocurrency pairs with Australian and Singapore dollars in the quote, but deposits in these currencies are not supported at this stage.
Two level identity verification is required on GDAX. The the company takes, and users are not allowed to place deposits or trade before the completion of the verification process. The verification process is easy and straightforward, but it differs a bit depending on the country of residence.
For users in the United States:
- Photo of a government-issued ID or driver’s license (passports are not accepted because they don’t indicate the state of residence.)
- The residential address
- Social Security number (SSN)
For users in the United Kingdom:
- A photo of an ID card, driver’s license or Passport.
- Answers to a couple of identity questions
For users in Singapore, Australia, Canada and other European countries:
- A photo of an ID card, driver’s license or Passport.
- Another photo of a different ID document.
Note that registered clients on Coinbase don’t have to create an account from scratch and can use their Coinbase credentials to login directly.
GDAX offers a very intuitive trading platform, and you will find it easy to use as long as you have an average understanding of how these exchanges operate. The platform provides traders with charting tools and trade history.
Some other features of the GDAX platform include:
- Real-time market data, which shows most up-to-date crypto prices.
- Flexible API provides secure and programmatic trading bots. This feature is one of the main reasons many institutional and professional traders prefer GDAX.
- Regular IT security checks and financial audits.
- Secure storage. GDAX stores almost 98% of its users’ funds offline in cold storage.
- FDIC protected USD balances up to $250,000.
- A wide variety of fiat and digital assets pairs. Trade between BTC/USD, ETH/USD, ETH/BTC, LTC/BTC, LTC/EUR, LTC/USD, BTC/GBP, BTC/EUR, and others.
Besides, GDAX lets you trade using a variety of different strategies such as Market buy, Limit buys, Stops, and Margin Trading. The only disadvantage of this platform is that you can’t purchase as many altcoins as other exchange services, and are limited to the ones offered on GDAX. It’s possible that more altcoins will be added to the exchange as time goes on, but for the time being, you have to stick with what’s on there currently.
Regarding trading fees, the charges on each transaction on GADX are dramatically lesser than those you’ll find on Coinbase.
Trading rates range from 0.1% to 0.25%. Compared to an option like Coinbase, where you could be paying more than 4% for buys with credit cards, that is undoubtedly a huge saving.
Deposits and Withdrawals
Regarding deposits and withdrawals on GADX, there are deposit restrictions as well as withdrawal limitations, depending on the payment method used. Making deposits and withdrawals using VISA or Mastercard usually is the fastest way, yet deposit limits are the lowest for this method.
Is GADX Safe?
GDAX is a San Francisco-based cryptocurrency exchange launched in 2016. It allows a minimum deposit of $100. Overall, this is an excellent exchange as it provides the same security and back-end trading features as Coinbase but with lesser fees. If you’re a newcomer in trading, it may look like a scary step to take from something as simple as Coinbase into GDAX. The platform seems complex, but you’ll get to understand how it works after watching some tutorial videos and playing around with the options. In the end, you’ll be able to save much money on fees, as well as enjoy the much higher functionality.