GDAX: Exchange Review

GDAX is an acronym for Global Digital Asset Exchange, which is one of the most popular places for trading cryptocurrencies. The GDAX cryptocurrency exchange is run by the same company that runs Coinbase platform

While most of the features provided by both exchanges are nearly same many senior and experienced investors make Gdax their base to trade cryptocurrencies.

Overview

Interface

GDAX comes with a very user-friendly platform and is easy to use even if the investor is a beginner when it comes to cryptocurrency trading. It also provides with various charting tools as well as complete records of trade history. Other features that GDAX provides are Real-Time Data, IT checks and financial audits, FDIC insurances for storage of Fiat currency and a wide range of Fiat pairs. The GDAX exchange also provides a variety of strategies such as limit buys, stops and margin trading for the investor to place its bets.

Currency Support

GDAX provides support to major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin as well as Fiat currencies such as US dollars, Euros and British Pounds. All cryptos on the exchange can be traded with these aforementioned fiat currencies.

Fees

GDAX has a fairly lower fee as opposed to other crypto exchanges. As with most exchanges, a bank transfer is necessary for trading on GDAX. Once the accounts have access to funding, trading rates differ from 0.1% to 0.30 % for taker fee and zero for maker fee. Taker is the investor who places an order at the market price that gets filled immediately and Maker is if an investor place an order which is not immediately matched by an existing order, that order is placed on the order book which is filled by another's investors order.

Security

GDAX like Coinbase prioritizes security of its customer's funds. For encryption purposes, GDAX uses the PGP tools and features. On the other hand, 98% of the funds presented are locked in cold storage using multi-sig keys and encryptions. In this way, accountability is easy and the exchange has recorded no hacking yet. Additionally, for a  United States resident, the Coinbase- GDAX USD Wallet is covered by FDIC insurance, up to a maximum of $250,000.

Are you new to crypto? Check out the complete guide to cryptocurrencies

Customer Support

GDAX’s Help section is very nicely and extensively written taking care of every aspect and has a wide amount of information. It can guide the investor through the steps to moving to GDAX from Coinbase, and it also includes how-to guides and answers. If a ticket is raised for certain query the reply is usually between 24-72 hours depending on the query raised

Conclusion

GDAX gives a fine option for advanced and professional traders, particularly in the United States and Europe. It provides a complete package of services that are ideal for anyone who already owns major cryptocurrencies and wants to trade with low fees. The platform’s incorporation of British Pounds as a currency is a handy addition to the UK market in addition to the USD and EUR. To put things in a nutshell, GDAX is a well-developed trading exchange that respects the user, allowing to trade swiftly and efficiently.