So what is GDAX? The Global Digital Asset Exchange was launched in the spring of 2016. In fact, this exchange is the sister of the popular Coinbase platform and their owner of them is the same person. The main office is in San Francisco.
While Coinbase is an exchange that is suitable for beginners, GDAX is aimed at advanced and professional users. The exchange quickly hit the top, as among its large investors were the NYSE, the Venture Capital Fund of Andreessen Horowitz, and Union Square Ventures.
There was information about GDAX down. Most likely, it was an agreed DDOS-attack on the exchange to create a panic in thin liquidity. However, the platform quickly restored its capacity and still retains it.
Another unpleasant incident occurred in June 2017, because of which the cost of the Ethereum dropped from $ 317 to 10 cents. GDAX support has fairly incurred responsibility and restored all loss from its own funds. That is the reason to consider that there isn’t GDAX fraud.
How to use GDAX?
To get started with the exchange you will need GDAX login. As you may know from other GDAX review, if you already have an account on Coinbase you automatically have it on GDAX with the same login data. If it isn’t, the registration procedure will not cause you any problems.
It is necessary to indicate your name and surname, email, come up with a password of at least 8 characters and agree with the point about age and politics.
Immediately thereafter, the GDAX verification procedure will begin.
Accept GDAX exchange User Terms. Specify the country and phone number to which the code for two-factor authentication will be sent.
For further verification it will be necessary to indicate:
- Date of birth;
- Address of residence;
- Source of funds;
- Sphere of activity and company where you work.
Next, download the ID scans. If trading on the exchange is not available for your region, you won’t be able to complete verification, and you will be notified about.
How to buy on GDAX? In order to buy cryptocurrency for fiat, you will need to add your bank account to your personal data, and then verify it. But note that such transfers take from 3 to 5 working days and commission for such operations reach 4%. Similarly, the withdrawal of the currency is available.
To deposit the cryptocurrency, you only need to specify the purse address and the coins will go to the balance. Also, the transfers between Coinbase and GDAX are instant and free.
GDAX fees are very low, from 0.1 to 0.25%. There is no limit for replenishment, and the withdrawal is available up to $ 10,000 per day.
Only 12 currency pairs are available on the site of the most popular cryptocurrencies.
Is GDAX safe?
The answer to the question “Is GDAX safe?” is definately yes. The exchange uses cold storage technology for 98% of all assets, and those that are online are insured for $250,000. Also, to maintain security and to show that GDAX scam is completely absent, the service conducts security system checks and is regularly subjected to financial audits.
Now you know how to use GDAX. We will try to highlight the main advantages and disadvantages of this exchange in the last part of GDAX review 2018.
- Large trading volumes;
- Purchase of cryptocurrency for fiat;
- Availability of the most popular cryptocurrency;
- Insurance of deposits;
- High-security level;
- Professional orientation;
- A good GDAX API for improving security.
- The interface is not the easiest and only in English;
- A limited number of cryptocurrencies;
- Work with a limited number of countries;
- Mandatory verification.