gdax

GDAX – Exchange Review

BrokersExchanges
Tags: Coinbase, Crypto Exchange

GDAX stands for Global Digital Asset Exchange, one of the most famous cryptocurrency exchanges around the globe. It is under the ownership of the same organization that possesses Coinbase. Though the points of view of GDAX and Coinbase are quite the same, GDAX has managed to be the first choice for many experienced investors.

 Origin of GDAX

Under the ownership of the same company, GDAX and Coinbase are separately decorated for different purposes. Basically, the platform of Coinbase is more suitable and easier to adapt for fresh traders. But experienced and long-sustained investors demand robust functionality.

Keeping the point in mind, Coinbase was determined to diverge itself into two distinct business models. It remained beginner-friendly, and GDAX became the choice of educated and experienced investors.

Who should use GDAX?

The trading platform of GDAX is best suited for those traders who have an intermediate or expert level of experience and knowledge about cryptocurrency trading, professional and institutional investment. It may seem a bit complex to beginners, but it gradually becomes interesting and pleasing once a user gets used to it.

The funds of the customers are FDIC protected, which means that the balance up to $250,000 USD is secured.

Users can exchange among various currencies such as Bitcoin, Litecoin, Ethereum, etc. USD, EUR, etc. fiat currencies are also available for exchange.

Review: Exploring the platform

A user needs only to have a Coinbase account in order to enjoy the platform.

  • Transferring funds from the Coinbase account to that of GDAX is totally free of charge.
  • The low cost of transactions is one of the most attractive features of GDAX.
  • No fees are charged on makers trade, and taker fees start at only 0.25%, and they may come down to only 0.1% by means of volume-based discounts and other offers.

This feature has made GDAX distinguishable from Coinbase, as it charges 1.49% for each transaction.

The platform presents information on the most recent price movements of cryptocurrencies and other instantaneous market data. It attracts many professional and institutional investors because of its versatile API plans for secure as well as programmatic trading bots.

Financial audits and IT security tests on a regular basis are implied to calibrate the platform. Customers and traders can remain tension free as GDAX storage keeps their funds unquestionably secured.

About 98% of the funds are stored offline in cold storage, which remains under surveillance 24/7.

More Over

Another new feature of the platform is that users are allowed to set limits on purchases.

A user can set a price and can make orders upfront at which he or she is willing to buy assets. If the price comes down to the rate fixed by the trader overnight, the order will be executed automatically.

There is also an option to set a threshold for which, when reached, a fixed amount of cryptocurrencies from the trader’s account will be sold out automatically.

The only drawback we could spot is that, unlike other exchanges, there is a limit to the number of altcoins a user can buy.

Hopefully, this limitation will be rectified shortly.