In this virtual era we live in, it is not surprising that we have a luxury of using digital assets. Of course, there are many risks related to buying and selling these assets, including frauds.
That being said, choosing a good trading platform is the foundation of your financial success. You have to find the platform where your digital assets will be safe and sound, and where you will be able to trade your assets with ease.
Today, we want to write about GDAX – one of the most popular digital asset exchanges in the world. In here you will find out all you need to know before opting for this trading platform and start making (virtual) money.
What is GDAX?
GDAX stands for Global Digital Asset Exchange. This is a trading platform that operates across the globe, having 7.4 million users. GDAX enables the trade of digital currencies on regulated U.S. based exchange.
In 2016, the company was listed as number 2 of “100 most influential blockchain organizations”.
GDAX was created by Coinbase – a digital asset exchange company that was founded in 2012. The founders are Fred Ehrsam and Brian Armstrong and the company is headquartered in San Francisco. GDAX was first known as the Coinbase Exchange, but in 2016, it was named to GDAX.
According to CoinDesk data, Coinbase raised the largest single conventional funding round for a crypto currency startup, raising $100 million in series D funding.
Benefits of GDAX:
Here are the reasons of why this trading platform is one the most popular in the world.
The first benefit about GDAX is that you don’t have to pay too much for fees. To be specific, taker fees are extremely low, starting at 0.25%. Moreover, there are these volume-based discounts that can significantly lower certain fees, to as little as 0.1%. But, the best part is that there are no fees to be paid on maker trades.
Ease of use
What makes this online trading platform one of the bests (if not the best one), is ease of use. The interface is well-organized and intuitive, so you will not have any difficulty with finding what you need, whether it is trading history, tools, or help. In addition to that, you can trade from the very first day, because of a simple order process.
Unfortunately, the platform cannot be installed on Android and iOS devices, but it still is responsive on mobile phones.
The third benefit of this trading platform is that it is secure and trusted. Like with all the best companies, the founders of this one are also committed to making their customers satisfied. And of course, when customers are satisfied, they are also loyal. So, GDAX team understands the real values, therefore they ensured this trading platform offers a high level of security. That being said, GDAX had to pass numerous IT security tests as well as financial audits. Also, they wanted to leave nothing to chance, so 98% of users’ digital assets are stored offline, with encryptions.
Furthermore, there is a two-way authentication and PGP encryption that is used in emails. There is also a possibility for you to get SMS and email notifications.
What also proves that this trading platform is secure is the fact that it has top investors, including the New York Stock Exchange and Union Square Ventures.
Not only that, but GDAX is insured. This means that you don’t have to worry whether your digital currency will be on safe. Namely, all digital assets that are stored online are completely insured. Moreover, all USD balances are backed up by FDIC insurance, going to maximum $250, 000 per client.
As already mentioned, GDAX operates across the globe – offering buy/sell trading functionality in 32 countries worldwide, while the wallet was available in about 190 countries worldwide.
GDAX offers multiple fiats and crypto currency pairs such as BTC/USD, LTC/EUR, ETH/USD, LTC/BTC, ETH/BTC, BTC/GBP, etc.
As far as support is concerned, you can contact the GDAX customer support via email. They will reply to you within 48, which is not so impressive. Also, the support is usually able to solve only a part of your problem, leaving you to wait for another 48 hours when your problem will finally be resolved (at least we hope so).
But, they do offer a FAQ page on their website and ticket submission, so we guess their support is not that bad. Still, there is a room for improvement.
However, we wanted to help you get a better picture of what this trading platform offer, without you needing to go to their website, so we answered some of the most frequently asked questions.
1. When should I get the Bitcoin that I bought?
In case you bought bitcoin via a CAD or USA bank account, you will receive it in maximum 5 business days.
2. My purchase was cancelled, why?
GDAX uses a risk algorithm for flagging possible fraudulent purchases, for their and yours safety. However, a risk algorithm sometimes tends to flag legitimate transactions as potential fraudulent purchases. So, it would be best for you to contact the customer support.
3. Is it possible to raise my limits so that I can buy more bitcoin?
Yes, it is possible. To learn how to do that, check out the following link https://www.coinbase.com/signin.
4. Is it possible to trade on margin?
Yes, GDAX offers margin trading. Read more here.
5. What exactly is an order book?
The order book is actually a list of all unfilled buy/sell orders.
6. Could you explain to me what is a limit order?
A limit order is when you place a limit on the price you want to sell or buy at.
7. If I want to transfer funds to/from GDAX, do I have to pay certain fees?
No, you don’t, since GDAX doesn’t charge for transferring your funds between a GDAX and Coinbase account.
8. Can I use PayPal or a credit card to purchase Bitcoin?
It is not possible to buy Bitcoin via PayPal since GDAX doesn’t accept it. As for credit cards, it depends on your country, so first, you have to check the list of countries’ payment methods.
9. I cannot verify my ID, what should I do?
Sometimes users have a difficulty with submitting an acceptable image of their ID. So, check out this link, because you’ll find helpful tips.
10. Are VRN/Tor connections allowed?
Yes, they are, but it would be best for you to use a reliable and fast connection.
And there you have it – the most important things you need to know about one of the best trading platforms – GDAX. This trading platform is one of the most-trusted exchanges, as it is regulated and secured. Add to that low fees and ease of use, and you can see why GDAX has top investors and more than 7 million users.