4 out of 5 based on 6 reviews.Overall rating:
|Location||San Francisco, California|
|Features||Various order types (Good ‘Til Cancelled, Immediate or Cancel, Fill or Kill, Post Only)|
|Deposit Fees||No fees|
|Trading Fees||0.1 - 0.25%|
|Withdrawal Fees||0 - 10%|
|Tradeable Coins||Bitcoin (BTC) Ethereum (ETH) LiteCoin (LTC)|
- Cold storage for users’ savings
- Tables, graphs and other useful tools
- Flexible API
- Low fees
- Only three types of coins are available
- The service is not available worldwide
GDAX (Global Digital Asset Exchange) is a widely known website for cryptocurrency exchange operations. GDAX and an extremely popular site Coinbase have the same owners. Both provide the similar services, however GDAX is a more suitable option for professional traders.
An interesting fact is that the largest financial players like Union Square Ventures, New York Stock Exchange and Andreessen Horowitz back both Coinbase and GDAX.
In the following article, we will review some key points of this service, discuss its functionality, pros and cons.
How it works?
To start your cooperation with GDAX, you should create a personal account or use your Coinbase profile (if you have one). Transferring your funds from Coinbase account to GDAX is very fast and has no fees.
However, if you have no Coinbase account, you will have to register one at GDAX. Not only register, but also verify. Unlike other websites that allow limited trading options for people with unverified accounts, GDAX can only be used after your account is approved by administration. It means that you cannot neither buy nor sell anything before you make a verification. To verify, you have to fill out a form and provide such personal information as date of birth, address, source of funds, scope of activity and a current place of work.
We have no idea, why a cryptocurrency exchange should know where and how you get your money, but this is a piece of information you have to provide. If you think that sharing such information with online financial resources interfere your personal right for confidentiality – we encourage you to give up this idea and find another exchange. Also, to verify, you should additionally provide a standard package of documents (ID, driver license, etc).
The biggest plus we can pinpoint in GDAX is that it has very low fees. To buy coins, you have to pay about .25% fee (to compare, Coinbase asks for 1.49% per transaction).
Despite the fact that GDAX has been initially created for professionals, it has a simple and clear interface. So even if you are new to trading, you will easily understand the way it works. Also, there you will find useful charts, tools and order history.
Among website’s features, you will find “limit buys” function. Using this instrument, you can set the limit price for something you are going to buy. For instance, if you are looking for an opportunity to buy BTC and think that its price will drop overnight, you may set a low price limit. If your prediction was right and BTC’s price falls, the website will sell you coins for a price you mentioned.
Another interesting feature is a stop-order. Using this means that service will sell you a specified amount of coins if the price falls to a certain line.
If you are interested in such a risky activity as margin trading, you can also try it at GDAX.
- Flexible API allows programmatic and secure trading tools, which is a great chance for professional traders;
- There is a table that shows a real-time market info, displaying how the prices change;
- GDAX uses cold storage for customers’ money, which is the safest way possible;
- USD balances can reach $250,000 (good news for heavy traders)
- Fiat/crypto and crypto/crypto pairs include BTC/USD, ETH/BTC, ETH/USD, LTC/BTC, LTC/USD, LTC/EUR, BTC/EUR, BTC/GBP and even more;
- Low fees.
- Only the most popular altcoins are available at GDAX;
- This service is not international and residents of some countries cannot get access to it;
- Account verification is necessary.
Experienced traders will be satisfied by a number of functions and special features GDAX has to offer. However, if you are a newcomer, you may try this service, too – the interface is really simple and after a couple of trades, you will probably understand the process.
This exchange is popular and has positive reputation around the web. Its minimal fees and wide range of tools make it one of the best platforms available on the market.
However, if you are looking for some unusual coins, GDAX is not a place you need. They have a pretty narrow option here. We hope, that GDAX will add more coins soon.
To sum up, if you are looking for a multifunctional and safe cryptocurrency exchange, GDAX is a place to consider.