Is GDAX really safe and trusted? Read more in our GDAX review.
GDAX Review 2021 from the Industry Gurus
GDAX is a trading platform launched by Coinbase in May 2016. GDAX was created not only to trade Bitcoin, but alternative currencies too. Owned by Coinbase Inc., based in San Francisco, California, GDAX operates globally with a focus on the international market.
- Good liquidity
- Competitive fees
- International market
- Lack of privacy
- Support could have been much better
GDAX Verification Requirements
GDAX requires two-level authentication. Verification is required and users are not allowed to place deposits or trade until the verification process is complete. The verification process is straightforward and varies slightly from country to country.
For the US users:
- Photo of state ID or driver's license
- Residence address
- Social Security Number (SSN)
For the UK users:
- Photo of your ID, driver's license or passport.
- A couple of questions about personality
For other users (Singapore, Australia, Canada, and European countries):
- Photo of your ID, driver's license, or passport
- Another photo of another ID
Users who are already registered with Coinbase do not need to create an account from scratch and can log in using their Coinbase credentials.
The exchange currently supports these FIAT currencies:
As far as digital currencies are concerned, there are three matching currencies available:
- Bitcoin (BTC)
- Ether (ETH)
- Litecoin (LTC)
How to Pay
The paid model of the exchange is slightly different from the others and is based on a percentage of monthly volume. At the time of writing, the GDAX volume was 211,487 BTC over a 30-day period, and for users who have traded as a percentage of that volume in the last 30 days, the plan looks like this:
> 0 percent (~ 0 BTC) - 0.25 percent commission
> 1 percent (~ 2 114 BTC) - 0.24 percent commission
> 2.5 percent (~ 5,287 BTC) - 0.22 percent of commission
> 5 percent (~ 10,574 BTC) - 0.19 percent of the commission
> 10 percent (~ 21.148 BTC) - 0.15 percent of the commission
> 10 percent (~ 42,297 BTC) - 0.10 percent of the commission
This scale is based on fees charged to buyers. The manufacturing fee is 0 percent. There is also a 0.01 percent discount for users at the end of each day. There is no extra fee for deposits and withdrawals from the GDAX account. When making non-cash transfers, only bank commissions apply.
GDAX.Com Trade Analysis
The exchange offers a variety of order types, including many advanced order types. Of course, major orders are available, including market, limit, or stop orders. A market order is an order that is executed immediately at the current market price, and, in the case of limit orders, there are several extended types in addition to the basic limit order:
- Good 'Til' Til Canceled (GTC) - This order is placed in the order book and remains there until canceled by the user.
- Immediate or Cancel (IOC) - This order is placed in the order book; if it is not completed immediately, it will be automatically canceled and removed from the order book.
- Fill or Destroy (FOC) - This order will only be completed if the entire amount can be matched. Partial matches are not executed with this type of limit order.
- Mail Only is an option that ensures that the order is only executed as a manufacturer's order to avoid paying fees. If he encounters orders, the results of which are not providing liquidity, the order will automatically refuse to execute it.
- Stop orders allow users to prevent large losses that can occur as a result of price fluctuations. There are both Sell Stop and Buy Stop orders.
The exchange does not offer margin trading, futures and derivatives.
Ease of Use
The interface looks great and is very well adapted to the needs of the user. Trading is very easy and the connection speed is sufficient for real-time trading. One or two clicks are enough for users to easily use many of the interface's functions. The trading platform has no Android or iOS apps, but their website is responsive and looks good on mobile devices.
GDAX has a very extensive FAQ page and offers ticket shipping and email support. They usually respond within 48 hours. The support can be a little "shallow" at times and only partially resolve the issue, which may take another 48 hours to fully resolve the issue.
Since this is a new exchange, there are no complaints yet, but many users have complained about this to Coinbase, the founding company of GDAX.
GDAX is a very well-protected exchange system. The company keeps less than 2% of customer funds in a hot wallet, and the rest is stored in the fridge with encryption and multi-valued keys, where two-factor authentication is used and PGP encryption is used in email as well. Email and SMS alerts are also available. Exchanges are relatively new, so not hacking messages online.
GDAX Review Conclusion
GDAX is the new name for the old exchange. It has earned a positive reputation and trust from users. Most of them choose this platform to work with cryptocurrency. Gradually reaching new heights, the company can develop and offer its client maximum opportunities for trading and exchanging cryptocurrencies.
Although the exchange works with traders only from some countries, this cooperation is quite serious and beneficial for all sides. Thus, much attention is paid to the functionality and convenience, as well as reliability and security of trading. We can only hope that the platform will continue its dynamic development. It soon plans to conquer the Russian market as well, taking the leading positions among crypto-exchanges globally.