With the surge of upstarts, like Bitcoin, cryptocurrencies are becoming more and more commonplace in today’s digital economy. That’s why platforms like the ones established by Coinbase have become so important.
However, Coinbase charges a fee for every transaction and can be costly in the long run. To help their other users out, the creators made a more advanced version, known as GDAX.
This GDAX review is designed to help users better understand the app. This will outline what makes GDAX so comprehensive and how it performs as a digital wallet.
What Is GDAX?
The Global Digital Asset Exchange, or GDAX for short, has become one of the most popular platforms for cryptocurrency exchange. Unlike Coinbase, this app can help you handle multiple online currencies at once.
It’s easy for Coinbase users to switch over to GDAX, because they are made by the same company. It’s all a matter of logging in on Coinbase’s Pro portal using your regular Coinbase account.
When creating a fresh user account, keep in mind that security is a pretty high priority for both Coinbase and GDAX. This means you will need to include your personal details, a form of identification, and your own debit/credit card or bank account upon registration.
Regular Coinbase users may be surprised by the in-depth, complicated interface of GDAX. It’s focus is on experienced trading, especially among the cryptocurrency users of today.
With this platform, users can make withdrawals and deposits between their bank account and their cryptocurrency account. They can also interchange with their bank wire, Coinbase account, and Bitcoin Cash address.
Users also have access to a price chart, where you can track the performance of different currencies, ranging from Litecoin to Ethereum. It also tracks how much money you spend between accounts, so that you can use GDAX exchange review.
At the moment, GDAX can handle accounts of US, UK, and European citizens for trade and transaction. Citizens in Singapore, Canada, and Australia can use the platform for trading only.
The platform charges only 0.1% to 0.25% for any trading, making it more economical to conduct transactions and conversions online. Using and switching between different cryptocurrency types is also smoother and faster, although the complexity might make it more difficult to get used to initially.
What makes GDAX stand out is its strategic options for trade. This includes stopping any buys at a certain price, and automatic selling of assets upon price drop.
Because of this level of strategy and planning, GDAX is a better fit for more experienced users.
Security is important, as exchange currencies have been hacked before, like Coinrail and Bithumb. This raises the question: Is GDAX safe?
The platform runs routine security checks and audits for all its users. This is to make sure your data integrity isn’t compromised.
GDAX also keeps 98% of your money protected in cold storage. This means most of your funds is saved in offline wallets.
In case users ever do lose their money – although that is yet to happen – the company has you covered. They carry a FDIC insurance that can cover for damages up to $250,000.
To help run the programming properly, GDAX uses a flexible API for trading bots. This way, it can help secure different clients and get them the exact data they need.
It can get pretty complicated to use GDAX, especially when the platform starts undergoing glitches or difficulties. That’s why they offer phone in support for their customers, from 8 a.m. to 5 p.m. (Pacific Time).
You can also contact them off-hours through their email account or social media pages, such as Twitter or Facebook. However, the site doesn’t support a live chat system, so responses may take a while.
4 out of 5 stars
GDAX differentiates itself thanks to an affordable and fast-paced transaction system. It has great security protection and is easily accessible for users with experience.
With a high-functioning API, you can modify and plan out your trading strategies to save more money. You can also rest easy with its insured protection and cold storage capabilities.
However, the complex interface can make it difficult for new users to enjoy. It also has a limited reach in the global market, making it hard to trade outside certain areas.
- Coinbase users can easily convert their own accounts smoothly
- State-of-the-art cryptocurrency tracking measures
- Inexpensive and/or free transactions
- Detailed and extensive transaction logs
- Quick operation buttons, such as deposit and withdraw money
- API data options, such as automated sales and buy limits
- Regularly updated and monitored security system
- FDIC insurance up to $250 000
- Cold storage for maximum financial safety
- 24/7 email support and available phone support
- Steep learning curve and complex interface
- Limited reach and availability for use in trade
- Restricted access in currencies
- Lack of a live chat system in customer support
With an in-depth trading system, GDAX can help you manage your cryptocurrency account and get the best transactions online. It has a wide variety of options for trade, which makes it ideal for advanced users.
It suffers from limits in currencies and support in other countries. This can make it tough to enjoy, especially for those unable to withdraw their own money.
However, it has a tight security system and decent customer support. For those wanting to up their trading game, it’s a safe bet to take GDAX Bitcoin review.