WHAT IS GDAX - A COMPREHENSIVE LOOK AT COINBASE’S CROWN JEWEL
Coinbase is one of the most recognized names in the cryptocurrency space. Whether you’re a beginner learning the ropes or a seasoned veteran with investments in multiple cryptocurrencies, Coinbase provides a reliable and user-friendly platform for all. Yes, it does charge a flat fee or a variable percentage fee of your transaction amount, whichever is higher, based on your payment method.
A few years ago, if you had a large capital and were interested in trading in crypto, these fees could really add up and put a significant financial dent in your efforts. That’s when Coinbase decided to create a platform for highly active individual traders with a vast experience in crypto trading.
They called it the Global Digital Asset Exchange, or GDAX.
WHAT IS GDAX?
Launched in 2015, the GDAX exchange was launched by Coinbase for professional traders. The key features of this platform were incredibly low fees and superfast transactions. GDAX also allows you to place a market order, a limit order, or a stop-limit order, creating a truly comprehensive experience for veteran traders.
To understand how low GDAX fees really are, let’s take a look at them:
IS GDAX A GOOD EXCHANGE?
For anyone looking to get into crypto trading, it’s important to be sure about the qualities of a cryptocurrency exchange. Let’s take a look at a few pros and cons of GDAX:
- Easy migration from Coinbase. If you already have an account on Coinbase and you’re wondering “how to transfer from coinbase to GDAX”, you don’t have to worry. You can transfer your funds from Coinbase to GDAX instantaneously and free of charge.
- Support for multiple cryptocurrencies besides Bitcoin, including Ether (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), EOS, Stellar (XLM) and more.
- A whole host of market order types, including FOC, GTC, OIC. GAX also supports margin trading.
- Robust security. GDAX has 2FA (two-factor authentication).
- GDAX stores 98% of the crypto funds in offline wallets. Only 2% is available online, making the funds almost invulnerable to hack attacks.
- GDAX’s reach is limited. Only users from a few select countries can buy and sell crypto using fiat currency, although crypto-to-crypto trading is available in a number of countries.
- In supported countries, only trading in USD, Euro, and GBP is permitted. GDAX only allows USA, UK and European citizens to trade in cryptocurrencies available on their network. Here’s a list of European countries GDAX supports:
- GDAX is not for beginners. Newbies to crypto may find it difficult to navigate the complexities of the platform, especially after coming from Coinbase which is one of the easiest-to-use crypto-trading platforms.
IS COINBASE PRO THE SAME AS GDAX?
On May 24, 2018, Coinbase announced on their blog that they were evolving GDAX into Coinbase Pro. In the three since launching in 2015, GDAX had built “liquidity and stability” in the crypto space and helped Coinbase “understand the needs of active crypto traders”.
According to the blog post, switching to the name Coinbase Pro was “a recognition that the individual active trader requires a product completely dedicated to their specific needs”.
HOW TO USE GDAX/COINBASE PRO?
If you’re an existing user of Coinbase, it’s extremely easy setting up your Coinbase Pro account. Just login with your Coinbase credentials and verify your identity through 2FA (two-factor authentication).
If you’re a new user, the process is as easy as that of any other cryptocurrency exchange. Create an account using your email address and phone number, complete all the steps required to verify your identity, and you’re all set. Now, you can choose from the available payment methods to deposit money into your Coinbase Pro account and start trading.
GDAX/COINBASE PRO CUSTOMER SUPPORT
Coinbase Pro supplements its feature-heavy trading platform with its robust customer support that is available 24/7. It also boasts of a detailed ‘Help’ section complete with articles and FAQs to solve users’ common queries and questions. You can get in touch with Coinbase via the Coinbase support section, and they’ll get back to you within 24-72 hours.
One of the biggest crypto exchanges – Coinbase, hit a homerun in 2015 by establishing GDAX, a professional platform for highly active individual traders. It was renamed as Coinbase Pro in 2018, and while it isn’t available for use as widely as is ideal, GDAX is the go-to exchange for individual traders in the US, Europe, and the UK. With highly secure operations and robust customer support, Coinbase Pro/GDAX is truly a jewel in Coinbase’s crown.