In the past two years, we’ve seen the rapid growth of various cryptocurrencies. The last year was great for Bitcoin, but also for Ethereum and Litecoin. Since the inception of these currencies, many crypto exchange companies were founded and just two years ago, GDAX first appeared on the cryptoccurency exchange scene. GDAX (Global Digital Asset Exchange) is a trading platform that’s owned by Coinbase Inc. with the goal of allowing users to trade Bitcoin and other alternative currencies. Today, GDAX is one of the most respectable crypto exchange platforms and they support over 190 countries worldwide.
GDAX was launched in 2016 by Coinbase Inc. and quickly became what it is today – a complete and reliable crypto exchange platform. While Coinbase is known for the option to buy Bitcoin using your Credit Card, GDAX is here to provide the means to exchange cryptocurrencies. Even the largest investors in the crypto industry have recognized the platform and its capabilities, and if we take a look at GDAX’s overwhelming success, it is clear that this cryptocurrency exchange will only progress even further. Given the fact that the company focuses on the International market, you can’t go wrong with GDAX.
Interested in how GDAX compares to other crypto exchanges? We have compared all major cryptocurrency exchanges in this article.
While there are millions of users registered on GDAX platform, some are still concerned about the safety on this website. Although it was established in 2016, we still don’t know of any real hacker attack on GDAX. In fact, GDAX is one of the most secure crypto exchange platforms at the moment. However, in June of 2017, GDAX had a problem with “flash crash” regarding Ethereum prices. While the Ethereum was around $317 at the moment, it suddenly dropped in price to just ten cents, which was unacceptable for GDAX.
Nevertheless, GDAX bravely took responsibility for the incident in which millions of users lost their chunks of Ethereum. They quickly rectified the incident by using the company funds to pay for the damage. Thankfully, GDAX never had a single problem since this incident, and, with the help of well-established investors, GDAX will surely prosper in the years to come.
Take advantage of the security features!
For a company that has so many customers, and is of high importance in the cryptocurrency market, it's a bit strange that GDAX has a somewhat mediocre customer support. Even though GDAX has a good customer support, we expected a bit more from this feature. Here is what GDAX has to offer in terms of customer support.
First, there is a detailed FAQ section that offers answers to some of the most common questions. Next, GDAX offers ticket submission and email support which is where some issues may arise. The email support isn't the best we've seen, because it's superficial at times and only solves the problem partially. On top of that, the average response time is 48 to 72 hours.
Another thing to mention is that you can contact GDAX directly by using their phone number. This way you’ll get a much better support, with the answers being available the exact same moment. If you don’t have any serious issues and just want to learn more about GDAX, you can reffer to their FAQ page where you can find various how-to articles, as well as step-by-step guides.
GDAX is based in San Francisco, California. As such, the exchange enables most of the American citizens to use its options to the full extent. For example, the customers in the USA are free to use the exchange where Coinbase is either licensed to engage in money transmission, where it was determined that no such license is currently required, or where licenses are not yet being issued with respect to Coinbase' business. US states not yet supported by GDAX include: Wyoming, Hawaii, and Minnesota.
Even though the main goal of GDAX is to provide cryptocurrency exchange options for the users around the globe, there are still some limits here and there.
If we look at DGAX availability in Europe, we can see that some countries are still not supported. This is a list of European countries that are currently supported:
Aside from Europe and the USA, GDAX is also available in Australia, Singapore, and Canada. Traders in these countries can take partial advantage of GDAX options since they have fewer crypto pairs available. Still, most of the users outside of the US don’t seem to mind this since the options that are available in combination with good customer support make up for the lack of cryptocurrency options.
GDAX has a beautiful interface that’s intuitive and offers lots of options which are easy to use, even by the newly registered users. There are a few simple registration steps on GDAX. As GDAX isn’t linked to any social networking websites like Google, Twitter, and Facebook, you are prompted to enter your email address, your name, and a password. Also, be sure to choose an account type according to your needs, preferably individual.
"Im happy with GDAX as a newbie. They make it easy to trade once you get through the account validation process.
You might be surprised to know that this is enough to make the first step towards trading on GDAX. After you are done with this step, be sure to check your email inbox and verify your account. After the initial verification, GDAX will request another type of verification, so-called two-level identity verification. If you don't complete this process, you can't trade or place any deposits, so this is a MUST.
Depending on where you are located, you may need to provide a passport, driver license or ID card, as well as some photos, residential address, or the SSN. When you collect the requested documents, you can follow a simple guide on the website that will take you through the necessary steps to complete the verification process. After the verification you are ready to start trading on GDAX exchange.
The exchanges can be done in real-time and with a click or two. There are various graphs that show the current prices of the cryptocurrency you’re interested in, so you can easily do your math. If you have decided which cryptocurrency you want to buy, just type the desired amount in the blank space on the left side, and then click on “Place Buy Order”. Nothing spectacular, but works like a charm.
Don't waste time, quickly sign up and start trading!
When it comes to the reputation itself, GDAX is among the best cryptocurrency exchange platforms out there. Sure, the company that stands behind GDAX, Coinbase, had some complaints here and there. Apparently, Coinbase doesn’t give enough “respect” for your privacy, which is important to mention in this regard. Another thing to mention is that GDAX is known for their support for the most popular cryptocurrencies, such as Ethereum, Bitcoin, and Litecoin. If they add some other cryptocurrencies as well, their reputation and customer base would increase tremendously.
Apart from that single incident in the past, we haven’t seen a single complaint since then. Although it wasn’t that long ago, GDAX successfully managed to recover and became what it is today. After all, GDAX facilitates around 13,300,000 accounts as of November 2017, which speaks a lot about this platform. So, if you want a reliable and secure platform for all your crypto exchanges, GDAX is a pretty good choice.
Unlike Coinbase, which is known for relatively high fees, GDAX can pride itself on having a fair share of competitive fees. In fact, low fees are the reason GDAX is the preferred exchange platform of many users. For example, the fees may range from 0.1% to 0.25% for taker trades, while there are no fees for the maker trades.
If you want to decrease the fees further, GDAX allows you to buy cryptocurrencies in several different ways. The most expensive way is to place a market order and buy a crypto at current market prices. The results can be seen immediately, but the fee will be a bit higher.
In contrast to that, GDAX lets you place a limit order which lets you buy/sell your cryptocurrencies when the price reaches a desired value. For instance, you can place your limit order for Bitcoin at $11,000 and when it reaches that value, you can execute your order with zero fees.
Now is the time to start buying cryptocurrencies!
Since we know that GDAX is an exchange established by Coinbase, the payment methods will differ from the other crypto exchange platforms. First and foremost, you can use your Coinbase account to make purchases and exchanges on GDAX, which is expected. But, you can also send your money directly to the exchange and avoid some pricey Coinbase fees.
Another method of payment is the bank transfer. To be able to do this, you need to verify your bank account. After this, your bank transfer deposit will take about 3 to 5 business days, without fees. If you decide to go with the bank option, you can also use the wire transfer option and have your money at your account the same day.
But, this method is a double-edged sword. It costs $10, and the bank charges you for a wire transfer. All in all, the best payment method in our opinion is your Coinbase account. This way, you can transfer funds from your Coinbase account to the GDAX account and receive them the same exact moment, free of charge.
Buying and sending crypto on GDAX is very easy, and it’s done through Coinbase. When you create your Individual account on GDAX, you’ll be redirected to Coinbase. Here, you’ll have an overview of your profile, including Dashboard and Buy/Sell options. If you want to buy Bitcoins, Litecoins or any other crypto, simply click on “Buy”.
Next thing you’ll see is a chart on the right side, showing the fluctuations of various cryptocurrencies. On the left side, you have the possibility to place a Buy order or simply set a limit, like we talked about before. After buying your cryptocurrency, you can either store it on your GDAX account or send it to your Wallet address.
Unlike many other crypto exchange services, GDAX can be a great crypto wallet. However, it supports only Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. There are two ways you can receive crypto on your GDAX account. The first is by purchasing it directly from this website and the other is by sending from your external Wallet.
If you want to use the second method, you need to visit your profile and click on Accounts. You'll see that you have several crypto wallets available for transfers. Select the appropriate wallet and click on Receive. Here, you'll get the Wallet address that you can use to send the crypto to it. It's a really simple process that takes just a couple of minutes.
When we take into account all of the pros and cons of GDAX, we can see that pros definitely outweighs the cons. If you’ve read our review to this point, you’ve seen that GDAX isn’t a fraudulent platform and that their reputation is among the best out there. Coinbase might be a company that doesn’t put enough emphasis on your privacy, but since the aforementioned incident, GDAX never had a single issue.
On top of that, the website is great for both beginners and intermediate users, as it allows for numerous exchange options to be used through the intuitive interface.
All in all, if you want a secure and versatile crypto exchange platform that will not charge you with mind-boggling fees, GDAX is a great choice. If you have decided to go with GDAX, you can create your account for free, and see for yourself why it’s one of the greatest cryptocurrency exchanges out there.
You can check out all of the most popular cryptocurrency exchanges in one article here.
Have you traded on GDAX? Do you have any advice or suggestion for the other readers? Let us know in the comment section below!
Coinbase quickly became the most significant currency exchange on the planet for cryptocurrencies. More than $40 billion has been exchanged between its 12 million customers since the websites launch.