General Overview of the GDAX
The company was created in 2011 by Brain Armstrong and Fred Ehrsam with its headquarters in San Francisco. Initially, it was named coinbase Inc. dealing with online broker exchange of bitcoin cash, litecoin and ethereum as well as digital asset exchange. In May 2016 the company rebranded its coin exchange to Global Digital Asset Exchange [GDAX]. The customers benefit from the GDAX in such that unlike other forex platform; it provides its users with an intuitive interface where customers can view trade histories with the provision of charting tools and more control over their trading orders. Currently, the company operates in the US, Europe, Canada, Australia, and Singapore availability of the company in the US is based on the states which coinbase is licensed to operate. Here customers can only trade on the order books available in their countries based on compliance with the local regulations.
Do I Recommend GDAX?
Based on my personal experience from the frequent use of the site I would say that it is the most trusted website to conduct currency and cryptos exchange online. I would recommend the site to everybody who would like to conduct digital currency exchange since it is simple to navigate the site, as well as its integration with coinbase which makes the transfer of funds a smooth the and easy process. Why couldn’t anyone want to experience such simple process in asset exchange?
How to Use GDAX.
It is a requirement for all users to first register with coinbase Inc. before they can be able to access GDAX. The following are steps on how to use GDAX.
- Search for gdax.com/trade site once you have found it choose the pair of currency you wish to withdraw or deposit available on the “select product” menu.
- You can either select the withdrawal or deposit button on the top left of the site.
- Either select the BTC, ETH or LTC address tap based on kind of digital currency you would like to withdraw or deposit.
- Finally, entry of the external service address and the amount you would like to withdraw or deposit from your GDAX account should be made and wait for some time for your transaction to be complete.
Payment Method Supported By GDAX.
GDAX offers various flexible methods of payments to its users which ensures that the users get same day deposits and withdrawals as long as the process is initiated before bank’s daily cut-off time. This payment method includes:
- Automated Clearing House [ACH] transfer of funds via the bank.
- Withdrawals and deposits in euros made via Single Euro Payment Area [SEPA].
- Transfer of payments by wire of US dollars.
In addition these, GDAX offers the ethereum [ETH], bitcoin [BTC] and litecoin [LTC] cryptocoins offered over a wide range of currency pairs such as:
Fees Structure Charge on GDAX.
The site operates in such a way that its fee structure is on the “maker-taker” basis where fees are assessed as the percentage of the currency quoted. The various methods of payments provide varied fee structures. ACH has free withdrawals and deposits, while SEPA one makes deposits freely but pays 0.15 euros to withdraw. US wire deposits, on the other hand, charges US$ 10 when deposits are made and US$25 when making withdrawals.
Customer Support on GDAX.
The site has a comprehensive frequently asked questions site which answers the many questions customers raise with each page having a “submit request” button where you can reach out to customer care who answer to concerns promptly. The frequently asked questions by customers such as cancellation of orders where customers can annul the order they wish by clicking the “cancel” button. Customers also seem to raise concerns on the issue of available balance being less than the total balance. This is credited to the fact that open orders which are always not part of the available balance. Another concern addressed by the FAQ section is the question concerning the duration orders stays as pen orders. It is clearly stated that all new orders remain as pen orders till all of your orders matches other user’s orders.
Public Opinion on GDAX.
Most online customers have registered their satisfaction from the use of the site this is due to favorable rates coupled with reasonable fees as compared to other sites. The customer support team never disappoint in answering queries raised by its customers.
Can You Really Make Money on GDAX?
GDAX is a legit site where one can make money by buying assets during the low season at a lower price and selling it later at a high price in the high season making a profit. Another way of making money on the site is joining its affiliate programs where one can earn a commission on sales generated due to the marketing of the sold products.
What I Like About GDAX.
- The site has competitive fee structure compared to other sites making it the best site for use by all people despite their economic backgrounds.
- The site allows users to access the world’s leading cryptos making it the ultimate exchange site.
- The site is highly fluid meaning that there is ease of doing business on the site.
Issues with GDAX.
- The site has fewer altcoins to choose from compared to other sites. This limits the customer experience on the site.
- The site is not ideal for beginners as it is rigorous and takes a lot of time before one masters the art of making a profit on the site.
- The site is only limited to certain geographical areas making it unsuitable for customers to trade worldwide.
Who Is GDAX For?
GDAX is an online exchange company whose main function is to facilitate digital currency exchange. Its target audience includes people who could like to exchange currencies as well as those who would like to buy cryptos online. Just like fiat currencies, GDAX is traded against the US dollar.
Alternatives to GDAX
Other sites which operate pretty much in a similar way like GDAX include bitfinex, KraKen, bistamp, bittrex, polonix, exodus gateHub and eToro.
Final Opinion on GDAX
From experience on the site, I would say that the site is one of the legit exchange sites which facilitates the exchange of currencies and cryptos. I would totally recommend the site to other users since it is cheaper to conduct currency exchange on the site as compared to other sites. Apart from that, it is on this site that customers are exposed to a wide variety of assorted cryptos to choose from.
GDAX at a Glance
Owners: Coinbase Inc.