GDAX Review – Crypto Exchange

GDAX Cryptocurrency Exchange Review

Coinbase owns and operates GDAX. It has the same advantages and benefits that Coinbase has. Security is reliable, it’s easy to use, and there is good liquidity. The platform is for experienced users that are high-volume traders. There are a plethora of advanced trades including fill or kill orders, stop and limit orders, and good ‘til canceled. The fees are low, and there aren’t any charges associated with cryptocurrency deposits or withdrawals. Four cryptocurrencies can be used, and customer support can be slow at times, but overall, it’s still a good exchange.

The Pros:

  • Small fees
  • Strong and secure
  • Easy to use

The Cons:

  • Slow support at times
  • Only four forms of cryptocurrencies

Charges

GDAX has low fees, and the charges are lowest for Bitcoin exchanges versus ether or litecoin. For those making new orders, there is no fee for trading for all cryptocurrencies.

Takers, or those that buy or sell from an existing order, are going to pay a 0.25% fee. The user may be eligible for a rebate depending on how much trading goes on over the course of 30 days. Litecoin and ether coins have a 0.3% fee applied. It can go down as low as 0.1% depending on volume.

Deposits and withdrawals are free with ACH or when transferring cryptocurrency. In other cases, there is a small flat fee that may be required. All of this combined make GDAX one of the cheapest exchanges in the industry.

History

After its launch in 2015, GDAX has put its focus on professional traders making advanced orders and high volume trades. There is no margin trading allowed unlike some of the other more complex exchange platforms. The cryptocurrencies that are traded for US dollars or Euros include:

  • Bitcoin
  • Bitcoin cash
  • Litecoin
  • Ether

Anyone that has had an account verified through Coinbase can easily enjoy the convenience and simplicity because they can automatically register with GDAX without having to authenticate again.

Safety and Security

98% of the customer funds are kept offline, and online 2% are kept insured online. That means in the event of a hack, all the users would receive their money. The FDIC insurance covers US dollars up to $250,000 that are deposited on to the exchange as well. Some of their advanced security measures include:

  • Employees undergoing security checks and encrypting hard drives
  • Wallets and keys encrypted with AES-256
  • Website traffic encrypted with SSL cryptographic protocol
  • Two-factor authentication

GDAX is registered with the New York Department of Financial Services with a BitLicense. They have never dealt with any hacking issues.

Ease of Use

GDAX has been proven easy to use and navigate. Everything comes on a cleanly formatted dashboard. Trades are simple with just a few button clicks. Negatives are there is no mobile application as of right now, and the support team can be slow to respond to issues.

Deposits and Withdrawals

Money from Coinbase can be directly deposited into GDAX without any fee. The same goes for withdrawals.

Deposits and withdrawals with bank accounts can be done with a SEPA transfer.

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