GDAX Crypto Exchange Review 82

GDAX is one of the biggest names in the cryptocurrency industry. Being Coinbase’s advanced exchange, that is indeed quite natural. Short for Global Digital Asset Exchange, GDAX does indeed live up to its name. Though primarily designed for advanced and institutional traders, GDAX’s trading platform is kind to beginners too.

Overview

The corporate entity behind GDAX is the same one behind Coinbase. GDAX is a sort of sister operation to Coinbase and as such, it represents a wonderful path to diversification for already existing Coinbase users. The transition from one service provider to the other is extremely simple for Coinbase clients. They can use their Coinbase login information to log into GDAX, meaning that they can be ready to place their first trade within seconds of hitting the site. Becoming a GDAX trader does not require one to be a Coinbase client too though.

Established in 2012, and based in San Francisco – one of the global hotspots of the crypto industry – by crypto standards, GDAX is indeed an oldie.

Designated “The Most Trusted Digital Asset Exchange”, GDAX has built up a good reputation over the years. It did have its problems here and there (like a flash ETH crash, which was later proven not to have been created by a software glitch), but all that is ancient history now, and no one got significantly short-changed by the ordeal anyway.

Growing up in the shadow of crypto’s most respected brand certainly did quite a bit of good for GDAX’s reputation and current standing.

Account Types

Like most crypto exchanges, GDAX only features one account type, from the perspective of the retail trader. In fact, there are two account types available at the exchange: an individual one, for retail traders, and an institutional one. Retail traders are obviously not eligible for institutional accounts and vice-versa. The differences between the two account types mainly concern the identity verification requirements.

While GDAX is a truly Global operation indeed, it does not support all countries and US states. There’s a detailed list available at the GDAX site, which specifies exactly which currency pairs can be traded by which countries. Long story short: in its current shape, the exchange is very appealing to the US- and Europe-based traders, as well as to the UK. Australia and Singapore are accepted as well, but traders from these countries cannot trade in their fiat currencies.

Trading Platform/Software

The GDAX trading platform is an in-house creation and it is indeed one of the crypto trading industry leaders. The platform can be accessed at a single click from the homepage of the official site, though creating an account for actual trading is a more extended process.

The platform itself is graphically pleasing and easy to comprehend. Several order types are supported for Buy as well as for Sell. There are Market orders, Limit orders and Stop orders, as well as a selection of Advanced Limit order options.

Selecting the product is extremely easy and the last trade price is always displayed. The 24h price change of the selected product is also on display, together with the 24h trading volume. All these variables give a skilled analyst quite a bit of essential information, regarding the likely future evolution of the asset-price. Charts are also available of course, and limits and stops can be set directly from the chart, at a click.

The order book is also displayed, together with the trade history, giving one the opportunity to literally peek into what really drives the asset-price.

Long story short: GDAX’s advanced order options satisfy even the most exigent professional traders. The trading interface is lightning-quick and it is web-based, meaning that it does not require downloading and installing.

Deposit Options

Deposits are accepted in several cryptocurrencies as well as in a handful of fiat ones. Crypto deposits are about simply transferring funds from one wallet to another. GDAX provides a wallet for the trader, which will then be associated with the trading account. Funds can be transferred into this wallet from any outside wallet.

USD can be deposited via bank wire and ACH transfers. To be able to deposit, traders have to verify their US bank accounts.

EUR deposits can be done via wire transfers and SEPA transfers.

Markets

GDAX’s market coverage extends to cryptos such as BTC, ETH, and LTC, as well as to a number of fiat currencies. Trading pairs such as BTC/USD and BTC/EUR are indeed possible at the exchange (provided you are located in a qualifying jurisdiction).

Customer Support

While it is not something to write home about, GDAX’s support is decent. Email is preferred. If you contact support via this channel, you will get a reply within 24-72 hours.

Safety

In this regard, GDAX is right up there with the best on the market.

Final Thoughts

In several regards, GDAX is indeed the industry gold standard. Could it be better here and there?  Yes, but it is a solid trading destination as it is.

Pros

  • Great platform
  • Great market coverage
  • Supports fiats

Cons

  • Slow support
  • Geographic restrictions
GDAX Overview
Regulation: No Regulation
Assets offered: Cryptocurrency, Exchange
Minimum Deposit: No Minimum Deposit
Deposit Options