GDAX Review: Is Gdax Safe or Scam? Reviewed in 2018

GDAX Review: With the fast changing world upgraded with technology with all the dimension, cryptocurrencies have marked the era of the new beginning of the digitized word.

Along with this, the tremendous rise in the price of Bitcoins with a value of worth ($15000, which keeps changing) has attracted much of the crowd within a short span of time. Everyone is now trying their luck in the world of cryptocurrency to get a great deal of return.

In relation to the number of websites to buy bitcoins, there are lots.

But Before investing in Bitcoin (or any other cryptocurrency for that matter), one should do a thorough research of ways to invest, the right time to invest, and most reliable ways to invest.

Analyzing a cryptocurrency exchange with every aspect is quite difficult. We encounter with different types of the constant question before we finally choose the one. Questions like:

  • Which is the best suitable platform?
  • Which exchanges will provide the best deal of return?
  • Which platform is legit for which coins?
  • What are the fee structures involved?
  • What is the process of verification?
  • Is it easy to use? and many more.

That is why we here at coinscage, test and studies the fine websites, gear, and guides concerning bitcoin and different cryptocurrencies to help you stay secure.

So today we are reviewing one more such cryptocurrency exchange GDAX (also known as Global Digital Asset Exchange).

What is GDAX?

gdax

GDAX (Global Digital Asset Exchange) offers buying and selling of Bitcoin and two cryptocurrency alternatives – Ethereum (ETH) and Litecoin (LTC).

On GDAX, you can use USD, EUR, or GBP as your fiat currency for buying Bitcoin, Ethereum, or Litecoin. In a list of top cryptocurrencies, these always figure in the top 5.

GDAX is a Cryptocurrency Exchange Platform formed by the same company which founded Coinbase and is backed by the same technology backend. Both exchanges also share the same powerful set of investors with some of the biggest financial names like Andreessen Horowitz investing in the company.

Although it did have a day in June 2017 when Ethereum prices crashed to 10 cents USD, the GDAX team handled it well and compensated all the money back to traders. Since Inception, the trading volume on GDAX has crossed $4 Million USD (or over 49,000 BTC).

According to Adam White, the VP of Coinbase,

GDAX allows Cryptocurrency trading for professional investors who already have Cryptocurrency trading experience.

Who should use GDAX?

The GDAX platform is desirable for people with an intermediate knowledge of crypto trading, institutional investors, and expert investors. It may also look slightly daunting for beginners, but it’s pretty easy to understand once you get the dangle of it.

One more thing that is good about GDAX is that Purchaser’s USD price range is FDIC insured, meaning your stability as much as $250,000 is protected.

What cryptocurrencies are supported by GDAX?

Fiat foreign currency including the US Dollar (USD) and Euro (EUR), GDAX offers the Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) cryptocoins. Those tokens are provided throughout a number of currency pairs, consisting of:

  • BTC/USD
  • BTC/EUR
  • BTC/GBP
  • ETH/BTC
  • ETH/EUR
  • ETH/USD
  • LTC/BTC
  • LTC/EUR
  • LTC/USD

What are the Supported Countries?

GDAX presently operates within the U.S.A., Europe (consisting of United Kingdom), Canada, Australia, and Singapore.

What are the accepted Payment Methods?

It looks as if GDAX is constantly looking to ease buying bitcoins over the time.

Currently, they support:

  • Automated Clearing House (ACH) bank transfers.
  • Single Euro Payments Area (SEPA).
  • Wire transfers in US dollars.

What is the Fee Structure?

GDAX operates a “maker-taker” version on deposits and withdrawals, in which charges are assessed as a percent of the quoted foreign money.

For those who do not know, Maker is the one who puts the sell order while taker is the one buy puts the buy order. Hence, If you are selling your cryptocurrencies on GDAX, you do not have to pay any fee. However, If you are buying crypto you need to pay a fee depending upon the trade volume.

Apart from the trading fee, you will be charged a withdrawal and deposit fee which varies as per the payment mode.

  • ACH Deposit: Free
  • ACH Withdrawal: Free
  • USD Wire Deposit: $10
  • USD Wire Withdrawal: $25
  • SEPA Deposit: 0.15 EUR
  • SEPA Withdrawal: 0.15 EUR

How long does it take to receive your funds?

It involves the following aspects:

  • ACH transfer takes normally 7-10 days.
  • Wire transfer is a quite a good option because it has been generated on the same day.

If I talk about my experience of GDAX in terms of time taken, then I am highly satisfied. I prefer to use Wire transfer in my case.

Is there any transfer limit?

Placing a limit order lets you decide what price you wish to buy or sell it. Your order will be added to the order book and will execute when someone submits a matching order.

  • Verified users can deposit an Unlimited Amount into their GDAX account.
  • Every day withdrawal limits begin at $10,000. To boom your limit, you have to put up a formal request.

Customer Support:

If I speak about GDAX in terms of their customer service, then they are a bit slow in responding to tickets. But most of the times your query gets closed within 2 working days.

  • If you have any questions regarding general queries then the platform is well equipped with FAQs sections.
  • If you have any questions or queries regarding your specific transaction or issues then you can submit a request for your convenience.
  • You can also check Help Docs for further queries.

Pros and Cons:

Pros

  • Reputable
  • Competitive fee
  • Never been hacked
  • Various payment modes
  • License holder
  • High Liquidity

Cons 

  • Not suited for beginners.
  • Few Altcoins
  • Not so good customer support

Is it safe to use GDAX?

There have usually been these kinds of questions placing in our mind before we take the very last step to apply that precise platform. If I give a review about GDAX it has won an amazing recognition over time. The security elements include:

  • Two- Factor Authentication for secure login and process of the transaction.
  • 98% of customer funds are stored offline
  • Wallets (and private keys) are stored using AES-256 encryption.
  • Website traffic runs entirely over encrypted SSL (https).

Here is one thing that I would like to bring to your notice, that all the funds stored on GDAX are insured in case of any theft or hack. However, if your funds are stolen because of a weak password or mishandling of account then GDAX is not responsible at all.

Moreover, I would not recommend you to store huge amount of cryptocurrency on an exchange rather you can use a Ledger Nano S for storing your crypto.

How to get started with GDAX?

To get started with GDAX and sign up.

In this stage, you will be asked your personal information which will include Name and E-Mail.

How do I need to get verified?

After you are done with the password, you have to select the country. This page will ask your two information:

  • Your Country
  • Your Phone Number for verification.

Enter your phone number and you will receive 6 digit confirmation code.

Verify your number with a 6-digit confirmation code and you are done with your verification process.

Once phone verification is completed, you will be redirected to fill all your personal information which will include:

  • Name
  • Address
  • Date of Birth
  • Source of Fund
  • Occupation etc.

How do I start Trading?

Once all the verification is done, its time to get started with trading.

In this stage, you can start depositing or withdrawing your currencies or simply say this is the stage from here you can start trading.

Here I am going to post you a video that will help you to guide through all the trading process.

My thoughts on GDAX Review:

GDAX has been one of the most reputable trade platforms with the strong base of patron pride.

Although there are numerous down pits but sometimes it’s far well worth when you are getting good security to your currencies and negligible rate concerned.

Customer service has constantly long gone nicely for me. I have obtained all the statistics concerning my queries within a day.

If you’re a novice, it is able to look like a horrifying huge step to leap from something as easy as coinbase into GDAX. It appears complicated, however, you’ll get the dangle of it once you watch some tutorial movies and play around with the alternatives.

However, if I talk about improvement in a certain field then it will include:

  • It should have a supported mobile app
  • It should support more cryptocurrencies along with fiat currencies.
  • It should have easy user interface

So, That’s all for GDAX from my side. Now its you turn to comment below and ask any query if you have!

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Till then, here are a few hand-picked articles for you:

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