As per GDAX review, it is currently one of the most popular cryptocurrency exchanges.
The term GDAX stands for Global Digital Asset Exchange.
An US-based exchange, it is regulated and backed by some of the best known financial giants.
The key funding institutions include New York Stock Exchange, Andreessen Horowitz.
The FDIC insures customer funds in this exchange.
Created by the makers of the Coinbase Exchange, it became functional in 2016.
GDAX offers a compelling variety of cryptocurrencies and currency pair.
It includes Bitcoin, Ethereum and all other important cyrptocurrencies.
It offers you trade options over fiat currencies like US dollar and Euro.
Flexible and convenient trading is the hallmark of this exchange.
Most GDAX reviews indicate that low fee is one of the most striking element of this exchange.
Mostly used by professional and institutional investors, this exchange offers volume discounts.
The fees start from as low as 0.25% and go even lower based on the trading volumes.
But there are many other compelling features that you can explore.
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GDAX Review: Competent Trading Platform
The GDAX trading platform is exemplary.
Globally, it is one of the most striking and efficient platforms.
It has an intuitive interface that allows better response rate.
Moreover, the real-time order book and charting features add to the convenience.
Users can easily access the trader history for greater accuracy.
It also helps process orders with greater clarity.
The order processing is quite simple and extremely fast.
This enables users to take advantage of swift price movements.
Moreover, GDAX empowers users with a higher degree of accuracy in order execution.
But most times, a GDAX review is silent about the limit order efficiency.
That is undeniably an area of slight concern.
Quite recently, the company partnered with Trading Technologies.
Needless to mention, it further enhanced the trading prowess of this exchange.
This integration enables Trading technology to also access the spot and futures market.
The firm is also in the process of developing specific solutions for specific assets.
This is being done to address the concerns of the institutional investors.
GDAX has been aligned to the interest of institutional investors from the word go.
This step further seeks to strengthen the expertise in this area.
This partnership also improves the data access of GDAX.
Investors and traders using this exchange will be able to access a variety of charts.
They can also freely use market data and a gamut of trading tools.
Needless to mention this further enhances the cryptocurrency trading experience.
In many cases, this partnership is also seen enabling spreads.
So, all in all, the recent additions go on to help make trade more focused.
This also improves the relative result from these investments.
Invariably there is a much higher chance of investors deriving increased value.
This will also make them choose this index for future transactions.
Quality API Support
GDAX also boasts of a superior API support.
API stands for Application programming interface.
It is that key link that connects the customer order to the exchange.
So in many ways, the API is the messenger who communicates your order to the exchange.
In this context, the GDAX API is one of the best.
Both in terms of functionality and market preparedness, this API improves the efficiency of service.
It makes the GDAX one of the fastest cryptocurrency exchange at the moment.
Both regarding providing feed and trading, the APIs help users get a superior experience.
The trading APIs help in providing access for placing orders.
The feed APIs help in bringing updated fast to the consumers.
As a result of these, consumers can execute their trade a lot faster.
It helps them get more information a lot faster.
Moreover this API allows GDAX to serve on a first come first serve basis.
The pace of order execution is also much faster.
It allows them to cater to a large volume of traders as well.
For most professional traders this creates a huge time advantage.
It helps them to take advantage of price-time priority.
Reasonable Currency Support
But when you consider any GDAX review, the currency support is a key feature.
In fact, this exchange supports one of the most extensive ranges of fiat and cryptocurrency pairs.
From Bitcoin to Bitcoin Cash, Litecoin to Ethereum and dollar, euro pairs are all very popular.
Cryptocurrency pairs with the British pound are also extremely popular.
In effect, this exchange has some of the most compelling currency pairs.
So as an experienced trader you can make deposits in any of these cryptocurrencies and fiat currencies.
Traders can even choose to work in the conventional mode as well.
You can pair Bitcoin with any of the available Fiat options.
Needless to mention that this advanced feature enhances the charm of this exchange.
It makes this exchange way more acceptable globally.
People from across the world find convenient fiat and cryptocurrency pairs.
This enhances the acceptability of the exchange on the global front.
Now, given the rising popularity of cryptocurrencies, this is a key factor.
Let’s face it; the cryptocurrency market is unlikely to be limited to United States or Europe.
A global acceptance is crucial for a broad-based operational success.
The wide range of currency facilitates exactly this factor.
It provides a global identity to the cryptocurrency medium.
A Worldwide Trading Exchange
Another fact that enhances the global appeal of GDAX is the reach.
This is a worldwide trading exchange.
You see acceptance of this trading platform the world over.
That is what makes this exchange extremely functional.
Even investors in Singapore and Australia find the desired support for the currency.
Though they may not be trading in their fiat currencies, there are sufficient alternatives.
The complete list of currencies enables investors from across the world to participate in this trade.
Needless to mention, this also adds to the credibility of the GDAX Exchange.
It is no fly by night operator in some small town in Iowa.
This exchange is operational 24×7 across the world.
The exchange has introduced myriad elements to maintain this global charm.
A wider reach also ensures better trading volumes.
As a result, users are more convinced about the authenticity of trades.
Large trading volumes also attract better quality trades.
As a result, you will notice that users are more than happy in joining this exchange.
This helps in the overall performance and popularity of Bitcoin and other cryptocurrencies too.
Needless to mention that it is another positive tick in the GDAX review.
Favorable Fee Structure
But it all boils down to the money as they say.
In this department, the GDAX exchange scored a decided brownie point.
In many ways, this is one aspect where it even scores above Coinbase.
The trading fees are as little as 0.25% and keep getting smaller with larger volume.
In fact, if you see GDAX trading fees are amongst the lowest in the industry.
So, if you want to trade in cryptocurrency and reduce expenses, GDAX is often the best option.
It allows you to experience the top class exchange experience at a reasonable rate.
Even compared to its sibling Coinbase, its expenses are significantly lesser.
You will notice that an average transaction fee on Coinbase is as much as 4% using credit cards.
However, on GDAX you can get it for as little as 0.1%.
You can deposit money through bank transfers and cryptocurrency deposits.
But the deal gets much sweeter if you have a Coinbase log in too.
In that case, you can take advantage of Coinbase Merchant service and wallet solution.
However, you do not have to pay the high trading fees there.
You can align your trade with the GDAX fee structure.
Transferring funds from Coinbase to GDAX is also simple.
In that case, you can easily take advantage of the Coinbase features without the high fees.
The fee savings is huge when you compare these two offerings from the same team.
Needless to mention, you see a larger number of institutional investors using this exchange.
This is one of the biggest distinguishing factors.
The lower fee is a key reason why a lot of professionals use this exchange.
They are not investors.
They are committing serious money on a sustained basis.
The GDAX exchange rewards them with super cheap rates.
Safe & Trusted
However, theft is one of the biggest scourges in the cryptocurrency world.
The GDAX helps its users experience distinct safety and credibility.
In many ways that is the most important double tick on GDAX reviews.
In fact, GDAX draws heavily from the Coinbase legacy.
Coinbase in many ways pioneered safety standards for cryptocurrencies.
The company holds all customer funds in a separate account.
This means in case of operational capital; this amount is never touched.
Close to 98% of the customer funds are secured in offline cold storages.
This goes a long way in reducing instances of theft.
The only way, you can lose fund in cold storage is by forgetting the access password.
Well, that essentially depends on the individual users.
The chances of these are seen as relatively less.
The 2% funds that are stored online are also secured very well.
In fact, these are also insured by the FDIC.
That means even if there is any potential theft, the consumer does not lose everything.
A basic minimum guaranteed by the insurer is stable.
In this case, the US FDIC insures as much as $250,000.
However, that said, the users have to keep in mind some basic safety measures.
If their account is compromised as a result of those lapses, GDAX is not responsible.
In fact, the GDAX offers some unique safety features.
- 2-factor authentication of your account.
- You authenticate through SMS and also the Google Authentication.
- Being part of the same group, you can also store funds in the Coinbase Vaults.
- You have multiple signer options to make these vaults more secure.
- Moreover, you have to verify every new device you access from.
- This means you get instant alert for any new access.
- That can alert you about any theft attempt.
Margin Trading Advantage
This is another interesting feature of the GDAX Exchange.
It offers investors up to 3x leverage for margin trading.
Investors get this leverage for up to $10,000 when pairing with US dollar.
In case of Euro pairs or while using Litecoins or BTC, you get 3x leverage for up to $5000.
That means investors get a decided incentive to increase their exposure.
This also helps them enhance trade meaningfully.
How GDAX Fares Vs. Competition
Well, we identified the various unique features of this exchange.
But the fact is no GDAX review is complete without an adequate assessment of its performance.
How does GDAX fare vs. its competitors?
Well, in many ways that is the ultimate litmus test.
In this context, I feel that GDAX has one distinct advantage over the competition.
This is primarily in terms of the level of safety it provides.
A straw poll of cryptocurrency users will indicate that the relative trust is most important.
The GDAX users can always sleep better in this regard.
The account is well protected, and their trades get executed pretty fast.
This means if they want to make a meaningful income by cryptocurrencies, GDAX helps.
It does not just provide them with the related know-how but creates a conducive environment.
It also incorporates a variety of steps to keep the user accounts safe.
As a result, it has gained complete user trust.
That goes a long way in wooing new customers to cryptocurrency.
Moreover, their security standards are one of the best in the Industry.
So if you are dealing with cryptocurrencies, it is always better to deal with the best.
This will make sure that you can extract maximum value from your investment.
While there are many others which are constantly battling trust issues, GDAX remains safe.
This has decidedly helped it to maintain its lead.
Coupled with the user safety are the lucrative trading fees.
It goes without saying that we all like bargain rates.
So if I am trading in cryptocurrencies, I might as well go for the cheapest.
The icing on the cake is that the cheapest one is also the safest.
This further enhances its appeal amongst investors.
These coupled with consistency in delivery is a big positive.
The GDAX Review: The Main Demerits
That said, there are some elements which have room for improvement.
GDAX can work on these to maintain its lead with a decidedly higher margin.
The limited payment method is seen as a major handicap.
Unlike the Coinbase, you don’t have Credit Card access.
Of course, you can argue that if you sync a Coinbase log in with this, you can address this issue.
Also, GDAX is decidedly not for those looking at a huge variety.
Though this is a very liquid exchange, it has 4-5 cryptocurrency offering.
Now compare this with over 80 cryptocurrencies that are in circulation now.
That highlights the gap and the range of possibilities in future.
That apart the public opinion is mixed about the Ethereum Flash Crash.
Traders of this cryptocurrency saw a sharp dip in fund value.
The funds became as little as $0.10 from $300 due to a huge selloff.
Kudos to the company for managing to handle the situation stoically.
Prices recovered quite fast, and many who lost money were refunded.
While the electronic medium will have some glitches, the company’s response is crucial.
Many times, that single-handedly decides how customers react to an emergency.
The Ethereum Flash crash was one such technical glitch.
GDAX may work towards limiting the prospect of such glitches in future.
But their response to a crisis is most important.
GDAX Review: Conclusion
In this context, I always look at user reviews.
What is the GDAX review as per its most dedicated users?
It is very comforting to see a more or less positive approach to this digital asset platform.
That goes on to emphasize that the company is surely doing something right.
Moreover, you will see most questions about GDAX scam dismissed.
That means that many people have enough reasons to believe it is genuine.
But for me, the biggest thumbsup is from the GDAX investors.
From NYSE to FDIC, you have a host of regulators and financial majors supporting GDAX.
That undeniably goes on to support all the positive GDAX review.
It encourages you to use this exchange to trade cryptocurrencies.