An Overview of GDAX
GDAX is a cryptocurrency exchange company based in the USA. GDAX is an acronym for Global Digital Asset Exchange. GDAX is a subsidiary of its parent company Coinbase. They are both based in San Francisco, California. GDAX was formed in 2016 with an aim to create a trading platform for more advanced/professional traders. GDAX allows customer from US, Canada, Singapore, Europe, UK and, Australia. GDAX platform allows for buying and selling of nine digital pairs. The digital assets allowed to trade are Bitcoin, Ethereum, and Litecoin. All these are paired against three fiat currencies; USD, EUR, and GBP bringing a total of nine possible trading pairs.
GDAX TRADING PLATFORM
GDAX trading platform is designed to provide traders with the best trading environment. The trading platform is web-based and incorporates some trading tools such as exponential moving average. The platform has the following order types.
- Market order – This is a type of an order that triggers a buy or sell at the current market price. This order type can’t be canceled since its execution is instant and doesn’t have delays.
- Limit order – This is an order type that allows traders to place their strike price. Once placed the broker will either execute the order with the limit order price or even a better price. Before the order executes it will be shown as open order in the order book. This order type can be partially filled and traders are even subject to get better prices.
- Stop order – This is an order type that traders use to select a specific price that they want their orders to filled and closed.
- Good Til Cancelled (GTC) – This is an order type that remains available till when canceled by the trader.
- Immediate or Cancel (IOC) – This order is similar to GTC, however, its cancellation is automatic.
- Fill or Kill (FOC)– This order type only fills when the entire amount booked can be matched. It doesn’t allow for partial filling.
- Post Only – This order type ensures that an order only executes a maker (no fee) order. It ensures that the order doesn’t squeeze liquidity rather improve liquidity. If part of the order suppresses liquidity it doesn’t execute the order.
It is important to note that GDAX doesn’t provide margin trading or trading of derivatives. The smallest order that GDAX allows is 0.01 LTC, ETH or BTC.
Deposit and withdrawal method
Deposit methods that are accepted by GDAX/Coinbase vary from country to country. The following matrix is a summary of the deposit and withdrawal methods that are accepted in fiat money.
|Country||Deposit method Accepted||Withdrawal methods accepted|
|Europe||Bank transfer/credit card/ debit card||Bank account|
|Singapore||Bank transfer/credit card/ debit card||Bank transfer|
|Canada||Credit card/ debit card||Bank wire / Conversion of CAD to BTC or ETH|
|US||Bank transfer/credit card/debit cards/ Bank wire||Bank account/PayPal/Bank wire|
|UK||Bank account/ debit card/ credit card||Bank account|
Deposit and withdrawal of digital currencies are straightforward. You can fund your GDAX wallet from another exchange. The same applies to withdrawal; you can always withdraw your digital currencies to another exchange or wallet. Traders can transfer their funds from Coinbase to GDAX wallets for free anytime and without any restriction. Daily withdrawal limit is $10000 for an individual account and $50,000 for institutional account. The amount can be increased upon application.
Customer funds are insured by Lloyd’s of London. This prevents a possible loss that GDAX may suffer as a result of a breach of storage. 98% of the customer’s funds are stored offline. This is a measure that GDAX has taken to protect customer’s funds. Periodic financial and IT audits is a further reinforcement for compliance.
GDAX has an efficient customer service support. The following are the ways you can reach their customer support team; ticket, Facebook, Twitter (@gdax, @gdax_support) and, Reddit (/u/gdax). You can always find answers to your questions from their help section.
Being relatively new on the trading scene, GDAX has proven beyond doubt to be trusted and reliable exchange. The intuitive interface of its platform, trading tools and ease of loading charts makes this exchange’s platform adorable by users. The Websocket feed update prices in real time making sure there are no lags in asset prices. All these impressive features including security measure make GDAX an exchange that traders can confidently rely on trading.
An area of improvement is that GDAX needs to expand to other territories to provide a market to traders in other parts of the world. There is also need for a live chat; this will enable customers to resolve their issues without any delays.