What Format Does Your Drivers Licence Have Be for Upload to Gdax
Hi there, cryptocurrency fans! So yous're looking to make your first 1000000 trading cryptocurrencies, but first, want to know if GDAX is just equally skilful every bit other recommenced cryptocurrency exchange platforms, such asCoinbase, Binance and Kraken?
Non to worry — I've got everything covered! The cryptocurrency trading markets are now a multi-billion dollar industry and during its all-fourth dimension highs in December 2017, daily trading volumes were as loftier as the New York Stock Commutation!
In my GDAX review, I am going to answer things like 'Is GDAX convenient?', 'What are the GDAX fees charged'? and 'Is GDAX safe?'.
I am even going to bear witness you how to employ GDAX with some really useful screenshots! Yous've got a lot to learn, so let'south go started by finding out what is GDAX!
Pros
- Secure
- Easy to use
- Low trading fees
Cons
- Unhelpful client back up
- No anonymous trading
Table of Contents
- 1. What is GDAX? (Coinbase Pro)
- two. GDAX is at present Coinbase Pro!?
- 3. Payment Methods and Fees
- 4. Which Coins Can you lot Buy on GDAX (Coinbase Pro)?
- 5. Is it Easy to Sign Upwardly?
- 6. GDAX Customer Support
- 7. Is GDAX Safe?
- eight. Who Should Utilise GDAX?
- 9. The Advantages and Disadvantages
- 10. How to utilise GDAX: Testing the Interface
- 10.1. Finding a Trading Pair
- 10.ii. Understanding the Trading Screen
- 10.3. How to Trade on GDAX
- 11. GDAX Review: Conclusion
What is GDAX? (Coinbase Pro)
GDAX is a cryptocurrency exchange that allows people to buy, sell and merchandise a range of digital coins. Launched in 2016, GDAX stands for Global Digital Asset Exchange. The people that created GDAX are role of the same company that runs Coinbase, which is now i of the largest substitution brokers in the world!
Essentially, the platform is a middleman between buyers and sellers and in return — GDAX makes their money by charging transaction fees. For example, if John wants to buy some Bitcoin and Jenny wants to sell, they are both matched by the GDAX exchange!
The founders wanted to provide their 13 million Coinbase users with a more avant-garde trading platform. The reason for this is that Coinbase just allows you to buy and sell cryptocurrencies. On the other hand, GDAX allows you to trade them in real-time, using a variety of different trading tools.
Although GDAX is looking to target the more experienced trader, it is still possible to utilise real-world payment methods such equally a banking company account to eolith and withdraw funds!
The corking matter is that if y'all have a Coinbase business relationship, you automatically accept a GDAX business relationship likewise! All you need to practise is enter the aforementioned log in details that you use at Coinbase!
Merely like Coinbase, GDAX now has one of the largest trading volumes in the cryptocurrency manufacture. At the fourth dimension of writing in July 2018, the exchange averages about $100 million in daily trades. The nigh that have ever been traded at GDAX is $650 million in a single twenty-four hours, which it achieved in late 2017!
So now that you know what is GDAX is and how they got started, the next part of my GDAX review is going to talk near their recent rebranding to Coinbase Pro!
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GDAX is now Coinbase Pro!?
GDAX announced in May 2018 that is was going to rebrand the commutation to 'Coinbase Pro'! Coinbase Pro will have all of the same benefits as GDAX, however, the team has added a few new features to make information technology even meliorate!
The new platform is now live, meaning that if you effort to admission GDAX, you will be redirected to the new Coinbase Pro website. When I tested it out for the kickoff time, I noticed a few differences.
Firstly, the platform is much cleaner, meaning that information technology is easier to navigate. The deposit and withdrawal procedure is too more directly forward, which is great! I besides noticed that the pricing charts offer more than options, which makes it much easier to view historical data.
Finally, the one-time platform made it slightly difficult to view your portfolio of coins, simply this has been inverse to brand it much more user-friendly!
During the announcement, GDAX also revealed that they had taken over a company called Paradex. The engineering that Paradex has built will allow Coinbase and GDAX users to transfer ERC-20 token between wallets. Don't forget, an ERC-20 token is a cryptocurrency that has been built on top of the Ethereum blockchain and in full at that place are hundreds of them!
Just to allow you know, I volition however refer to Coinbase Pro equally GDAX for the residuum of my review, as I don't desire to confuse you!
So, now that you lot know almost the Coinbase Pro rebrand, the next part of my GDAX review is going to wait at what payment methods y'all can apply and the fees that the substitution charges!
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Payment Methods and Fees
The GDAX team recognized the importance of allowing people to deposit and withdraw using existent-world money, which means that you can use your banking concern to fund your business relationship!
Before I discuss the fees, I wanted to make it clear that only certain countries are immune to use a banking company account to deposit. Furthermore, the blazon of payment system will depend on the country yous are located in.
If y'all are located in Europe, you will need to use SEPA. GDAX does not charge a fee for this, which is great! The GDAX withdrawal fee for SEPA is simply €0.15!
If you are located in the U.S., yous can deposit using a U.S depository financial institution account, which will cost ane.49% of the total transaction.
The GDAX withdrawal fee when using a U.Southward. bank account is as well 1.49%. Alternatively, U.S. customers tin do a wire transfer, which volition cost a stock-still-fee of $10 to eolith and $25 to withdraw.
If y'all are based in Canada, Singapore or Australia, you tin can still use real-world money to deposit funds into your GDAX business relationship, however, at the moment, you cannot withdraw them out. This means that you will need to convert whatever fiat currency balances you take into cryptocurrency, and then withdraw the cryptocurrency back to your wallet.
Information technology is also possible to transfer funds from your Coinbase residuum over to your GDAX account. This is complimentary of charge and only takes a few seconds! For a detailed guide on how to do this, you can bank check out this detailed tutorial!
If you are looking to deposit using a debit or credit card, GDAX does non back up this direct, however, you can practice this within the Coinbase platform. The charge for this is 3.99% of the total transaction amount and once you lot have done it, simply transfer the funds beyond to GDAX.
If none of these options suit you, you lot can besides eolith using a cryptocurrency! Although GDAX won't charge you for this, you lot will yet need to pay the blockchain transaction fee. However, this is usually less than a dollar and volition depend on what money you choose to eolith with. The GDAX withdrawal fees for cryptocurrencies are the same every bit those charged for depositing, which is nothing!
When it comes to trading fees, GDAX is much cheaper than Coinbase, who charges 1.49% every fourth dimension you buy or sell! GDAX fees depend on a couple of dissimilar things, which I will explain below.
Firstly, GDAX has a dissimilar rate for 'Market Makers' and 'Market Takers'. The market maker is the person that provides liquidity for the commutation. Essentially, if the trader places an order at a price higher or lower than the current market price, then they are a maker.
For case, if the current cost of Bitcoin on GDAX is $6,800, but you place an order to buy information technology at $6,300, then you lot are a market place maker because your funds are unavailable until the order is executed. This is important for cryptocurrency exchanges because it ensures in that location is enough liquidity for other traders.
As a result, GDAX does not charge any trading fees for market place 'makers'! On the other manus, if a trader buys or sells a coin at the current marketplace price offered by the exchange, and so they are a market 'taker'!
The fees charged for market place takers depend on how much you trade in a single month. The highest fee charged is merely 0.30% of the total trade amount. If y'all trade more than $10 million so this is reduced to 0.20% and if you lot are crazy enough to merchandise more than than $100 million, this is reduced to 0.ten%!
So at present that you know nigh the GDAX payment methods and fees, the adjacent part of my GDAX review is going to look at what coins you can buy!
Which Coins Tin can you Purchase on GDAX (Coinbase Pro)?
One of the well-nigh disappointing aspects of using GDAX is that the number of coins available to buy, sell and trade is actually limited. In fact, at the fourth dimension of writing in July 2018, the exchange only supports iv cryptocurrencies.
These are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), which is the aforementioned as Coinbase. Co-ordinate to the Coinbase and GDAX squad, the exchanges promise to start supporting more coins very shortly.
Dan Romero, who is the full general manager at Coinbase, recently explained that adding more than cryptocurrencies is a acme priority, yet, they are taking their time due to U.S. regulations. However, what we do know is that Ethereum Classic (ETC) will soon become the fifth coin to be supported on GDAX, which is expected to happen in the second half of 2018!
Cryptocurrency projects are smashing to accept their coin listed on Coinbase and GDAX considering they have more than than 13 million customers and the platforms make it piece of cake to use real-world coin.
For example, the team backside Ripple (XRP) has been trying to get their coin listed on Coinbase and GDAX for a long fourth dimension at present, with the team even offer to lend the platforms $100 one thousand thousand worth of XRP! When rumors were released that the deal was going to go through, the value of XRP went crazy! However, once information technology was revealed that Ripple wasn't going to exist added, its value dropped back down!
In reality, if you are looking for an exchange that supports lots of different cryptocurrencies, so GDAX might not suit you. At that place are other exchanges such as Binance that list hundreds of different coins, with more existence added all the time.
But to permit you know, it is likewise possible to merchandise the four supported coins against fiat currencies such equally USD and EUR, which is a cool feature!
So at present that you know what coins the commutation supports, the next part of my GDAX review is going to look at the signup process!
Is it Piece of cake to Sign Up?
You might remember how I mentioned earlier that if y'all already have a Coinbase account, you automatically take a GDAX account. If this is the instance, you can motility to the side by side office of my GDAX review!
If not, let me apace explain the sign-upward process, which is the same for both Coinbase and GDAX.
As the platform is based in the U.S., they accept business relationship security very seriously. This means that dissimilar some exchanges, you lot will not be able to trade anonymously. Equally a result, you will need to go through a KYC (Know Your Customer) process. But don't worry, information technology's really simple and only takes a few minutes!
Firstly, you volition need to supply the exchange with a range of personal details. This will include your proper name, nationality and full address. After this, you will so demand to upload some identification to bear witness your identities, such equally a passport or driving license.
The good thing is that the document verification is automated, meaning that the arrangement tin can confirm your identity without needing a GDAX employee to do it manually! When I went through the procedure it only took me 10 minutes in full!
As soon as you have washed this, you lot tin can then link your debit/credit menu or banking concern business relationship and make a deposit straight away!
But call up that if you desire to withdraw more than than $10,000 in a unmarried day, y'all will need to provide the exchange with additional data. This depends on where yous are based and could include a phone verification or a request for a proof of address (like a bank statement).
So now that yous know about the elementary sign upwardly process, the next office of my GDAX review is going to look at the exchange's customer support!
GDAX Client Support
When I am thinking nigh using a cryptocurrency exchange for the outset time, i of the most important things I wait for is what client support is bachelor. If a thing goes incorrect, I want to know that I can receive fast and efficient aid, which is why I have decided to cover it in my GDAX review!
Customer support at GDAX is one of the best in the industry! Firstly, the GDAX customer service team can be reached by telephone. This service is available Monday-Friday, between 8 A.M. and 5 P.M (Pacific Time).
If you need to contact the team exterior of these hours, you can send them an email 24 hours a day. Alternatively, y'all can also contact GDAX on various social media channels such as Twitter. If you decide to get this route, just be sure that you lot don't post any sensitive account details!
The only negative aspect to the GDAX customer service team is that they don't accept a live chat facility. However overall, if you accept any issues with your business relationship, the GDAX team are unremarkably very quick to reply!
And then now that you lot know about customer support, the next function of my GDAX review is going to find out is GDAX safe!
Is GDAX Safe?
As GDAX and Coinbase are both endemic by the same company, they both utilise the aforementioned security controls. I mentioned earlier that every GDAX user must identify themselves before they tin can offset trading, which means that any fraudulent activity can be traced directly to the private.
GDAX is responsible for hundreds of millions of dollars' worth of cryptocurrency, so they have to make sure they continue customer funds safe. 98% of all funds are kept in cold storage, pregnant that they are always held offline. This makes it practically incommunicable for an online hacker to access them!
Coinbase stores 98% of customer funds this mode, the remaining are insured. Nosotros encourage all exchanges to use these security measures.
— Coinbase Pro (@CoinbasePro) iii August 2016
The remaining ii% of funds are held online, which allows the substitution to process customer orders. GDAX offers its users the option of setting up ii-factor authentication (2FA). In one case you take a 2FA gear up, you lot will need to enter a unique code that is sent to your mobile phone, every time you want to log in.
GDAX has also installed a really good security feature called the 'Vault'. If yous make up one's mind to store your coins in the vault, the funds are not released until 48 hours after your withdrawal request. This acts as an extra level of security considering if a hacker gained admission to your account, you would accept 48 hours to cancel the transaction.
GDAX too offers something called multi-approving. This is where more than one person is required to confirm a withdrawal request. This is a fantastic security characteristic as it makes it practically incommunicable for anybody to steal your funds! For example, if you used somebody you trusted as the second approver, nobody could withdraw your funds until both of you confirm it!
An boosted security feature at GDAX is their FDIC agreement. This means that if Coinbase had their funds hacked or the visitor went out of business, your funds would be protected up to $250,000! Only call up though, to be protected past FDIC your funds need to be held in your GDAX USD wallet.
Everything sounds too proficient to exist true, right? Well, at that place was a slight issue that I wanted to talk to you about! On June 21st, 2018, the price of Ethereum on GDAX suddenly went downward from $319 to $0.x! The reason for this is that a trader sold millions of dollars' worth of ETH, which for a few seconds resulted in a toll crash.
This meant that some traders lost a lot of coin as the price drop activated various orders. Some people think that this was an attempt to manipulate the market place, however, this is yet to be proved. Nevertheless, if anybody was lucky enough to spend $380 on ETH when it temporarily went down to 10 cents when the price went dorsum up their investment would take been worth more than $i million!
Other than this ane-off event, GDAX is ane of the most secure exchanges in the industry.
So now that you lot know is GDAX safety, the next part of my GDAX review is going to expect at who the commutation is suitable for!
Who Should Utilize GDAX?
The GDAX platform is slightly more than complex than Coinbase considering information technology actually allows users to trade cryptocurrencies, rather than just buy and sell them. This means that y'all will need a little scrap of experience on how cryptocurrency exchanges work.
The markets are volatile and prices can rise or fall chop-chop, so I will merely make sure that you understand some of the central features. The cryptocurrencies that y'all want to trade are chosen 'Pairings'. For instance, if you desire to trade Bitcoin with Ethereum, then you will need to access the BTC/ETH pairing. You lot can also trade cryptocurrencies against fiat currencies on GDAX, such every bit a BTC/USD pairing.
The almost basic pick is called a 'Marketplace Order', which means that you are ownership or selling a coin at the electric current market price. If yous choose this pick, your merchandise is normally executed inside a couple of seconds.
The next option bachelor at GDAX is their 'Limit Lodge' option. This is where you lot choose a cost that you want to trade. The guild will only exist completed once the current marketplace cost reached the price you lot chose.
For example, if the current price of Litecoin was $100, but you felt the price was going to get downward, you could set a limit order for $85. If the electric current market cost went downwards to $85, then your trade would exist automatically executed. The order can be canceled if the price doesn't reach your limit order.
A further option available at GDAX is their 'Stop Loss Order'. This protects your trade from losing too much money if the cost of your coin goes down. For example, if you lot bought Bitcoin at $7,000, you could set a end lodge at $5,000. If the price of Bitcoin crashed, then the arrangement would automatically sell your coins at $5,000.
It is important that you learn how to use all of the above features, equally they could exist the difference between you making or losing money!
So now that yous know who the platform is suitable for, the next part of my GDAX review is going to rapidly summarize all of the advantages and disadvantages that I accept discussed.
The Advantages and Disadvantages
Let's have a expect at the positives and negatives of GDAX.
| GDAX PROS | GDAX CONS |
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Now that I take summarized the platform's advantages and disadvantages, the final function of my GDAX review is going to quickly testify yous how to utilize GDAX!
How to use GDAX: Testing the Interface
Before we get started, as the Coinbase Pro website has but recently been created, it sometimes doesn't evidence upwardly on Google. Therefore, you can find it here.
Finding a Trading Pair
Once y'all are on the Coinbase Pro platform, login and and then click on Trade at the pinnacle of the page.
Now you need to click on Select Market. A drop-down box will appear. If y'all see the pairing that you want to trade – nifty! If not, select the cryptocurrency/fiat currency that you want to trade.
In one case you lot have chosen your trading pair, yous will be taken to the master trading screen. I am going to select BTC/EUR!
Understanding the Trading Screen
As yous volition encounter in the chart below, you can view the historical pricing movements for your pairing. In my example, each bar represents a '5-infinitesimal movement'. Green means it went upwards and red means information technology went downwards! Yous can alter this from 1 infinitesimal up to ane twenty-four hour period.
You tin also change the chart from candlestick bars to lines. Take a look at the screenshot below!
How to Trade on GDAX
Once you take decided what trade you want to do, head over to the order form on the left of the screen. As you will encounter from my example below, you tin can choose either 'Market Order', 'Limit Order' or 'Cease Loss Society'. If you can't call back what these mean, become back up to the 'Who should use GDAX?' part of my GDAX review!
If you are going for a market order, all you demand to do is enter the number of coins you want to buy or sell. If yous want to do a limit or end loss order, and then enter the number of coins you want to buy or sell and the amount you want the lodge to be executed at.
As you can run across from the above instance, I have done a limit order. I have specified that I want to buy 1 BTC when the price goes down to v,000 EUR. Once I click on Place Buy Guild, my trade will only exist executed when the toll of BTC goes downwards to 5,000 EUR!
GDAX Review: Determination
And that'southward the stop of my GDAX review! I know I have provided you with lots of information, merely if you accept read it from first to end, you will at present know everything there is to know near them!
This includes everything from GDAX fees, client support, money availability, security, user-friendliness, and even payment methods! I likewise gave yous some really useful screenshots of how to apply GDAX for the very commencement time!
Ultimately, I recollect GDAX is one of the better exchanges in the industry. Although you can only merchandise four different coins, I like how like shooting fish in a barrel it is to deposit and withdraw funds, and the security is corking likewise. I as well like the fact that in that location is enough of liquidity!
If you want to check out other more recommended exchanges, y'all can check out Coinbase, Binance and Kraken.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of communication. BitDegree.org does not endorse or suggest you to purchase, sell or concur any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Source: https://www.bitdegree.org/crypto/gdax-review
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