One or the other somewhat experienced trader should already be able to do something with the name GDAX. If not, it is a company of the well-known Coinbase Inc., which also operates the Coinbase platform of the same name. In any case, this renowned background suggests that users can expect some good performance and, above all, a serious background – right? We think: Control is better than trust and have therefore taken a close look at the provider and its portfolio. And our GDAX experience shows what came out of this in the following.
Right at the beginning of our article, we can take away the possible fear of the company from all users. It is true that in recent years a number of “black sheep” have been driving the Bitcoin Exchanges market mad, but most of these times are over. The market is becoming much more regulated and GDAX in particular can be described as one of the most secure and reliable platforms for Bitcoin Exchanges. There are of course several reasons for this, but we will go into them in more detail in our GDAX test report. (see also www.BESTbitcoinexchange.net/vs/bitmex.com+gdax.com)
Our experiences at a glance
A whole range of information can be gathered on GDAX. The provider provides its users with an in-house trading platform that can be used without a prior software download. Not only the Bitcoin can be traded on the platform, but also other well-known coins such as Ethereum, Bitcoin Cash or Litecoin. Different order types can be selected, and traders can also use various tools to assist them in trading. The provider has been active since 2016, so the bottom line is that it is still a rather young representative who can convince with the entire professionalism of his “mother” Coinbase. There is no need to doubt the seriousness.
The provider’s clientele extends not only across its home country of America, but also across large parts of the world. Accordingly, the platform is based on an international website, which is only available in English. The same applies to the customer support, because here too the contact can be established exclusively in English. The bottom line, however, is that only very few traders are really challenged by this, since most of the terms used in the Exchanges are international anyway. Trading via GDAX is not only possible for private individuals, companies can also trade here. Another interesting feature is that trading is also possible with the help of a mobile app that can be used without additional downloads.
GDAX: Fraud or not?
The fact that a GDAX fraud can be imposed on this provider is guaranteed in various ways. On the one hand, the professional background in the form of Coinbase can be mentioned here. The provider has already been working reliably for several years and has not yet begun to get into debt. The most important aspect, however, is the provider’s official license, as GDAX is monitored and controlled by the responsible authorities in the USA. These two aspects alone show quite clearly that this is a serious and reliable provider.
Also good to know: Fraud by outsiders is made more difficult by maximum protection. Before a deposit can be made or a trade settled, users must identify themselves with a copy of their identity card or other official document. In addition, the deposits are protected by various insurance companies, which protects investors’ assets up to a value of 250,000 euros. This means that every trader can trade successfully with complete peace of mind and is definitely on the safe side. The platform is in any case as far away as possible from a fraud or other criminal business.
Overview of what GDAX has to offer
Anyone entering trading on GDAX can rely on an ultra-modern and clear trading platform. The provider provides his trading environment in a web-based version so that trading can take place without prior software download. On the one hand the coins can be traded as currency pairs, on the other hand the amounts can also be “stored” here. There are no registration costs, but different order fees have to be considered when trading. But more about this in the further course.
The GDAX markets
Even before opening their own trading account, GDAX users can gain an overview of the offering. The provider provides free access to the trading interface so that users can at least take a look at all user interfaces and commands. If then the own account is opened and deposited, can be entered fully and completely into the trade. At this point, let me remind you once again: before they can really get started, users must pass an identity check, which requires a copy of their identity card or other official documents to be submitted.
Coins Bitcoin, Ethereum, Bitcoin Cash or Litecoin are available for trading. Fiat currencies such as the Euro, Pound or US Dollar are also accepted for deposit. A total of twelve currency pairs will be made available for trading. These include, for example, BTC/USD, BCH/BTC, BCH/EUR, ETH/BTC, ETH/USD, LTC/BTC, LTC/EUR or LTC/USD. Three different order types can be traded. In addition to market orders, limit and stop orders are also available. Margin trading is also possible according to our GDAX experience. Helpful: The provider’s API interface makes trading particularly simple and effective. Documentation is also provided for this purpose, so that this interface can be used in a relatively simple manner.
Fees for trading on GDAX
Trading via the GDAX is not completely free of charge. Like many of its competitors, the platform uses a tiered fee structure, which means that lower fees have to be paid as the volume increases. This means that the taker fees can be “negotiated down” to 0.10 percent due to the large volume, while the maker trades do not charge any fees. The bottom line is therefore a fair distribution, especially as the fee structure can be viewed transparently.
Deposits and withdrawals
First of all, it can be mentioned that the provider does not charge any fees for the use or storage. The platform lets users keep their assets for as long as they want. There is also no threat of charges for inactivity or the like. However, you should make sure that deposits are not always free of charge. The transactions can be processed with the SEPA transfer and the crypto currencies.
With the coins, deposits are processed free of charge, there is no minimum or maximum for the deposits. For SEPA credit transfers, a fee of 0.15 euros must be taken into account. Of course, the deposits are permitted, but the SEPA credit transfer is not really recommended due to its duration of several days. Possibly good to know: The transfer between Coinbase and GDAX accounts can be carried out directly and free of charge. There is no waiting time when transferring funds.
- Payment options with GDAX
- Payment methods: SEPA, Wallet
- Minimum deposit : none
- Fees: 0.15 Euro for SEPA
- Account management possible in: EUR, USD, GBP
- Payout options: SEPA, Wallet
If the customer wishes to make a payment, the various wallets and the SEPA credit transfer can be used again for this purpose. In the case of a SEPA credit transfer, a fee of 0.15 euros is due for a payout. Payments with the wallets of the coins can be processed free of charge. Important to note when paying out: There is a daily limit of 10,000 US dollars. However, this only applies to private individuals, as the limit for business customers is up to 50,000 US dollars per day. In general, this is a very good performance in the area of deposits and withdrawals, especially as the fees are pleasantly low.
Security and regulation
GDAX has received the official license to distribute its own offering from the relevant authorities in the USA. This ensures that users always have access to a secure framework and that the provider is monitored in his daily activities. Further proof of the provider’s serious approach can be found in the deposit insurance. All user deposits are capped by various insurance companies up to an amount of 250,000 US dollars. In addition, a large part of the business assets is stored in a Cold-Wallet, which cannot be attacked by hackers or criminals at any time.
Of course, the provider’s presence also includes two-factor authentication, whereby access to the user account is only possible with an additional security key. In addition, the provider uses SSL encryption to protect all sensitive user data. This ensures that the trader’s address or bank information, for example, cannot fall into the hands of criminals. All in all, GDAX thus promises first-class security and can offer its users an all-round secure framework.
The work of the customer support department is of course in an important position when trading via Bitcoin Exchanges, as all traders may be unclear or misunderstood. If this is the case, it is always nice to be able to rely on helpful support. This is offered by a ticket system, with the help of which users can contact the customer support staff directly. Of course, there are no fees for the consultation, but the consultation is only carried out in English. Important: Depending on the workload, it may be necessary to wait several days. This is not necessarily an optimal solution, but cannot be avoided without further alternatives such as a live chat or a telephone hotline.
Nevertheless, the provider can score with a help center that can be found directly on the website. Of course, the topics are only dealt with in English, but they are quite extensive. The questions are divided into different subject areas, so that you can search for your own answer. It is even faster if the integrated search function is used. Here only a term must be entered, whereupon the platform then displays all suitable results. As already mentioned, for newcomers here and there further help or documentation is available. All in all, the provider makes a stable impression in the area of customer service despite the sometimes long waiting time in the ticket system.
User friendliness of GDAX
The majority of all traders nowadays attach great importance to mobile trading, after all, the execution of their own orders is even more flexible. The platform has opted for a mobile way with which all users can access the portfolio equally. The GDAX App is not offered as a download version, but as a web-based version. In concrete terms, this means that no software is required for use. Instead, only the mobile browser is opened, where the website of the platform has to be accessed. There are no disadvantages and users do not have to put up with longer loading times if they have a good Internet connection. All in all, a good presence in the mobile sector.
Conclusion: Quality work is carried out here
There are certainly Bitcoin Exchanges on the market that can convince with a larger selection in the portfolio. However, GDAX also proves its qualities in its limited variety. For example, the portfolio is ideal for newcomers, as it focuses mainly on prominent coins. In addition, various documentation is available which, according to our GDAX experience, can clearly help newcomers to trading. The fees are okay, but can even be reduced to a good 0.10 percent in the case of high-volume trading. The mobile alternative also provides a reliable service and can be described as a good companion on the way to work or leisure. Since there are no doubts about the company in terms of security, our overall assessment is of course positive.