GDAX is a US based exchange that deals in both crypto and fiat currency. The platform provides its services to the financial institutions and trading professionals. The most popular digital currencies available for trading on this platform are Bitcoin, Ethereum etc. These are traded against USD, EUR, and GBP.
Features of GDAX exchange
The company is in association with many investors such as New York Stock Exchange, Andreessen Horowitz, and Union Square Ventures. The trading platform of GDAX has real time order books and charting tools for market analysis. The user can also track previous transactions through trade history.
GDAX has been a prominent exchange on several media sources such as journals and newspapers. The platform has been covered in The New York Times, The Wall Street Journal, Tech Crunch, and Fortune.
There is also a feature of margin trading on this cryptocurrency exchange. There are lenders who would lend their money to the traders. The traders would share a fixed percentage of interest with the lender. The trader, on the other hand, would trade the currencies at a higher price and earn profits.
GDAX undergoes financial audits regularly for financial securities. FDIC insures the money presently on the online servers. The maximum insurance covered for every customer is $250,000. The currency that is stored offline is in cold storage. Approximately 98% money is stored offline. This keeps the money safe against cyber crimes and also eliminates the risk of volatility.
GDAX also offers powerful API to the developers. The developers could use this API to incorporate the features of GDAX in their own application. As far as transaction fee is concerned, there is no maker fee applicable but taker fee is imposed. Volume based discount are available on taker fee. Thus, GDAX has some of the most interesting features for both trading and exchange.
How to register a new account on GDAX?
In order to register a new account on GDAX, log on to www.gdax.com. The user can then click on “Create account”. Enter the details such as first and last name, email ID, and create a password. The password should be at least 8 characters long. Click on the tab “create account”. A verification link goes to the registered email ID. The user can click on the link to activate the GDAX account.
There are certain verification levels that have to be completed before a user can begin with trading. Firstly a user will have to register the contact number. An SMS code is then sent to the registered number for verification. The next level is account type. The user can select if the account is going to be individual or for an institution. For an individual account, details such as name, date of birth, address, the source of funds etc.
For an institution account, the user will have to enter the details such as Business name and type, Business category and Tax ID, website, address and phone number. The next level is to upload a copy of Identity proof and signature.
Buy/Sell at GDAX
In order to buy or sell the cryptocurrency, the user can select the type of order and amount along with the amount. Then click on buy and sell to complete the process.
For any trading an exchange, a user needs an insight on the market. Thus, GDAX has all the tools available on its platform that is essential for trading. The user can browse the order book and the real time pricing of different trading pairs. The price chart could be viewed in different timelines such as minutes, hours or days. There is also information on 24-hour trading volume.