If you already heard about Coinbase then you need to get acquainted with its another product of this company, and that is CoinbasePro (GDAX) trading platform. According to the following information you’ll see that this platform is more advanced and provide lots of functions, which are probably absent on Coinbase.
Summary: How to Get Bitcoins Using GDAX
- On June 29 GDAX announced that it has moved to Coinbase Pro, although the work of GDAX APIs work will be uninterrupted till December 31.
- Register an account at GDAX through Coinbase’s widget.
- Provide personal details in step after email verification, upload scanned ID and utility bill.
- Go to “Deposits” and fund your account using bank account transfer (might take up to 5 business days to complete).
- Head over to the order form and use “Market” function and click “Buy” button.
- When bitcoins have been bought, click “Withdraw” and specify your wallet address.
Three API tools and numerous functions are available...
Being a regulated business, GDAX is one of the most secure...
The platform provide quite low fees for trade...
The margin trading at GDAX offers market, limit...
Coinbase created GDAX and stands as an additional...
Difference Between GDAX and Kraken
There is very little difference between Kraken and GDAX....
Having Coinbase as an owner and backup, GDAX is considered as one of the largest bitcoin trade platforms in the world. Thus, we made this guide on the online financial business, reviewing company’s fees, verification requirements, security, wallet & API services, deposit/withdrawals and other relevant information.
The article should serve as a general guidance for both experts and starters, though it is mainly aimed at traders that wish to start out trading for the first time. We also provide comparative analysis with other, similar exchanges in order to provide you with a clear picture of strengths and weaknesses of working with GDAX.
What Is GDAX?
GDAX stands for Global Digital Asset Exchange and is a sub-company developed and owned by Coinbase. The main feature of the platform is that GDAX offers margin trading functions and marketplace, something Coinbase lacks. Thus, one can say that the exchange looks to fill out the gaps left by Coinbase.
Since 2016, the exchange grew steadily through double coin and funds sourcing, offering complex trade services for clients. Users that register an account at Coinbase automatically have an account at GDAX as well. The interface looks much the same as Coinbase’s old platform, with several cryptocurrencies available for trade, them being BTC, ETH, LTC and BCH. AS for the fiat currencies, you can fund your account with investments expressed in USD, EUR and GBP.
Services are available in same regions supported by Coinbase, which include most of Europe, US, Canada, Singapore and Australia. GDAX does not support mobile apps for iPhone or Android at this time.
Being one of the leading crypto margin trading platforms in the world, GDAX has several features that you should be aware of while creating orders at the exchange. In this quick guide, we go over the most prominent ones, them being trading interface, API support, security and competitive fee program.
When it comes to interface, few platforms can beat GDAX the design and tools available for traders to use. You have order book history, depicting the latest trade orders released, price and depth charts, with EMA12 and EMA26 overlay analysis tools readily available.
The historical data can span over a year from the moment you have opened the trade page. The only exchanges that do beat GDAX in terms of interface responsiveness are Bitfinex, Bittrex and BitMEX, as you can move different sections around. Bitfinex also offers a lot bigger choice when it comes to market analysis tools for price charts.
The API documentation at GDAX is separated into two sections, them being trading and feed API tools. The trading API offers automatic order placement and require user authentication to be used. Feeds are less private as they provide market data. Under the two-segment umbrella, you have three types of APIs available for you:
- REST API: used for endpoints of an account as well as management of orders according to the market data. The API, through a collection of price, volume and other indicators from the marketplace, would create buy and sell orders, based on identified trends.
- FIX API: standing for Financial Information eXchange, FIX API is a standard protocol that is used to create, cancel and modify orders, requests and fills. It is an enhanced version of REST API, thus, we would recommend to learn more about REST before moving up to FIX API.
- WebSocket API: as a support program for REST and FIX APIs, WebSocket offers tools that gather data from the market with real-time regular updates. These updates provide the fastest way to analyze trends in the market while supporting traders in terms of order-management.
Trusted and Secure
GDAX was established by a renowned company, Coinbase, and has since established itself as one of the top margin trading players in the market. It is a regulated business that goes annually through auditing processes, much like its parent company, Coinbase.
GDAX also stated that all cryptocurrencies are stashed in cold storage, with assets being insured in the case of hacking attempts. Apart from its reputation, the exchange also offers several personal security features, such as API security programming, two-factor authentication (2FA) and two-step verification via phone. Overall, we deem that the platform is one of the most trustworthy crypto trading marketplaces to work at.
The platform offers really competitive fee policies, expressed in the maker & taker structure, much like any other trading exchange in the industry. Depending on the monthly volume achieved, traders would pay between 0.25% and 0.1% if the order is considered to be a taker. Maker orders, known for bringing in the liquidity to the platform do not carry any costs, providing an opportunity for investors to trade without expenses.
The deposits and withdrawals do not carry any costs as well, meaning that GDAX wishes to achieve high volume figures, as its main profit sources are exchange rates and low trade fees.
Cryptocurrency Pairs and Multiple Fiat
The exchange offers 4 cryptocurrencies (bitcoin, Bitcoin Cash, Ethereum and Litecoin) and 3 fiats (USD, EUR and GBP). Each of these assets can be paired up, drawing out 12 trading pairs for investors to use in margin trading. All pairs have same order functions and are all supported in terms of wallet, and market development.
You have order tables and price charts assisting you, though they still differ in terms of liquidity. The most popular pair is definitely BTC/USD, with daily tare volume passing 23.000 BTC. You can check out the available trading pairs in the picture above.
The platform offers several order functions for traders engaged in cryptocurrency exchange activities. There are three types of orders at GDAX, them being a market, limit and stop orders. The market orders are simplest of them, as you post order on the current market value of the chosen trading pair.
Limit orders are where things get interesting, as you have options to limit the price, time or create lower and upper limitations to your order value. Available functions in the limit order are:
- Good Til Cancelled (order can be canceled either by a trader or if the order is executed);
- Good Till Time (order stands in the system until it is executed);
- Immediate or Cancel (if parts or entire order does not match the immediate criteria, the order would be canceled);
- Fill or Kill (puts order up for few seconds and if entire order is not matched, it gets completely canceled).
The last type is stopped order, where you put the upper or lower stop price, depending on the position you took (buy or sell). You can also use limit price as an additional limiter, in order to cut out potential losses if price value goes awry.
Ease of Use
GDAX exchange interface and tools are very easy to use. Although trade itself is oriented towards experts in the field, the platform itself is neatly organized, with features clearly shown. The only issue with the website is the registration process, which can take a while to complete.
Since GDAX follows Coinbase’s privacy policies, traders do need to undergo extensive identity check process. Thus, it takes a bit more time to use features at GDAX, until your identity has been thoroughly checked.
There are several channels available for traders to use when customer service is in question. To start off, you have a “Status” page, notifying clients if services are degraded, partially degraded or fully functional. It provides warning system in which investors would know when it is a good time to start trading.
GDAX posted numerous articles regarding its platform and BTC trade in general. Although some might view FAQ section a bit lacking, there are numerous articles on the support page to cover it. Simply go to “GDAX Support”, and you will find answers regarding several topics, including trading, financing and account management.
Lastly, you have support ticket system, where you can post issues, questions and other relevant information to the customer service directly. You also have an email address for a more direct way to get help if you are experiencing difficulties with trade, through live chat is still not an available option as of yet.
Payment Methods Accepted
Unlike Coinbase, GDAX accepts only bank transfers as means of payment. Furthermore, the option of funding is available through deposit only. It can take up to five business days for the transfer to take place, though in most cases, up to two days should be expected.
The same goes for withdrawals since only bank account can be used to receive back funds. There are no fees concerning deposits and withdrawals with the use of bank account, making his exchange one of the cheapest in the industry to use for trade. Credit cards or cash deposits are not available at GDAX.
In this section, we tell you about other exchanges in comparison with GDAX, as it is important to set out differences, advantages and disadvantages each of them as when compared to each other. It is vital for you, as a trader, to understand what is available out there and how different platforms can offer you a playground for different trading strategies.
This article focuses its comparison analysis on Coinbase and Kraken, as they are fairly similar to GDAX in many spheres.
GDAX vs Coinbase
Although Coinbase opened up GDAX, there are several differences between these two exchanges that you should know about. Firstly, Coinbase does not offer margin trading like GDAX does, as only instant and simple exchange is available. Furthermore, Coinbase offers more deposit and withdrawal options, since you have credit cards and bank transfers available. You even have PayPal available as a withdrawal option at Coinbase.
The fees are also higher at Coinbase, since you pay 3.99% for PayPal and credit card purchases/withdrawals, while bank transfers would cost you additional 1.99%. There is no maker/taker fee structure at Coinbase. In all other aspects, these two platforms are similar, as same regions are supported, same security and customer service offered.
Kraken vs GDAX
Kraken offers similar features as GDAX, except it orients its trade functions towards both beginners and experts. You have margin trading and instant exchange services available at Kraken while GDAX offers only order system. Services are available globally at Kraken, which is an advantage when compared to GDAX, who supports 32 countries only.
Kraken also employs maker/taker structure and thus has similar cost policies as GDAX. The margin trading, customer service and security are very similar to other platforms as well.
Step-by-Step Guide to Buy BTC on GDAX
To start off, you need to register an account at GDAX and to provide personal details to be eligible for trade.
In case you already have a Coinbase account, after login, you will be redirected to the personal form webpage immediately.
On the left side of the trade view page, click “Deposit” button and transfer funds from either Coinbase or using a USD Wire transfer. Bank transfers would take up to 5 business days to complete while Coinbase transfer is instant.
Once you have funds in your balance, head over to the trade view, select “Market” orders and place a trade request to buy bitcoins by clicking “Place Buy Order”.
You will find that BTCs have been transferred to your balance and are now ready for withdrawal to your external wallet.
How Fast Will I Get My Bitcoins?
We can safely say that bitcoin withdrawals outside of GDAX can take up to an hour, though at the times it can be slightly faster or slower, depending on the blockchain traffic. As for the inner trade, after deposit is recorded in GDAX, which can take up to five days, the purchased coins would arrive in your balance as soon as the order is executed.
Do I Need to Verificate My Account?
Unfortunately, you are required to undergo extensive verification process while registering an account at GDAX. Without complete identity check completed, you will not be able to make order nor can you use other services from GDAX. Apart from personal details, you should also provide scanned ID and proof of address (utility bill).
Why Is My Available Balance Less Than Total One?
If you do not have any open orders at the moment of your balance inquiry, you will find that all funds are available to you. Creating an order at GDAX would reserve the money invested, thus your total balance would be smaller by the amount of money stacked in open orders you have created previously.
GDAX Transfer Limits
Currently, the smallest unit of bitcoin that you can buy at GDAX stands at 0.001 BTC. Deposits made in USD are unlimited. The only restrictions that traders face at the exchange are withdrawals – $10.000 a day. For higher withdrawal value, you would need to negotiate directly with GDAX support.
Pros and Cons
- enhanced interface providing several trade analysis tools, such as price charts and order history;
- several margin trading tools available;
- one of the lowest fees in the industry through maker/taker cost structure;
- a regulated business that offers security and has built trust through its connection with Coinbase.
- unverified users cannot use margin trading functions and other features;
- only 32 countries are supported;
- live chat with customer service representatives is not available;
- only bank transfers are accepted as a payment method, which can take up to five business days to complete.
Apart from margin trading services at GDAX, there are several other options out there in the cryptocurrency world for you to seek out. You can read our reviews about these companies at any time, such as Coinmama, Paxful and Coinbase.
Coinmama Bitcoin Exchange
Coinmama has one large difference from platforms like GDAX, as it accepts credit cards only as means of payment. There are several other differences, as the exchange offers only simple swaps between bitcoin and fiat currencies. Read our review about the company, since we have provided you with pros and cons that can be capered with GDAX’s advantages and disadvantages.
More Info About Coinmama
Read More About Paxful
Paxful is different from GDAX, as it offers a peer-to-peer (P2P) marketplace for traders to buy and sell coins from each other. Thus, its trading platform is completely different in its very nature. Check out our quick guide to Paxful’s features, cost structure, available payment methods and verification requirements to get a better idea of what P2P really is in crypto industry.
Paxful Exchange Review
Review of Coinbase
We have compiled a review on Coinbase’s exchange features, security functions, fees and guides on how to buy bitcoins from the platform. Since Coinbase created GDAX, it would be a good idea to head over to our review of the company to get more details about what is available to you, as a trader.
Learn More About Coinbase
In case, you have a question(s) that has not been covered by this tutorial, we would urge you to contact us directly at BitcoinBestBuy to get the answers you seek.
Cryptocurrency trading has become the rave of the moment. However, cryptocurrency trading transactions come with some transaction costs which many buyers may find discouraging. In this article, you will learn how you can trade on Coinbase and GDAX without paying any fees. It is important to note that Coinbase is a digital currency exchange based at San Francisco, California, United States. GDAX is a Digital Based Asset Exchange which is also based in the United States.
You can actually avoid these exchange fees because both Coinbase and GDAX are under the same ownership. Typically, GDAX charges very low fees for carrying out certain crypto trades.
Why Should I Follow This Guide?
This guide will be of immense benefit to you. The cost of trading on Coinbase is quite high and you wouldn’t want to pay an extra 4% on every transaction you make on the platform, would you? Coinbase charges you about 4% of deposits made using your debit card or similar bank transfers. In another setting, you pay 1.4% for any cryptocurrency purchase and the same rate whenever you sell. With such a fee structure, it becomes very hard to make good profits in cryptocurrency trading.
You need to understand that the GDAX exchange has a fee structure. GDAX operates a Maker and a Taker Order fee structure.
For the Maker Order, you offer a transaction to a prospective buyer who accepts to do the transaction with you. Therefore, you are the Maker and the person that accepts your transaction is known as the Taker.
In the reverse scenario, when you accept the offer from someone at either the market price or the person’ price, you become the Taker and the other person becomes the Maker. In this case, the Maker Order comes into being when you are the Maker and the Taker Order is when you accept to do or have done a transaction with another entity.
How to Get Started
The first step to take in trading on Coinbase and GDAX with zero fees is by getting registered on both platforms. You can use this breakdown to understand how to get registered:
Visit https://www.coinbase.com/. Sign up with your details and complete the verification process by uploading your valid ID. When you verify your identity on Coinbase through your ID and bank account, your withdrawal and spending limits will be expanded.
Deposit some funds to your Coinbase account. Before doing this, make sure you have already linked your bank account with your Coinbase account.
Visit https://www.gdax.com/ and sign up. Remember to complete the verification. You are now set to trade!
Transfer the funds to your Coinbase account to your GDAX account. The transferred funds should reflect almost immediately in your GDAX account.
When the transfer has been done, you should go back to your GDAX account. Try to perform a trade/transaction from your GDAX account. You can locate this feature by using the trading window located on the left-hand side of your PC screen.
How to Fund Your GDAX Account
Funding your GDAX account might give you some problems so we have this concise guide to help you out. You have three options to use when funding your GDAX account and you can use any that appeals to you.
You can add funds to your GDAX account by adding your bank details. This process might take up to 10 business days to take effect.
Using the Bank Wire function costs some money and if you’re looking for a way to avoid extra costs in funding your GDAX account, the Bank Wire funding option is not advisable. You will be charged a transaction fee of about $10 when you fund your GDAX account and about $20 when you send funds. To fund your account through the Bank Wire option, you should initiate the process before 1:00 pm if the funds are to be credited to your account on the same day. Initiating the funding after 1:00 pm will lead to your account being funded the next business day.
You can move your funds from your Coinbase account into your GDAX account after you must have registered on GDAX. Using this option gives your GDAX account immediate funding because both GDAX and Coinbase are owned by the same company.
Trading on Coinbase
Now that your GDAX account has been set-up and fully funded, you can now trade on any cryptocurrency of your choice on the Coinbase platform. Your knowledge of the Maker and the Taker Orders will help you in your transactions.
You also need to know how to use the “Limits” option in your transactions. Luckily, GDAX does not charge any fee when you trade on the platform as a Maker. So to ensure zero fees on Coinbase transactions, always use the Maker Orders and you will not be charged any fee. However, if you are not familiar with using the “Limits” option to place Maker Orders, kindly read below to find out how you can do so.
The “Limits” options are two and they are Limit Buy and Limit Sell.
In the Limit Buy option, you (the Maker) place an order with conditions like the quantity of the order and the price such a quantity should be sold. For example, if the price of Bitcoin to a dollar is $1,100, you can offer to buy two Bitcoins when the value of Bitcoins to the dollar is $1,000. This means that your offer to purchase the Bitcoin can only be executed (accepted) when the price of the Bitcoin to the dollar drops to the rate you specified or when someone decides to accept your offer at your given rate.
You are the one in charge at this point. The Limit Sell is the order in which you state the quantity and the price you will offer to trade on a particular cryptocurrency in Coinbase. The Order here is the condition that you attach to the quantity of your order. Execution comes into being when the conditions of your order have been met and it is set to be purchased.
The guide given above will help you trade on Coinbase and GDAX with zero fees. You can now trade on the Coinbase platform after fulfilling these conditions. You are now free to buy and sell Bitcoins, Litecoin, Ether and other Cryptocurrencies without any extra cost. We hope you find this guide helpful and we wish you a happy trading!
Coinbase Fees- How to avoid them
Coinbase, like most exchanges charges withdrawal fees. However there is a neat trick allows you to avoid withdrawal fees. Coinbase is the most popular cryptocurrency exchanges in the US and UK due to the ability to directly purchase cryptocurrencies with fiat, as well as being one of the few exchanges that allow US citizens to trade. Many not only use Coinbase to buy cryptocurrencies, but also to store their cryptocurrencies. So with frequent usage of the Exchange, withdrawal fees can certainly add up. Here are some top tips and hacks to avoid or reduce Coinbase Fees.
To find out more about the best Cryptocurrency Exchanges in our Guide.
Coinbase and Coinbase Pro (previously known as GDAX are two of the more popular platforms around the world where people can buy, sell, and trade cryptocurrencies. Coinbase and Coinbase Pro currently operate in the US, Europe, UK, Canada, Australia, and Singapore. Users can trade cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Coinbase vs Coinbase Pro: What are the differences?
Coinbase and Coinbase Pro are actually two separate but related products. Coinbase was launched first in 2012 and aimed to provide a user friendly platform for people with no experience to buy and sell bitcoin through bank transfers. In 2015, with the growing interest and popularity in cryptocurrencies, the Company expanded to create Coinbase Exchange- a US based Bitcoin exchange to allow for Bitcoin and cryptocurrency trading. Because Coinbase Exchange was beyond the original scope for their more “casual” users, they decided to rebrand it to GDAX – Global Digital Asset Exchange (which is now known as Coinbase Pro).
Coinbase – a place where customers can buy, sell, send, receive and store your cryptocurrencies.
Coinbase Pro(formerly GDAX or Coinbase Exchange) – an exchange for professional traders. Aside from having the same functions as Coinbase, Coinbase pro also allows users to do the following:
- Trade between different cryptocurrencies;
- place market, limit and stop orders; and
- have more detailed trading charts to analyse short term trends (e.g. order book, volume etc).
Most importantly, Coinbase Pro has lower feesand in some limited transactions, zero fees.
What are the fees on Coinbase and Coinbase Pro?
Coinbase buy/sell transaction fees
Coinbase has the most expensive fees compared to other what we consider as Tier 1 Cryptocurrency Exchanges. Coinbase charges a 0.50% fee for cryptocurrency purchases and sales. On top of this, Coinbase also charges a Coinbase Fee. The Coinbase Fee is the greater of (1) a flat fee depending on order size; (2) a variable percentage depending on your region and payment type.
Here are the flat fees charged by Coinbase:
|Total Transaction Amount||Transaction Fee (USD, EUR, GBP)|
|Less than $10||$0.99, €0,99, £0,99|
|More than $10, Less than $25||$1.49, €1,49, £1,49|
|More than $25, Less than $50||$1.99, €1,99, £1,99|
|More than $50, Less than $200||$2.99, €2,99, £2,99|
Below is the variable percentage for users in the US. Check here for the variable percentages for other countries.
Here’s an illustration of how to calculate your buy/sell transaction fee. For example, I’m in the United States and want to purchase USD $20 worth of Bitcoin using my debit card. My flat fee would be USD$1.49 because total transaction amount more than USD$10 but less than USD$25. Whilst the variable percentage would be 3.99% because I am paying with debit card. In this case, Coinbase would charge me USD1.49 because the flat fee is higher than the variable percentage.
Coinbase crypto to crypto conversion fees
For crypto to crypto conversions e.g. USDC to BTC, or BTC to ETH, Coinbase charges a spread margin of up to 2%. The exact margin would depend on the market fluctuations at the time.
Coinbase Pro trading fees
Coinbase Pro on the other hand operates on a maker-taker fee model. You would be considered a “taker” if you place an order at the market price, and this order is filled immediately. On the other hand, you are a “maker” if the order you placed is not immediately matched by an existing order. In the case where only part of your order is matched immediately, you would pay the taker fee for that portion only. You would then pay the maker fee for the remainder of the total order when it is matched.
Coinbase Pro’s fees are charged as a percentage of the transaction in question. As to the percentage, it would depend on the total amount traded by users in 1 month as follows:
Based on the above, for small volume users, e.g. those that trade less than USD$10,000 a month, their fees would be 0.50% of each transaction.
Of course, one possible method to reduce trading fees is to work towards a higher tier by increasing your monthly trade volume. For example, if more than $10,000 USD is traded in a month, the Maker and Taker fees drop to 0.35%, this means 15% a reduction on trading fees.
Coinbase hack: use Coinbase Pro (GDAX) to avoid withdrawal fees from Coinbase
Coinbase withdrawal fees can be very high. When users withdraw their coins off the Coinbase platform, Coinbase will charge users a fee based on their estimation of the network transaction fees they anticipate they will pay. Coinbase has stated that in some circumstances, the fee that Coinbase pays may be different from the estimate. So there is a possibility that the estimated fee that users have to pay are HIGHER than the network transaction fee actually paid by Coinbase.
However, there may be a way to avoid Coinbase withdrawal fees. According to Coinbase, they do not charge for transferring cryptocurrency from one Coinbase wallet to another. Since Coinbase and Coinbase Pro (GDAX) are owned by the same company, sending your funds from Coinbase to Coinbase Pro would be instant and free since it is a transfer from one Coinbase wallet to another.
The key here is that Coinbase Pro does not charge any withdrawal fees. You can then send your cryptocurrencies from Coinbase Pro to any other wallet outside of the Coinbase platform without paying any network transfer fees.
Withdraw in another cryptocurrency
Bitcoin has the most expensive transfer fees on Coinbase. One way to reduce transfer fees is to exchange Bitcoin to another cryptocurrency such as Litecoin or Bitcoin Cash. These coins will be cheaper to transfer, and could be exchanged back to Bitcoin once the transfer is complete on the receiving exchange.
Use another Exchange
If Coinbase fees are too expensive for you, you can always use another exchange such as Binance or FTX Exchange. These exchanges offer more competitive withdraw rates and also have more types of cryptocurrency options. To find out more about the best Cryptocurrency Exchanges in our Guide.
Coinbase fees are in line with other cryptocurrency exchanges, with $2.99 being charged for transactions between $50-200 dollars. However for larger transactions, Coinbase charges a variable percentage fee of 1.49%. For anything over $10,000 USD, we recommend using Over The Counter (OTC) trading desks which are better at handling large volumes with more flexible rates. Here’s a list of the top 5 OTC desks.
To learn more about Bitcoin, cryptocurrencies and how to get started, check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour
Coinbase Pro is an American cryptocurrency exchange. Some of you may have heard of GDAX. Well, this is GDAX. The name change took place in July 2018, following which it will hereinafter be known as Coinbase Pro.
Coinbase Pro prides itself on offering institutions and professionals the ability to trade a selection of digital currencies like Bitcoin, Ethereum, and more on a regulated exchange. This is a big difference from most other exchanges, as most other exchanges are not regulated.
Coinbase Pro also has extremely high liquidity which is helpful for all cryptocurrency investors trading here. The exchange has many advanced trading functions. For instance, you can do leveraged trading of up to 500:1. To our knowledge, there are no other exchanges offering a leverage this high.
The exchange itself promotes three things: industry leading API, insurance protection and competitive fees. The industry leading API is helpful for people who develop programmatic trading bots to enhance their trading. Insurance protection is helpful to everybody, seeing as the protection the insurance provides is for all assets held at the exchange. The fees are naturally also helpful to everybody.
As Coinbase Pro is an American cryptocurrency exchange, US-investors can freely trade at this exchange as well. America is in many ways the ruler of cryptocurrency right now. It has a very impressive number of cryptocurrency exchanges and a large part of the everyday cryptocurrency trading occurs on American exchanges or on other exchanges but involving American traders. A few of the cryptocurrency exchanges coming from the USA are Coinbase, Gate.io, Paxful and Bitquick.
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Coinbase Pro:
The fees at Coinbase Pro are what we call flat fees, meaning that makers and takers are charged the same fee. The fees here are 0.50% for both takers and makers. This is clearly above the industry average, which has historically been around 0.25%. Today, however, we see more and more exchanges moving towards even lower trading fees such as 0.10%. So in comparison with this, 0.50% is even more above the industry average.
Coinbase Pro also offers trading fee discounts when you have a large trading volume during the preceding 30 days. Trading fees can become as low as 0.04% for takers and 0,00% (i.e., free) for makers. That is if they have a trading volume exceeding USD 1 billion. So we don't think that there are that many traders that will reach the highest level of trading fee discounts at Coinbase Pro. The exact trading fee discounts are set out in the below table:
Furthermore, the exchange does not charge any withdrawal fees at all for withdrawing cryptocurrencies. This is a very strong competitive edge in the market and really distinguishes this exchange from most other top crypto exchanges.
Coinbase Pro offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
Fee gdax withdraw
Hi there, cryptocurrency fans! So you’re looking to make your first million trading cryptocurrencies, but first, want to know if GDAX is just as good as other recommenced cryptocurrency exchange platforms, such as Coinbase, Binance and Kraken?
Not to worry — I’ve got everything covered! The cryptocurrency trading markets are now a multi-billion dollar industry and during its all-time highs in December 2017, daily trading volumes were as high as the New York Stock Exchange!
In my GDAX review, I am going to answer things like ‘Is GDAX user-friendly?’, ‘What are the GDAX fees charged’? and ‘Is GDAX safe?’.
I am even going to show you how to use GDAX with some really useful screenshots! You’ve got a lot to learn, so let’s get started by finding out what is GDAX!
- Easy to use
- Low trading fees
- Unhelpful customer support
- No anonymous trading
What is GDAX? (Coinbase Pro)
GDAX is a cryptocurrency exchange that allows people to buy, sell and trade a range of digital coins. Launched in 2016, GDAX stands for Global Digital Asset Exchange. The people that created GDAX are part of the same company that runs Coinbase, which is now one of the largest exchange 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 advanced trading platform. The reason for this is that Coinbase only 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 use real-world payment methods such as a bank account to deposit and withdraw funds!
The great thing is that if you have a Coinbase account, you automatically have a GDAX account too! All you need to do is enter the same log in details that you use at Coinbase!
Just like Coinbase, GDAX now has one of the largest trading volumes in the cryptocurrency industry. At the time of writing in July 2018, the exchange averages about $100 million in daily trades. The most that have ever been traded at GDAX is $650 million in a single day, 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 about 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 exchange 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 it even better!
The new platform is now live, meaning that if you try to access GDAX, you will be redirected to the new Coinbase Pro website. When I tested it out for the first time, I noticed a few differences.
Firstly, the platform is much cleaner, meaning that it is easier to navigate. The deposit and withdrawal process is also more straight forward, which is great! I also noticed that the pricing charts offer more options, which makes it much easier to view historical data.
Finally, the old platform made it slightly difficult to view your portfolio of coins, but this has been changed to make it much more user-friendly!
During the announcement, GDAX also revealed that they had taken over a company called Paradex. The technology 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 total there are hundreds of them!
Just to let you know, I will still refer to Coinbase Pro as GDAX for the rest of my review, as I don’t want to confuse you!
So, now that you know about the Coinbase Pro rebrand, the next part of my GDAX review is going to look at what payment methods you can use and the fees that the exchange charges!
Payment Methods and Fees
The GDAX team recognized the importance of allowing people to deposit and withdraw using real-world money, which means that you can use your bank to fund your account!
Before I discuss the fees, I wanted to make it clear that only certain countries are allowed to use a bank account to deposit. Furthermore, the type of payment system will depend on the country you are located in.
If you 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 only €0.15!
If you are located in the U.S., you can deposit using a U.S bank account, which will cost 1.49% of the total transaction.
The GDAX withdrawal fee when using a U.S. bank account is also 1.49%. Alternatively, U.S. customers can do a wire transfer, which will cost a fixed-fee of $10 to deposit and $25 to withdraw.
If you are based in Canada, Singapore or Australia, you can still use real-world money to deposit funds into your GDAX account, however, at the moment, you cannot withdraw them out. This means that you will need to convert any fiat currency balances you have into cryptocurrency, and then withdraw the cryptocurrency back to your wallet.
It is also possible to transfer funds from your Coinbase balance over to your GDAX account. This is free of charge and only takes a few seconds! For a detailed guide on how to do this, you can check out this detailed tutorial!
If you are looking to deposit using a debit or credit card, GDAX does not support this directly, however, you can do this within the Coinbase platform. The charge for this is 3.99% of the total transaction amount and once you have done it, simply transfer the funds across to GDAX.
If none of these options suit you, you can also deposit using a cryptocurrency! Although GDAX won’t charge you for this, you will still need to pay the blockchain transaction fee. However, this is usually less than a dollar and will depend on what coin you choose to deposit with. The GDAX withdrawal fees for cryptocurrencies are the same as those charged for depositing, which is nothing!
When it comes to trading fees, GDAX is much cheaper than Coinbase, who charges 1.49% every time you buy or sell! GDAX fees depend on a couple of different things, which I will explain below.
Firstly, GDAX has a different rate for ‘Market Makers’ and ‘Market Takers’. The market maker is the person that provides liquidity for the exchange. Essentially, if the trader places an order at a price higher or lower than the current market price, then they are a maker.
For example, if the current price of Bitcoin on GDAX is $6,800, but you place an order to buy it at $6,300, then you are a market maker because your funds are unavailable until the order is executed. This is important for cryptocurrency exchanges because it ensures there is enough liquidity for other traders.
As a result, GDAX does not charge any trading fees for market ‘makers’! On the other hand, if a trader buys or sells a coin at the current market price offered by the exchange, then they are a market ‘taker’!
The fees charged for market takers depend on how much you trade in a single month. The highest fee charged is just 0.30% of the total trade amount. If you trade more than $10 million then this is reduced to 0.20% and if you are crazy enough to trade more than $100 million, this is reduced to 0.10%!
So now that you know about the GDAX payment methods and fees, the next part of my GDAX review is going to look at what coins you can buy!
Which Coins Can you Buy on GDAX (Coinbase Pro)?
One of the most disappointing aspects of using GDAX is that the number of coins available to buy, sell and trade is really limited. In fact, at the time of writing in July 2018, the exchange only supports four cryptocurrencies.
These are Bitcoin(BTC), Ethereum(ETH), Litecoin(LTC) and Bitcoin Cash (BCH), which is the same as Coinbase. According to the Coinbase and GDAX team, the exchanges hope to start supporting more coins very shortly.
Dan Romero, who is the general manager at Coinbase, recently explained that adding more cryptocurrencies is a top priority, however, 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 keen to have their coin listed on Coinbase and GDAX because they have more than 13 million customers and the platforms make it easy to use real-world money.
For example, the team behind Ripple (XRP) has been trying to get their coin listed on Coinbase and GDAX for a long time now, with the team even offering to lend the platforms $100 million worth of XRP! When rumors were released that the deal was going to go through, the value of XRP went crazy! However, once it was revealed that Ripple wasn’t going to be added, its value dropped back down!
In reality, if you are looking for an exchange that supports lots of different cryptocurrencies, then GDAX might not suit you. There are other exchanges such as Binance that list hundreds of different coins, with more being added all the time.
Just to let you know, it is also possible to trade the four supported coins against fiat currencies such as USD and EUR, which is a cool feature!
So now that you know what coins the exchange supports, the next part of my GDAX review is going to look at the signup process!
Is it Easy to Sign Up?
You might remember how I mentioned earlier that if you already have a Coinbase account, you automatically have a GDAX account. If this is the case, you can move to the next part of my GDAX review!
If not, let me quickly explain the sign-up process, which is the same for both Coinbase and GDAX.
As the platform is based in the U.S., they take account security very seriously. This means that unlike some exchanges, you will not be able to trade anonymously. As a result, you will need to go through a KYC(Know Your Customer) process. But don’t worry, it’s really simple and only takes a few minutes!
Firstly, you will need to supply the exchange with a range of personal details. This will include your name, nationality and full address. After this, you will then need to upload some identification to prove your identities, such as a passport or driving license.
The good thing is that the document verification is automated, meaning that the system can confirm your identity without needing a GDAX employee to do it manually! When I went through the process it only took me 10 minutes in total!
As soon as you have done this, you can then link your debit/credit card or bank account and make a deposit straight away!
Just remember that if you want to withdraw more than $10,000 in a single day, you will need to provide the exchange with additional information. This depends on where you are based and could include a phone verification or a request for a proof of address (like a bank statement).
So now that you know about the simple sign up process, the next part of my GDAX review is going to look at the exchange’s customer support!
GDAX Customer Support
When I am thinking about using a cryptocurrency exchange for the first time, one of the most important things I look for is what customer support is available. If a thing goes wrong, I want to know that I can receive fast and efficient help, 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 outside of these hours, you can send them an email 24 hours a day. Alternatively, you can also contact GDAX on various social media channels such as Twitter. If you decide to go this route, just be sure that you don’t post any sensitive account details!
The only negative aspect to the GDAX customer service team is that they don’t have a live chat facility. However overall, if you have any issues with your account, the GDAX team are usually very quick to respond!
So now that you know about customer support, the next part of my GDAX review is going to find out is GDAX safe!
Is GDAX Safe?
As GDAX and Coinbase are both owned by the same company, they both use the same security controls. I mentioned earlier that every GDAX user must identify themselves before they can start trading, which means that any fraudulent activity can be traced directly to the individual.
GDAX is responsible for hundreds of millions of dollars’ worth of cryptocurrency, so they have to make sure they keep customer funds safe. 98% of all funds are kept in cold storage, meaning that they are always held offline. This makes it practically impossible for an online hacker to access them!
The remaining 2% of funds are held online, which allows the exchange to process customer orders. GDAX offers its users the option of setting up two-factor authentication (2FA). Once you have a 2FA set up, you 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 you decide 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 because if a hacker gained access to your account, you would have 48 hours to cancel the transaction.
GDAX also offers something called multi-approval. This is where more than one person is required to confirm a withdrawal request. This is a fantastic security feature as it makes it practically impossible 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 additional security feature at GDAX is their FDIC agreement. This means that if Coinbase had their funds hacked or the company went out of business, your funds would be protected up to $250,000! Just remember though, to be protected by FDIC your funds need to be held in your GDAX USD wallet.
Everything sounds too good to be true, right? Well, there was a slight issue that I wanted to talk to you about! On June 21st, 2018, the price of Ethereum on GDAX suddenly went down from $319 to $0.10! The reason for this is that a trader sold millions of dollars’ worth of ETH, which for a few seconds resulted in a price crash.
This meant that some traders lost a lot of money as the price drop activated various orders. Some people think that this was an attempt to manipulate the market, 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 back up their investment would have been worth more than $1 million!
Other than this one-off event, GDAX is one of the most secure exchanges in the industry.
So now that you know is GDAX safe, the next part of my GDAX review is going to look at who the exchange is suitable for!
Who Should Use GDAX?
The GDAX platform is slightly more complexthan Coinbase because it actually allows users to trade cryptocurrencies, rather than just buy and sell them. This means that you will need a little bit of experience on how cryptocurrency exchanges work.
The markets are volatile and prices can rise or fall quickly, so I will just make sure that you understand some of the key features. The cryptocurrencies that you want to trade are called ‘Pairings’. For example, if you want to tradeBitcoinwithEthereum, then you will need to access the BTC/ETH pairing. You can also trade cryptocurrencies against fiat currencies on GDAX, such as a BTC/USD pairing.
The most basic option is called a ‘Market Order’, which means that you are buying or selling a coin at the current market price. If you choose this option, your trade is normally executed within a couple of seconds.
The next option available at GDAX is their ‘Limit Order’ option. This is where you choose a price that you want to trade. The order will only be completed once the current market price reached the price you chose.
For example, if the current price of Litecoin was $100, but you felt the price was going to go down, you could set a limit order for $85. If the current market price went down to $85, then your trade would be 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 price of your coin goes down. For example, if you bought Bitcoin at $7,000, you could set a stop order at $5,000. If the price of Bitcoin crashed, then the system would automatically sell your coins at $5,000.
It is important that you learn how to use all of the above features, as they could be the difference between you making or losing money!
So now that you know who the platform is suitable for, the next part of my GDAX review is going to quickly summarize all of the advantages and disadvantages that I have discussed.
The Advantages and Disadvantages
Let's have a look at the positives and negatives of GDAX.
|GDAX PROS||GDAX CONS|
Now that I have summarized the platform’s advantages and disadvantages, the final part of my GDAX review is going to quickly show you how to use GDAX!
How to use GDAX: Testing the Interface
Before we get started, as the Coinbase Pro website has only recently been created, it sometimes doesn’t show up on Google. Therefore, you can find it here.
Finding a Trading Pair
Once you are on the Coinbase Pro platform, login and then click on Trade at the top of the page.
Now you need to click on Select Market. A drop-down box will appear. If you see the pairing that you want to trade – great! If not, select the cryptocurrency/fiat currency that you want to trade.
Once you have chosen your trading pair, you will be taken to the main trading screen. I am going to select BTC/EUR!
Understanding the Trading Screen
As you will see in the chart below, you can view the historical pricing movements for your pairing. In my example, each bar represents a ‘5-minute movement’. Green means it went up and red means it went down! You can change this from 1 minute up to 1 day.
You can also change the chart from candlestick bars to lines. Take a look at the screenshot below!
How to Trade on GDAX
Once you have decided what trade you want to do, head over to the order form on the left of the screen. As you will see from my example below, you can choose either ‘Market Order’, ‘Limit Order’ or ‘Stop Loss Order’. If you can’t remember what these mean, go back up to the ‘Who should use GDAX?’ part of my GDAX review!
If you are going for a market order, all you need to do is enter the number of coins you want to buy or sell. If you want to do a limit or stop loss order, then enter the number of coins you want to buy or sell and the amount you want the order to be executed at.
As you can see from the above example, I have done a limit order. I have specified that I want to buy 1 BTC when the price goes down to 5,000 EUR. Once I click on Place Buy Order, my trade will only be executed when the price of BTC goes down to 5,000 EUR!
GDAX Review: Conclusion
And that’s the end of my GDAX review! I know I have provided you with lots of information, but if you have read it from start to finish, you will now know everything there is to know about them!
This includes everything from GDAX fees, customer support, coin availability, security, user-friendliness, and even payment methods! I also gave you some really useful screenshots of how to use GDAX for the very first time!
Ultimately, I think GDAX is one of the better exchanges in the industry. Although you can only trade four different coins, I like how easy it is to deposit and withdraw funds, and the security is great too. I also like the fact that there is plenty of liquidity!
If you want to check out other more recommended exchanges, you 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 advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Coinbase and GDAX are two of the more popular platforms around the world where people can buy, sell, and trade cryptocurrencies. Coinbase and GDAX currently operates in the US, Europe, UK, Canada, Australia, and Singapore. Users can trade cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Two Sides of the Same Coin(base)
Coinbase and GDAX are actually two separate but related products. Coinbase was started first and aimed to provide a user friendly platform for people with no experience to get into crypto. With the growing interest and popularity in cryptocurrencies, the company expanded to create a Coinbase Exchange to allow for Bitcoin and cryptocurrency trading. Because this exchange was beyond the original scope for their more "casual" users, they decided to rebrand this Exchange as GDAX - Global Digital Asset Exchange.
Coinbase - a place for consumers to easily buy, sell, and store digital currency.
GDAX (formerly Coinbase Exchange) - an exchange for professionals to trade digital assets.
Use GDAX to Avoid withdrawal fees from Coinbase
Coinbase withdrawal fees can be very high. When users withdraw their coins from Coinbase directly, they will be charged a network transfer fee. However, since Coinbase and GDAX are owned by the same company, sending your funds from Coinbase to GDAX is instant and free.
Additionally, GDAX does not charge any fees to withdraw. You can send your crypto from GDAX to any other wallet without paying any network transfer fees from your own pocket.
Transfer fiat onto Coinbase. Coinbase charges ~1.5% when buying or selling via bank transfer and ~4% when using credit cards or PayPal. Keep in mind that alternative payment methods will always have higher fees. Coinbase actually offers some of the lowest credit card buy/sell fees in the industry.
Send fiat (ie USD) from your Coinbase account to your GDAX account. This is instant and does not cost anything.
On GDAX you can buy your desired crypto (bitcoin, ethereum, and/or litecoin). Why one should buy on GDAX is because with their maker-taker model, you can buy with a limit order and you'll incur zero trading fees.
As an optional last step, once you have your coins you may take advantage of GDAX's zero withdrawal fees and send it to any other address or exchange without network transfer fees. The other exchange may have more choices in terms of alt coins that GDAX doesn't have.
The content here is not financial advice. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Article posted at https://boxmining.com/coinbase-gdax-avoid-withdrawal-fees/
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