Opinion about GDAX

GDAX is Coinbase's currency pair trading platform. If you are wondering if it is a scam, you can rest easy since it is one of the companies that more users trust and does not offer any kind of doubt as to the non-existence of scams.

Initially, Coinbase offered the possibility of trading on its own website, but it was a very limited service and interfered with its bitcoin purchase service. Therefore, since 2016 they decided to launch GDAX as a platform specializing in investing in cryptocurrency pairs. Next, we analyze in our review the most important aspects of this website, with special attention to security.

Our experience

The truth is that we had high expectations with the performance of this website, since Coinbase gives it a tour and an image that not all companies have. Overall it has not disappointed us, although of course it has its weak points. At least as far as security is concerned, we confirm that it is not a scam and that in our opinion it is safe. As far as investment is concerned, the operation is very good, but precisely because we consider it to be a reliable company, we would have liked them to offer a greater diversity of currency pairs.

Perhaps these small qualms are due more to our expectations than to their performance. The truth is that it is a young project that started its journey in 2016, and if we take that into account, we believe that it offers more than enough: they have a good website, a serious security policy, and a good investment platform. Which could offer more number of cryptocurrency pairs? Maybe we just have to give them time, but of course the most popular bitcoin and ethereum are available.

Is GDAX a scam?

We have to say that in our opinion GDAX is absolutely not a scam. This website or investment platform belongs to Coinbase, Inc. what we believe in is already a guarantee of security in itself. And yet it is not easy to see this on the web. A curious failure since any responsible investor will want to know which company a website in which he is going to open an account depends on.

Coinbase is a FinCEN registered company that is licensed as a money transmitter in a large number of states, which today is practically the most that a company that is dedicated to cryptocurrencies can say since they are not recognized or regulated in almost any country.

Apart from being sure that it is not a scam, they implement important security measures, which we explain below in the Security and regulations section. We also invite you to read our Coinbase review to go into detail about some of its security measures.

GDAX promotions

It is a new project and it could have promotions to acquire new users, but with the bitcoin bubble it has not been necessary and they have not launched them. So we don't have much to say in this section. Simply that we will update in case any opportunity arises.

Trading cryptocurrencies at GDAX

The operation in GDAX is fluid and simple, in fact the only complaint we have is that, as we have already commented, they still do not offer many cryptocurrency pairs. Specifically, there are twelve: BTC-USD, BTC-EUR, BTC-GBP, ETH-USD, ETH-BTC, ETH-EUR, BCH-EUR, BCH-USD, BCH-BTC, LTC-USD, LTC-BTC and LTC-EUR. On their website, in the footer you have access to a document in which they explain the theoretical framework they use to accept the exchange of a new currency on their platform, which includes aspects such as security, respect for US laws (especially those that prevent money laundering), scalability, free market and many others. You can see it under the name Digital Asset Framework.

You can trade from their trading platform, where you have the option to view the charts in different time dimensions, set limit orders and, of course, with stops, or you can develop your own software thanks to their API service. Therefore, it is a platform that can perfectly serve both an individual investor and a company or a professional, since in fact they allow the opening of corporate accounts.

Registration is free and the commissions per operation are 0% if you are the one who launches the offer to the market, and 0.25% if you accept an offer from the market in bitcoins or 0.30% if it is in ethereum or litecoin.

Payment methods

GDAX has commissions for depositing money, but the truth is that they are very low, so they do not make a big difference with other platforms that may offer income for free.

For depositing money with a SEPA transfer, they will charge you $0.15, the same amount they will charge you for withdrawing the money with that type of transfer. Usually both the deposit and the withdrawal require waiting between 1 and 3 working days. Keep in mind that if you make the deposit through a bank transfer in the concept you must enter your customer reference number so that they can know that those funds are yours. If you choose to deposit via cryptocurrency, both the deposit and withdrawal are free.

We also like that they do not have any type of inactivity fee, so the money you have with them is safe and will not be reduced even if you spend a season away from the markets.

Safety and regulations

We have already explained to you why we think GDAX is not a scam, but now let's look at its security measures.

The first of these is something fundamental in our opinion. The company keeps 98% of the deposited money in a cold wallet to which no hacker can have access. The remaining 2% are kept on the platform for liquidity reasons. This, combined with the constant monitoring that its staff does of strange movements, means that even if there is a security breach, hackers cannot access most of the deposited funds, so there should be no danger of insolvency even in case of theft.

In addition, funds in traditional currencies are kept in segregated accounts, in such a way that they remain yours at all times and the company cannot use them for its own payments.

On their website, they claim that cryptocurrency funds are insured against widespread theft or theft from employees, they cannot logically take over thefts as a result of someone guessing your password, since having a strong password is considered your responsibility.

As usual, it is necessary to verify your identity and address in order to use the account, for which you will have to upload images of two documents, usually the identity document and an invoice in which your name and address can be seen. Keep in mind that for security reasons you should not send your documents by email but through the web that is encrypted.

Customer service

Something that is strange among cryptocurrency trading platforms is having fast customer support and GDAX has it. Since they have a great company behind them, they have not been as overwhelmed by Palms as others with the great growth of bitcoin. Good note for them in this section.

For personal issues related to your account, you must contact them through the support contact form. Although they have a phone that you can see in the table above, the support agents have their capabilities limited for security reasons. Therefore, the call center agents are there to help you with general doubts and above all to notify them of serious cases that must be solved instantly, such as the fact that you detected unauthorized access to your account.

Functionality of the website

Undoubtedly a good website that allows you to invest in 9 pairs of cryptocurrencies efficiently. The website itself has the most important links at the top: information about the API, login and registration buttons, link to the investment platform, etc., and the most informative links below.

If we have to put buts, the only one we find is that it is not available in Spanish, which would be appreciated, but it is more than usual on all these platforms.

As for the investment platform, it allows you to see some simple charts, but it is true that here the possibility of adding our own lines to the charts could be improved a little to be able to draw support and resistance lines and help us with the analysis.

Mobile application

GDAX has not developed a mobile app on either Android or iOS, but it does have its website optimized for these devices and if you enter its website from your mobile normally, you will be able to make use of all the functions. So if you are going to want to invest from mobile, in our opinion this platform is a good option.

Finding

While it is true that there have been frauds in the cryptocurrency trading market, we believe that working with GDAX there is nothing to fear. It is a well-built platform with the support of a company like Coinbase with great experience in everything related to the bitcoin world.

Their investment platform works well, and we have no doubt that they will improve it even more in the near future.

From Estafa.info it only remains for us to say that we encourage you to try their services, the low deposit and withdrawal fees ($ 0.15) make it perfectly testable without risking much and, if convinced, you can increase your exposure with them.