US-based GDAX is a popular digital asset exchange that makes depositing and withdrawing funds quick and easy.
GDAX, or Global Digital Asset Exchange, offers high-volume digital currency trading and wallet services to US and global clients. Like fiat currencies, digital currencies offered through GDAX are traded against the US dollar.
Traders will be happy to know that GDAX is part of Coinbase, which is one of the world’s leading cryptocurrency exchanges. The company rebranded its Coinbase Exchange into GDAX back in May 2016, when it began offering the Ethereum token.
Exchanges like GDAX
What is GDAX?
GDAX is an online digital currency exchange that gives institutions and professionals the ability to trade the world’s leading cryptocurrencies.
GDAX is highly liquid and tapped into one of the world’s biggest cryptocurrency networks. It offers advanced trading features, competitive fees and many deposit options. Leverage of up to 500:1 is also offered to investors looking for the opportunity to make more money.
The exchange is insured by some of the industry’s biggest investors, such as the New York Stock Exchange and Andreessen Horowitz, the private American venture capital firm.
Which cryptocurrency pairs can I exchange?
In addition to fiat currency such as the US dollar (USD) and euro (EUR), GDAX offers the bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) cryptocoins. These tokens are offered across a range of currency pairs, including:
GDAX currently operates in the United States, Europe (including UK), Canada, Australia and Singapore.
Which payment methods are accepted?
- Automated Clearing House (ACH) bank transfers
- Single Euro Payments Area (SEPA) withdrawals and deposits in euros
- Wire transfers in US dollars
The latter ensures same-day deposits, so long as they are initiated before your bank’s daily cut-off time.
Fees and charges
GDAX operates a “maker-taker” model on deposits and withdrawals, where fees are assessed as a percentage of the quoted currency.
The broker charges 0% in “maker” fees. Its “taker” fee goes up to a maximum of 0.25%, with volume-based discounts lowering the fee to as little as 0.1%.
A detailed fee structure for bitcoin is outlined below:
|User 30-day volume||Taker fee||Maker fee|
|>O% (~0.00 BTC)||0.25%||0%|
|>1% (~4,691.67 BTC)||0.24%|
|> 2.5 % (~11,729.18 BTC)||0.22%|
|> 5 % (~23,458.37 BTC)||0.19%|
|> 10 % (~46,916.73 BTC)||0.15%|
|> 20 % (~93,833.46 BTC)||0.1%|
Here’s a list of deposit and withdrawal fees charged by ACH, SEPA and USD Wire:
- ACH Deposit: Free
- ACH Withdrawal: Free
- SEPA Deposit: Free
- SEPA Withdrawal: EUR0.15
- USD Wire Deposit: US$10
- USD Wire Withdrawal: US$25
How fast will my funds be available?
ACH bank transfers normally take 7-10 days to process. Wire transfers are credited to your account on the same day provided they are initiated before the daily cut-off time, which is usually around 2:00 p.m ET.
Are there any transfer limits?
Verified users can deposit an unlimited amount into their GDAX account.
Daily withdrawal limits begin at $10,000. To increase your limit, you must submit a formal request.
Is GDAX secure?
GDAX is considered to be one of the safest and most reliable exchanges. Not only has it never been hacked, it’s supported by leading investors and insured by the Federal Deposit Insurance Corporation (FDIC) for up to US$250,000 per customer.
Because account verification requires photo ID and proof of address, GDAX is considered less private than other platforms.
GDAX offers a comprehensive FAQ section on its main site, which answers many common questions users have.
Each page in its support section also has a “Submit a Request” button at the very bottom, where you can reach out to customer support with any issues related to account transactions, ID verification, security, technical questions regarding API or other inquiries.
Pros and cons
- Suited for professional traders
- Competitive fees
- Access to some of the world’s leading cryptos
- Fully regulated in the United States
- Highly liquid
- Fewer altcoins to choose from
- Not ideal for beginners
To get started with GDAX, head over to its website and select “Create Account”. After signing up and verifying your credentials, you’ll be ready to start trading.
Frequently asked questions
Image source: GDAX