Global Digital Asset Exchange (GDAX)

What is GDAX?

Coinbase is one of the popular and first licensed US bitcoin exchanges. It was founded back in 2012 and had been helping to introduce digital currencies to investors across the world. In 2015, it acquired massive growth in terms of user base and trading volume.

As a result, Coinbase thought of expanding its bitcoin Portfolio to get other digital currencies, such as Ethereum. The company also established separate exchanges catering to casual, individual investors and extremely active traders. Later, it was rebranded as GDAX, abbreviated for Global Digital Asset Exchange.

Explaining Global Digital Asset Exchange (GDAX)

GDAX has been designed for professional traders who are extremely active in this domain. In contrast to Coinbase, which includes higher fees; GDAX enables users to avert incurring out-of-the-budget fees and simplify trades.

However, the transformation of Coinbase Exchange to GDAX in 2016 caused a lot of confusion among users. As of now, there are two products linked with Coinbase. While Coinbase is an exchange that caters to consumers so as to streamline ease of transactions and storage of digital assets; GDAX is simply for professionals.

For all of the digital currency exchanges, security is one of the significant concerns, keeping GDAX as no different. Keeping in mind that it concentrates on professional traders, security holds utmost importance.

Accordingly, this exchange is subjected to basic IT security as well as financial audits. A majority of digital assets for customers get stored in offline cold storage; making sure that these assets are safeguarded and are away from theft and hacks.

Furthermore, all of the USD balances get covered by FDIC insurance with a maximum coverage amount being $250,000 per head. GDAX represents one such exchange that relishes high trust levels from customers.

One of the reasons behind this is the support that this exchange acquired from top investors, like Union Square Ventures, Andreessen Horowitz, New York Stock Exchange, and more. With GDAX, customers can also ensure the advantage of the substantial network of the Coinbase exchange.

It is quite easier for Coinbase users to sign up for the GDAX account even if they have not cleared the similar hurdles that most of the exchanges need. Moreover, individuals also have the liberty to transfer funds between Coinbase and GDAX accounts, at any given point of time, without paying any charges.