Cryptocurrency exchanges are digital platforms that serve as virtual currency markets for trading cryptocurrencies. Exchanges generate income by acting as an intermediary between cryptocurrency traders. They also earn money by facilitating transactions and collecting fees for the exchanges conducted on the blockchain.
Alongside Binance, GDAX (now rebranded as Coinbase Pro) is considered to be one of the most reputable crypto exchanges among digital asset traders. The acronym GDAX stands for Global Digital Asset Exchange, a platform founded in 2016. This cryptocurrency exchange is predominantly oriented toward experienced cryptocurrency traders.
Similar to Coinbase, Kraken, and Gemini, GDAX is also a centralized crypto exchange that acts as an intermediary between the parties included in the cryptocurrency transactions conducted on the platform. It’s known for its low fees, which makes it even more attractive to crypto investors.
Is GDAX the Same As Coinbase Pro?
Coinbase Global, Inc., often referred to as Coinbase, is the first US-based Bitcoin exchange. Once they had established this platform, its developers imagined the GDAX exchange as a platform that would provide more sophisticated trading for their Coinbase users. Established by Brian Armstrong and Fred Ehrsam in 2011, the GDAX exchange had no physical offices, it only had only a web URL (www.coinbase.com). Soon after listing Bitcoin (BTC) for trading, the GDAX developers succeeded in establishing the exchange as one of the most renowned cryptocurrency exchanges in the crypto industry.
As the number of Coinbase exchange users grew with the rising popularity of crypto assets, the team behind this trading platform started tackling the rebranding of the GDAX platform. Hence, in 2018, GDAX became Coinbase Pro. While the name of the exchange is new, the services offered on the platform are the same as before.
Since its launch in 2015, GDAX has aided the company’s officials in understanding the needs of active cryptocurrency traders better. It also improved the company’s liquidity and solidity. To allow a seamless rebranding of the new Coinbase Global, Inc subsidiary – GDAX 2.0 (i.e. Coinbase Pro), GDAX and Coinbase Pro existed jointly until June 29, 2018, after which the www.gdax.co was inactivated.
Is Coinbase the Same as Coinbase Pro?
It’s important to note that Coinbase and Coinbase Pro are different yet related platforms that are owned by the same firm – Coinbase Inc. Despite the name association and the same owner-company, Coinbase and Coinbase Pro do not provide the same digital solutions for crypto traders.
Since Coinbase Pro was designed to cater to the business needs of professional cryptocurrency traders and provided margin trading, Coinbase became the go-to exchange for the newbies of the crypto world, as well as for retail businesses and consumers. Namely, less experienced investors in digital assets can easily purchase or sell Bitcoin (BTC) or other altcoins on this platform (such as Ethereum (ETH) or Litecoin (LTC)), as Coinbase’s interface is more user-friendly and easier for the new users to understand and navigate.
Which Cryptocurrencies Are Listed on GDAX (Coinbase Pro)?
There are many cryptocurrencies to choose from on GDAX (Coinbase Pro) if you’re interested in investing or trading on the crypto market.
Apart from the most popular Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC), new altcoins are constantly listed on both Coinbase and Coinbase Pro exchanges, as the Coinbase Inc. platform is proactive about introducing new additions to the list of coins and tokens. However, the users of Coinbase Pro mainly use the BTC/USD pair for trading crypto assets.
How Do I Log Onto GDAX (Coinbase Pro)?
Although GDAX’s web address (https://www.gdax.com) is no longer active, its former users can still easily log in to a Coinbase account using their GDAX accounts, as they have been automatically upgraded to the rebranded platform.
What if I Don’t Have a GDAX Account?
The Coinbase Pro signup process for those who don’t have an account on GDAX is relatively straightforward. Logically, it starts by visiting the Coinbase Pro website. After submitting the form with their personal information, users must verify their email address by clicking on the verification link.
In the next step, users are asked to provide their phone number that also needs to be verified – this time, via SMS. The second personal data form they are prompted to fill in requires their occupation, company or business, date of birth, address, and country of residence.
If you’ve successfully completed these steps, the next step is to provide an ID verification by uploading a photo of your valid identity card. Depending on the geographical location, some users might be required to upload photos of two identity documents (for ex. ID and a passport). Upon successfully completing this step, you can link your bank account to your Coinbase Pro account and commence trading on the platform.
Provided you already have a Coinbase account, you may log onto Coinbase Pro with the same email address verified on Coinbase.
How to Trade on GDAX
If this part of the article is in your main focus of interest, then you’ve already made a decision on GDAX (Coinbase Pro) as a reliable and safe exchange. Following the process for opening your Coinbase Pro account we described above, now it’s time to look at the ways of trading offered by this platform.
The order form on GDAX (Coinbase Pro) offers several modes of trading: market order, limit order, and or stop-loss order (stop-buy and stop-sell orders).
A market order is a request by a platform user to acquire or sell cryptocurrency coins and tokens at the current market price. The market order is placed whenever the user has an intention of buying or selling crypto assets at any cost, and the price closest to the investor’s last viewable price in the order book is instantly applied to it.
This trading order allows for buying or selling crypto assets at a limited or higher rate. The deal can be executed only if the market price is equal to or greater than the trader’s limit. This order is also located in the order books and remains there until the price limit is met by another trader who offers a bid to buy it or asks to sell it.
When a specified price target is satisfied, the trader places a stop order. A stop order can be set as either a stop-buy or stop-sell (i.e stop-loss) order. In the first instance, the order is enforced when the targeted coin or token achieves the set price. On the other hand, the stop-loss order is activated to prevent the financial loss of the trader whenever the price of the targeted coin or token drops below the set limit.
What Are the Supported Payment Methods on GDAX?
For US clients that purchase, sell, or trade digital assets via GDAX (Coinbase Pro), there are several available trading pairs made of digital and fiat currencies. These include:
GDAX (Coinbase Pro) enables users to deposit and withdraw funds via bank accounts. Namely, by linking their bank accounts, users may trade digital currencies or buy Bitcoin, for instance. However, this highly beneficial feature is available only in a limited number of countries. The non-exhaustive list of the countries that can make use of this advantage includes the USA, UK, Singapore, Australia, and Canada – to name a few.
Additionally, GDAX accepts debit card or credit card payments, wire transfers, cryptocurrency deposits, and PayPal withdrawals via the Coinbase platform. Another significant convenience is that the users of both sister platforms can transfer their crypto funds from one account to another without any fee.
Is GDAX (Coinbase Pro) a Reliable Exchange?
As a sister company of Coinbase, GDAX has been built with the same safety algorithms that made Coinbase one of the safest exchange platforms in the first place. GDAX utilizes personal identification, which together with the two-factor authentication work to give the user a boost in their confidence in the platform.
Furthermore, GDAX’s FDIC agreement offers an extra layer of security. In other words, if Coinbase’s finances are compromised or the firm goes bankrupt, your money is safeguarded up to $250,000!
This also adds a heightened sense of security regarding users’ digital assets. In addition, this exchange platform stores most of its digital assets on secured USB sticks alongside paper copies (the cold storage method).
GDAX Customer Support
A skilled and responsive customer support team is critical for any crypto exchange, much more so when you’re making investments as a novice in the sector. Customer service for GDAX (Coinbase Pro) is conveniently provided by phone Monday through Friday (Pacific Time), from 8 a.m. to 5 p.m.
One caveat is that GDAX (Coinbase Pro) lacks an iOS or Android application, although it does support third-party APIs.
A Few Words Before You Go…
Being a centralized cryptocurrency exchange, GDAX (Coinbase Pro) is a digital solution aimed at catering to more experienced traders. As a Coinbase upgrade, GDAX allows customers to trade cryptocurrencies by placing market orders, stop-loss orders, or limit orders. This is a significant improvement from the Coinbase platform, where users can only engage in purchasing or selling cryptocurrencies.
This platform offers safe and convenient transactions secured by two-factor authentication, personal identification, as well as cold storage for your digital assets.