GDAX is this a scam? Review and Customers Reviews

The Global Digital Asset Exchange or GDAX for short has been successfully operating on the market since 2016. In spite of the fact, it’s still a very young site, it’s already considered to be a popular American platform for professional crypto trading. It offers traders a wide range of opportunities to earn a good income. The company is included in the TOP-10 of the crypto exchanges in terms of trading volumes per day. It has a positive reputation and a large audience of regular clients.

Certainly, as their potential client you’d like to know for sure whether it’s another fraudster or you’re dealing with a reliable crypto exchange, which guarantees its users greater opportunities for profitable crypto trading and trouble-free withdrawal of earnings. Let’s answer this question here below.

GDAX is a part of the popular Californian Bitcoin (make money on Bitcoin’s) purchase service Coinbase, which has been active in the Bitcoin trade since 2012. In 2016, it was decided to create GDAX – a site, which would offer its users greater opportunities for work (the developers added support for Ethereum and a service for professional traders, etc.). At the stage of project development, large investors paid much attention to this undertaking and invested an impressive sum in the new platform. Among the investors we can see the investment fund Union Square Ventures, the New York Stock Exchange, etc. Today the company is rapidly developing, ranking high among the competitors of the crypto market (it’s included in the TOP-10 of the crypto exchanges by the volume of trades per day, in the TOP-5 by the volume of trades per day by the currency pair BTC/USD).

One of the major distinctive features of this crypto exchange is that the resource is ideal for the rapid acquisition and sale of crypto assets. The new project is aimed at traders with decent experience. GDAX provides its users with a full range of services to trade in digital coins: crypto wallets, profitable trading, payments and transfers in digital currencies, not to mention a convenient currency exchange in fiat money. Today the platform can be used by traders from different regions: the USA, Europe, Great Britain, Australia, etc. The exchange supports a limited number of digital currencies (these are Litecoin, Ethereum and Bitcoin), which can’t satisfy the needs of a large audience of traders, so they asked the company’s management to increase the number of crypto assets. Since the company needs to cater to its users, it has made up its mind to satisfy their need, pledging to expand the number of digital coins. What’s more – it has even published a number of criteria on which it plans to consider the assets to be suitable for the platform. In addition to crypto assets, on the site there is also convenient support for fiat money (the euro, the US dollar, the British pound).

The exchange is more oriented towards professional traders, offering them a lot of opportunities to earn on trading in cryptocurrencies. There’s nothing superfluous in the system, you’re free to create market, limit or stop orders, use margin trading (the maximum leverage on the platform is 1 to 3). Among the greatest advantages of the resource, it’s worth noting profitable trading in the most popular cryptocurrencies (learn here how to earn on crypto assets), an attractive website design, an intuitive interface, a lot of tools for analytics and work with charts.

Another serious issue for GDAX is to ensure a high level of trading security on the platform. In order to ensure that the users’ funds are securely stored, the following innovative solutions have been implemented: a two-factor authentication of accounts, more than 90% of assets are stored offline; online funds of clients are insured. Additionally, the Coinbase Vault program enables you to leave your capital for safekeeping in a secure safe. Moreover, financial audits are conducted on a regular basis.

Today the company is well-known in the crypto world, but it has a number of downsides, which limit the number of its customers. These shortcomings included the minimum number of crypto assets as well as currency pairs, the official website supports only English and Spanish, mandatory verification for all traders and also the striking resource complexity for newcomers of crypto trading.

Replenishment and withdrawal of funds

Despite the fact that GDAX exchange is rapidly developing, it offers rather a limited number of options to deposit funds to the trading account and withdraw earnings. For traders from different parts of the world different currencies are available to open an account on the site (British pounds for UK traders and US dollars for American clients). You can use bank transfers to replenish your trading account. However, in this case you will have to verify your trading account. All users can use digital currencies, electronic payment systems (SEPA, Wire Transfer) to replenish their accounts and withdraw earnings.

Complaints about GDAX

At the moment the exchange has rather a limited geography of users, which is mainly confirmed by the presence of only the English version of the site. Therefore, there aren’t any reviews from those traders who don’t speak English, although they’re certainly interested in it.

In general, the current customers of the company positively evaluate the work with it. They especially appreciate the option of margin trading, awesome functionality and security of the platform and money insurance. As for negative nuances, users note the geographical limitations of the market presence of the company, the minimum number of assets and mandatory verification.

Regulation of GDAX

Coinbase, Inc., which currently manages such brands as Coinbase and GDAX, is legally regulated in the United States. It offers a wide range of services for trading in crypto assets. The organization is subject to the country’s legislation, the FinCEN requirements and the regulations of the Bank Secrecy Act (which demands careful verification of the clients’ identity, currency transactions, etc.), the USA Patriot Act (which states that the resource is obliged to properly monitor the activities to suppress terrorism, etc.). The resource Coinbase indicated that the company has a license to carry out transactions with money and there’s a list of US states in which the services of the organization are allowed or prohibited. This law applies to wallets and transfers in US dollars.

On the GDAX Privacy Policy page, you can learn how security is ensured on the resource. For example, the company collects information about its users (contact details, mobile phones, behavior on the site, financial information, etc.). It also applies to Cookies, which are collected to identify customers of the resource, prevent various risks, fraud. The company seriously approaches the preservation of personal information about its users, which helps to correctly process customer transactions, customize advertising and content of the resource in accordance with the target audience, timely prevent illegal actions, etc.

At the same time the crypto exchange strictly follows the norms of PII (Personally Identifiable Information) and guarantees, in accordance with the legislation of the regulator country, that the information won’t be transferred to third parties or used for personal purposes. GDAX has the right to block users who violate laws, transfer part of the data to their partners, financial institutions, law enforcement agencies, etc. Using the crypto exchange, customers are expected to store personal information, maintain work safety, and provide the company with correct contact information. The company’s services are provided as they can be provided at the moment without any guarantee that access to the site will be continuous and timely.

Read the Privacy Policy on the GDAX website
Read the User Agreement on the GDAX website

Is GDAX a scam?

The crypto exchange GDAX is a young and promising project. Today it has a positive reputation among crypto exchanges. It’s successfully operating in the crypto market, providing its clients with a lot of opportunities. The new GDAX trading platform boasts great functionality (margin trading, stop loss orders and other orders, convenient order history, etc.), simple trading, low commissions and attractive design – all of this makes trading here more convenient and effective. By providing its users with a new resource concept, the company primarily focuses on professional traders who, in addition to profitable trading in digital currencies, can use crypto wallets, exchange crypto assets for fiat money, make payments in digital coins, etc.

Like all crypto exchanges, GDAX pays much attention to security. Due to the implementation of the following solutions in the platform, its clients can count on a high level of reliability. These are a two-factor authentication of trading accounts, offline storage of the clients’ funds, insurance of the users’ funds and a possibility to store money in a secure safe. Such great attention to the issue of securing all of the operations on the crypto exchange confirms that GDAX can’t be a scam. When, in June 2017, an incident occurred on the site, due to which the price of Ether dropped to zero and traders lost their money. The service promised to recover all losses from its own funds, and this situation also positively characterizes the exchange.

Today the crypto exchange works with English-speaking traders of certain countries and this geographical limitation definitely contributes to the fact that the company is able to pay more attention to the quality and safety of the services provided. The company’s users mostly publish positive reviews on the Internet, noting the convenience and functionality of the platform and low commissions. Of course, there are also negative aspects, such as a limited number of crypto assets for trading (2018 cryptocurrency forecast), the geographical limitations of the exchange and mandatory verification. Today, the crypto exchange doesn’t provide its services to those who don’t speak English. That’s mostly due to the presence of the only English-language version on the site, a certain set of fiat money and ways to replenish the trading account. Should we consider GDAX to be a scam? At the moment, we certainly answer this question in the negative. It’s due to the fact the platform has a worthy reputation in the market, positive user feedback; it provides high quality services and unique opportunities to work with crypto assets.

Conclusion

The GDAX exchange appears to be young, but one of the most promising companies on the crypto market. It has managed to gain a positive reputation and trust from users, most of which are choosing exactly this site to trade in digital currencies (learn here whether crypto assets are a scam or not). Gradually reaching new heights, the company successfully develops, providing its clients with maximum opportunities for crypto trading and exchange.

In spite of the fact the exchange works only with traders from a limited number of countries, this cooperation is quite serious. The company pays much attention to functionality and convenience, reliability and security of crypto trading. The crypto exchange doesn’t work with those traders who don’t speak English and it’s sad, as it could provide high quality services to many professional market players around the globe. It remains to be hoped that the site will proceed with its rapid development, enter other markets worldwide and occupy leading positions there.