GDAX is the most popular exchange and one of the easiest ones to use. This is our primary exchange that we use to trade the 4 biggest cryptocurrencies (in terms of market cap): BTC, ETH, LTC, and BCH. GDAX is hooked up to Coinbase, which you need an account with in order to use. Coinbase is one of the most secure cryptocurrency hot wallets that you can use to store your cryptocurrencies. It is based in the US, and you’re able to deposit fiat currencies, including USD, EUR, and GBP.
Opening An Account on GDAX
If you open an account at Coinbase, GDAX is the software that the cryptocurrencies trade in. Coinbase can be hooked up to your bank account making fund transfers smooth. Coinbase has different wallet categories allowing quick and easy transfers of United States Dollars from your bank account or to other exchanges. You also have the option to transfer cryptocurrency such as ETH or BTC. I use Coinbase as my central hub to deposit money.
You can open a Coinbase and GDAX account by clicking here.
High Liquidity and Great Executions
GDAX has the best exchange in terms of liquidity to trade these four cryptocurrencies. This means that you will usually get very little slippage when you are entering and exiting your positions, and the spread is usually pretty tight. If you add liquidity, you sit on the bid or offer and wait to get filled, you don’t pay any trade commissions. This can be a double edged sword because if you get too cheap you might miss a big move because you didn’t want to take the offer. If you chose to take liquidity, your orders will usually fill in a matter of seconds. Here is the list of fees for GDAX, they are competitive with rates on other exchanges.
The trading platform’s interface is solid and has most of the classic trading indicators. It’s not the most customizable platform, but it is much better than most other exchanges. The trading platform doesn’t have apps for Android and iOS, but their website functions on mobile devices and looks decent. This is what the trading platform looks like:
Limited Cryptocurrency Selection
The main downside to this exchange is that you only have access to four different cryptocurrencies to trade. If you are looking to trade other altcoins, you should open an account at Binance. It is the best cryptocurrency exchange for trading altcoins at the moment.
- Suited for professional traders
- Competitive fees
- Access to the main cryptocurrencies
- Fully regulated in the United States
- Highly liquid
- Fewer altcoins/pairings to choose from
- Customer service is slow