Cryptocurrency exchanges are the ideal spots for crypto enthusiasts who want to be actively engaged in the cryptocurrency industry. One of the most popular cryptocurrency exchanges in the world is Coinbase. Coinbase isn’t alone. However, the exchange has a partner exchange called GDAX.
What Is GDAX?
GDAX is an acronym that stands for Global Digital Asset Exchange. Launched by Coinbase in 2016, the exchange solves some problems Coinbase can’t solve. Coinbase allows users to purchase Bitcoin with credit cards directly. However, GDAX allows Bitcoin trading as well as trading of other cryptocurrencies. People around the world can use it, and it offers trading fees that are much more affordable than the other cryptocurrency exchange, Coinbase.
How GDAX Works
Insurance covers GDAX, and it is backed by some of the greatest investors in the cryptocurrency industry including but not limited to Andreessen Horowitz, the New York Stock Exchange, and Union Square Ventures. So, you can trade with peace of mind. There are only three digital currencies available for matching. These three are ETH, BTC, and LTC. It offers three fiat currencies: USD, EUR, and GBP.
Getting Started on this Cryptocurrency Exchange
Getting started on GDAX requires opening an account and getting verified. You will not be allowed to deposit or trade before verification. The verification process for United States residents is different from the verification process for UK residents. For UK residents, the exchange will require a photo passport, and an ID card or driver’s license. They will also have to answer some security questions. United States residents will be asked to upload a valid ID. Passports are not accepted as they don’t add the state of residence to them. US users are also expected to input their social security numbers. If you already have an account on Coinbase, you’ll be allowed to log in with those details.
The Verdict?
Just like Coinbase, GDAX is a secure destination for anyone interested in trading on a good cryptocurrency exchange. The fees are low, and the sign-up process is easy.
