GDAX currently known as coinbase pro is a cryptocurrency exchange that supports multiple coins like Bitcoin, Ethereum, Ripple and more. GDAX has represented again itself as Coinbase pro in May 2018. Coinbase Pro is adequately a similar site as GDAX with a couple of slight changes. So, the data underneath is commonly right short the name change and changes. GDAX can work in almost every state in the U.S. It sets with Coinbase. It has low expenses and can be utilized to change over USD to and fro from the digital money. In those regards, it checks all the cases for somebody needing to get into digital money exchanging.
How To Trade On GDAX
1. GDAX uses Coinbase login and settings. First of all you need to set two-factor authentication (2FA) and a strong password. GDAX is not secured enough to provide protection of your account from hackers, therefore you need to take all security measures on your own.
2. You must know that you must have registered on the coinbase to perform trading on GDAX. so if you don’t have an account on coinbase you have to first register on Coinbase.
3. When you have Coinbase set up, you have a scope of decisions. You can store assets legitimately into GDAX, or you can store them into Coinbase (in your USD wallet) and afterward move them over to GDAX (by going into GDAX and hitting the “store” catch and moving assets from your USD wallet to GDAX). You can likewise store Bitcoin, Litecoin, or Ethereum from Coinbase into GDAX (so you can purchase coins in Coinbase or GDAX and move them to and fro). All trades among Coinbase and GDAX are free, as store into USD. Be that as it may, moving coins all through Coinbase can bring about expenses (as can utilize the bank wire alternative).
4. Since you have assets in GDAX, you can begin putting orders. To submit a request, click the select item button at the upper right hand of the exchange screen. TIP: When you select an item to exchange, it would seem that this: Buy this/with this; for instance, BTC/USD means purchase BTC with USD. Additionally, before you exchange, turn off edge exchanging on the upper right corner. Edge exchanging isn’t something you should do except if you have understanding and realize what you are doing (it is incredible that GDAX gives you a chance to use your purchases/sells, and they even defer the charge for it which is decent; simply don’t get into it except if you comprehend what you are doing).
5. After making some profit you should withdraw the extra money from the exchange. You should keep only the money required for trading in the exchange. Because GDAX doesn’t provide strong safety against hackers. So for the safety of your money, you should cash out the extra amount from the bank.
Security is the major drawback of the GDAX exchange. Money put into the GDAX is highly volatile and prone to hackers. Therefore put the money cautiously in GDAX exchange.