Cryptocurrency platforms are a very important part of the entire cryptocurrency system. Some decisions of exchanges influence the fate of many digital currencies. They can directly influence the number of exchange rates. That’s why it is important to make informed choices about the platforms that we are going to use.
Especially if we want to approach investment in a professional manner because due to the lack of regulations regarding the cryptocurrency market, some of them don’t fully comply with all security requirements. They are vulnerable to hacker attacks or after some time their owners commit financial fraud. However, GDAX stands out from the others by the quality of services rendered.
How Does It Work
It allows the exchange of a relatively small number of types of cryptocurrencies including bitcoin, ethereum, and Litecoin. Payment methods for cryptocurrencies are quite limited. They only allow to transfer money to a deposit (virtual wallet) and to pay by credit or payment card with the 3D secure service enabled. The only downside of this system is the heterogeneous implementation of services. Besides, only Dollars, Euros and British pounds are accepted.
To invest money on the platform, you must open an account and undergo two-step customer verification. It involves verifying your email address, contact number and specifying whether the user is an individual or institutional customer. If you are an individual customer, two scanned documents should also be sent to confirm the identification of the registering person.
Participants at GDAX incur transaction fees. Depending on the volume of the transaction volume of the product in which the user has participated in the last 30 days, it is charged. The fees range from 0.25% to 0.1% in the case of Bitcoin and from 0.3% to 0.1% in the case of Ethereum and Litecoin.