Best Coinbase Pro / GDAX Review 2019
Is it smart to use Coinbase Pro / GDAX in 2019?
Is Coinbase Pro really a world-class trading platform? When you are trading Bitcoin, Litecoin or other digital currencies, you’re constantly worried about the safety of your holdings. Can this high caliber exchange from Coinbase take the stress away? In this article, you will find out if it’s as safe as advertised. Let’s jump into it!
What is Coinbase Pro / GDAX?
Let’s start with some introduction and the difference between GDAX vs Coinbase Pro. If you are looking to start trading on GDAX / Coinbase Pro, you can skip this part and go straight to the next section.
It used to be called GDAX
The year is 2016 and we are at the start of May, Coinbase decides to rebrand their sister company ‘’Coinbase Exchange’’ and turn it into GDAX. At that point in time, the starting exchange just listed the Ethereum token to trade against Bitcoin. As the popularity of Coinbase grew so did GDAX, it turned into a well-known stand-alone exchange. In 2018 Coinbase had such an outstanding reputation in the Cryptocurrency community that it only made sense to connect their sister company back to their main company once again. Therefore, GDAX could ride under the good reputation of Coinbase as many people did not know they were connected at all. Coinbase Pro was born out of the ashes of GDAX in July of 2018.
A trading solution for advanced cryptocurrency traders
So what is Coinbase Pro exactly? Well simply put its an exchange launched by Coinbase. You can trade Bitcoin and other cryptocurrencies on the daily against different currencies. If you take a look at the exchange on the website (https://pro.coinbase.com) it offers you 3 markets:
- Fiat Markets
- Stablecoin Markets
- Crypto Markets
Fiat means you can trade Crypto against currencies like the EURO, USD or GBP. Stable coin means crypto vs a form of USD. Further to that, we have the Crypto markets where you can trade Crypto vs Crypto. For example Litecoin vs Batcoin.
How to use Coinbase Pro / GDAX
Introducing a smooth interface
Look at how nice that homepage pops up. I personally love the design, very organized and simplistic. They really know how to appeal to their customer. It makes me want to buy bitcoin, sign up and start trading.
I’m a beginner, should I still use their platform?
The answer is quite plainly YES. This is one of the most secure platforms in the cryptocurrency and blockchain space to date. Even if you are a beginning trader you can manage to trade on the GDAX / Coinbase Pro exchange especially after reading this thorough review. All you need to do is buy Bitcoin and sign up.
This is how you register an account
First off, click on the get started button found on the website here.
If you are an institution such as a Venture Capital or cryptocurrency company you should click on the Coinbase Prime button just below. This review/guide is written for individuals so I won’t address Coinbase Prime any further.
Once you clicked it; you should be looking at the following screen:
You sign up here with your name, family name, email address and a password with a minimum of 8 characters.
NOTE: if you already have a Coinbase account you can just log in with your Coinbase account.
Next up we are verifying our identity. Coinbase pro currently operates in the US, Europe (including the UK, Canada, Australia, and Singapore.
Personally, I find their verifying screen a bit much. You need to fill in your occupation and even the company you work for. However, it does show how far they go with their security measures. So after everything is filled in, then comes the paperwork.
You need to verify your address and identity through uploading documents. This may take up to several hours, you will be emailed once it has been finished and your account is ready.
How to transfer from Coinbase to Coinbase Pro / GDAX account
You want to click on my wallets at the top right corner of your account. After that, you can click at the left-hand side corner on ‘’ deposit’’. The following screen should pop up:
- You can use the funds which you’ve deposited into your Coinbase.
- You can deposit form the Bank account linked to your Coinbase.
- You can do a wire transfer from your bank. As seen below, on the popup
What currencies can I buy on Coinbase Pro / GDAX?
Coinbase Pro as mentioned before is an exchange so you can’t really buy Bitcoin or any other cryptocurrencies. However, Coinbase customers are able to buy Bitcoin and transfer it to their GDAX / Coinbase Pro account. Remember there are fees to pay when you buy Bitcoin, more on that down below. So what are the pairs traders can trade against on the exchange? If you take a look at the table beneath this sentence, it will give you a comprehensive overview of the pairs that are available to you.
Availability of Crypto/Fiat Trading Pairs by Countries
|United States||United Kingdom||Europe|
How to trade on Coinbase Pro / GDAX
After you have deposited some Bitcoin into your account, the time has come to start trading. At this point, you’re not really ‘’selling’’ Bitcoin anymore as it is exchanging currencies to gain profit. If you ever want to get your money off the exchange you can transfer it back to USD, Bitcoin or any other form of currency and trade it over to your coinbase account to cash it out.
In the picture below you will see the order book. This is where you trade. I will assume you know how this works if now I can best refer you to this video. Of course, if you google it there are tons of GDAX traders reviews and guides.
Is Coinbase Pro / GDAX a safe trading platform?
Absolutely yes! Coinbase Pro is part of Coinbase and both companies have never been hacked. As we are dealing with digital currencies this is a very good sign. A lot of exchanges or brokers have been breached before. Besides there clean record, their customer insurance covers almost any breach. You can read the details here. Further, tot heir security measure they offer a very friendly and fast support system.
Is Coinbase legit? The history of Coinbase explained
Coinbase was founded in June of 2012 by Brian Armstrong and Fred Ahrsam. Throughout their history, they acquired multiple investments of over 1 Million dollars with their biggest investment being a 75 Million dollar investment from the New York Stock Exchange. In 2014 it already had over one million customers. For a more detailed history, I’m going to refer you to the wiki right here. Coinbase is backed by a lot of solid companies, they got a lot of money and as far as I know, aren’t going anywhere anytime soon.
Coinbase vs Coinbase Pro / GDAX
Well, Coinbase acts as broker and Coinbase Pro is a cryptocurrency trading platform. Therefore, on Coinbase, customers can buy their Crypto to hold it or transfer it out, they cant really trade with it against other currencies. You can buy and sell but that is about it. Coinbase Pro offers you trading charts beginning at the 1-minute interval so you can trade fort he short term or long term. Furthermore, it has some nice features but more on that below.
Just looking to buy cryptocurrency and not trade it? Coinbase is the platform you are looking for.
If you are looking to trade daily, weekly or even monthly, Coinbase Pro is what you need. Both platforms offer great support so if you still have doubts you can always contact them.
Coinbase Pro vs GDAX
If you have been following me along in this review you know by now that GDAX is Coinbase Pro. However, let’s talk a bit about the changes they have made since the good old GDAX time. First let’s start with the name: GDAX stands for Global Digital Asset Exchange. Since the rebrand, Coinbase Pro has listed a lot more coins. Whereas GDAX offered only Bitcoin, Litecoin, Ethereum, and Bitcoin Cash, Coinbas pro has now listed over 10 different coins to trade with. Honestly, besides listing more coins there isn’t a heck of a lot different than before.
One honorable mention is the fact that they offer a trading API which allows customers to use their automatic trading bot on the platform. For example, you could easily use Cryptohopper with Coinbase Pro. To learn more about trading bot and Cryptohopper I would best refer to our detailed guide right here. This guide together with the support of our community will help you on your way.
What if I get hacked?
Well if YOU get hacked there isn’t much Coinbase support can do besides help you set up better security measures for your account. However, if THEY get hacked your money will be insured so you won’t have to worry about that. Below I will give some examples of security measures you can set up:
- Use a unique email address for your coinbase Pro account
- Set up a very strong password which you haven’t saved in an online document
- Use 2 FA with your phone
If you have any doubts about your security make sure to immediately contact support and tell them about your situation.
What performance & costs can you expect?
So there are 2 types of costs traders would want to know about:
- Deposit fees
- Order fees
Deposit fees are the costs you pay if you buy bitcoin, litecoin or any other cryptocurrency through Coinbase. These deposit fees are calculated on top of the one price you pay for your Litecoin. Order fees are the costs you pay when you set up an order on Coinbase Pro. You will find the detailed fees below.
Coinbase Pro / GDAX fees
Starting out with the deposit fees below. The table basically speaks for itself so I will let it.
Next up are the order fees. Now, this is a bit more tricky because Coinbase Pro differentiates between takers fees and makers fees. When you place an order at the market price that gets filled immediately, you are considered a taker and will pay a fee between 0.05% and 0.25%.
When you place an order which is not immediately matched by an existing order, that order is placed on the order book. If another customer places an order that matches yours, you are considered the maker and will pay a fee between 0.00% and 0.15%.
When you place an order that gets partially matched immediately, you pay a taker fee for that portion. The remainder of the order is placed on the order book and, when matched, is considered a maker order. Hopefully, that explains it well enough. The fees can be found in the table down below.
We have reached the end of our review, as I have tried with every topic in this review I will keep it brief and to the point. Coinbase is the largest Bitcoin exchange in the world. Their platform is secure, easy to use and definetly a good starting point for anyone who wants to enter the Crypto world. Personally, I have used it and will keep using it.
Hopefully, you have enjoyed this review. Leave your comments or questions down below as I will be answering them! Last but not least if you need any support, come talk to us in our Telegram channel.
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