Finance

Is GDAX Safe Way of Trading Cryptocurrency?

Trading Cryptocurrency

GDAX is the world’s highly popular cryptocurrency exchanges, generally having the biggest trade volume for exchange of Litecoin, Bitcoin, or Ethereum trading pairs. In today’s GDAX Review, we are going to answer some common questions that are asked by the users about this particular exchange.

Is GDAX Safe?

GDAX exchange is operated and owned by the most popular and highly trusted cryptocurrency exchange in this world, Coinbase. And Coinbase was made for buying, selling, or storing cryptocurrency as simple as possible. Coinbase has set certain standard for the industry practices, while it comes about managing the customer funds, and they have brought such practices to GDAX.

  • Customer funds are separately held from the company funds and not used for the operational purposes.
  • Remaining crypto funds online are insured.
  • Around 98% of the customers’ funds are actually stored in the cold storage offline.

As is a case for all the cryptocurrency exchanges, you are on a hook for keeping the personal account secure. Suppose your personal account gets compromised because of poor security at your end, then GDAX won’t be liable for the lost funds. Good news is that GDAX offers you an access to your personal account measures of the Coinbase, which includes:

  • Ability of storing funds in your “Coinbase Vault” that offers delayed time withdrawals or multiple signer options.
  • Needed verification for the new devices.
  • 2FA or2-Factor Authentication via SMS text, Authy or Google Authenticator

Trusted and Safe Exchange Company

This company is operating from 2012 and has got more than $200 million in the venture capital funding. In their 5 plus years of operation, they have gained huge trust of the cryptocurrency community as well as major investors.v