Global Digital Assets Exchange (GDAX) is an exchange of Coinbase and is used for trading in cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. Coinbase, for every investment requirement, is easily used by people surviving in over 25 nations for adding a credit card or bank account to buy BTC, LTC or ETH with the deposited funds. The exchange boasts a fantastic trading platform and a top-notch interface that offers charting tools trade history and order books in real-time. It has an easy order process that lets traders access the account very quickly. Find out how you can trade on the platform below.

How to Start Trading on GDAX?

How to Signup on GDAX Using your Coinbase Account

Trading on GDAX needs you to transfer your money to your own GDAX account. Before selling or buying on the exchange, you should first move your cryptocurrency or money to the account. Just go to the upper left corner of the menu and tap on the “Deposit” button. You will get a pop-up menu being displayed, which will let you choose the currency and the account.

For buying cryptocurrency, you will usually have to deposit fiat currency from the Coinbase wallet or bank account in your name. Choose the source of the transfer, type in the amount that you want and then look at the bottom of the window to choose the “Deposit Funds” option.

In case you are transferring money from a Coinbase wallet, you will see an instant transfer. It will usually take about 7 to 10 days for the transfer to be possible from your bank account. In the latter case, you must prepare beforehand for trading. When deposits are made regularly and at set intervals, you can get optimal flexibility while placing purchase orders.

However, you should make deposits manually. This is because neither GDAX nor Coinbase offer options for current automatic transfers of fiat currency. You will not have to pay any fees to deposit money into your wallet in the GDAX exchange.

Using the Trading Screen on GDAX

Navigate to the GDAX official site with your browser and click on the “Create Account” button you find on the homepage if you haven’t created an account yet or log in if you have. Once you verify your account with success, you can go ahead to make your first deposit and begin trading.

You have to choose the currency of your choice from the drop-down menu in the upper left corner (see below), as well as the trading page that is displayed for that currency. The balance that is available will be displayed at the upper left corner of the menus. You will find both your coins and fiat balance on GDAX being shown in this area of the screen. Your holdings in the Coinbase wallet are not displayed in your account in GDAX.

The latest trading price is shown at the upper corner of the trading screen. The orders that are closest to the nearest trading cost are shown in the order book. Green text shows the open Buy orders while Red text shows the open Sell orders.

The spread of USD in the center displays the variance between the highest purchase order and the lowest sell order. This usually displays the volume and demand for specific cryptocurrencies on specific exchanges. In case there is a high volume of trading and more traders are selling and buying, there will be an extremely small amount of spread. This will be a pointer to investors and help them determine whether an exchange is beneficial, given that few individuals are likely to trade on exchanges having less demand on volume – given that their orders will not be filled according to anticipations.

How to Place Market Orders on GDAX

It is quite straightforward to place a Market Buy order. If you wish to buy the chosen currency, verify that the platform has highlighted the green Buy option. For the currencies that you purchase, type in the chosen amount of dollar. The calculated quantity of cryptocurrency that you will get will appear beneath your entry. Choose “Place Buy Order” when you are prepared to make a purchase. Make sure that you properly enter amounts, given that the order will be filled almost immediately. When you place a Market order, you will not find any cancel option. Before you place the order, look for additional zeroes.

In case you want to sell a digital currency, choose the option “Sell”. The menu will let you type in the currency amount that you want to sell. The quantity that you enter should be the no. of coins that you want to sell and not any dollar amount. Under the order entry box, you will find the estimated trade value being displayed. Before placing a sell order, check the entry for multiple times.

As of now, GDAX only supports users from the United States, the UK, Australia, Canada, and Singapore, as well as other EU countries.