Better Cryptocurrency exchange: GDAX or Coinbase
GDAX and Coinbase are the world’s most popular cryptocurrency exchange. Coinbase and GDAX are two separated products but the connected product. Both GDAX and Coinbase are operated by the same company. Coinbase targets beginners or newcomers in trading while GDAX targets experienced traders.
It is considered the largest Bitcoin exchange in the world. Coinbase was set up in the year 2012 by Fred Ehsram and Brian Armstrong. It is currently available in more than 30 countries. In terms of security, Coinbase is one of the most safest Bitcoin exchange in the world. Coinbase offers a simple user interface and various payment options to the bank transfer user credit card user etc. The main aim of Coinbase is to simplify the purchase of cryptocurrency by eliminating a lot of negative aspects found in the exchange.
How To Use Coinbase?
Purchasing cryptocurrency is very confusing with multitudes of exchange payment method available. For the people who are new to the cryptocurrency world Coinbase is one of the best exchange to use.
Here we are providing you a step way how to use Coinbase. This will help you to get to know about the various thing you need to know about Coinbase:
Creating an account:
- To set up an account first we have to visit the Coinbase website and click “signup”
- After that, you will be directed to begin setting up an account where you have to fill your name, email, password, and location. Complete the captcha and certify that you are above 18 and agree to the agreement policy of Coinbase
- Now you have to access your email and follow the verification link.
- Select your country and add your phone number
- After that, you will receive 7 digit code and you will be directed to enter this code
- After entering the code you may be directed to verify your Id and if you are not your account is finished for now. If you are not prompted your id now sooner or later you have to verify your id to continue purchasing cryptocurrency.
- You will then be directed to fill in your personal information.
- After filling your personal information you have to submit your driving license or your photo id to verify your identity
- For security issues, you have to enable 2-Factor authentication
- To do this you have to select setting tab In the setting tab you have to select the security tab.
- Here you will find 2-Factor Authentication section and make sure verification code is set for any digital currency. Then select “Enable Authenticator” button
- Enter the 7 digit code sent to your phone
- After entering this code Coinbase will generate an authenticator code for you
- To use this code download app such as Google Authenticator onto your phone
- After downloading this add Coinbase authenticator app to the app.
- After doing this you can buy your cryptocurrency by adding your method as Coinbase offers three different payment method like the debit card, bank account, and wire transfer.
GDAX is well-equipped cryptocurrency exchange. It helps users to exchange cryptocurrency Bitcoin, Ethereum, Litecoin, GDAX works in the same way as traditional stock and forex perform. GDAX aims to please advanced trader as it has much more complication.
How to use GDAX?
- If you have Coinbase account you have GDAX account as well
- So Signup is pretty much straight forward in GDAX
- As such you provide your name, email address, the password for your account, your state of residence and a successful answer to Recaptcha. After that send your date in. and then confirm and then you’ve got yourself a GDAX account.
Key Differences Between GDAX and Coinbase:
Coinbase is more beginner friendly platform as compared to GDAX on the basis of the company’s platform.
Deposit and withdrawal methods:
Coinbase offers additional payment method including credit card deposits and PayPal withdrawal.
GDAX is much better when it comes to saving fees as compared to Coinbase. It saves 25% less as compared to Coinbase
On the basis of the platform:
It depends on person to person if you are simply looking to buy and store Bitcoin or Ethereum you should go with Bitcoin. While if you are familiar with trading or willing to learn trading GDAX is a right platform for you.
Both platform exchange comes from a trustworthy company and well respected in cryptocurrency exchange.