Is Gdax Safe? Will be a question in your mind if you are looking forward to using it. To answer this we have to analyze the different aspects to decide if Gdax is safe or not.
Gdax is the currency exchange which is providing its services from the year 2015. In this, there is the availability of all the major cryptocurrencies with different modes of the payment. It also takes the matter of security also very seriously with the user-friendly interface. So, this is the basic introduction of the Gdax and now we are going to decide if it is safe to use or not.
Is Gdax Safe?
When you are using the online method of trading especially when it is a large amount the main thing you will be worried about is safety. In this article, we are going to discuss one of the exchanges which are very popular among the people – Gdax.
There are two ways which are provided by the Gdax to make it more secure:
- SMS/Text codes
To secure any online account this is the best way to go for. In this method, you have to link your account with your mobile phone. So whenever there is a change or any activity is going on your account then you will receive a notification. This feature makes the account on the Gdax more secure.
In this when you verify the number or code sent on your mobile then only you will be able to make any changes to your account. The thing you should keep in mind that you should never share those codes with anyone. As this increase, the chance of getting your account hacked and losing all the money.
You must know that it is not possible to connect your landline number with the account. As you will not be able to receive any text messages regarding the account.
The authenticator is considered to be a more secure method then the SMS/Text method for the Two-Factor Authentication. In this, you will not be getting the notification on the phone for any changes that are happening in your account. It does not require any internet access or phone reception once you have set up the process.
It is another point to consider regarding the safety. There is no formal complains about the security problems for the Gdax exchange. This proves that the service of security which is provided by the exchange is good.
So you can consider the Gdax exchange to be a safe one.
The best part of the Gdax is that most of the Cryptocurrency are stored in the cold storage under constant watch. This makes practically impossible for the hacker to steal those Coins.
You can choose any amount you have to withdraw at any time but the process takes 48 hours. Therefore it gives you the 48-hour window to cancel the transaction if anything is wrong about the deal.
The above points have given you the answer to the question – Is Gdax Safe? We hope that this article has helped you to make up the mind regarding the safety of the Gdax.