Simple Guide To Exchanging Digital Currency With GDAX
To learn more about digital exchanges, please check out The Ultimate Guide To Digital Exchanges. The GDAX exchange can be found at https://www.gdax.com/. GDAX offers trading pairs in US Dollars, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Click the “Create Account” button in the top right corner of the screen. After entering in your information, click the “Create an Account” button. You’ll then be prompted to enter more information, to verify your identity.
Once your identity is verified, you can now fund your account. Click on the “Deposit” button on the “Order Form menu” at the left side of the screen. You can deposit funds from a Coinbase Account, BTC Address, connected Bank Account, or through a Bank Wire.
After you have deposited funds GDAX will wait for the transaction to be confirmed. Confirmation takes longer for some digital assets than others but once your funds are received you can use them for trading.
Checking Your Balance
Click on the “Accounts” tab, on the top right pop-out menu, to view your account balances and other account information.
Making An Exchange
Click the “Select Product” tab on the top left side of the screen and choose your desired trading pair. You can place an order using the “Order Form” menu, on the left side of the screen.
For this example we have the USD/BCH trading pair displayed. To make a purchase of BCH using USD at the current market price leave “MARKET” and “BUY” selected and enter the amount of USD you wish to spend to see the amount of BCH you will receive. If you’re satisfied with the exchange rate then click “Place Buy Order” to execute the trade. GDAX also allows more advanced users to place limit and stop orders, which you can learn more about here.
Advanced Features and Security Considerations
Some exchanges offer margin trading, futures, and other features designed to enhance the trading experience for more advanced users. It is recommended that users develop a solid understanding of trading and investment before purchasing digital assets or making use of advanced trading features. Be aware of the tax implications incurred by trading in your jurisdiction and the inherent risks of investing in general. Using an exchange can be intimidating for new users so practice making trades with small amounts of currency until you are comfortable using the platform of your choice. Most importantly, have fun!