What Was GDAX?
Let me tell you about GDAX—it was the former name of the cryptocurrency exchange operated by Coinbase, which is a well-known broker for bitcoin and other digital assets. Unlike the straightforward in-app purchases you get through the Coinbase wallet, GDAX was built for professional traders, providing tools to monitor price movements and execute complex buy and sell orders.
The exchange started in 2015 as Coinbase Exchange and got rebranded to Global Digital Asset Exchange, or GDAX. By 2018, it became Coinbase Pro while keeping its core features, and in 2022, it shifted to Coinbase Advanced Trade. It began with just a few major cryptocurrencies, but now Coinbase Advanced Trade supports trading in hundreds of virtual assets.
Key Takeaways
- GDAX was Coinbase's cryptocurrency exchange launched in 2015, now called Coinbase Advanced Trade.
- It stood out as a reliable spot for U.S. traders to exchange bitcoin directly for fiat currencies.
- Tailored for active traders, GDAX (now Coinbase Advanced Trade) offers sophisticated tools for market tracking and order setting, unlike the Coinbase wallet app.
- You'll find better prices on GDAX/Coinbase Advanced Trade compared to direct buys from Coinbase.
- Starting in 2016, Coinbase added new assets to GDAX/Coinbase Advanced Trade before they hit the wallet app, and it now supports thousands of digital assets.
History of GDAX
Back in 2015, Coinbase, a top bitcoin company in the U.S., looked to broaden its services. The Coinbase wallet gave a simple way to buy bitcoin, but it lacked the depth of traditional exchanges and came with wide bid/ask spreads that made prices less competitive.
To serve different users, Coinbase created two platforms: the easy-going wallet for casual buyers and a new exchange for active traders with features like price charts and limit orders. It started as Coinbase Exchange, then became GDAX, Coinbase Pro, and now Coinbase Advanced Trade.
GDAX Tradable Asset Expansion
From 2016 onward, GDAX started offering assets not yet on the standard Coinbase wallet, testing additions like litecoin and ether. Today, Coinbase Advanced Trade handles hundreds of assets.
It also brought advanced features to Coinbase users, including price charts, an open order book, and options for market and limit orders. These let traders use technical analysis to spot trends, though they might overwhelm beginners.
GDAX (Coinbase Advanced Trade) vs. Coinbase
Coinbase Advanced Trade is geared toward professional or frequent traders, which means lower prices thanks to high trading volume boosting company revenue.
The Coinbase wallet charges a broad spread, leading to prices that are several points off the market rate. In contrast, the exchange uses a maker-taker fee structure, taking up to 0.5% from each trade side.
While Coinbase Advanced Trade provides more trading options, many stick with the wallet's simple interface—one buy price, one sell price. You can easily transfer assets from the wallet to the exchange for those better rates.
Is Coinbase Pro Being Phased Out?
Coinbase Pro got rebranded in 2022 to Coinbase Advanced Trade, and it continues with the same services.
Does Coinbase One Apply to Advanced Trading?
Coinbase One is the platform's monthly subscription, but it doesn't cover Advanced Trade.
Can I Trade Futures on Coinbase?
Yes, if you're on Coinbase Advanced Trade, you can trade crypto futures contracts right there.
The Bottom Line
Coinbase ranks among the top global cryptocurrency exchanges. Its original pro platform was GDAX, but it's seen several rebrands, landing on Coinbase Advanced Trade in 2022—as of December 2023, that's the current name.
Remember, the views here are for information only. Check our warranty and liability disclaimer for details. As of writing this, I don't own any cryptocurrency.
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