GDAX Goes Offline for Good After 6-Years of Service
- As of June 29th Coinbase operated cryptocurrency exchange GDAX is no more
- GDAX closed for good on June 29th after 6-years as one of the lowest fee digital asset trading platforms online
- Rather than being disbanded, GDAX has been completely re-branded into Coinbase Pro, a new trading platform with new trading features and a more sophisticated UI
GDAX Ends an Era by Closing Shop & Re-Branding
If you are a cryptocurrency trader or even a regular Coinbase user, there is a high likelihood that you are familiar with GDAX.
Since June 2012, GDAX has helped drive the cryptocurrency market forward, by welcoming thousands of new digital asset traders on a monthly basis. Now, however, GDAX has been officially replaced with the new (but almost identical) trading platform, Coinbase Pro.
Why Has Coinbase Re-Branded GDAX?
If you are a GDAX user concerned about what the Coinbase Pro re-brand might mean for you, don’t be.
If you are a verified Coinbase or GDAX user already, Coinbase Pro is still free to use. What Coinbase has done with GDAX (now Coinbase Pro), is attempt to make the platform more appealing to professional traders and institutional investors.
GDAX Features Carried Over to Coinbase Pro
- On the new Coinbase Pro trading platform, trading fees still start at 0% for users creating trades resulting in increased liquidity (makers) and 0.25% for people buying coins
- Fees for digital asset exchanges on Coinbase Pro are still considerably lower than on Coinbase itself. (Where fees start at 1.49% per transaction)
- The Coinbase Pro hot wallet still insures all trader deposits up to a sum of $250,000
What’s Different About Coinbase Pro?
The main difference between GDAX and Coinbase Pro is the Coinbase Pro user interface.
To stay relevant in the emerging era of decentralized exchanges like Bitshares and (the soon to be) EOSFinex), Coinbase Pro has attempted to make trading as easy and low risk as possible.
- New scrolling trading charts allow Coinbase Pro traders to view much more precise historical market data
- A new feature called ‘My Wallets’ will enable traders to benefit from an instant overview of their full trading portfolio
- To stay ahead of emerging exchange competition, Coinbase Pro makes funding and withdrawing funds from accounts easier than ever
What Does the GDAX Re-Brand Mean for the Wider Cryptocurrency Market?
Re-branding GDAX into Coinbase Pro, is part of a wider Coinbase drive designed to bring all Coinbase products together under the same brand identity. This is due to a belief that billions of dollars of institutional investment capital will enter the market at some point.
Needless to say, Coinbase wants to position itself as the chief funnel for those billions of dollars. The only question is, if and when that does happen, what will the effect be on the prices of top assets like Bitcoin and Litecoin?
- Bitcoin Grotto