In simple words, gdax is an exchange for cryptocurrencies. A place where people can buy, sell and trade a wide range of digital coins. GDAX stands for Global digital asset exchange which was launched back in 2016. If you have heard of Coinbase, one of the largest digital money exchange brokers then it would be easier for you to understand the parent company of gdax too. Coinbase and gdax belong to the same company.
How does it work?
To give a clearer understanding of what digital coin exchange exactly means, let us take an example. Let’s say that Peter wants to sell some of his bitcoins to earn profits and Julie is a buyer who is looking bitcoins to purchase. As the whole cryptocurrency network is decentralised and isolated, one user cannot interact with another random user directly. This is where digital bitcoinexchanges come to play. These exchanges act as a medium between the seller and buyer and ensure that the transaction is successfully performed.
It should also be noted that users do not have to make separate accounts for Coinbase and gdax respectively. If you have a Coinbase account already then you can simply use that account only on the gdax server as well. With gdax, you can trade in real time and make quick payments through bank accounts and other instruments withy much hassle. So, if you’re looking for making beneficial investment in bitcoins then such exchange severs can be really useful to you.