Things to Know – Is GDAX Really Safe?

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As Coinbase and GDAX are owned by a same company, both of them use similar security controls. It is mentioned before that each GDAX user should identify themselves before starting to trade that means any fraudulent activity will get traced straight to an individual. Also, GDAX is liable for millions of dollars’ of cryptocurrency, thus they need to ensure that they keep their customer funds safe. Around 98% of all the funds are kept at cold storage, it means that they’re always held offline. So, this makes it just impossible for the hacker online to access this!

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How To Start?

Remaining 2% of the funds are held on internet that allows an exchange to process the customer orders. And GDAX offers their users an option to set up 2 factor authentication. When you have the 2FA set up, then you just have to enter the unique code, which is sent on your phone, and whenever you log in. GDAX has installed the good safety feature known as ‘Vault’. Suppose you choose to store the coins in vault, funds will not released till 48 hours after the withdrawal request. It acts as the security level because if the hacker gained any access to the account, you will have around 48 hours to cancel your transaction.

Finally,

GDAX offers something known as multi-approval. It is where one or more person will be needed to confirm the withdrawal request. It is the amazing feature since it makes this impossible for anybody to steal the funds!

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