A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of GDAC consists of four parts: general information, fees, deposit methods and security.
GDAC is an South Korean exchange. South Korea is in many ways one of Asia’s leaders when it comes to cryptocurrency exchanges. In addition to this exchange, also Bithumb, Coinone, Korbit, Gopax, UPbit, CPDAX, Allbit and Coineal all have their headquarters in South Korea. Many of those exchanges also have an excellent liquidity.
GDAC (not to be confused with GDAX, the previous name of Coinbase Pro) seems to be a very solid and legit exchange. On its website, it clearly states its registered address, the company behind it and its representative and company registration number. From what we have heard, customer service is doing an excellent job and security is taken very seriously.
Furthermore, this trading platform supports trading in a large number of cryptocurrencies. This is of course another advantage for its users.
To the best of our knowlege, US-investors may trade here. The exchange at least does not explicitly prohibit US-investors from creating accounts.
On 16 July 2019, the 24 hour trading volume at this trading platform was USD 7.3 million. On the list of crypto exchanges in the world sorted in order of highest 24 hour trading volume, GDAC then took place no. 124. On the date of last updating this review (31 March 2020, right in the middle of the crisis with COVID-19), the trading volume had dropped a bit further down to USD 4.4 million, then giving it place no. 133, so roughly the same as in July 2019 in relative terms. This liquidity is quite weak though.
GDAC Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at GDAC:
GDAC Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee. The global industry average is arguably somewhere around 0.25% per order.
But what does GDAC charge? GDAC charges a flat fee of 0.04%. This is a very competitive trading fee.
GDAC Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. For BTC-withdrawals, this exchange charges 0.001 BTC. This is slightly above the global industry average of approx. 0.0008 BTC.
But then again, the difference between this exchange’s BTC-withdrawal fee and the global industry average withdrawal fee is 0.0002 BTC (which at the date of first writing this review, 16 January 2019, was roughly USD 0.73), so maybe it doesn’t bother the traders that much…
At GDAC, you can deposit fiat currency via bank transfer. Accordingly, this exchange is what we call an “entry-level exchange”. However, as for most South Korean-exchanges, only KRW-deposits are available (not EUR or USD).
You can’t deposit via credit card, but this alternative might be available in the future.
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. GDAC received a score of B- in this test. B- is a very good score indeed, so with respect to security (just as with respect to trading fees), the exchange is doing a great job. Good work, GDAC!
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like GDAC – have very low trading fees (some of them don’t even charge trading fees at all):