Abuagb – Deliberate News

Is GDAX Safe?

Since Coinbase and GDAX are owned by same company, both of them use same security controls. Also, I mentioned before that each GDAX user should identify themselves before starting to trade trading that means any fraudulent activity will be traced straight to a person. The gdax is highly responsible for millions of dollars’ cryptocurrency, thus they need to ensure that they keep the customer funds totally safe. Around 98% of funds will be kept in the cold storage, it means they are held offline. It makes practically impossible for the hacker online to access this! Remaining 2% of the funds can be held online that allows an exchange to process the customer orders. The GDAX offers the users an option of setting 2 factor authentication. When you have the 2FA setup, you have to enter the unique code, which is sent to the mobile phone, each time you wish to sign in.

Check Out the Safety Features

GDAX has installed the good security feature known as ‘Vault’. Suppose you choose to store the coins in a vault, funds aren’t released till 48 hours when the withdrawal request. It acts as the extra level of the security as if the hacker gained an access to account; you will have around 48 hours to cancel your transaction. The GDAX also provides something known as multi-approval. It is where one or more person is needed to confirm the withdrawal request. It is the best security feature since it makes this practically impossible for anyone to steal the funds! For instance, if you used someone you trusted as second approver, no one can withdraw the funds until you confirm it!

The additional safety feature at the GDAX is FDIC agreement. It means if Coinbase had the funds hacked or company went totally out of the business, funds will be protected $250,000!