Trading on GDAX – Things to Know

Now your GDAX account is set-up and funded, so you can trade on any kind of cryptocurrency of your selection on this Coinbase platform. Also, your knowledge of Maker & Taker Orders can help you in the transactions. You have to know how you must use “Limits” option in the transactions. Fortunately, gdax doesn’t charge any kind of fee when you are trading on this platform as Maker. So to make sure no fees on the Coinbase transactions, make use of Maker Orders & you won’t be charged any kind of fee. But, if you aren’t familiar with using “Limits” option for placing the Maker Orders, continue reading to know how you will do so.

Limit Buy

In a Limit Buy option, the Maker place the order with conditions like quantity of order and price such quantity must be sold. For instance, if price of BTC to one dollar is around $1,100, you may offer to purchase two Bitcoins when value of the Bitcoins to dollar is $1,000. It means that offer to purchase Bitcoin will just get executed (or accepted) when price of Bitcoin to dollar drops down to rate that you have specified or when somebody chooses to accept the offer at given rate.

Limit Sell

You’re one who is in charge at the point. Limit Sell is an order where you state quantity and price you can offer to trade over particular cryptocurrency in the Coinbase. Order here is condition that you will attach to quantity of the order. The execution generally comes in being when conditions of the order are met and set to be bought. These are a few important things that you need to know when you are dealing with Coinbase. You need to understand the process really well, before you start dealing in this currency.