The Global Digital Asset Exchange (GDAX) is a trading platform launched by Coinbase.com in May of 2016. GDAX trades Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), and accepts USD, EUR, and GBP Deposits. GDAX owned by the Coinbase Inc, which is based in San Francisco, California.

GDAX is suited to the needs of traders with mid-level experience in crypto trading, as well as institutional and professional investors. GDAX is fairly easy to understand once you get the hang of it, but may be slightly confusing for a first time trader. Customer USD funds in GDAX are FDIC insured, meaning your balance up to $250,000 is protected.

GDAX currently ranks #3 on the BlockExplorer Top 25 Cryptocurrency Exchanges List.

GDAX Bitcoin Exchange Summary:

gdax cryptoName: GDAX
URL: https://www.gdax.com/
Total trading pairs: 9
Founded: 2016
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.25%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Verified Algorithmic

GDAX Exchange Verification Process:

Users who are already registered on Coinbase don’t have to create an account from scratch and can log in with their Coinbase credentials.

GDAX has two levels of verification. Note: They do not have an unverified tier available for use. Verification is required, and users are not allowed to deposit or trade until the verification is completed.

The verification process is straightforward and is different depending on the country. This is due to the differing regulatory atmospheres in different countries. Some are friendly and some are not. In fact, in some countries, like the United States (US), there are differing regulations depending on state.

US users will need to provide a copy of their driver’s license, residential address, and SSN. Please note that GDAX isn’t currently allowing every American state so they won’t accept US passports as an identification document, they need to see and verify what state you are living in to be compliant. As noted previously, some American states are not allowed. US states not yet supported by GDAX include Wyoming, Hawaii, and Minnesota.

UK users will need a photo of an ID card, driver’s license or Passport as well answers to several identity questions

Users from other countries such as Singapore, Australia, Canada and European countries are required to provide a photo of an ID card, driver’s license or Passport and another photo of a different ID document.

Once you are verified: Happy trading!

Bitcoin Futures

Cboe Global Markets Inc. revealed today that it is to begin its bitcoin futures trading on the 10th December, beating fellow Chicago-based CME Group at becoming the first regulated exchange to trade the digital currency.

After receiving approval from the U.S. Commodities Futures Trading Commission (CTFC), in a press release, Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, said:

Given the unprecedented interest in bitcoin, it’s vital we provide clients the trading tools to help them express their views and hedge their exposure. We are committed to encouraging fairness and liquidity in the bitcoin market. To promote this, we will initially offer XBT futures trading for free.

Bitcoin Futures Exchanges are coming in the near future

Similar to CME, Cboe’s bitcoin futures will be cash-settled; however, they will be based on the Gemini Trust, the digital currency exchange founded by Cameron and Tyler Winklevoss. On the other hand, CME will base their prices on four cryptocurrency exchanges, including Kraken, itBit, Bitstamp, and GDAX.

According to the release, trading will commence at 5:00 p.m. central time on Sunday, and Monday, 11th December, will be the first full day of trading. Through December, trading will be free, the release adds.

In a race to offer bitcoin derivative products via major exchanges, Terry Duffy, CME Group Chairman and CEO, revealed at the beginning of the month that it is to start trading on the 18th December.

At the time, Duffy said:

We are pleased to bring Bitcoin futures to market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities.

The news of Cboe and CME receiving approval from the CFTC means that it could attract more investors to the digital currency market. Not only that, but it will be a step closer to legitimising the cryptocurrency, which is often linked to criminal activities.

Furthermore, at present, bitcoin is bought and sold on exchanges that remain unregulated. Many, however, feel uncomfortable with this despite the fact that market prices are continuing to soar to record highs.

Just last week, billionaire investor Mark Cuban stated that the approval of the bitcoin futures on major exchanges will be seen as ‘generally positive‘ on the digital currency, stating:

What they charge is critical. Transaction costs are relatively high for BTC. If this pushes transaction costs lower, it will be a benefit to the BTC market.

Featured image from Shutterstock.

coinbase

A U.S. District Court judge has ordered bitcoin exchange Coinbase to provide the Internal Revenue Service (IRS) with the transaction records of more than 14,000 customer accounts.

The ruling (PDF), which was filed in the Northern District of California’s San Francisco courthouse, compels Coinbase to provide the IRS with customer records for accounts that had at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any single year from 2013 to 2015. Coinbase estimates that 14,355 accounts will fall subject to the purview of the summons.

Since the IRS classifies cryptocurrency as property, all cryptocurrency holdings are subject to capital gains taxes at the time of disposition. However, the IRS claims that virtually no U.S. taxpayers have reported bitcoin-related investment income on their annual tax returns. Armed with this data, the agency will be able to identify and levy penalties against investors who have skirted their legal obligations to pay taxes on their bitcoin investments, and — in some cases — prosecute offenders for tax evasion.

“That only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,” U.S. Magistrate Judge Jacqueline Scott Corley wrote in her ruling. “The IRS has a legitimate interest in investigating these taxpayers.”

The ruling did not come as a surprise. Earlier this month, the judge told Coinbase in a hearing that she was inclined to “give tremendous discretion to the agency as to how they investigate” whether people are making money on their bitcoin investments. Following that hearing, Coinbase published a blog post that more or less conceded defeat but took solace in the fact that the company had successfully forced the IRS to narrow its initial summons, which sought records from approximately 500,000 customers.

Despite the narrow focus of the final order, the successful defense of the summons will likely encourage the IRS to ramp up its efforts to bring bitcoin users into compliance with tax reporting obligations — particularly following the industry’s dramatic growth in 2017.

Featured Image from NPR/Dennis Brack/LandovIRS-v-Coinbase-order

top 25 cryptocurrency exchanges

Cryptocurrency exchanges have become an important onramp and offramp to the cryptocurrency world. From the infamous and now shuttered Mt. Gox to current industry leaders in volume such as Poloniex and Bittrex, cryptocurrency exchanges and altcoin exchanges are seeing increased use around the world. Every day, billions of dollars are traded back and forth over the top cryptocurrencies on these cryptocurrency exchanges. Traders, buyers, and sellers must trust these exchanges with their money, but are the exchanges really trustworthy? Unfortunately, not all cryptocurrency services are as secure or safe as you might think. In fact, some crypto exchanges have been known to be scams or vulnerable to hacking. This could lead to the loss of any cryptocurrency stored on there.

We take a look at the fees, history, and usability of the top cryptocurrency exchanges available in 2017. Whether you’re seeking to buy Bitcoin or other cryptocurrencies as an investment, to utilize margin trading, or anything else – Use this list of cryptocurrency exchanges to help choose an exchange for you.

1. Poloniex

poloniex cryptoName: Poloniex
Review
URL: https://www.poloniex.com
Total trading pairs: 101
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.10% – 0.25%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Requirements

Limits

Level 1 Email, First & Last Name, Country $2,000, USD Margin Trading Enabled
Level 2 Complete Address, Phone Number, Date of Birth 7,000 USD
Level 3 SSN, Scan of Photo ID, Selfie holding your ID $25,000 USD
Enhanced Verification Contact Support Greater than $25,000 USD

2. Bittrex

Namebittrex crypto: Bittrex
Review
URL: https://www.bittrex.com/
Total trading pairs: 271
Founded: 2014
Deposit fees: no
Withdrawal fees: yes
Trading fees: 0.25%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Basic 0.4 BTC
Enhanced 100 BTC

3. GDAX

gdax cryptoName: GDAX
Review
URL: https://www.gdax.com/
Total trading pairs: 9
Founded: 2016
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.25%
Margin trading: yes
USA accepted: yes
Review: BlockExplorer’s GDAX Review
Verification levels and withdrawal limits:

Verification Level

Limits

Verified Algorithmic

4. Kraken

kraken crpytoName: Kraken
Review
URL: https://www.kraken.com/
Total trading pairs: 59
Founded: 2011
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.36%
Margin trading: yes
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

 Individual w/o proof of source $25k USD daily
 Individual w/ proof of source $100k USD daily
 Corporate w/o proof of source $100k USD daily
 Corporate w/ proof of source $1m USD daily

5. Bitfinex

bitfinex cryptoName: Bitfinex
Review
URL: https://www.bitfinex.com
Total trading pairs: 56
Founded: 2012
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.04% – 0.20%
Margin trading: yes
USA accepted: no
Verification levels and withdrawal limits:

Verification Level

Limits

Individual No limit
Corporate No limit

6. Bitstamp

bitstamp cryptoName: Bitstamp
Review
URL: https://www.bitstamp.net
Total trading pairs: 11
Founded: 2011
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.05% – 0.25%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Verified No limit

7. WEX

wex cryptoName: Wex (formerly BTC-e)
Review
URL: https://wex.nz
Total trading pairs: 26
Founded: 2017
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.20%
Margin trading: no
USA accepted: no
Verification levels and withdrawal limits:

Verification Level

Limits

Regular 10k USD
VIP 100k USD

8. Coinone

coinone cryptoName: Coinone
Review
URL: https://coinone.co.kr
Total trading pairs: 7
Founded: 2015
Deposit fees: no
Withdrawal fees: yes
Trading fees: 0.00% – 0.15%
Margin trading: yes
USA accepted: no
Verification levels and withdrawal limits:

Verification Level

Requirements

Limits

Level 1 Email, Country 1,000 KRW
Level 2 Mobile phone authentication 500,000 KRW
Level 3 OTP registration 1,000,000 KRW
Level 4 Operation team review Greater than 100,000,000 KRW

9. Quione

quoine cryptoName: Quoine
Review
URL: https://www.quoine.com
Total trading pairs: 23
Founded: 2014
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.25%
Margin trading: yes
USA accepted: no
Verification levels and withdrawal limits:

Verification Level

Limits

Indvidual Daily: 30-50k USD; Monthly: 300-500k USD
Corporate Daily: 100-150k USD; Monthly: 1-1.5m USD

10. bithumb

bithumb cryptoName: bithumb
Review
URL: https://www.bithumb.com
Total trading pairs: 23
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.15%
Margin trading: yes
USA accepted: no
Verification levels and withdrawal limits:

Verification Level

Limits

Basic 3 BTC
Enhanced 100 BTC

11. HitBTC

hitbtc cryptoName: HitBTC
Review
URL: https://www.hitbtc.com
Total trading pairs: 327
Founded: 2013
Deposit fees: yes
Withdrawal fees: yes
Trading fees: 0.10% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Verified No limit

12. Gemini

gemini cryptoName: Gemini
Review
URL: https://www.gemini.com
Total trading pairs: 3
Founded: 2014
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.25%
Margin trading: no
USA accepted: yes
Verification levels and deposit/withdrawal limits:

Verification Level

Limits

Individual ACH Daily Deposit/Withdrawal: $500/$10,000; ACH Monthly Deposit/Withdrawal: $15,000/$100,000; Cryptocurrency: No Limit
Institutional ACH Daily Deposit/Withdrawal: $10,000/$10,000; ACH Monthly Deposit/Withdrawal: $300,000/$100,000; Cryptocurrency: No Limit

13. Korbit

korbit cryptoName: Korbit
Review
URL: https://www.korbit.co.kr
Total trading pairs: 5
Founded: 2013
Deposit fees: no
Withdrawal fees: yes
Trading fees: 0.00% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Requirements

Limits

Level 1 Phone number KRW: 0; Cryptocurrency: 5,000,000 KRW
Level 2 SMS verification KRW: 0; Cryptocurrency: 5,000,000 KRW
Level 3 Address and Bank account registration KRW: 30,000,000 KRW; Cryptocurrency: 5,000,000 KRW
Level 4 Approval process 300,000,000 KRW
Level 5 Approval Process 500,000,000 KRW

14. bitFlyer

bitflyer cryptoName: bitFlyer
Review
URL: https://www.bitflyer.jp
Total trading pairs: 3
Founded: 2014
Deposit fees: no
Withdrawal fees: yes
Trading fees: 0.11% – 0.25%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Requirements

Limits

Level 1 Email, First & Last Name, Cellphone verification 2,000 USD
Level 2 Bank account and photo ID verification 50,000 USD

15. Binance

binance cryptoName: Binance
Review
URL: https://www.binance.com
Total trading pairs: 3
Founded: 2017
Deposit fees: no
Withdrawal fees: yes
Trading fees: 0.1%
Margin trading: no
USA accepted: yes
Verification levels and deposit/withdrawal limits:

Verification Level

Limits

Verified 2 BTC
Institutional 50 BTC

16. Vaultoro

vaultoro cryptoName: Vaultoro
Review
URL: https://www.vaultoro.com
Total trading pairs: 1 (and it doesn’t involve USD)
Founded: 2014
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.20% – 0.50%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Verified No limit

17. LakeBTC

lakebtc cryptoName: LakeBTC
Review
URL: https://www.lakebtc.com
Total trading pairs: 8
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Normal No limit

18. BitMarket

bitmarket cryptoName: BitMarket
Review
URL: https://www.bitmarket.net
Total trading pairs: 5
Founded: 2014
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.45%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Unverified Yearly: 15,000 PLR/EUR
Verified No limit

19. CEX.io

cex cryptoName: CEX
Review
URL: https://www.cex.io
Total trading pairs: 15
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Basic Daily: 500 USD; Monthly: 2,000 USD
Verified Daily: 50,000 USD; Monthly: 300,000 USD
Verified Plus Unlimited
Corporate Unlimited

20. QuadrigaCX

quadrigacx cryptoName: QuaudrigaCX
Review
URL: https://www.quadrigacx.com
Total trading pairs: 10
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.20% – 0.50%
Margin trading: no
USA accepted: no
Verification levels and withdrawal limits:

Verification Level

Limits

Unverified Voucher only
Verified Bank wire: 500,000 USD; Cryptocurrency: 250,000 USD

21. Coinfloor

coinfloor cryptoName: Coinfloor
Review
URL: https://www.coinfloor.co.uk
Total trading pairs: 8
Founded: 2013
Deposit fee: yes (not on BTC)
Withdrawal fees: yes
Trading fees: Yes
Margin trading: no
USA accepted: no
Verification levels and withdrawal limits:

Verification Level

Limits

Verified No limit

22. itBit

itbit cryptoName: itBit
URL: https://www.itbit.com
Total trading pairs: 3
Founded: 2012
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.00% – 0.20%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

2FA Verified Daily: 30,000 USD; Monthly: 600,000 USD

23. Liqui

liqui cryptoName: Liqui
Review
URL: https://www.liqui.io
Total trading pairs: 235
Founded: 2016
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.10% – 0.25%
Margin trading: no (coming soon)
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Basic 50,000 USDT
Enhanced 500,000 USDT

24. ACX

acx cryptoName: ACX
Review
URL: https://www.acx.io
Total trading pairs: 6
Founded: 2016
Deposit fees: no
Withdrawal fees: yes
Trading fees: 0.00%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

25. Gatecoin

gatecoin cryptoName: Gatecoin
URL: https://www.gatecoin.com
Total trading pairs: 39
Founded: 2013
Deposit fees: no
Withdrawal fees: no
Trading fees: 0.02% – 0.35%
Margin trading: no
USA accepted: yes
Verification levels and withdrawal limits:

Verification Level

Limits

Tier 1 50,000 USD
Tier 2 Greater than 500,000 USD