We present a step-by-step image guide on How to buy Algorand (ALGO), on GDAX which is a part of Coinbase.
Why GDAX? After you get your funds on Coinbase, the % of fees that it puts on each of your purchase and sale would not be a problem if you are trading instead of just holding. If you are buying and selling regularly on Coinbase, this fee could actually be of a concern as it starts cutting your profits or even losses.
GDAX (Global Digital Assets Exchange), allows you to trade different pairs according to the country you are trading from.
Please follow the below-mentioned steps to understand how to register on to the GDAX exchange to begin trading.
Two-factor authentication (also known as 2FA) is a type (subset) of multi-factor authentication. It is a method of confirming a user’s claimed identity by utilizing a combination of two different factors: 1) something they know, 2) something they have, or 3) something they are.
An excellent example of two-factor authentication is the withdrawing of money from an ATM; only the correct combination of a bank card (something that the user possesses) and a PIN (personal identification number, something that the user knows) allows the transaction to be carried out.
In the case of exchanges what the user knows are the login details username and password and what he possesses is the 2nd factor for the authentication which is a code. The code can be either received through SMS on users personal mobile phone or found in an application like Google Authenticator or Authy.
So, from your homepage, https://www.gdax.com/trade click on your account, settings from where you can set the 2FA up.
Click on the Two-factor-authentication tab.
Either manually enter the key in the Google Authenticator app or scan the QR code. Either way, please write down for Safekeeping the OTP ( one time password for Google Authenticator ) so that in the event you need to reset it you have this ( please note that in the image it is blurred for safety reasons. Please consider this as a master key. Without it, you cannot reset in case it whoever.
Once you do this scan or manual input a single time, a one time password will be generated, that you need to write/copy in the One-time password empty field.
Now you should be good to go so whenever you log in to your account or perform any other operations you just open the Google Authenticator app and insert the one time password given shown there. It shows Coinbase as GDAX is a part of Coinbase and you can always ‘Sign In’ using your Coinbase account.
More details on how to use Google Authenticator here.
You can now proceed to fund your GDAX account from your bank account.
These buttons on left side of the GDAX exchange will help you with transferring FIAT or digital currencies between Coinbase and GDAX.
Clicking on Deposit button will bring the below screen. To deposit funds to GDAX,
Read carefully the details so that you are sure you follow the correct path for deposits.
Below you will see the order book. This section shows how many orders are present for each price point.
In GDAX you have 2 kinds of charts
Price Chart gives you the option to select intervals like 1m, 5m, 15m, 1hr, 6hr, and 1day. This helps you study the movement of the selected trading pair over time.
Depth Chart shows you the supply and demand of selected trading digital currency against the trading currency.
Below these charts will you find two tabs for orders and fills. When you place an order, it shows up here and time elapsed since you’ve placed that order. Once the price reaches the price you’ve place — it gets executed, which means you will be allocated the amount of digital currency according to the order placed. This is called order being filled, then it moves to the filled tab.
GDAX or any other exchange will charge a transaction fee whenever you make a trade — either buy or sell. Sometimes, various exchanges will have a different fees structure for maker and taker orders
Maker Order means you make an offer and someone accepts it. That makes you the maker and the recipient the taker.
Taker Order is if you accept the offer (buy/sell) someone has made to you. That makes you the Taker and the sender the Maker.
Now that we know what’s a Maker and Taker orders are and that different exchanges will have different fee structures for them.
GDAX is a kind exchange where fees for all Maker orders is absolutely ZERO (as of January 22nd 2018).
So if we can place Maker orders properly while buying and selling — then there won’t be any transaction fees! Hurray!
Here’s how to place a Limit Buy and Limit Sell, so that you will always be making an offer and your order will be charged 0 transaction fees.
Limit Buy is placing an order with conditions. Here you can specify the quantity and at what price point, it should execute.
Say, the current ETH price is $1100
Buy 2 ETH when ETH vs USD price comes down to $1000
In this case, you are making an offer and it gets executed only when someone takes it.
Limit Sell is an order where you specify the quantity and price at which your order gets executed.
Order is the condition you put along with the quantity.
Execution means, the order being fulfilled.
Once the order is closed, you have just bought your first coin!
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