GDAX, which is the new exchange platform by the Coinbase team, has been received with mixed feelings so far. Many people see it as another way to differentiate the company from the Bitcoin name. But it looks like using GDAX can be quite problematic as well, as the company will enable withdrawal limits very soon.
Albeit this scenario does not sound as horrible as it could have been, the fact GDAX will add withdrawal limits to user accounts is not something people will enjoy. The US$10,000 daily withdrawal limit will not be a big deal for most consumers, though. Traders, on the other hand, may feel differently about it.
The company wants to improve their account services, as well as the funding options available to its users. Changes will be implemented as soon as July 7, 2016. By the look of things, these changes will be applied platform-wide, regardless of the region one user resides in. All users will still have access to unlimited deposits, though.
Other changes will be coming to US-based GDAX users in the coming weeks. Same-day deposits and withdrawals are a much-requested feature in the Bitcoin exchange world. Up until this point, bank transfers can take anywhere from one to five business days, which is not a fun scenario when buying or selling cryptocurrency.
Moreover, it appears as of all GDAX account holders will need to update their account information in the coming days. The company mentioned how users would need to fill in any “missing information,” albeit it is unclear whether or not this means there will be additional verification requirements.
Interestingly enough, any GDAX account not completing the required profile information will be suspended from trading activity come August 1, 2016. This seems like a rather harsh decision, with very little warning in advance regarding these changes. Albeit users may argue one month is plenty of time to update an account, not everyone checks these email messages every day.
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