Are you looking to trade in your old bitcoin with its high fees and slow transactions for a brand new bitcoin cash? Or, you just want to offload the bitcoin cash you have been holding since the fork? Either way, there is some good news for customers of GDAX. The exchange will start offering BCH/BTC trading again in a couple of days.
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BCH/BTC on GDAX
GDAX exchange, a subsidiary of San Francisco-headquartered Coinbase, has announced that it will open its BCH/BTC order book on Wednesday January 17 at 9:00 AM Pacific Standard Time (PST). Besides pitting the two cryptocurrencies against each other in a way that allows speculating on the stronger instrument, it will also create a way to acquire BCH for GDAX users who otherwise couldn’t buy it (such as Europeans as the venue doesn’t currently offer a BCH/EUR pair).
Last month Coinbase was forced to halt bitcoin cash trading on both platforms soon after it started, botching the launch. Besides operational problems like an inability to handle all the traffic to specific BCH liquidity issues, the company was also accused by many clients of enabling insider trading. Last week the general manager GDAX Adam White tried to answer these concerns in his retrospective on the controversial launch.
‘Limit-Only’ Mode
GDAX is also introducing a new market state called ‘limit-only’. In this state, customers will only have the ability to place limit orders and cannot place market orders. They say that this is meant to ensure traders have full control of the fill price by only allowing orders with an explicitly set limit. The company specified that the BCH/BTC market will open in ‘post-only’ mode for a minimum of thirty minutes before entering ‘limit-only’ mode followed by ‘full trading’ mode.
The GDAX team explains that: “The decision to move a market from ‘post-only’ to ‘limit-only’ to ‘full trading’ mode is made at the discretion of our Market Operations team. When making this decision we consider factors such as order book liquidity and price volatility.”
The trading venue will also institute new order maximums and minimums for its trading books, starting January 16.
How is the market going to react once BCH/BTC trading begins on GDAX? Share your thoughts in the comments section below!
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