GMO Japan Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of GMO Japan consists of four parts: general information, fees, deposit methods and security.
GMO Japan is an exchange based in Japan. It belongs to the large internet conglomerate GMO Internet Group.
On 1 May 2020, the company owning this exchange was registered as a "First Class Financial Instruments Business Operator" in Japan.
The exchange is divided into two divisions: the cryptocurrency FX-division (leveraged trading) and the cryptocurrency spot trading-division.
There is a big restriction on which users that are allowed to trade here. You can only use the GMO Japan-platform, if you live in Japan. There are also a number of other account opening requirements, namely the following:
So if you don’t satisfy all of the above criteria, you’ll have to look elsewhere for a place to trade at. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
A fun fact that we would like to mention here is that GMO Japan is one of the main sponsors of FC Ryukyu (a professional soccer club whose home town is Okinawa City, Japan). We like to see these types of commercial relationships and they are becoming more and more as time passes.
A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses. For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
GMO Japan Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book. They alsn normally show a price chart of the chosen cryptocurrency and order history. Buy and sell-boxes are also quite common. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. Unfortunately, due to us not having a Japanese phone number, we have not been able to access the exchanges trading view. Accordingly, we have no trading view to provide here. We will update this review as soon as we manage to obtain a picture of the trading view.
GMO Japan Fees
GMO Japan Trading fees
This trading platform’s trading fees for takers are 0.05%. This fee is substantially below the industry average. The industry average is arguably around 0.25%. However, we currently see a large number of exchanges moving to even lower trading fees (0.10%-0.15%).
If you were impressed by the taker fee, wait until you hear about the maker fees here. Makers (i.e., the parties in a trade that doesn’t take the offer that is already on the order book) don’t pay any fees at all – they get paid. The maker fees here are -0.01%, meaning that makers are rewarded for providing liquidity to the trading platform. This is naturally a strong competitive edge for the investors who are not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
GMO Japan Withdrawal fees
Apparently, GMO Japan does not charge any withdrawal fees at all for withdrawing BTC. This is a very strong competitive edge in the market if true and really distinguishes this exchange from most other alternatives in the market.
GMO Japan offers wire transfer as a deposit method, but credit cards are not a permitted deposit method. If you for any reason want to buy cryptos with your credit card, then this exchange is off boundaries for you. However, as the exchange accepts deposit of fiat currencies at all, it qualifies as an “entry-level exchange”.
If you for some reason absolutely need to find an exchange accepting credit card deposits, just use our Exchange Finder and it will filter out the available exchanges for you.
GMO Japan Security
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. GMO JJapan received an F- score in this test. This should however be viewed in light of the fact that F is the Mozilla Observatory-score received by the majority of all exchanges in our Exchange List.
Low trading fees are indeed very important for any prospective investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):