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 Gocio consists of four parts: general information, fees, deposit methods and security.
UPDATE 26 February 2019: We have not been able to access this exchange’s website. Accordingly, we believe that it is currently closed down.
Gocio is a Russian cryptocurrency exchange. It feels unfair tospeak about a Russian cryptocurrency exchange without also mentioning YoBit, one of the first to ever exist. So there, now it’s mentioned.
This coin exchange from Russia does not list US-investors as prohibited from trading. But, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
Gocio Trading fees
This cryptocurrency exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20%, meaning that both takers and makers pay 0.20% of the order value when completing an order. This fee is slightly below the global industry average. The industry average is arguably 0.25%.
Gocio Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.10% when you withdraw cryptocurrencies (such as BTC). This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), FatBTC (0.05%), Digax (0.10%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), BCEX (0.50%), DOBI Trade (0.50%), iCE3X (0.50%), LEOxChange (1.00%) and Trustdex (1.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00001 BTC (quite low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.01 BTC (quite high). Please consider whether this withdrawal fee suits your own trading or not.
This exchange offers wire transfer as a deposit method, but you can’t deposit via credit card. So if you want to stack up some credit card points by trading crypto, you’ll have to look somewhere else.
Gocio’s security score is D+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):