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 Gopax consists of four parts: general information, fees, deposit methods and security.
Gopax is a newer addition to the gang of South Korean cryptocurrency exchanges. There is a large number of South Korean cryptocurrency exchanges, as the country has been one of crypto’s strongholds since early on. In addition to this exchange, the list also includes (but is not limited to): Bithumb, Coinone, Korbit and UPbit.
The name is really an acronym standing for Global Online Professional Assets Exchange and it has quickly become the 5th biggest South Korean cryptocurrency exchange.
The exchange does not list US-investors as prohibited from trading, but US-investors should as always do their own independent assessment of any problems arising from their residency or citizenship.
This exchange also has an OTC-function, where you can buy and sell cryptocurrencies outside of the regular trading platform. The exchange lists the following six things as advantages with their OTC-platform: personal trading support, market updates, deep liquidity, competitive pricing, fast settlement and multiple assets. These factors are all very helpful to a prospective OTC-trader.
Gopax 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 views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. 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. The below is a picture of the trading view at Gopax:
Gopax Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
This exchange charges a flat fee of 0.20% per trade. This is an acceptable competitive fee, considering that the global industry average is arguably around 0.25%.
Gopax Withdrawal fees
Gopax charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. This fee is substantially above the industry average, arguably being around 0.0008 BTC per BTC-withdrawal.
At this place, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors who have not amassed a big number of cryptocurrencies yet.
Gopax’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
Low trading fees are indeed very important for any prospective cryptocurrency 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):