UPDATE 20 August 2021: GOPAX has announced that they will be closing down on 17 September 2021, due to new government regulations. They announced this information through the following email sent to its users:
"Dear GOPAX.com users,
In order to meet the requirement to acquire virtual asset service provider license in Korea,
GOPAX.com will inevitably cease operation on September 17.
According to the new law that is effective as of September 25,
any non-resident cannot use virtual asset-related services provided by an entity resided in South Korea.
As such, we ask that all GOPAX.com users withdraw any remaining virtual assets in your wallet prior to September 24.
We feel very unfortunate that the service cannot be continued. Our sincere apologies and gratitude to all users.
For any related inquiries, please contact [email protected]
UPDATE 28 October 2021: In an interesting turn of events, Gopax has not closed down. Only the English version of the website, and the fiat on-boarding and trading, has been discontinued. So if you would like to trade crypto-to-crypto on this platform, that is still possible.
What is Gopax?
Gopax is one of the many South Korean cryptocurrency exchanges. The name is really an acronym standing for Global Online Professional Assets Exchange and it quickly became the 5th biggest South Korean cryptocurrency exchange after launching. It opened up shop in 2016.
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.