Gopax Review by professional crypto currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this Gopax Review.
Gopax is a South Korean cryptocurrency exchange, which is quickly gaining traction. The main reason for that is the lack of trading fees. This may sound too good to be true and while we don’t know if it is temporary promotion, the exchange seems to be reputable.
Provides information on the company – Gopax gives the details of the company which runs it and the people behind it. This can’t be said for everybody in the world of crypto and gives them at least some credibility. Furthermore, they occasionally organizes live seminars for current (and future) enthusiasts.
Zero trading fees – the main selling point of this exchange is obviously the lack of fees on the actual trading activity. Currently the industry charges around 0.20%-0.25% on each trade.
No deposit fees, low ones for withdrawal – if Gopax can run without charging active traders anything, having a deposit fee will be strange. Apparently the only way they make money is through the negligible withdrawal charges. Here is a short version of their list.
Before saying the KRW fee is a absurd, you must check the exchange rate. A thousand Won is worth approximately $0.92, at the time of writing.
Korean bank transfers accepted –as you can see from the list of supported assets, KRW is supported. The banking system is the only way to transfer fiat currencies.
Relatively nice platform – the web-based trading interface provided by Gopax has decent charting. That being said, the layout could have been improved. As you can see from the screenshot below, we can’t capture the entire book (all the active bids and offers) in the same screen. The entire platform is a bit “elongated”, at least for wide-screen monitors.
Altccoins supported – most of the rather established alternative coins are supported at Gopax. A total of 19 coins are traded against the Won, with the rest being against BTC. There are approximately 30 pairs, with the major coins including ETH, LTC, XLM, EOS, QYUM, OMG, to name a few.
Focus on Korea – the main flaw of this exchange is that they put too much emphasis on the local market. Then again, it’s a conscious choice more than an error. Still, outsiders will not get the maximum out of Gopax.
KRW is the only fiat currency – this goes with the previous point. Not much to say except for the fact, this is a limiting factor for non-Koreans.
No leverage – you can’t expect everything from Gopax. Few exchanges offer trading on margin and the conditions aren’t usually impressive. That being said, forex brokers have started supporting crypto-CFDs
A CFD or Contract For Difference is an asset different from the actual coin. Simply put, it is an instrument which only has the same price movements of given cryptocurrency. For a full comparison of the two styles of trading, visit this page.
Seems too good to be true – we must highlight the obvious. While this isn’t a flaw, having no trading fees sounds incredible. This raises suspicions on the legitimacy of this exchange, despite the other positive factors.
Almost no user comments in English – we didn’t manage to find much meaningful reviews on Gopax. This is not that surprising, given the Korean focus of this exchange.
Gopax is a South Korean cryptocurrency exchange. They do accept bank transfers in KRW, which allows locals to enter the cryptoverse. The most impressive factor about Gopax is the lack of trading fees. This is amazing, given the fact the company seems legitimate. This, alongside the focus on Korea, are our biggest worries about them. It simply looks too good to be true.
Keep in mind, trust is still the major issue in the world of crypto. Even in the exchanges which seem reputable are often not regulated. Basically this means your investment is not secure.
Gopax Review Conclusion
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