GOPAX

What is GOPAX？

Established in 2017, GOPAX stands as one of South Korea's top five crypto exchanges, boasting a user base exceeding 10 million. The exchange offers 100+ cryptocurrencies, such as Bitcoin, Ethereum, and Tether. GOPAX's 24-hour trading volume exceeds $1 billion. As for fees, both takers and makers pay 0.20% for basic users.

Pros and cons

GOPAX excels in these areas:

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• Low trading fees: GOPAX has some of the lowest trading fees in the industry. The maker fee is 0.20% and the taker fee is 0.20%.

• Wide range of cryptocurrencies: GOPAX lists over 170 cryptocurrencies, including popular coins like Bitcoin and Ethereum, as well as newer altcoins.

• Good liquidity: GOPAX has good liquidity, which means that there are plenty of buyers and sellers in the market. This makes it easy to buy and sell cryptocurrencies without having to worry about slippage.

• Mobile app: GOPAX has a mobile app that makes it easy to trade cryptocurrencies on the go.

GOPAX lacks these areas:

• Not available in all countries: GOPAX is not available in all countries. Currently, it is only available in South Korea, Japan, and some other countries in Asia.

• Slow customer support: GOPAX's customer support is not the best. There have been reports of long wait times and unresponsive agents.

• Security concerns: There have been some security concerns about GOPAX in the past. In 2019, the exchange was hacked and $30 million worth of cryptocurrencies were stolen.

• Limited features: GOPAX does not offer as many features as some of its competitors. For example, it does not offer margin trading or staking.

Regulation

Since GOPAX lacks regulation, it poses risks: Unregulated exchanges lack financial oversight, increasing fund loss and theft risk. Withdrawal restrictions might occur due to bankruptcy or owner actions. Fraud protection measures are often absent, raising fraud vulnerability on unregulated exchanges.

Security

GOPAX boasts that it provided the following two security measures to protect client's funds:

• Cold storage: GOPAX stores the majority of its cryptocurrency reserves in cold storage, which means that they are offline and not connected to the internet. This makes them much less vulnerable to attack.

• 2FA: GOPAX offers two-factor authentication (2FA), which adds an extra layer of security to customer accounts. With 2FA, users must enter a code from their phone in addition to their password to log in.

Cryptocurrencies available

There are over 170 cryptocurrencies listed on the GOPAX exchange. This includes popular cryptocurrencies such as Bitcoin, Ethereum, and Tether, as well as newer altcoins such as Solana and Cardano.

The coin listing speed on GOPAX is relatively fast. The exchange typically lists new cryptocurrencies within a few weeks of their initial coin offering (ICO). However, the exchange does have a rigorous listing process that ensures that only high-quality cryptocurrencies are listed.

How to open an account？

To become a member, you must register using the Gopax app. This app is the only place where you can sign up for membership.

Fees

At GOPAX, trading fees are categorized into “Basic” and “Trader” tiers. For the “Maker” fee, it ranges from 0.20% to as low as -0.01% to 0.02%, depending on the tier. The “Taker” fee, on the other hand, varies from 0.20% to a range of 0.02% to 0.05%, also based on the tier.

Deposit & Withdrawal

Gopax has varying deposit and withdrawal fees for different assets. Deposits for USD are free, while for other assets like ETH, BTC, BCH, and XLM, they also come without fees. Withdrawal fees differ, with minimum deposit and withdrawal amounts for each asset. Note that LTC, MOBI, STEEM, and SBD have specific restrictions or lack of support for deposits or withdrawals on the platform. Gopax offers free deposits and withdrawals for most assets. The minimum deposit varies for each asset, ranging from 5 to 810, and the minimum withdrawal ranges from 200 to 2000 depending on the asset.

Customer Support

You can connect with GOPAX on social media platforms like Line and Youtube. They also provide a chatbot for communication, but you'll need to log in to use it.

Is GOPAX a Good Exchange for You？

GOPAX may be a good exchange for traders in the following types:

Traders who pursue a diversified range of cryptocurrencies listed.

Traders who pursue lower trading fees by attaining a trader tier.

Traders who are willing to bear risks of trading with an unregulated exchange.

Compare with other exchanegs

Features
Trading Fees	Taker fee: 0.20%, Maker fee: 0.20% ( general)	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	170+	500+	11	200+
Regulation	Not regulated	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

User Reviews

Alex Simmons

23 May, 2021

One thing that stood out to me is their wide range of cryptocurrencies available. I mean, seriously, they've got all the popular ones and some hidden gems too. Plus, their liquidity is on point. I've never had trouble executing trades, and that's a big deal. Customer support, well, that's where I have a minor gripe. It's decent, but sometimes the response time could be better. Trading fees are fair, nothing outrageous.

Oh, and don't get me started on deposit and withdrawal speeds. Lightning-fast! I've never had to wait around for my funds. They offer various order types, which is great for advanced traders. As for privacy and data protection, they take that seriously. I like knowing my info isn't just floating around.

Clark Thompson

9 March 2022

Trading fees are decent; not gonna break the bank. Privacy is essential, and Gopax gets that. They're all about keeping your data locked up. Deposit and withdrawal speed？ Lightning quick. I mean, who likes waiting for funds to show up？ Order types？ Yeah, they've got a bunch, so I can get as fancy as I want with my trades.

Stability-wise, Gopax is a champ. I've never seen it crash or glitch.

Conclusion

In the end, the exchange offers 170+ cryptocurrencies and low trading fees but lacks strong regulation. While liquidity is good and the app user-friendly, customer support is slow. Security and limited features are concerns, along with restricted access in some countries. Users should weigh these factors carefully before deciding to use the platform.

FAQs

Q：How do I verify customers for dormant accounts？

A： Dormant accounts must proceed with customer verification when dormancy is released after logging in. However, customers who have not reached the re-fulfillment cycle or who do not need separate customer verification can use the service immediately.

Q: What cryptocurrencies does GOPAX list？

A: GOPAX lists over 170 cryptocurrencies, including popular coins like Bitcoin and Ethereum, as well as newer altcoins.

Q: What are the trading fees on GOPAX？

A: The trading fees on GOPAX are 0.20% for both makers and takers.

Q: Is GOPAX available in my country？

A: GOPAX is not available in all countries. Currently, it is only available in South Korea, Japan, and some other countries in Asia.

Q: What are the deposit and withdrawal fees on GOPAX？

A: The deposit and withdrawal fees on GOPAX vary depending on cryptocurrency.

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.