The crypto market is nothing less than extremely competitive. That is exactly why everyone is currently looking for something that stands out from the crowd, something that incentivizes the public, something that captures the attention through interesting propositions.
When it comes to cryptocurrency exchanges, the importance of these aspects is even more clearly defined. GOPAX is a South Korea-based cryptocurrency exchange that’s quickly gaining popularity (especially in Korea and Asia). This surge in popularity is mainly due to the lack of trading fees. However, this is just part of the story, as GOPAX has a lot of other attractive features. In this article, we will be looking at both the advantages and disadvantages of GOPAX.
As mentioned before, the exchange’s main selling point is the fact that it doesn’t offer trading fees. This is a very rare thing in an industry where most exchanges ask somewhere between 0,10% and 0,5% on each trade. In case you’re wondering, GOPAX makes money through a negligible withdrawal fee (comparable to that of most exchanges).
There are some exchanges out there that offer no to very low fees, but they’re lacking credibility mainly because there’s no information regarding the company. This is not the case of GOPAX that clearly displays all the necessary information in order to ensure customer confidence.
Another advantage of the Korean crypto exchange is the fact that it accepts transfers from almost all Korean banks, and, better yet, KRW is among the supported assets besides ETH, BTC, and BCH. The exchange also boasts a decent array of active markets and support for a plethora of altcoins. According to CoinMarketCap, Bitcoin, Ripple, Ethereum, Stellar, and EOS/KRW are the top 5 most traded pairs.
Since it also has an office in the US, GOPAX is also available in English, making it very accessible to the whole English-speaking audience. Not only this but the exchange’s web-based black-and-white interface is very functional. It’s not the most stylish interface out there, but it does a good job at providing users with easy access to all of the most important tools.
As mentioned before, KRW is the only fiat currency supported by GOPAX. This is another proof that the exchange puts a very high emphasis on the local Korean market which is one the biggest drawbacks of the Korean crypto exchange. With such a strong emphasis on Korean, traders from outside can’t easily take advantage of everything this exchange has to offer.
As a crypto exchange for the Korean market, GOPAX is surely very good. However, even Korean advanced traders are bound to find GOPAX lacking various important features. One feature that GOPAX does not provide its traders with is leveraged or margin trading. This forces traders to support most of the unwanted fluctuations of given cryptocurrency prices.
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At least on paper, GOPAX seems to be a very appealing crypto exchange. Since the exchange accepts bank transfers in KRW, it makes it very easy for Koreans to enter the cryptosphere. It also doesn’t have trading fees which is especially good for day-to-day traders. However, it’s so focused on the Korean market, that it loses out in terms of popularity.
Trust is still a major issue in the case of most crypto services, crypto exchanges included. GOPAX does offer a lot of information regarding its offices, but there are those who insist it has to be a catch regarding the fact that it doesn’t charge transaction fees. Since the exchange is mostly geared towards the Korean market, it’s really difficult to find good reviews done by foreign traders.
The best advice for this situation is to start small, with low sums for trading, and work your way up to bigger ones from there.
Image Source: Gopax.com