In the world of cryptocurrency, trust is a major issue. Especially with crypto exchange companies. To get an insight into the legitimacy of a company it's important to highlight its pros and cons.
What Is Gopax?
Founded and based in South Korea, Gopax is a crypto exchange company that is fast gaining popularity in the crypto space. Its lack of trading fees has made it a favorite among investors and although this might sound like music to your ears, it’s important to tread carefully and find out if the company is legit or not.
Why Gopax Global Online Professional Crypto Asset eXchange ?
As earlier mentioned, Gopax does not charge trading fees for its activities which is its main selling point. With the prevailing industry rates at 0.20%-0.25% on each trade, Gopax is definitely a hit with investors as it has minimal fees on actual trading.
The fear of most cryptocurrency investors is dealing with a company that has little or no information and keeps the people behind its success anonymous. Gopax provides all the necessary information about the company and the faces behind it are known. This enhances its credibility and boosts investor confidence. The company also holds live seminars and workshops for current and future cryptocurrency enthusiasts, which builds the confidence of potential investors.
Because it wouldn’t make economic sense if the exchange company completely charges nothing on transactions- how else would they make money? Gopax charges a negligible withdrawal fee. The fee is minimal as compared to prevailing exchange rates in the market.
Since the banking system is the only way of transferring fiat money, it’s important that the Gopax exchange company can work with Korean bank transfers. And it does! KRW is among the list of supported assets.
Gopax provides an excellent web-based trading interface that provides active bids and offers on the same screen and ensures decent charting. The layout could do with a little streamlining to make it user-friendly for any devices as currently it appears a bit elongated on wide-screen monitors.
The exchange company supports a good number of the established altcoins in the cryptocurrency world. With a majority of coins traded against BTC, at least 19 are traded against the Won. The coins include Litecoin, Ethereum, XLM, EOS, OMG, and QYUM and so on.
The Downside Of Gopax
The company has its limitations as well. The main one being that its focus is on the local Korean market. With an emphasis on Korea, outsiders are locked out and might miss out on the best of Gopax.
For non-Koreans, they are limited in their trade with Gopax especially because KRW is the only fiat currency in Korea.
With few exchanges operating under not-so-impressive conditions and trading on margin, Gopax is not going to offer anything new. Especially with no trading charges, it has no leverage. This has forced forex brokers to support crypto-Contract for Difference, which provides the same price fluctuations of given cryptocurrency. In short, it is an asset with a difference from the actual coin.
Finally, getting reviews on this company is an uphill task. Especially in the English language. Its emphasis is on the Korean market anyway, so it’s not surprising.
Gopax Final Verdict
Gopax seems to have a lot of benefits going, but it’s too good to be true. An exchange operating without trading fees? This raises a legitimacy issue. Tread carefully with this company.