GoPax is a South Korea-located exchange that offers customers the ability to trade different blockchain asset pairs with KRW, BTC, and ETH. GoPax is innovated by Stream, Inc, a company that specializes in blockchain technology, cross-border remittances, and cryptocurrency exchange with a presence in Hong Kong and the USA. Standing for “global online professional asset exchange” GoPax is one of the additions to the group of South Korea-located exchange platforms and has become the 5th biggest one in the country. The exchange valued translucency a lot, which is why important information about the members behind it can be set up on its website. This gives the exchange immense credibility, as the global industry has seen numerous cases where similar information was nowhere to be set up. The platform is heavily concentrated in Korea, and only allows the fiduciary currency of KRW, the original South Korean currency, to be traded on the platform. This also shows when looking at certain exchange reviews, as it can be seen that the platform has not entered important attention from global customers.
Gopax trading freights
The exchange’s trading freights are relatively intriguing as they’re critically below the global industry normal, which makes it incredibly appealing for customers. Numerous exchanges charge what we call taker freights, from the takers, and what we call maker freights, from the makers. The major alternative to this is to simply charge “flat” freights. Flat freights mean that the exchange charges the taker and the maker the same figure. GoPax’s trading figure for takers is 0.075 percent, a figure way below the global industry normal of 0.25 percent. The more intriguing part is the figure for makers, which is 0.025 percent, meaning that the platform pays you the funds rather than charging you a figure. This gives the exchange a very strong competitive edge when compared with other platforms, which explains why it saw huge growth in a short time. There are also no deposit freights, and the withdrawal figure is 0.0001 BTC, which is another advantage on GoPax’s part, making it easier for new cryptocurrency investors to use.
Gopax withdrawal freights
Gopax charges a withdrawal figure amounting to 0.002 BTC when you withdraw BTC. This figure is mainly above the industry normal, arguably being around 0.0008 BTC per BTC withdrawal.
Deposit styles
At this place, you can deposit through both line transfers and credit cards. This can be helpful, especially for newer crypto investors who haven’t amassed a big number of cryptocurrencies yet.
OTC-function
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 effects as advantages of their OTC platform: particular trading support, market updates, deep liquidity, competitive pricing, fast agreement, and multiple assets. These factors are all very helpful to a prospective OTC dealer.
Gopax disadvantages
The biggest disadvantage that GoPax has so far in the global industry is that it focuses too much on the regional South Korean markets. This is most presumably a conscious choice rather than a lack of interest in the global market, still, this has caused the exchange to not receive as important attention outside of South Korea, indeed though it offers extremely good trading freight. The fact that the trading freights are so low also raises some questions, as the freights are supposed to be too good to be true. It’s critical to note, still, that there haven’t been any complaints concerning the security of the exchange. While this could be seen as a consolation for the platform’s security, it could also be stemming from the fact that the exchange isn’t used by English speakers, which has led to a lack of customer commentary in English.
