GoPax Exchange Review

Standing for “Global Online Professional Asset Exchange”, GoPax is one of the additions to the group of South Korea based exchange platforms and has become the 5th biggest one in the country. The exchange valued transparency a lot, which is why crucial information regarding the team behind it can be found on its website. This gives the exchange immense credibility, as the global industry has seen many cases where such information was nowhere to be found. The platform is heavily focused on South Korea, and only allows the fiat currency of KRW, the local South Korean currency, to be traded on the platform. This also shows when looked at certain exchange reviews, as it can be seen that the platform has not received much attention from global users. 

The exchange’s trading fees are quite interesting as they’re critically below the global industry average, which makes it incredibly appealing for users. GoPax’s trading fee for takers is 0.075%, a fee way below the global industry average of 0.25%. The more interesting part is the fee for makers, which is -0.025%, meaning that the platform pays you the money instead of charging you a fee. This gives the exchange a very strong competitive edge when compared with other platforms, which explains why it saw a huge growth in a short time. There are also no deposit fees, and the withdrawal fee is 0.0001 BTC, which is undoubtedly another advantage on GoPax’s part. Deposits can be made through both credit cards and bank transfers, making it easier for new cryptocurrency investors to use. The exchange also boasts a selection of altcoins to be traded. 

The biggest disadvantage that GoPax has so far in the global industry is that it focuses too much on the local South Korean market. This is most probably a conscious choice rather than a lack of interest in the global market, however, this has caused the exchange to not receive as much attention outside of South Korea, even though it offers extremely impressive trading fees. The fact that the trading fees are so low also raises some suspicions, as the fees are deemed to be too good to be true. It is critical to note, however, that there have not been any complaints concerning the security of the exchange. While this could be seen as a reassurance of the platform’s security, it could also be stemming from the fact that the exchange is not used by English speakers, which has resulted in a lack of user comments in English.