GOPAX Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed GOPAX fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of GOPAX
GOPAX is a digital asset exchange founded by the Streami Inc. tech company in 2017. The cryptocurrency exchange is officially registered in Korea with offices in Korea, Hong Kong, and Denver. Its license number is 432-87-00120.
Within a relatively short period, the exchange has gained an audience of more than 376 thousand traders, which has provided it with a confident position in the list of the Top 10 Exchanges in the World. GOPAX is a centralized exchange for trading digital assets, which means that there is supervision from the state and global regulatory authorities.
👍 Advantages of trading with GOPAX:
•possession of an official license no. 432-87-00120 confirming that its financial activities are legal;
•the ability to trade various cryptocurrency pairs;
•optimal commission costs;
•the possibility of personal trading, i.e., working with experienced traders who select transactions that keep the client nearly always in the black;
•daily update of the markets;
•verification can be completed on the website without the need to download the mobile app;
•centralization — every transaction will be tracked by the regulator;
•deep liquidity;
•rapid regulation of markets.
👎 Disadvantages of GOPAX:
•the website has poor support for languages other than Korean;
•without mandatory verification, it will not be possible to make a deposit or withdraw earned funds;
•there are strict rules for using the exchange, and non-compliance may result in the trading account being blocked for an indefinite period.
GOPAX Commissions and Fees
Experts at the Traders Union analyzed the commissions of the GOPAX cryptocurrency exchange. During their analysis, it was found that commission costs are formed taking into account the type of digital asset. Most cryptocurrencies, including BTC and ETH, can be deposited for free. The commission for withdrawal to a cryptocurrency wallet will be 0.001 for BTC and 0.016 for ETH.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From $20 | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at GOPAX suitable for beginners?
Analysis of GOPAX shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
Is there a dependence between the fees and the deposit amount?
If a broker offers several account types, there is often a dependence. The more money you deposit, the higher the level of your account will be, and, accordingly, the lower the fees.
Are the fees charged on a demo account?
Yes, but they are written off the virtual funds you use for trading on the demo account. This allows you to learn the level of the fees.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.