Is GOPAX a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether GOPAX is a good crypto exchange to start trading with. In this article you will learn whether GOPAX is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | USDC, KRW |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, USDC, KRW |
| 💹 Margin Call / Stop Out: | No |
GOPAX Pros and Cons
👍 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.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for GOPAX Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. GOPAX offers traders the following conditions.
| 💻 Trading platform: | Proprietary platform based on TradingView |
| 📊 Accounts: | Standard, P2P platform |
| 💰 Account currency: | USDC, KRW |
| 💵 Replenishment / Withdrawal: | Bank card, credit cards, P2P cryptocurrency exchange, and third-party services |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, USDC, KRW |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | N/a |
| ⭐ Trading features: | Investment programs are available |
| 🎁 Contests and bonuses: | Offered regularly |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of GOPAX commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal 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 |
Investment programs of GOPAX
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. GOPAX offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
A feature of GOPAX crypto exchange investment programs is its high-interest rate of 5% for investments in cryptocurrencies, which is offered every week. The administration of the GOPAX cryptocurrency exchange periodically launches GOFI investment rounds (events). They allow you to earn extra money on deposits with a fixed validity period of up to 45 days with an annual rate of up to 100%.
GOFI investment program
The essence of the program lies in the use of fixed and savings deposits in cryptocurrency. The GOPAX cryptocurrency exchange provides both high-yield fixed-term programs and flexible open-term investments. These are deposits that can be withdrawn to the user’s account or a cryptocurrency wallet, at any time.
At the moment, the GOPAX cryptocurrency exchange offers 10 Open Term investment programs for 7 days:
BTC — 1.75% reward in Bitcoin;
ETH — 1.75% reward in Ethereum;
BCH — 3.5% profit in BCH;
XLM — 2.5% reward in XLM;
LINK — 1.00% profit in LINK;
UNI — 1.5% reward in UNI;
AAVE — 1.00% profit in AAVE;
COMP — 1.00% reward in COMP;
SOL — 4.5% profit in SOL;
USDC — 5% reward in USDC.
It is possible to withdraw Open Term deposits at any time.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
GOPAX’s affiliate program
This crypto exchange program is aimed at ensuring uninterrupted liquidity. To participate in the partner program for GOPAX traders, you need to leave a request in the "Trader" section.
The affiliate program has four tiers:
Tier 1: With a trading volume over $500: the reward for the maker is 0%, and for the taker, it is 0.02%;
Tier 2: With a trading volume over $300: the reward for the maker is 0.01%, and for the taker, it is 0.03%;
Tier 3: With a trading volume from $100 and $300: the reward for the maker is 0.02%, and for the taker, it is 0.04%;
Tier 3: With a trading volume from $30 to $100: the reward for the maker is 0.03%, and for the taker, it is 0.04%;
Conclusion. Is GOPAX good for beginners?
The GOPAX cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, GOPAX could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.