Gopax Overview
Gopax launched in June 2017 in South Korea, quickly growing into a top-5 local exchange with over 10 million users. It mixes spot trading, OTC services, and staking for both retail and institutional clients.
Core offering
Primarily spot-focused, it supports ~100–114 coins across 110+ pairs. OTC services offer bigger trades with personalized help. The mobile app in English & Korean gets ~4.9/5 stars.
What works
- Competitive flat fees: 0.20% per trade, under global average.
- Good liquidity & range: 100+ tokens, decent depth, ~$3.5–4.3M daily volume.
- OTC desk: For large trades, fast settlement, personal assistance.
- Mobile-friendly: High-rated app with English support for foreigners in Korea.
Drawbacks
- No public audits or proof-of-reserves; only internal checks.
- BTC withdrawal fees around 0.002 BTC, above typical 0.0008 BTC.
- Geo-restricted, many countries blocked; odd KYC cases on big withdrawals.
- Mixed reviews: mobile fans vs Reddit caution on delays or quirks.
Metrics & insights
- Launch: June 14, 2017
- Coins: ~100–114
- Pairs: ~110+
- Volume: ~$3.5–4.3 M daily (~32 BTC)
- Spot fees: 0.20% flat
- BTC withdraw fee: ~0.002 BTC
- OTC desk: Yes, for majors
User experience
Signup needs KYC and Korean residency. The UI is simple, multilingual, responsive. OTC users enjoy personal support, while others note slower handling for big withdrawals. For foreigners in Korea, crypto & fiat deposits are easy; fiat withdrawals less so.
Who it suits
- Foreigners in Korea wanting English interface.
- Mid-tier traders needing liquidity & OTC help.
- Retail users preferring simple, stable spot trades.
Who should think twice
- Institutions needing external audits or reserve proofs.
- Cost-sensitive users wary of BTC withdrawal fees.
- Those in blocked countries or planning big withdrawals.
Verdict
Gopax blends solid liquidity, low fees, and OTC services. Great for English-speaking locals and mid-volume trades in Korea. Downsides? No public audit, high withdraw costs, geo limits. A good everyday option there, but not for big accounts, transparency seekers, or global use.