What is GMO Japan?
GMO Japan is a prominent cryptocurrency exchange based in Japan, operated by the well-established GMO Internet Group. This exchange gained recognition by being registered as a "First Class Financial Instruments Business Operator" in Japan on May 1, 2020.
Divisions
GMO Japan is organized into two main divisions: the cryptocurrency FX-division, catering to leveraged trading, and the cryptocurrency spot trading-division.
User Restriction
Notably, GMO Japan restricts its services exclusively to residents of Japan. Only individuals residing in Japan are eligible to trade on the GMO Japan platform.
Leveraged Trading: Caution Advised
GMO Japan offers leveraged trading options for various contracts. While leveraged trading can result in significant returns, it also poses the risk of substantial losses. Traders should exercise caution due to the amplified impact of leverage on both gains and losses.
Trading Fees
GMO Japan boasts competitive trading fees, with taker fees set at 0.05%, slightly below the industry average for crypto contracts trading. Maker fees, on the other hand, are remarkably low at -0.01%, meaning makers are rewarded for providing liquidity to the platform.
Withdrawal Fees
Unlike some exchanges, GMO Japan does not charge withdrawal fees. While users are not burdened with exchange withdrawal fees, standard network fees apply for transaction processing. This fee structure is considered highly competitive within the industry.
Deposit Methods
GMO Japan facilitates deposits through wire transfers, but it does not accept credit cards as a deposit method. For users seeking to buy cryptocurrencies with credit cards, alternative platforms may need to be explored. However, the acceptance of fiat currency deposits positions GMO Japan as an accessible "entry-level exchange."
Conclusion
In summary, GMO Japan offers a comprehensive platform with competitive fees, emphasizing user-friendliness. Its focus on the Japanese market, coupled with leveraged trading options, makes it a notable player in the cryptocurrency exchange landscape.
What are the trading fees on GMO Japan?
GMO Japan boasts competitive trading fees, with taker fees set at 0.05%, slightly below the industry average for crypto contracts trading. Maker fees, on the other hand, are remarkably low at -0.01%, meaning makers are rewarded for providing liquidity to the platform.
Does GMO Japan offer leverage trading?
GMO Japan does not currently offer margin trading or leverage options.
Is GMO Japan safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
