What is GMO Japan? What does it offer that could be of interest to you? Would using it be more beneficial than using the available alternatives in the market? Are there any better alternatives to begin with? Welcome to this review about GMO Japan in which we shall analyze some of its main elements, in a bid to determine whether it’s one that you should switch to or not. Read on to find out.
- What is GMO Japan?
- Which cryptocurrencies and fiat currencies are supported by GMO Japan?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is GMO Japan Legit or is it a Scam?
- Pros and Cons
Name of the Platform: GMO Japan
Official website URL: https://coin.z.com/jp/
Overall Rating: (3.4 / 5)
What is GMO Japan?
GMO Japan exists as a cryptocurrency exchange that is based in Japan. It is part of the widely known firm GMO Internet Group, a large internet conglomerate. One of the most notable events in GMO Internet Group’s timeline is its registration as a First Class Financial Business Operator, which happened on 1st May 2020. This went a long way into the establishment of social proof that this company is indeed a genuine one.
Currently, GMO Japan has two divisions, which are:
- The cryptocurrency FX division – which supports leveraged trading
- The cryptocurrency spot trading-division
Opening a GMO account comes with a number of restrictions that you may not encounter with other alternatives in the market, including:
- You must be 20+ years old.
- Should be residing in Japan
- Your email address/telephone number should be unique (not duplicated with that of other customers on the platform).
- You shouldn’t be a foreign important public person
- One must not have any accusations of having any relations with anti-social forces.
- The registration details you present should be compatible with GMO Japan’s service requirements.
Which cryptocurrencies and fiat currencies are supported by GMO Japan?
As a GMO Japan user, you have the chance to exchange your JPY with a variety of cryptocurrencies that are available. Currently, this platform has the following cryptos:
- Basic Attention Token
- Bitcoin Cash ABC
- Enjin Coin
- NEM Coin
- OmiseGO Coin
- Polkadot Coin
- Qtum Coin
- Stellar Lumens
GMO has more coins than most Japanese exchanges, which makes it a better option for Japanese customers who prefer having a wide variety of cryptos to profit from.
Countries this platform is available in
As we have already seen, it is a strict requirement for anyone who intends to use GMO Japan to prove that they are currently residing in Japan. This means that this platform only serves those living in this country, and those who do not meet this one criterion should check out what other alternatives in this industry have to offer.
Trading fees can make or break your trading experience. You can make a good amount of trading proceeds, only for the company whose platform you are relying on to slash a significant amount of your funds in fees and other charges. This is why we usually emphasize that you take your time to study all the fees requirements before getting started with any platform in this industry because you can get really frustrated for failing to do so.
On GMO Japan, the main fees include:
- The taker fees (0.05%)- these are well below the industry average, which currently stands at about 0.20% to 0.25%. GMO’s fees are quite impressive, in my opinion, and would they’d greatly favor any trader who’s out to minimize fees and to maximize profits.
- The maker fees (-0.01%)– on this platform, you do not pay any maker fees. You are, in fact, paid to provide liquidity on this platform. There are some platforms that still charge customers for providing liquidity on their platforms, so you can see why GMO is superior when it comes to fees,
- Withdrawal fees – whereas this exchange does not charge any withdrawal fees, you can expect some network fees for every withdrawal transaction. The network fees, which are paid to the miners vary widely.
The deposit and withdrawal options
GMO Japan allows its customers to deposit cryptocurrencies using the wire transfer method. Those who’d like to use their credit cards to make a quick crypto purchase cannot do this on GMO Japan. They, therefore, have to work with other platforms that offer more deposit and withdrawal options. The good thing is that GMO accepts the deposit of fiat currencies, which is something that you may not find with a significant number of exchanges on this platform.
Is GMO Japan Legit or is it a Scam?
GMO Japan is in my opinion, a legit platform. As I already highlighted at the very start of this review, GMO Japan is part of the very popular internet conglomerate, GMO Internet, which is a publicly-traded firm. This conglomerate has established its online presence in the following areas:
- Domain registration
- Web hosting
- Internet Services
- SSL Security
- Payment services
- Online trading
- Online media
- Online search
- Mobile entertainment
There are a total of 106 companies worldwide, all of which play their roles in the online world.
I looked for customer reviews about GMO Japan’s crypto services, but I didn’t come across any. All in all, we can extend the trust we have in GMO Internet to GMO Japan, though this doesn’t necessarily mean that the services will be great. This company should definitely take some time to work on the provision of social proof. Unfortunately, this platform is only available for use by people residing in Japan, so if you don’t meet this criterion you should simply check out other exchanges in the industry.
Pros and Cons
- Low maker fees
- You get paid to offer liquidity on this platform
- Owned by GMO Internet, which is widely known and recognized.
- Limited deposit and withdrawal options
- Only to be used by people living in Japan
- Very few cryptocurrencies are supported
- No customer reviews about it are available
Do you own or represent GMO Japan?
If you are a representative or associate of GMO Japan have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to email@example.com.
Final Words and Verdict
Overall Rating: (3.4 / 5)
Generally, GMO Japan seems like a legit platform that traders in Japan can rely on, due to the low trading fees. Even with its limited deposit and withdrawal options, GMO Japan seems like a good platform to rely on due to the legitimacy attached to it (from its mother company). That said, I’d still recommend that you do your due diligence to ensure that you know what you’re getting yourself into with this platform. For all potential crypto traders who are not living in Japan, you can check out my recommended alternatives to GMO Japan below:
That will be all for this review on what GMO Japan is, and what it has to offer. Have you used this platform prior to reading this review? Let me know what your experience with it was like. Also if you have any more questions about it, drop them in the comments section- I’ll get back to you ASAP.
I wish you well,
Eric, investor, and team member on Gold Retired!