GO.Exchange is a new digital asset exchange that offers some great trading features to its clients.
If you are interested in learning who can use GO.Exchange’s platform, or what it does, you are in the right place. GO.Exchange is the latest subsidiary of Omise Holdings, the company behind Omise & OmiseGo.
GO.Exchange is a fully featured cryptocurrency exchange that gives its users rewards for trading. It has its own token, called GOT. While there are some restrictions on who can use GO.Exchange, it is available to just about anyone who lives in a location that allows crypto trading and ownership.
Read on as we take a closer look at the latest exchange to go live, our full review of Go.Exchange.
What is GO.Exchange All About?
GO.Exchange launched its trading platform earlier this year and just added Litecoin to its trading lineup.
So far, the exchange supports BTC, USDC, ETH, as well as OMG and LTC. GO.Exchange is committed to being fully compliant with any and all KYC/AML regulations, and limits account access to people who are legally able to lawfully use its platform.
Who Can Use GO.Exchange?
The good news is that most people around the world are able to legally trade and own cryptocurrency. The laws in the USA concerning cryptos are still vague, and many individual states prohibit their residents from using crypto exchanges.
If you are a resident of one of the following US states, GO.Exchange will not allow you to open an account:
Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Indiana, Kentucky, Louisiana, Maine, Mississippi, Minnesota, Missouri, Nebraska, Nevada, New York, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, South Dakota, Utah, Vermont, Washington, Washington D.C., West Virginia
In some cases, the state requires that any crypto exchange that accepts clients from its state be licensed. According to GO.Exchange, it is working on securing licenses that would allow it to accept clients from US states that require them.
Keep an eye on the ‘News’ section of the GO.Exchange website if you are in a US state that is currently not supported, and want to use the platform in the future.
There are also some nations that GO.Exchange won’t allow citizens or residents of to open accounts. If you live in one of the following places, you probably can’t open an account with GO.Exchange:
Albania, Afghanistan, Burundi, Cuba, Iran, Iraq, Myanmar, Namibia, North Korea, Palau, Samoa, Serbia, Sudan, Syria, Tajikistan, Yemen
Unless you are living in one of the nations or US states mentioned above, you can probably open an account at GO.Exchange, and start trading cryptos. The only other area that is denied service by GO.Exchange is Crimea, otherwise, its services are open to anyone in the world.
How To: Open an Account at GO.Exchange
Once you figure out if you are eligible for an account at GO.Exchange, you can start the account application and identity verification process.
Applying for an account at GO.Exchange is simple. Just go to the account Sign Up page, and create a new username. You will also need to supply an email address for the account.
GO.Exchange requires that you use a unique password that is 10 characters in length. The password must also include an uppercase letter, a lowercase letter, as well as a numerical character and special character.
Better safe than sorry!
After you create a username and designate an email account, all you have to do is go to your email and verify the address. With that part of the process out of the way, you can begin the ID verification part of the account opening process.
Get Your ID Verified
KYC and AML procedures are becoming the norm in the world of cryptocurrency. GO.Exchange is doing everything it can to be totally compliant with regulations that exist to help introduce transparency into the crypto markets.
You will need to provide both government issued ID and proof of address if you want to verify your ID with GO.Exchange. ID verification should be done within 30 minutes of submitting the correct documents, so you can start trading ASAP.
To begin, go to the ‘Identity Verification’ icon on the top right-hand side of your account page.
You will be asked for your legal name, date of birth and country of residence. GO.Exchange uses NetVerify for its verification services.
After you fill out the form, you will be sent to NetVerify where you will have to provide a photo of yourself, and the ID you are using to confirm your identity.
Once your photos have been taken, you should be sent back to your account page, where the verification screed will show that your ID verification is in progress. If you have any issues with the ID verification process, you can contact GO.Exchange’s support, which we touch on below.
According to GO.Exchange, your ID verification should be over quickly. If it takes more than 24 hours, just drop them a line and see what’s going on.
Some of the more common reasons why ID verification fails are problems with location (on the blocked locations list above) or an issue with the image quality of the photos. Don’t worry if there is a delay in your verification, GO.Exchange is happy to look into any potential problems.
Using Your New GO.Exchange Account
GO.Exchange is a crypto-only exchange for the moment, which means that you have to fund your account using cryptos, not fiat currency. You should be able to make a deposit in any of the cryptos that GO.Exchange supports.
It is easy to deposit cryptos in your GO.Exchange account. Simply click on ‘Funds’ at the top of the screen, and then choose ‘Deposit’ for the coin or token that you want to send to your GO.Exchange account.
Each coin that GO.Exchange supports will have a different Deposit button. After you click on the crypto of your choice, you will be given a barcode and address to use for the deposit.
Then just go to wherever you store your cryptos, enter the address or use the barcode, and then send the desired amount of crypto to your GO.Exchange account. It may take a few minutes for the account to show the deposit.
What if The Deposit Doesn’t Show Up?
It is very important to make sure that you use the exact address that GO.Exchange supplies you with for account deposits. As long as you use the exact address that you are given, the deposit process should be easy.
In the event that your deposit has not arrived, and you are sure that the correct address was used, you may have to look at the blockchain, and see if the transfer has been processed.
GO.Exchange is the custodian of its clients’ funds, and the crypto has to be transferred via the blockchain before you will be able to trade with it. GO.Exchange has no control over how fast blockchains function, and how long a transaction may take to arrive on their end.
If you believe that there has been an error in your account balance, get in touch with GO.Exchange right away.
What if I Sent My Cryptos to the Wrong Address?
As stated above, GO.Exchange has no control over the blockchains that cryptocurrency is recorded on. If you accidentally sent your tokens to the wrong address, there is nothing that GO.Exchange can do to help you. Be sure to use the right address, and be careful with your cryptos!
Making a Withdrawal at GO.Exchange
Making a withdrawal at GO.Exchange is very similar to making a deposit. Just go to the same ‘Funds’ area of your account, and click on ‘Withdraw’.
On the ‘Withdraw’ page there will be a list of all the cryptos that GO.Exchange supports. Just pick the token that you want to withdraw, and input the address that you want your tokens to be sent to.
Just like the deposits, it is imperative that you get the sending address right. If you send your tokens to an incorrect address, there is nothing that GO.Exchange can do to help you.
Once you input the correct address for your tokens, and the amount that you want to withdraw, all you have to do is confirm the transaction, and enter your 2FA code if you have it enabled. The withdrawal information box will also display the fee for the transaction.
Then you will receive confirmation for your withdrawal, and you are all set!
The withdrawal will show as pending (and then ‘sent’) in your account, and you will also receive an email from GO.Exchange confirming the transaction. If you have any additional questions about how to take tokens out of your account, GO.Exchange’s support staff will be happy to help you.
What are the Account Limits at GO.Exchange?
GO.Exchange limits transactions to 100 BTC per account in any given 24 hour time period.
Trading at GO.Exchange
The Go Exchange trading screen is well designed, clean and easy to use. If you are familiar with other exchanges you will feel right at home.
The order interface is very simple to use. First, you have to decide if you want to use a market order or a limit order.
A market order will buy or sell tokens at the prevailing market price, as long as there is sufficient liquidity to meet the order size. A limit order will allow you to set the price that you pay or receive for your order, but you may not be able to buy or sell all the tokens you want at the price you set.
Once you decide on how you want to buy or sell your tokens on GO.Exchange, just type in the amount of tokens you want to trade, and set the price if you are using a limit order.
If you choose to use a market order, the execution should be nearly instant. A limit order will only be executed if the price you set is possible to meet, which may or may not be the case at any given time.
What is Price Slippage?
The price you see when you place a market order may not be the price you pay to buy tokens, and this is called ‘Price Slippage’.
A token’s price in the crypto market is moving all the time, so the price you pay when an order is filled will probably be a little bit different from the one you saw when you placed a market order.
Price slippage can also be caused by large orders that are placed at a time when there is low market liquidity.
If you want to make sure that you get all your tokens for the price you want, use limit orders. It may take longer to fill the order, but you will never experience price slippage.
How About Market Makers?
Market makers are the trading entities that provide liquidity to exchanges and traders. Generally, market makers are other exchanges that aggregate orders and create the trading environment.
GO.Exchange is keen to make sure that market makers don’t influence the volume on its exchange so that the reported volume is representative of the actual trading action.
Transparency in the crypto world isn’t always on the same level as the established financial markets, and GO.Exchange is working to create reliable information for market participants.
The fees that GO.Exchange charges for all of its transactions are low.
There are no fees to deposit your cryptos with GO.Exchange, although you may have to pay for ‘gas’ on the blockchain, depending on which token you deposit.
The trading fees that GO.Exchange charges are in-line with the rest of the industry. It charges a flat fee of 0.1% for both makers and takers, regardless of the token pair that is traded.
If you want to make a withdrawal from your account at GO.Exchange, you will have to pay the fees that are listed below.
- Bitcoin (BTC)-0.0005 BTC
- Ethereum (ETH)-0.005 ETH
- OmiseGO (OMG)-0.2 OMG
- USD Coin (USDC)-0.65 USDC
- Litecoin (LTC)-0.001 LTC
GO.Exchange Customer Support
If you need some help with your GO.Exchange account, you can submit a request via its online support Service Level Agreement (SLA).
To find the support section of GO.Exchange’s platform, just click on the ‘submit a request’ link that you will locate on its support page.
There are five levels of urgency that you can assign to your support request that range from ‘Low’ to ‘Critical’. Depending on what level of importance you choose for your service request, the team at GO.Exchange will prioritize its order in their queue.
The approximate time you will have to wait for help from the GO.Exchange support staff are listed below, based on what level of urgency you assign to your request.
- Low – 12 hours
- Medium – 6 hours
- High – 3 hours
- Urgent – 2 hours
- Critical – 1 hour
In an effort to make its operations as transparent as possible, GO.Exchange publishes its service team’s first response times on a monthly basis, as well as the number of service requests that were resolved with the first response from customer support!
GO.Exchange is Ready to Use
The market for cryptos is heating up again. GO.Exchange is hitting the market at the right time, and will probably be able to attract new users with its simple interface as well as the low fees that is charges.
GO.Exchange still has a limited number of supported tokens, but it will likely add new ones as time goes on. The commitment to transparency that GO.Exchange has made is also with noting, as many exchanges have struggled to ensure the quality of the market data they create.
The GO.Exchange Token (GOT)
In addition to its straightforward trading tools and low fees, GO.Exchange has created the GO.Exchange token which trades under the symbol GOT.
The GOT token is there to reward GO.Exchange users, and will be given GO.Exchange users based on their trading. It won’t be sold to the public to raise money for operations and has a limited supply of 10 billion GOT tokens.
GO.Exchange plans to use the GOT token as a voting token, which will be used to determine which token is burned on a regular basis.
GO.Exchange is new to the global cryptocurrency market, but it is worth a look. While it might not suit the needs of an experienced trader that needs a depth of token pairs, its easy to understand interface could be a perfect fit for traders that want to keep it simple.
As the exchange is new, the liquidity is currently low and the available trading pairs are not a patch on what you will find other more established exchanges like Binance etc.
Omise is a large and well established company so you can have no worries about the integrity of the exchange, as always though, only keep trading amounts on exchanges – make sure to keep your main stack of crypto offline.
It’s a promising start though, whether Omise can capture a significant portion of the exchange market remains to be seen.
The crypto markets are finally looking up after a rough 2018, and GO.Exchange could be the right place to jump into a market that has a ton of potential.