GMO Coin

Overview of GMO Coin

GMO Coin, Inc. is a cryptocurrency broker based in Japan. However, it is important to note that GMO Coin currently lacks valid regulation, posing risks for users and investors. The platform offers trading in a wide range of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Stellar, Cardano, and more. Real-time prices and charts are available for users to track the performance of these cryptocurrencies. Additionally, GMO Coin provides forex trading with various currency pairs.

GMO Coin offers two types of account options: corporate accounts and personal accounts. Corporate accounts require specific documentation and verification processes, while personal accounts have simplified requirements. The platform also provides lending services, allowing customers to lend their crypto assets for a chosen period and receive an annual rate of up to 10% or more.

To open an account with GMO Coin, individuals or corporate customers can visit the GMO Coin website and follow the registration and verification instructions. The platform offers leverage of up to 25x for trading and has varying spreads for different currency pairs. GMO Coin has minimum deposit requirements depending on the chosen financial institution. Transaction fees apply for spot trading, leverage trading, and other specific types of transactions.

While GMO Coin provides deposit and withdrawal services, including instant deposits and money transfers, it is important to note that Japanese yen withdrawals can only be made during specified hours. The platform offers a web-based trading platform called “WebTrader” and a mobile application called “GMO Coin Crypto Asset Wallet”. GMO Coin also offers APIs for building trading environments and obtaining trading prices automatically. Customer support is available through an inquiry form, live chat, and various social media platforms during specified hours.

However, it is crucial to exercise caution and perform thorough research before engaging with GMO Coin or any unregulated cryptocurrency platform due to the absence of valid regulation and associated risks.

Pros and Cons

GMO Coin offers several advantages and disadvantages. On the positive side, GMO Coin provides a wide range of cryptocurrencies for trading and offers two types of account options, catering to both corporate and personal users. They also have a lending service with high annual fees and leverage of up to 25x for trading. Additionally, GMO Coin provides an instant deposit service for real-time reflection and a user-friendly mobile application. They offer APIs for automated trading, multiple payment methods for deposits, and regular news updates. However, there are some drawbacks, including the lack of valid regulation and the associated risks of an unregulated status. There are also transaction fees for certain services and large withdrawal fees for Japanese yen. The withdrawal hours for Japanese yen are limited, and there are limited options for deposit and withdrawal methods. Additionally, there may be uncertainty about the processing time for withdrawals, and customer support is limited.

Is GMO Coin Legit？

GMO Coin, a broker in the cryptocurrency industry, lacks valid regulation at present. This absence of regulatory oversight should be taken into consideration, as it poses inherent risks for users and investors. Caution is advised when engaging with GMO Coin due to its unregulated status.

Market Instruments

Crypto Asset (Virtual Currency):

GMO Coin offers a range of cryptocurrencies for trading in the crypto asset market. Users can access real-time prices and charts for various cryptocurrencies. Some of the available cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Stellar (XLM), Cardano (ADA), and more. The market instruments provide information such as the current price, 1-hour ratio, 24-hour ratio, and 7-day ratio, allowing users to track the performance of these cryptocurrencies over time.

Forex (FX):

For forex traders, GMO Coin offers a range of currency pairs with bid (sell), ask (buy), and spread prices. Some of the available forex pairs include USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY, CHF/JPY, EUR/USD, GBP/USD, AUD/USD, NZD/USD, and more. Traders can monitor the high and low prices of the day and compare them to the previous day's ratio or percentage change.

Account Types

GMO Coin offers two types of account options: corporate accounts and personal accounts. Corporate accounts cater to businesses and require specific documentation and verification processes. Personal accounts, on the other hand, are designed for individuals and have simplified requirements. The account types provide distinct features and services tailored to their respective users' needs.

Pros and Cons

Lending Service

Lending Crypto Asset Premium:

This type combines the “encryption asset lending transaction” with the “yen conversion rider.” Customers lend their crypto assets to GMO Coin for a specific period, and depending on the rate of the lent crypto assets, they can receive a high annual fee of 15% or more. The principal can be received in either crypto assets or Japanese yen, based on predetermined special contract rates. Customers are required to deposit Japanese yen as margin in addition to the crypto assets they lend.

Lending Crypto Asset Basic:

Customers can lend their crypto assets for a chosen period and receive an annual rate of up to 10%. Various crypto assets, including Bitcoin and popular altcoins, are eligible for lending, starting from small amounts. The rental period can be as short as one month. Customers receive rental fees based on the amount of crypto assets lent.

How to Open an Account？

To open an account with GMO Coin, follow these steps:

1. Visit the GMO Coin website and click on the “Account Opening” button.

2. Select the account type based on whether you are an individual or a corporate customer.

3. Provide your email address for account registration.

4. Alternatively, you can choose to open an account with your Facebook or Google account.

5. Follow the instructions provided to complete the necessary account verification and authentication processes.

6. Once your account is successfully opened, you can start using GMO Coin's services for trading and managing cryptocurrencies.

Leverage

GMO Coin offers leverage of up to 25x (up to 20x for new orders) for trading. The leverage ratio is subject to change based on the “Foreign Exchange Risk Assumed Ratio” determined by the Financial Futures Association of Japan (FFAJ), with updates usually implemented at the start of trading on Mondays.

Spreads

GMO Coin offers varying spreads for different currency pairs. The spreads, which represent the difference between the bid and ask prices, starting from 0.2 for currency pairs such as USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CAD/JPY, and CHF/JPY.

Minimum Deposit

Minimum deposit amounts at GMO Coin vary depending on the financial institution: 1,000 yen for Sumishin SBI Net Bank, PayPay Bank, and Japan Post Bank; 1 yen for GMO Aozora Net Bank and Rakuten Bank; and 1,000 yen for MUFG Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Resona Bank, and Saitama Resona Bank (Pay-easy).

Fees

GMO Coin offers no instant deposit or withdrawal fees. For Japanese yen transactions, there are no fees for withdrawals, but large withdrawals incur a fee of 400 yen. When it comes to crypto asset (virtual currency) transfers, the sender bears any shipping fees. Transaction fees vary depending on the type of transaction. For spot trading on exchanges, the maker fee is -0.01% and the taker fee is 0.05%. There are additional fees for leverage trading, loss cut orders, and forced settlements associated with non-removal of additional margin.

Deposit & Withdrawal

Instant Deposit:

GMO Coin offers an Instant Deposit service that allows users to make deposits from their internet banking accounts, with real-time reflection in their GMO Coin customer accounts. This service is available 24/7, except for certain time zones. There is no deposit fee for instant deposits, and the minimum deposit amount is 1 yen. Users can choose from a list of financial institutions to make instant deposits, and the deposit reflection time is immediate.

Money Transfer:

GMO Coin provides a money transfer service that enables users to deposit money into their GMO Coin accounts from various financial institutions via internet banking, ATMs, or bank counters. The service is available 24/7, and payments are reflected in real time. There is no upper limit on the deposit amount, and users can transfer money from any financial institution. Transfer fees are waived for transfers between the same banks, and the transfer time depends on the financial institution's processing schedule.

Withdrawal:

Japanese yen withdrawals from GMO Coin can be made during specified hours, and there are no withdrawal fees. The minimum withdrawal amount is 10,000 yen, and there is a maximum daily limit of 20 million yen. The processing time for withdrawals is typically the following day or the next business day of the financial institution. For large withdrawals, there are separate reception hours and fees apply. The maximum amount for large withdrawals is 100 million yen, and the processing time is 2-5 financial institution business days.

Depositing and Sending Crypto Assets:

GMO Coin allows users to deposit and send various cryptocurrencies. There are no limits on the minimum quantity for deposits, and the maximum quantity depends on the equivalent value in BTC, with a daily limit of BTC equivalent to 100 million yen. The required time for deposits and sending crypto assets is a minimum of 30 minutes. It's important to ensure accurate delivery addresses when making deposits and sending assets, as these transactions cannot be canceled. Users are responsible for the shipping fee, and in case of erroneous delivery to GMO Coin, a fee will be charged. Transfers from cryptocurrency trading accounts for foreign exchange (FX) transactions are also available, with no transfer fees and immediate processing.

Trading Platforms

WebTrader: GMO Coin offers a web-based trading platform called “WebTrader” that focuses on exchange trading. This PC-only tool combines various functions such as trading boards, high-performance charts, trading prices, and orders on a single screen, providing a comprehensive trading experience. Additionally, a demo screen is available for non-account holders to explore other operations apart from placing orders.

GMO Coin Crypto Asset Wallet: The GMO Coin Crypto Asset Wallet is a user-friendly mobile application suitable for both beginner and advanced users. It caters to various trading needs, including depositing and withdrawing Japanese yen, depositing and sending crypto assets (virtual currency), and trading in two modes: “Normal Mode” and “Trader Mode.” Normal Mode offers a simple and intuitive interface for buying crypto assets, making it suitable for beginners. On the other hand, Trader Mode provides advanced charts, alert functions, and widgets, accommodating experienced traders who prefer leverage trading and high-performance charts.

Trading Tools

APIs: GMO Coin offers both a public API, which does not require authentication, and a private API that necessitates authentication using an API key. These APIs allow users to build trading environments, automate trading, and obtain trading prices automatically.

IEOs: GMO Coin facilitates Initial Exchange Offerings (IEOs), a fundraising method conducted through a cryptocurrency exchange. They review the issuer's business content and fund utilization, selling newly issued tokens. Participants who win the IEO can purchase these tokens at the offer price.

News: GMO Coin regularly provides news and notices to its users. They share updates on various topics, such as lending crypto asset premium opportunities, depositing issues with specific cryptocurrencies, new coin handling notices, and campaigns involving the purchase of new stocks.

Payment Methods

GMO Coin accepts two payment methods for deposits in Japanese yen: instant deposit service and bank transfer.

Customer Support

GMO Coin offers customer support through their “Inquiry Form” or live chat during weekdays from 9:00 to 21:00. Users can choose to submit opinions, requests, or inquiries by providing their email address, selecting a subject, and detailing the content of their message. Additionally, GMO Coin can be reached through various social media platforms such as Twitter, Line, Facebook, and YouTube.

Conclusion

In conclusion, GMO Coin, a cryptocurrency broker in Japan, has both advantages and disadvantages. One of the advantages is the availability of a wide range of market instruments, including cryptocurrencies and forex pairs, allowing users to trade and monitor the performance of these assets. The two types of account options, corporate and personal, cater to different user needs. Additionally, GMO Coin offers lending services for crypto assets, providing opportunities for users to earn annual fees. On the downside, GMO Coin currently lacks valid regulation, which poses inherent risks for users and investors. It is important to exercise caution when engaging with GMO Coin due to its unregulated status.

FAQs

Q: Is GMO Coin a legitimate cryptocurrency broker？

A: GMO Coin lacks valid regulation, posing risks due to its unregulated status. Caution is advised when using GMO Coin.

Q: What market instruments does GMO Coin offer？

A: GMO Coin offers a range of cryptocurrencies for trading in the crypto asset market and various currency pairs for forex trading.

Q: What are the account types offered by GMO Coin？

A: GMO Coin offers corporate and personal accounts, each with tailored features and services.

Q: What are the lending services provided by GMO Coin？

A: GMO Coin offers lending services for crypto assets, with options for premium and basic lending.

Q: How can I open an account with GMO Coin？

A: To open an account, visit the GMO Coin website, select the account type, provide necessary details, and complete the verification process.

Q: What leverage does GMO Coin offer？

A: GMO Coin offers leverage of up to 25x (20x for new orders) for trading.

Q: What are the minimum deposit amounts at GMO Coin？

A: Minimum deposit amounts vary depending on the financial institution used.

Q: What are the fees associated with GMO Coin？

A: GMO Coin has no instant deposit or withdrawal fees, but transaction fees vary based on the type of transaction.

Q: How can I deposit and withdraw funds with GMO Coin？

A: GMO Coin provides instant deposit, money transfer, and withdrawal services for both Japanese yen and crypto assets.

Q: What trading platforms does GMO Coin offer？

A: GMO Coin offers a web-based platform called WebTrader and a mobile application called GMO Coin Crypto Asset Wallet.

Q: What trading tools are available on GMO Coin？

A: GMO Coin provides APIs for building trading environments and automating trading, as well as facilitating Initial Exchange Offerings (IEOs) and providing news updates.

Q: What payment methods does GMO Coin accept？

A: GMO Coin accepts instant deposit service and bank transfer for Japanese yen deposits.

Q: How can I contact GMO Coin's customer support？

A: GMO Coin offers customer support through their Inquiry Form, live chat, and various social media platforms.