GMO Internet Group

Overview of GMO Internet Group

GMO Internet Group, established in 1991, is a Japan-based conglomerate that has been at the forefront of internet infrastructure, online advertising and media, internet securities and virtual currency exchange for more than two decades. GMO Internet Group launched GMO Coin Inc., in 2017, its dedicated virtual currency exchange platform. Capitalizing on the surging global interest in cryptocurrencies, this platform zeals to provide a secure, reliable system for trading a wide array of cryptos, including prominent assets like Bitcoin and Ethereum. However, it operates without effective regulation.

Pros and Cons

Pros:

Secure and reliable platform: The GMO Internet Group exchange, GMO Coin Inc., is reputed for its high standards of safety and reliability. Users can trade with an assurance that their investments are protected and transactions are processed seamlessly.

Offers a wide array of cryptocurrencies: With GMO Coin Inc., traders have an extensive range of digital currencies at their disposal, enabling them to diversify their investment portfolio and hedge against potential risks.

Diverse payment methods: GMO Coin Inc. features a broad spectrum of payment options, offering users the flexibility to choose a method that suits their preference and convenience.

Robust customer support: The exchange scores highly on customer experience, thanks to its effective and responsive support system that helps address user queries swiftly and thoroughly.

Cons:

Variable fees: The transaction fees at GMO Coin Inc. are not fixed and can range on the higher end depending on the trade volume and transaction type.

Complex user interface: Despite its modern design and high-speed functionality, the user interface can appear daunting to certain users, affecting their trading experience.

Regulatory Authority

GMO Internet Group operates without oversight from any regulatory authority. This means that the platform is not subject to the rules, standards, and oversight typically imposed by financial regulatory bodies. While this may offer a degree of flexibility, it also raises questions about the platform's accountability and user protection mechanisms.

Security

In the ever-evolving landscape of digital currency, the GMO Internet Group has implemented a robust set of security measures to protect its exchange platform, GMO Coin Inc.

To begin with, GMO Coin Inc. employs a two-factor authentication (2FA) system for all its users. This system requires a secondary piece of information during login, like a one-time password (OTP), adding an extra layer of security and significantly reducing the risks of unauthorized access.

The exchange also utilizes cold storage for housing the majority of the digital assets. Cold storage refers to the practice of storing cryptocurrency offline, away from any internet connections, which largely immunizes the funds against hacking threats and breaches. This practice is one of the most effective ways to ensure the safety of digital assets.

On top of this, all data transferred within the system is thoroughly encrypted using high-level cryptographic methods, which further safeguards against potential data theft or hacking attempts.

Cryptocurrencies Available

GMO Internet Group offers support for 26 cryptocurrencies. Among these are some of the most popular and significant cryptocurrencies globally, including but not limited to Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). This wide range of available cryptocurrencies provides users with ample opportunities for portfolio diversification.

Trading Market

Here is a table displaying the current price, 1-hour change, 24-hour change, and 7-day change for 26 cryptocurrencies supported by GMO Internet Group. These changes can help you track the recent performance and volatility of these cryptocurrencies.

Over the past hour, it has seen a slight increase of 0.09%. However, over the last 24 hours, it has shown a more significant increase of 4.04%. Looking at the past 7 days, Bitcoin has experienced a notable increase of 19.53%, indicating a bullish trend over the week.

Ethereum, the second-largest cryptocurrency by market capitalization, is currently priced at 514,200. It has experienced a slight increase of 0.24% in the past hour and a moderate increase of 1.29% over the last 24 hours. Over the past 7 days, Ethereum has shown a positive trend with a change of 9.93%.

Fees

Deposit and withdrawal fees

The platform offers different fee structures for deposits and withdrawals, depending on the currency type.

For deposits in Japanese Yen (JPY), immediate deposits are free of charge. However, for transfer deposits, customers are required to bear the transfer fees, which vary depending on the bank or payment method used. When it comes to withdrawals in JPY, the platform does not charge any fees for standard withdrawals. However, for major withdrawals, there is a fee of 400 yen.

For deposits and withdrawals in crypto assets (virtual currency), the platform operates on a different fee structure. Deposits are free of charge, but if a fee is incurred by the source of the free shipping, the customer will be responsible for covering the fee. Additionally, withdrawals for crypto assets are also free.

Trading fees

For spot trading on the exchange, users can choose between two fee structures based on whether they are makers or takers. Makers enjoy a rebate of -0.01% on their transactions. Takers, on the other hand, pay a fee of 0.05% for executing trades. Alternatively, makers can opt for a higher rebate of -0.03%, while takers pay a higher fee of 0.09%.

For leverage trading on the exchange, there are no transaction fees.

For crypto asset FX trading, there are no transaction fees, making it an attractive option for traders looking to minimize costs. However, users should be mindful of other potential fees, such as those for loss cut, leverage, and forced settlement.

Account opening fees

There are no account opening fees.

Payment Methods

GMO Internet Group accepts several payment methods for deposits and withdrawals. These payment methods provide users with flexibility and convenience when depositing or withdrawing funds from the platform.

Wire Transfer: Users can transfer funds directly from their bank account to the platform's bank account. This method is suitable for larger transactions and international transfers but has longer processing times and higher fees compared to other methods.

Pay-easy: A payment service popular in Japan that allows users to make payments online or at convenience stores using a barcode. This method offers convenience and accessibility for users in Japan.

Online Banking: Users can transfer funds directly from their bank account to the platform using online banking services. This method is convenient and offers faster processing times compared to wire transfers.

ATM or Bank Counter: Users can deposit or withdraw funds at an ATM or bank counter using their bank card. This method is convenient for users who prefer in-person transactions or do not have access to online banking.

How to Buy Cryptos？

The method to buy cryptos is as follows.

Step 1: First, after logging in, select the member page - [Exchange] - [Spot Trading] to open the trading page.

Step 2: After opening the trading page, follow the steps below.

1. Select the crypto asset brand you want to trade.

2. Select market or limit price.

3. Select [Buy] in the buy/sell category.

4. Enter the transaction quantity.

5. Select your order type. (For limit orders, also select execution quantity conditions)

6. Enter the order rate. (There is no input in case of a market order)

7. Click [Go to confirmation screen].

8. On the confirmation screen, check that there are no errors in the stock name, order type, buy/sell category, trade quantity, and order rate (if limit price).

9.After confirmation, click [Confirm].

Step 3: If you want to check whether the transaction has been completed, select [Order list] and check the contract quantity item. If the contract quantity is written as “-”, the transaction has not been completed yet.

GMO Internet Group APP

The GMO Internet Group app offers a convenient way to trade in both crypto assets (virtual currency) and foreign exchange FX. It is available for download on the App Store and Google Play, making it accessible to a wide range of users. With this app, users can easily deposit and withdraw Japanese yen, as well as deposit and send crypto assets. The app provides two modes to choose from based on your trading style: “Trader Mode” for advanced users with features like advanced charts, alert functions, and widgets, and “Normal Mode” for users who prefer a simpler interface.

In addition to offering various trading options, the app also provides access to sales offices, exchanges (spot/leverage), crypto assets FX, and foreign exchange FX. It includes a variety of technical charts, chart splitting, and high-performance charts that can be displayed horizontally, making it easier for users to analyze market trends and make informed trading decisions. The app also offers convenient alert and widget functions, as well as a variety of order methods for crypto asset FX and foreign exchange FX.

Is GMO Internet Group a Good Exchange for You？

GMO Internet Group is best for high-volume, experienced traders in Japan. It offers a wide variety of cryptocurrencies, including 26 major ones. This allows experienced traders to explore diverse investment opportunities and potentially create a well-rounded portfolio. The exchange has a variable fee structure and a complex user interface that require extensive experience to figure out.

Most importantly, GMO Internet Group operates with no regulatory oversight. While this provides some flexibility, it is not suitable for beginners without sufficient knowledge and experience.

FAQs

Q: What is the GMO Internet Group？

A: GMO Internet Group is a Japan-based internet conglomerate with diverse lines of businesses. It is also the parent company of GMO Coin Inc., a dedicated virtual currency exchange platform.

Q: Is GMO Internet Regulated？

A: No, it operates under no valid regulation.

Q: What cryptocurrencies are available for trading on GMO Coin？

A: GMO Coin offers a variety of cryptocurrencies for trading, including prominent ones such as Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.

Q: How can I deposit funds into my GMO Coin account？

A: The platform offers diverse payment methods, including Wire Transfer, Pay-easy, Online Banking and ATM and Bank Counter.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.