What is Godex.io?
Godex.io is a cryptocurrency exchange registered in the Seychelles, which is quite common in the crypto exchange industry. It has been active since 2018.
Godex.io has a referral program in place for its users, through which existing users can refer new users and then earn a commission from the trading of the referred users. The commission earned is apparently 0.45% on all trades the referred users make. Additionally, the referral commission will increase with 0.05% for every 50 BTC traded by your referrals, up to a maximum level of 0.60%. This is a very genereous affiliate program commission level, and it is in large part explained by the high fees at this platform (see more on the fees under Godex.io Trading fees below).
Godex.io Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders concerning the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the purchase interface at Godex.io:
Godex.io Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book.
At Godex.io, the trading does not seem to be executed between users of the platform. There are no order books to view, just a purchase interface. The maker and taker distinction thus becomes a bit superfluous. Instead, Godex.io charges what we call flat fees, meaning that both the takers and the makers pay the same fee. In this case, that fee is 1.50%. These flat fees are very high.
In the largest and most recent empirical study performed on industry average crypto trading fees, we found that the industry average spot trading taker fee was 0.221% and the corresponding spot trading maker fee was 0.178%. Here, as you recall, they are both set at 1.50%. Consequently, Godex.io’s trading fees are way above average, even though the platform is different from most centralized exchanges in its way of operating.
Godex.io Withdrawal fees
To our understanding, Godex.io does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure. In general though, only paying the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
Deposit Methods and US-investors
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Godex.io is cryptocurrency. However, if you really like Godex.io but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.
Godex.io does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our Exchange Filters, you can sort the exchanges based on whether or not they accept US-investors.