Coinone is one of the major Korean cryptocurrency exchanges. If you are enthusiastic about blockchain technology, you should know a few things about them even if you don’t plan on trading with them. As you may know the trading activity on Korean exchanges has been relatively high in recent times and even determines the short term price swings.The huge trading traffic from the region has attracted investors and companies to create their own exchange system.The objective of the coinone is to transport Bitcoin to the masses. It is basically a forum that provides the users to sell, buy or store Bitcoin, Ether Classic and Ether. Coinone recently added another cryptocurrency known as XRP to its cryptocurrencies collection. The highlighted point of the Coinone is it has amazingly taken over Ethereum market in a very short duration of time. Today, we will be looking into Coinone.co.kr features, how to create an account, and the crypto they trade. Without further delay, let’s talk about that!
The website Coinone.co.kr is registered as Coinone Inc. and is located at 19F, Three IFC, 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, South Korea. The company is spearheaded by their CEO Myunghun Cha. This website is a Korean based exchange wherein they allow users to buy and sell BTC, Ethereum, and or Ethereum Classic. The market in Korea is starting to grow, thus the company thought of a way to grab that opportunity and provide crypto exchange services to their citizens.
How to start trading in Coinone?
- The website uses the Korean language For the convenience of the foreign users, a google translator is used that translate it into the English language so a user can open the account on the Coinone without the hindrance of language
- To start, create an account by clicking the register tab at www.coinone.co.kr. Then, enter your desired password and email. Afterwards, they will ask you to do a fun Captcha game before you can click on register.
- A confirmation link will be sent to your email. You’ll have to click on that to verify your email, and you’ll be redirected to the Coinone page.
- After verifying your email, you’ll need to click on the security tab to secure your Coinone account. The platform provides a detailed pdf guide on the different verification and offers convenience for its users about account security. From there, you have to verify your account. First, verify your phone then you finish your identity verification where they will ask you some photos. Afterwards, you will be asked to provide banking details to verify your bank and lastly, the OTP verification.
- Coinone’s Prochart displays a real-time analysis of the different cryptocurrencies. This is where you can pick the timeline including the minutes, hours and weekly summary for each crypto.
- To exchange and trade, click on the exchange tab and select any of the following options: margin trading, crypto trading or deposit/withdrawal.
- To check your transaction history, click the transaction tab. Here you will see your deposits and withdrawals.
The fees vary on the amount of KRW traded in a month, the taker and maker fees differ. The maker fee is from 0.02% to 0.1%. On the other hand, takers are at 0.06% to 0.1%.
It is important to note that the more you trade, the more your fees will decrease. This scheme is useful in promoting liquidity in the site and attracts users who love to trade using huge amounts. For both maker and taker, the margin trade is at 0.15% for all account levels.
For deposits, Coinone doesn’t charge any fees regardless of the payment method compared to other services costing around 2-10% when accepting fiat currencies.
High level of Security – Security seems to be a top priority for Coinone, as the company includes multi-signature wallets, two-factor authentication (2FA) and cold storage. While there is no 100% guarantee of future safety, these factors are nice.
Korean Bank Transfers accepted – Coinone accepts fiat currency deposits, via bank transfer. That being said, only Korean bank accounts can be registered with this exchange.
Leverage is available – Unlike most exchanges, Coinone offers margin trading, with a maximum leverage ratio of 1:4. That being said this involves borrowing coins from other traders. This can be a costly and tedious process, so if you are looking to speculatively trade Bitcoin a forex broker may be a better alternative.
Low Fees – The costs of trading at Coinone are very competitive, with the offers by other exchanges. With a 0.10% maximum fee (which goes even lower, if you trade bigger volumes) this exchange is one of the cheapest. As a comparison, Bittrex, another otherwise solid exchange charges up to 0.25%.
Nice trading platform – The “Pro Charts” feature of Coinone is very nice, when compared to some of the other crypto-exchanges. Here is a preview (a live chat is also included, click to zoom-in):
Customer Service-You can reach Coinone by sending them an email at support.coinone.co.kr and calling them via their phone number 1670-9756 from 10 AM to 7 PM Korean Standard Time.
The platform has a specific support forum that is aimed at resolving incorrectly reflected deposits on a user’s balance. For proof of deposit, one must submit an ID photo, a photo of them holding the ID card and a photo of the user’s deposit source’s transactional history.
Focus on Korea – Dealing with this company if you are not Korean will be hard, or even impossible, as they require having a local bank account. It is technically possible, but you will have to go through a lot of hassle.
Trading only against KRW – While this exchange offers several altcoins they can’t be freely traded against one another. Some clients may even see this as a positive, but at the end of the day, having the ability to quickly convert one coin into another will be viewed highly by others.
Few negative user reviews – We couldn’t find many user reviews on this exchange in English, but there were a couple of complaints regarding slow payments.
Frequently Asked Questions (FAQ):
Can you pay via credit card, debit card, bank account, PayPal, and Cash?
Answer: Coinone accepts the fiat currency payments through the bank transfer. It only accepts Korean bank account. Dealing with this company is the bit tough if you are a foreigner because you need a local Korean account for the investment of money.
How can a user secure his account?
Answer: A user can secure his account using security tab given on the main page. When user will click on the Security button a security tab will appear it contains the verification of the phone, Email, Identification, Bank, and OTP. Coinone guide for security purpose is also given in the security tab that can help the user to secure his account. It is recommended by the Coinone management to secure their account. Moreover periodically change their password. The Address book contains the information related to the addresses of the withdrawal cryptocurrencies. Email Notifications provides you the information about notices and new email settings and Certificate guide contains the record of deposits and investments.
What cryptocurrencies does Coinone support?
The platform supports cryptocurrencies including BTC, BCH, ETH, ETC, XRP, QTUM, LTC, IOTA, and BTG.
Are there any Coinone limits and restrictions?
Because of its many verifications and limited fiat currency deposits, Coinone is focused only on South Koreans.However, if you get the chance, you are not restricted to register, but you’ll have to go through a lot of hassle.
In withdrawing, there is a limit for accounts of 100 million KRW and a 20 million KRW transaction limit.
How to contact in case of an issue?
Answer: In case of any issue, a user is facing they can contact Coinone Exchange through email only because you can call them only if you are in Korea. As an international client, you cannot contact Coinone outside of Korea. The Coinone generally did not respond to the emails while going through some of the reviews of people. So this is one of the drawbacks of using Coinone exchange. A user must know the good and bad aspect of using anything.
How much time does it take to withdraw the funds?
Answer: Withdrawal of funds usually takes 5 to 6 working days in other exchanges. But the withdrawal of funds is a quite slow process while done by Coinone exchange.
Address & Contact Information
Coinone Review Summary
All in all, Coinone does a pretty good job as an Asian exchange in comparison to western exchanges. It is great for South Korean users but not that friendly to people outside of the country. There is also a great language barrier on the website since a lot of the pages are only available in Korean. Also, only KRW can be deposited on the exchange. This makes it hard for non-South Koreans to trade on the exchange platform.
Not all the websites Which listed in Top List are 100% safe to use or investment. We do not promote any of those. Due diligence is your own responsibility. You should never make an investment into any online program with money you aren’t prepared to lose. Make sure to research about the website.So Please take care of your investments. and be in the safety site and avoid much losing online.