The internet is filled with all sorts of craze about cryptocurrencies, and whether this is a good thing or not, really is dependent on your perception of all of that.
But one thing is certainly clear: The biggest revolution in the financial space is finally here!
So kudos to the human race!
But as exciting as the sound of digital money is, caution must be exercised at all times when trading any coin on any exchange.
In the recent past, we have heard horrible tales of people who lost everything they had to scammers and hackers – the sad thing is that for most of these individuals, their losses resulted from having little to no information about what they were getting themselves into.
This necessitated the need to put together this post, especially for anyone looking to trade on an exchange called Coinone.
In this review about Coinone exchange, I will talk you through what it takes to safely trade on this platform so you can stay on top of your investment.
So, follow my lead and I promise to make it worth your while…
What is Coinone?
Welcome to the Coinone exchange; here is a brief introduction of the platform from their team:
The Coinone exchange is a cryptocurrency platform based in South Korea and was established by its current CEO Myunghun Cha somewhere in 2014. The platform enables users to trade cryptos with the Korean Won which is the South Korea’s currency.
The platform’s main objective is to make trading much easier and faster for the increasing number of cryptocurrency users. In addition, Coinone also has its own wallet that enables its users to safely store their funds offline.
So far, this is the second largest cryptocurrency exchange in South Korea after Bithumb.
It specializes in trading BTC, BTG, BCH, ETH, ETC, XRP, QTUM, IOTA, and LTC.
What are the Payment Methods on this Exchange?
This platform deals in both crypto and fiat currencies. But like most other Korean exchanges, the platform only allows for the use of fiat money by its local citizens via the local banks. This has also made it a bit difficult for users outside of South Korea to create accounts on the exchange.
Despite the limitation in the use of fiat currencies other than the KRW, the platform still remains open to users who are based outside their jurisdiction and are willing to transact using cryptos entirely.
What are the Requirements for Being Verified?
Coinone has one of the toughest signup processes, but despite that, many users find this to one of the biggest advantages of the platform. Those who wish to use the platform are required to sign-up by using their email address, phone number, official identification document, OTP, and bank details. Failure to produce one or more of this info is likely to deter you from gaining access to the platform. The move is said to be one of the numerous measures put in place to make the platform a safe haven for crypto investors.
Does Coinone have Trading Limits?
Due to its focus on the South Korean market, the platform might prove to be daunting to sign up to if you are outside of South Korea. However, it is one of the safest platforms; perhaps a great compensation for the sign-up trouble, don’t you think?
Well, in terms of withdrawal limits, users are allowed up to a limit of 100 million KRW and a maximum daily trading amount of 20 million KRW.
A good number of Coinone reviews attest to the fact that this platform offers fair transaction fees. The fee applied varies from one user to another mostly due to the monthly transaction limits as well as the “taker” or “maker” status.
Essentially, the applicable fee varies between 0.02% and 0.1% for makers and between 0.06% and 0.1% for takers.
In addition, all deposits to the platform are free.
Is Coinone Safe?
Safety is one of the major concerns that most users have when it comes to investing in digital assets. It is, therefore, paramount for you to conduct due diligence regarding a given exchange before trading on it. Well, lucky for you, we did some background checks on Coinone and here is what we found out.
Being a platform used by Koreans at large, we could not get many reviews in English online, but apparently, there have been some isolated cases of delayed payments resulting from slower transaction speeds.
Coinone has a functional customer support where they can be reached through their official phone number (+82-1670-9756) between 10 am and 7 pm Korean time. In addition, the company has a special online forum where various customer issues can be tackled, including delayed deposits, incorrect account balances, and more.
Coinone offers a couple of security features on its platform to prevent its user base from losing their assets while trading on the platform. These include a two-factor authentication, data encryption, and a well-configured offline wallet to help users store their coins offline.
Our Rating Of Coinone
Fees – 4.5/5 stars
Trust – 4/5 stars
Ease-of-use – 4.5 stars
Customer support – 4.5/5 stars
Overall Rating – 4.4 stars
The Reason Behind The Rating
Fees: Coinone charges extremely low trading fees as compared to other exchanges.
Trust: The exchange runs a legit and reputable trading platform for cryptocurrency.
Ease-of-use: Coinone has a simple and easy-to-use interface that resonates with beginner and expert users.
Customer support: This is one of the few exchanges that offer a direct helpline to its customers as well as a highly interactive forum for handling customer queries.
- Deals with both crypto and fiat currencies.
- Simple to use.
- Offers margin trading functionality.
- Zero deposit fees.
- Highly secure.
- Might be difficult for users outside South Korea to sign up.
- The verification process is relatively long.
Like I mentioned earlier on in this Coinone exchange review, this is one of the most reputable exchanges in South Korea. The firm offers an entry level crypto service to its users and access to “Jikgu” payments. “Jikgu” is a term used to refer to online shopping in Korean.
That said, we loved what we found out about the platform, but more importantly, did you?