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The cryptocurrency fever has spread far and wide around the world. Because of the increasing cryptocurrency trading traffic in the country, companies and investors have created their own exchange platform. Here, we will dig deeper into one of the South Korean based cryptocurrency exchange called Coinone.
What is Coinone?
Coinone is a cryptocurrency exchange based in South Korea that allows the trading of cryptocurrency to Korean Won. Won is South Korea’s currency. The website is registered as Coinone Inc and led by their CEO Myunghun Cha since 2014.
This cryptocurrency exchange aims to make Bitcoin trading easier for the masses and has successfully created a mobile wallet that helps the user control fund deposits and Bitcoin tradings. Here, you can exchange Bitcoin to the Korean Won.
Only behind Bithumb, this cryptocurrency exchange is the second-largest South Korean based platform.
What cryptocurrencies does Coinone support?
What are the available payment methods in Coinone?
Coinone accepts both crypto and fiat currency deposits. However, they only accept KRW coming from local banks in South Korea. This makes it hard to create an account for people who are outside South Korea. In addition, cryptocurrencies can be withdrawn and deposited without any issue, but the account verification requirements make this hard.
What are the verification requirements on Coinone?
Coinone requires its users to verify their email, phone, identity, OTP, and bank. All of these options are recommended and essential to secure your account.
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.
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.
Does Coinone have any special features?
In partnership with the California based blockchain security firm, Bitgo, Coinone is the first Asian exchange to use the Multisig Wallet Technology in its site. With this in place, the website is not only an exchange platform but is also a wallet.
Is Coinone safe?
There weren’t a lot of user reviews about Coinone in English, but some have complained about slow payments.
Two-Factor authentication is also available in Coinone. In the Multisig Wallet Technology, it provides the wallet an extra layer of protection by asking for more than one signature in transaction approvals.
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.
How to start trading in Coinone?
- The website uses the Korean language if you want to switch to English, click on KR on the top right of the page and change to English.
- To start, create an account by clicking the register tab. 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.
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.
Despite this, the website is great, and you should definitely try them if you get the chance. In addition, Coinone provides access to ‘Jikyu’ payments. Jikyu is a Korean term used for online shopping from outside countries.
- Accept Fiat and Crypto deposits.
- Easy to understand the platform.
- Available margin trading.
- No deposit fees.
- Exclusive for South Korean traders.
- Too many verification processes.
- Korean website.
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