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Coinone crypto exchange review and features

Coinone crypto exchange review and features

  • 8 March 2022
  • 174 View

Coinone crypto exchange is a South Korean cryptocurrency exchange that has gained popularity among investors in KR and around the world. It is the third-largest digital coin marketplace in South Korea in terms of transaction volume, behind Upbit and Bithumb.

However, since Coinone mainly focuses on South Korean investors, you should make sure that this is the best cryptocurrency trading platform for you in the UK before signing up for a trading account. In our Coinone Review UK, we help you determine if this is the right trading platform for you. And if there are better alternatives in the UK market.

What is the Coinone crypto exchange?

Coinone is a South Korea-based cryptocurrency exchange founded by Myunghun Chain in 2014, offering low-cost cryptocurrency trading. It provides a wide range of cryptocurrencies and token services including margin trading and e-wallet services. Above all, the Coinone crypto exchange is best known for its top-notch security features and high standard of coin listing. This has resulted in Coinone becoming the third-largest cryptocurrency exchange in South Korea and one of the few exchanges that can rely on its trading operations as its main source of income.

Coinone crypto exchange Supported Coins

One of Coinone’s main attractions is the massive range of supported coins on its platform. This includes 200+ digital assets and some of the most exotic altcoins you can find in the cryptocurrency market. In general, Coinone crypto exchange has a categorization of the different instruments on its platform – main market and growing market. The main market category lists the 27 largest coins in the crypto market by market cap and includes the following coins: Bitcoin, Ethereum, Ripple, Klaytn, Bitcoin Cash, EOS, Tron, Ethereum Classic, Litecoin, Stellar Lumens, NEO, Filecoin, Polkadot, Bitcoin Satoshi Vision, Qtum, Chainlink, IOTA, Luna, Tezos, Cosmos Atom, sKLAY, and Uniswap.

All in all, Coinone fees seem very competitive when we compare the exchange to other platforms in the industry. Also, there are ways to make trading fees even lower as the investor increases trading volume. However, let’s take a closer look at the payment and trading fees at Coinone.

Coinone crypto exchange payment fees

In terms of payment fees, Coinone crypto exchange does not charge any deposit fees a very competitive fee of only 1000 KRW (which is around $0.9 or £0.65) when withdrawing funds via bank transfer. However, the fee for withdrawing funds using crypto coins is a bit expensive. For example, if you withdraw funds using Bitcoin, you will have to pay a fee of 0.0015 BTC, which is approximately $80.

Coinone trading fees

The Coinone crypto exchange offers a flat fee of 0.20% for the main market, which means that if you buy 1 bitcoin, you will have to pay 0.002 BTC (about $108). For the growth market, which includes most of the exotic altcoins, Coinone charges a flat fee of just 0.10%.

In addition, the exchange has a VIP program and a market maker program that significantly reduces trading fees for high-volume traders. For the VIP program, you can get fees up to 0% maker and 0.01% taker if you trade over KRW 3 billion in one month. The same fees apply to the Market Maker program – although you are required to meet a predefined specific amount of Maker trades in a month.

Coinone Purchase Limits

Like most exchanges and financial marketplaces, the Coinone crypto exchange maintains minimum and maximum order limits. Therefore, the minimum order quantity is 5000 KRW or 0.0001 BTC, which is about 5 USD. The maximum order size on Coinone is KRW 1 billion, which is almost USD 900,000.

When it comes to daily withdrawal limits, Coinone has a system based on the payment method and verification phase.

Coinone wallet

Coinone also offers an integrated digital wallet available on its desktop and mobile apps that allow users to store, receive and send crypto coins. Crucially, the Coinone crypto exchange does not provide much information about their wallet services and the technology they use to store the coins, making it a better choice for users to store the coins in a hardware wallet, in which only you have your private key and money are stored on an offline device.

Coinone mobile app

Coinone also offers a mobile app available on the App Store (iOS) and Google Play (Android). However, according to a recent message from Coinone crypto exchange on the Google Play Store, the app is currently not available for foreigners and so if you are trading from the UK you can only trade from a web browser.

Coinone user experience

If you are looking for an easy-to-use cryptocurrency trading platform, you may need to look for another option if you simply want to invest in Bitcoin. Coinone’s platform is complicated to use even for experienced professional investors and tech-savvy crypto enthusiasts. The navigation of Coinone’s site is not intuitive and the fact that the platform does not fully support English is a big problem.

Essentially, there are many ways to trade on this platform, with the most useful of all being the Swap, Exchange, and ProChart trade views. While Swap is the easiest way to buy and sell digital assets on this platform, the Exchange and ProChart are better investment dashboards for intermediate and advanced traders.

Also, the user interface is not as efficient as other platforms like the Coinone crypto exchange, Kraken, and Binance. This is especially true for non-South Korean investors as Coinone mainly focuses on South Korean customers.

Coinone user experience

Coinone tools and features

Coinone crypto exchange seriously lacks a good user interface and many other features available on other platforms. Mobile application and a website that supports different languages. Nonetheless, there are a few reasons why it has become one of the most popular cryptocurrency trading platforms in South Korea and globally.

Coinone Stake coins

One of the best features that Coinone offers is the ability to stake coins and receive a fixed income to lock your digital assets on the exchange network. Their staking program is more flexible than many other exchanges in the sense that it offers users the ability to select periods of 1 day, month, or year and offers up to 20% annual interest (APR) on your staked coins.

In terms of what you can stake, Coinone crypto exchange provides the following tokens: Cartesi, Klaytn, Qtum, Tron, Cosmos Atom, Tezos, Kava, Luna, USD Coin, DAI, and Ethereum.

Coinone minimum deposit

Similar to many other cryptocurrency exchanges in the market, the minimum deposit requirement on Coinone varies depending on the payment method the investor chooses. For example, if you use South Korean Won (KRW) as a payment method, you must meet a minimum deposit requirement of 1000 KRW. However, if you use any crypto coin to fund your Coinone account, there is no minimum deposit requirement.

Coinone payments

Coinone crypto exchange offers users only two methods to fund the account – bank transfer and cryptocurrencies. Additionally, the exchange only supports one fiat currency – the South Korean won.

When it comes to cryptocurrencies – users can fund their accounts using the following coins: Bitcoin, Ethereum, DAI, USD Coin, Tether, Wrapped Bitcoin, and Wrapped Ethereum.

Coinone regulation and licensing

Like the vast majority of South Korean cryptocurrency exchanges, the Coinone crypto exchange is not regulated by any local or global financial authority. However, the company is registered in South Korea under registration number 261-81-07437 and claims to operate under South Korean law. It is important to note that South Korea is one of the most crypto-friendly countries in the world and recently passed legislation providing a framework for regulating cryptocurrencies and crypto exchanges.

Coinone contact and customer service

Once again, you might be scratching your head when you need the support team to answer your questions. Notably, the Coinone crypto exchange offers multiple communication channels including online chat support, FAQ section, guides, Kakao support, and submitting a ticket form. However, the website focuses on South Korean investors and the support service is not designed to provide any help or assistance to foreign users.

How to use Coinone?

As mentioned, the Coinone crypto exchange is open to investors from other countries, including the UK. Crucially, the platform might seem a bit overwhelming at first, but when you are ready to start trading with this exchange, all you have to do is follow the simple steps below.

How to use Coinone?

Step 1: Sign up for an online account with Coinone crypto exchange

To get started, you first need to log into Coinone’s website. For your convenience, we recommend that you first change the language of the website to EN at the top right of the screen. Then click the Sign-Up button to start the registration process. In the first step, Coinone asks you to agree to the terms and conditions of the exchange.

Then you will be directed to a registration form where you will be asked to provide personal information.

Step 2: Confirm your identity

Next, you will receive an email from Coinone to verify your email address. And enter the exchange with your username (email address) and password. Once you do that, you have to go through a lengthy registration process that includes phone number verification, an OTP verification, and finally, your bank account verification as well.

Step 3: Deposit funds and trade cryptocurrencies

Once your Coinone account is approved, you can buy and sell digital coins. But before that, you need to make a deposit. Note that if you want to use KRW as a fiat currency payment method, you need to verify your bank account first. This is a required certification. To make a deposit you need to navigate to Assets in the top menu bar. And then switch to Deposits and Withdrawals (D/W). From there you need to select the payment option. A bank transfer or crypto coins, enter the amount and transfer the funds.

In general, there are many ways to transact on the Coinone crypto exchange. But our review found that the most efficient way is through the Exchange tab. From there you can access all the coins listed and place an order when you find the coin you want to buy or sell.

Once you’ve found the coin you want to buy or sell, you need to navigate to the order form. And enter the price and amount, then click Buy/Sell to complete your trade.

Does Coinone need KYC?

The Coinone crypto exchange does not require KYC regulation before signing up and depositing crypto on the platform. However, after you join the exchange as a user, verification processes must complete before you allow to use certain exchange features.

For example, your first withdrawal process cannot go through unless you are verified through a special application, the Coinone PASS app.

Additionally, the expansion of withdrawal limits on the exchange requires you to pass four different levels of verification, namely:

  • Email Authentication
  • One-time password (OTP) verification.
  • Proof of your cell phone number.
  • Bank account verification.

The last one, bank account verification, also requires you to be able to participate in the chat feature on the exchange’s website.

Coinone supported countries

The Coinone crypto exchange mostly supports South Korean residents. While users may be from other Asian countries, they must be of South Korean origin to use the exchange’s full services. For example, they must verify their bank accounts before proceeding with any withdrawals, and the only accepted bank is Korea Nonghyup Bank.

Is Coinone exchange legative and secure?

The Coinone exchange is a registered exchange in South Korea whose company registration number is displayed at the bottom of their website. This gives users some confidence in the Korean exchange. However, it might not be a good choice for users in other parts of the world. Because it mostly focused on South Korea.

It’s also good to note that the exchange has never reported any hacking since it went live in 2014. As such, it tested over time and seems to be holding up pretty well. Of course, that doesn’t mean it’s 100% secure, but it proved over time.

Also, it is one of the four South Korean exchanges left after the government gave them all a September 24, 2021 deadline to comply with the latest regulations. About sixty exchanges had to shut down because of the new rules. The only exchanges left were Coinone, Bithumb, Upbit, and Korbit. This gives Coinone more credibility as a solid exchange.

Conclusion

Are you a resident of South Korea and looking for a reliable exchange to trade crypto with? Then it is worth taking a look at the Coinone exchange. Coinone crypto exchange is one of the best in South Korea. It provides for traders easy deposits and withdrawals via bank transfer.

If you are from other countries, it might be better to look for other exchanges that better suit your needs as you might find the Coinone exchange difficult to cope with.


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One response to “Coinone crypto exchange review and features”

  1. Yanga Jili says:

    Good information though

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