Cryptocurrency Exchange Coineal

Coineal Coineal website
Name Coineal
Founded 2018
Brief Coineal is another crypto exchange based in South Korea, although this one seems to have offices in South Korea, China, and Japan alike.
Last updated: Sunday, January 19, 2020 9:00:04PM UTC
Volume 24 hours, USD: 1 517 749 512
Volume 7 days, USD: 12 451 351 831
Volume 30 days, USD: 40 832 427 902

Coineal general information

General Coineal facts, technical details and general information about Coineal exchange


Coineal is another crypto exchange based in South Korea, although this one seems to have offices in South Korea, China, and Japan alike. Further, it also stated that it plans to continue its expansion to other countries. It was founded by a group of crypto investors, tech geeks, and blockchain practitioners from South Korea and China. It was launched in early 2018, which makes it fairly young, even by crypto standards.

So far, the exchange has been serving around 60 markets, as well as numerous trading pairs. Unfortunately, the exchange does not work with fiat currencies, and the closest that you can come to fiat on Coineal is to use Tether (USDT). The exchange doesn't even accept fiat deposits, but what it does have are international partners, which are capable of providing deep liquidity for the platform.

Coineal seems to be rather well-equipped when it comes to security and handling threats. It uses an anti-DDoS system, as well as distributed architecture, in addition to other security measures. Meanwhile, its website offers multi-language support, with English being one of the options, proving that the exchange aims to serve users globally.

The exchange is also more than willing to add new tokens, offering both, self-listing and token listing services for projects that are believed to be of high quality. However, the exchange also decided to keep the right to remove any token at any time, depending on circumstances and conditions regarding the coin or token at the time.

Some of these circumstances may include technical or legal issues that the project had run into, or even a drop of its daily trading volume below $100,000 for 15 business days in a row. The same will happen if the exchange offers that some of the information regarding the project is fake, fraudulent, or dishonest. It will, however, offer a 5-day warning before delisting a coin and allow its customers 30 days to withdraw the token in question before removing it completely.

In terms of usage, Coineal seems to be rather popular, with its daily trading volume currently being just shy of $1 billion. This is quite an achievement, considering that the exchange does not support fiat trading or even deposits. It also does not offer margin trading to its users, meaning that betting on the future prices of various coins cannot be done on this exchange.

However, Coineal is very transparent and good when it comes to fees. It features no deposit fees, while withdrawal fees are lower than on most other exchanges, sitting at 0.00049 BTC. As for trading fees, it features flat fee of 0.15%. In other words, maker and taker fees are the same on this exchange, and still below the average of 0.20%-0.25%. However, while there are withdrawal fees — there doesn't seem to be a withdrawal limit.

While the exchange does seem to be rather good, there are multiple concerns regarding the project. For example, most of its team members' identities were not made public. At the same time, the exchange's CEO does not have experience when it comes to leadership or management, while the exchange itself seems to lack a cybersecurity specialist, as well as the insurance policy in case it suffers a hacking attack.


Benefits of using Coineal:

  • No deposit fees
  • Trading fees lower than average
  • No withdrawal limit
  • A good number of trading pairs
  • It has a native cryptocurrency
  • High daily trading volume
  • Based in South Korea, with offices across numerous Asian countries
  • Multi-language support on its website
  • Uses Anti-DDoS system
  • Only accepts good quality coins

Conclusion


While there are a few red flags about the exchange, it has been in business for about a year and a half now with no major incidents or controversies. The lack of transparency is suspicious, however, and its leadership seems to be weak. There is also the lack of support for fiat currencies, as well as the lack of margin trading which is becoming more and more popular.

But, the exchange does offer some pretty popular coins, and it has low fees, so it is not surprising that its daily trading volume reaches $1 billion.

Author: Ali Raza for Crypto-Rating.com

Coineal volume change chart — 7 days

Coineal volume change chart — 30 days

Coineal

Coineal (Coineal) volume change (24h)

Coineal volume change 24 hours -18.45%

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