Coinone – Cryptocurrency Exchange Volume and Information

Coinone is a South Korea-based exchange platform that allows users to buy, sell and store Bitcoin, Ether and Ether Classic. The market allows users to exchange these cryptocurrencies for South Korean Won (KRW) and offers margin trading services. Established local player – Coinone has been around since 2014 and the team behind this exchange looks very solid. There aren’t any reports of a major hack at this exchange, which is not the case with one of their major competitors – Bithumb.

Coinone Features

• User Interface: Coinone has an excellent interface which enables efficient trading for their clients. It also has the Prochart tool, which is used by the traders for an in-depth analysis of currencies during their trade sessions.
• Coinone wallet: The Coinone wallet provides wallet facilities and services to enable client deposits, storage, and trading of their desired coins that are listed on the exchange.
• Payment Method: The major payment method for Coinone exchange is crypto deposits, but it also accepts fiat deposits through bank wire transfers in KRW. However, it does not accept deposits through credit and debit card payments
• Security: It employs robust mechanisms, including the use of a two-factor authentication scheme, multi-signature wallets and ID verification to ensure the security of its client accounts and assets.
• Customer Support: Coinone’s support team can be reached by email anytime or phone. Coinone has a specific support forum for resolving issues that are not correctly reflected in a user’s balance

The Coinone exchange has a flat trading fee of 0.10% for both makers and takers in any trade transaction. This is slightly lower than the global industry average of 0.25% in comparison. Coinone has no deposit fees but has a withdrawal fee of 0.0015 BTC per 1 BTC withdrawal. This is high when compared to that of other exchanges. It has a withdrawal fee of 0.01 ETH per 1 Ethereum and 0.0005 BCH per 1 BitcoinCash. There is currently a withdrawal limit on accounts of 100 million KRW and a transactional limit of 20 million KRW.

Coinone is one of the fastest-growing exchanges in the global crypto world. It has become one of the top pioneers within the South Korean crypto industry. With its excellent user interface, top security measures and multiple coins traded on its exchange, Coinone remains one of the highly recommended exchanges for the crypto users and traders in South Korea and across the Asian borders.

Coinone allows users to buy and sell cryptocurrency. Led by CEO Myunghun Cha and overseen by a team of experts in the area, the exchange was launched in 2014 with the aim of creating a South Korean cryptocurrency that was more user-friendly than other platforms that existed at the time. When it was first launched, Coinone only offered trading in Bitcoin. Since then it has expanded the number of cryptocurrencies that it supports, though it is still quite limited. This is not an issue, however, as the platform is more focused on offering practical and convenient features rather than offering a wide variety of cryptocurrencies.

Coinone has a flat trading fee of 0.10%, which is significantly lower than the global industry average of 0.25%. This renders the exchange more attractive to the average user compared to exchanges with higher fees, allowing for better liquidity. Coinone offers a withdrawal fee of 0.0015 BTC, which is almost twice the global industry average of 0.0008. This might be a disadvantage for some users, however when combined with the competitively low trading fees, the exchange could still be considered appealing for investors.

Crypto-to-crypto trading is not available on this platform. Coinone is an entry-level exchange as it offers fiat-crypto trading. The downside is that the only fiat deposits that are accepted are in the form of South Korean currency, KRW. This means that the platform is most probably focused on the local South Korean market, rather than the global one.

Coinone website is under maintenance at the moment. However, when looked at previous exchange reviews it can be seen that the platform offers a very limited translation of its features. It is quite hard for a non-Korean user to be able to navigate the website properly, making it unappealing to international users. Regardless, the website is practical and easy to use for those who understand Korean. It offers a convenient platform for trading and fulfills its aim of being user-friendly. If you want to make a complaint about the exchange, Coinone’s support team is available between 10AM - 7PM via email and phone. In order to make such a complaint, you have to provide proof of ID and a photograph, which makes the reviews on the platform truly genuine and accurate.

For security, Coinone uses the two-factor authentication (2FA) system, multi-signature wallets, and ID verification when signing into accounts. To be able to trade on the platform, users must register as a fully-functioning member. Though it has been running for five years, there have not been any issues concerning the platform’s security.

Coinone advantages:

• 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.
• 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, Kraken, another otherwise solid exchange charges up to 0.26%. 
• 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.
• No fees on deposits – Unlike most other exchanges, this one does not charge fees on deposits (regardless of the methods of payment). Most services accepting fiat currencies charge something in the 2-10% range. 
• 7 coins available – The current list of coins available at Coinone includes: BTC, BCH, ETH, ETC, XRP, QTUM and LTC. This may be more than enough for some users, but there are those who are willing to explore exotic digital assets. If you are looking for more altcoins, be sure to checkout Bittrex and Cryptopia.
• 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.

Trading with such a company usually allows even higher leverage, but may not be suitable for long term positions. 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).