Coinone Review
Finding a trusted cryptocurrency exchange is difficult as there are hundreds of crypto companies in the market. I find Coinone one of the best cryptocurrency exchanges out there. I am presenting you with the Coinone review that lets you know about the leading exchange of South Korea.
What is Coinone?
Coinone is one of the largest cryptocurrency exchanges in South Korea as it has served millions of traders. As per trading volume and number of users, it is the third biggest trading platform in South Korea that deals with cryptocurrency. Through the exchange, the citizens of South Korea get vast exposure to the crypto industry and enter into space following its high potential attitude.
Besides offering exchange services, the customers of the company can also use its wallet, designed especially to cater to the needs of people linked with crypto space. In order to expand its reach in Asia, South Korean-based crypto company has also launched a platform for the citizens of Indonesia. It also rolled its branch in Malta, but that was closed due to some reasons. It has not only made its name popular in the crypto ranks, but it has tried to enter the online gaming industry. For instance, it acquired IFunFactory in 2018 and added a new avenue in its working sphere. What’s more, it has also done valuable work in making remittance channels more smooth by launching a blockchain-powered app in collaboration with the San Francisco-based firm Ripple.
How is it Different from other Cryptocurrency Exchanges?
As a leading cryptocurrency exchange in South Korea, it provides an extensive number of trading pairs against the fiat currency, KRW, and the leading cryptocurrency, Bitcoin. However, it is an expert exchange in offering trading services to local customers, but it has also performed better in providing services to traders and investors across the world. It does not set any restrictions for international clients as one can easily invest money on a wide range of crypto assets through the platform of Coinone. The process of listing coins is very authentic, and it does not let any scam projected to be listed on the site for trading. As per the reports, it has set up a committee, known as the Listing Evaluation Committee, which the firm’s chief executive officer directly controls.
It was rolled out in 2014, and since then, it has serviced millions of traders from across the world. Its subsidiary, Coinone Indonesia, was founded in 2018 and enlightened an unlimited number of people about crypto space and its unlimited opportunities. People underestimate the exchange when compare with the European and US-based exchanges, but it competes with them in everything.
Supported Cryptocurrencies
The crypto assets supported by Coinone include Bitcoin (BTC), Cardano (ADA), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and many others. If you want to know which currencies are offered by the company, it is very simple to check the number of supported coins by going into the concerned section of the website.
Coinone Wallet Services
Besides offering trading services, such as buying, selling, and trading coins, it also equips its user base to enjoy the facility of storing crypto assets. The wallet is secured with state-of-the-art technology that does not let you become a victim of a scam attack. Users are highly satisfied with the trading exchange’s wallet services as it saves crypto capital in safe layers, which are unable to break in any case of breaching attack. It is not offering services on its own, but it has collaborated with BitGo, a famous security platform known for high-class wallet functionalities. Integration of multisig wallet technology lets users’ funds be secured from any kind of security vulnerability. The supported cryptocurrencies include BTC, IOTA, BTG, BCH, LTC, XRP, QTUM, ZRX, ETC, KNC, XTZ, OMG, and ZIL.
Professional Staff Members
The top position of Coinone was not possible without the hard work of the staff members who put their sweat and blood into making it the ample trading exchange in South Korea. People who are working behind the platform are highly experienced people who have spent many years in the trading space. As I have mentioned above, the listing process of coins on the exchange is a very difficult task. It has created a special committee that is supervised by the chief executive officer of Coinone. The committee’s major task is to review the submitted requests of listing before pasting these coins on the site for trading. The major agenda of the committee is to prevent scam projects from being listed. With exceptional growth in the sector, the emergence of scam projects becomes possible. It is very important to design a check and balance framework so that beginners and people in the industry should save their money from scammers. Coinone has managed to develop the committee, but it’s time for other exchanges to do the same.
How to Start Trading with Coinone?
It is a misconception that it is only available to South Korean citizens as the English version of the website is also present, which helps people who reside outside of South Korea. In order to become a normal user of the company, users must submit their information on the registration page, which opens when you tap on the account creation button. Newly joined traders will have to paste the email address in the box, plus the creation of a powerful password. It is advised that one should create a strong password so that no one even imagines guessing it. Once you put the email, a verification email will be sent to your email for a confirmation. A comprehensive guideline in the form of PDF is available, which can be downloaded at the time of account creation. Like email confirmation, phone verification is also needed, making users more secure on the platform. Lastly, the banking details should also be submitted for further verification, thanks to its advanced security standards.
Once you register yourself with Coinone, the next important thing is to fill your exchange wallet with capital. One can add funds as much as he wants as there is no strict limitation on the addition of funds. The money is secured as the professional develops built special security wallets around the site. Furthermore, the funds are distributed in segregated accounts that avoid any possibility of hacking. Besides these security protocols, it has also employed various security standards.
In the final phase, you will become capable of trading a wide range of profitable crypto assets. People who want to play safe always prefer Coinone over other cryptocurrency exchanges because it is known as a reliable crypto company. It has been working in the industry for several years but did not become the victim of stealing attacks in those years, thanks to the state-of-the-art security framework of the exchange.
Coinone User Interface
The user interface of the Korea-based trading company is designed in such a way that even new traders easily enjoy its trading services without any confusion. The exceptional UI design lets users make trading decisions at a rapid speed without delay. Its Prochart tool makes it even more charming to people who are newcomers on the homepage.
It is a well-established platform that is developed, keeping in mind the psychology of South Korean residents. But it is not specially made for local customers; it is equally beneficial for international customers who are looking for a reliable platform for cryptocurrency trading. Once you make your way into the site, your inclination with the well-defined site will enhance automatically.
On the site, the users will also confront an option in the form of a Pro Chart that shows a comprehensive analysis of the most famous cryptocurrencies. Users can sense the history of trades in a quick way with the help of Pro Chart.
Commissions and Fees
The commission fees for takers as well as makers are fixed at 0.10%, a flat rate. The 10% fee is much lower than the 25%, which is normally popular in the industry. Moreover, the company deducts 0.03% fees on the trading of multiple assets. The deposits for funding are free of cost, but it charges on withdrawals, which is relatively higher than most of its competitors. But its other fee avenues are competitive enough that one can afford its withdrawal fees.
Security Nature of Coinone
In this review, I would like to concentrate your attention on its security level. Its high-security protection level makes it the leading cryptocurrency in South Korea. When we compare it with other sites, we come to know that its security protocol is much strong and secured. The software embedded in the website builds a strong layer of security from external as well as internal vulnerabilities. It is called one of the safest crypto trading sites out there.
In volume, it lags behind many other trading companies, but it beats many renowned companies when it comes to the standards of funds security. Thanks to modern-day technologies, users on the site are well protected from cyberattacks, such as artificial intelligence and blockchain. In the industry, hacking news is a normal thing, but one cannot remember that it has ever faced any type of hacking or breaching attempt. Its topmost responsibility is to protect the funds of the customers, thanks to its untiring staff members.
It has made arrangements for state-of-the-art security standards. First, there is a facility of two-factor authentication that alerts people if an unknown person tries to open the account without the original account holder’s permission. Second, it also asks users for ID verification. Third, traders’ and investors’ funds are kept in multi-signature wallets that push away external manipulators or hackers.
Deposits and Withdrawals
For deposits, the crypto exchange accepts crypto assets as well as fiat money. However, the only accepted fiat currency is KRW which needs to be sent from banks based in South Korea. As they only receive fiat funds initiated from the local banks, it creates problems for users who are living outside of the country but want to submit funds in fiat money.
The procedures involved in deposits and withdrawals are easy to follow and reliable, but the verification process before it needs some attention as there is a requirement of documents.
Privacy of Customers
Coinone is a privacy-oriented cryptocurrency exchange, meaning customers’ privacy is a significant priority of the company. Not a single time has it underestimated the users’ privacy because the founding members of the crypto firm think that privacy is the most valuable asset of a user that should not be violated. In privacy policy, the company has outlined the rules and conditions related to users’ privacy. One must know the fact that privacy is more important than money. A trader can afford to lose money but could not compromise on privacy breaching. It is also a piece of additional advice to beginners from my side that take care of your privacy as giant companies make a pile of money by using the sensitive information of the masses. People who know the value of confidentiality would not ready to create an account with a firm that is notorious for privacy manipulation.
Advantages of Coinone Exchange
The crypto exchange has been working in the crypto industry since 2014, and in all those years, it has not confronted any case of hacking or breaching. In terms of transparency, it also unveils inspiring techniques that secure a successful and efficient relationship between the exchange and its dedicated users, thanks to its professional staff members.
The company is included in the list of top cryptocurrency exchanges working in South Korea due to its top-notch features, which you will not confront on any other site. It is also now popular in international investors’ ranks that traded assets on the world’s most renowned trading companies.
People say that Coinone is specially designed for beginners because it has a very dynamic theme. It is indeed made for newly joined people, but it is equally suitable for professional traders as it has incorporated the world’s latest technologies, such as artificial intelligence and blockchain, in the operations of the exchange. Once you become a permanent member of it, you would love it as everything seems perfect on the site.
Transparency is another thing that is highly focused on by the crypto exchange, which ensures a clear and transparent relationship between Coinone and its user base. Like many other sites that also deduct hidden charges and fees on trading services, it reveals everything on the site. However, if you still have something in your mind, you can clear them by connecting with the trading platform’s support agents.
Over the recent few years, it made several partnerships with a lot of industry leaders. The primary objective of these partnerships is to serve customers in a better way. For instance, it partnered with renowned security and wallet company BitGo to provide wallet services in the best possible way.
Minimum Trade Execution Time
Trade execution time is crucial as it helps make a lot of profit in a minimum time. Delay in trade execution could result in a loss on the part of proficient traders that are addicted to making multiple trades at the time. The crypto market is known for high volatility, where the price value of cryptocurrencies moves up and down suddenly. Due to the high volatility of the crypto markets, the trading platform needs to perform operations at a rapid speed. The slow-performing platforms would not resonate with the rapid changes in the price value of cryptocurrencies.
Coinone’s trade execution time is very brief as it executes multiple assets in seconds. Therefore, residents of South Korea make use of the exchange for crypto trading instead of wasting time on slow-moving time. The rapid execution time of the crypto exchange is possible with the implementation of advanced software.
Functional Customer Care Service
When companies pay special attention to their customers, the chances of users’ increase must become imminent. The same thing happened with Coinone as it provided 24 hours services to customers that attracted more traders on the site. Currently, the user base of the site reaches millions of people around the world. The credit of outclass functional customer support goes to hard working team of Coinone who worked days and night to meets the needs and requirements of users that in turn push the trading volume of the exchange to billions of dollars. As crypto markets operate 24-hours and seven days a week, the customer support of the company also respond to users’ queries 24/7. You will get your reply on an urgent basis if you are facing an issue with the site as support agents work diligently and tirelessly. There is a very smooth relationship between a user and the staff team of the company.
Conclusion
Coinone is the leading regulated crypto exchange of South Korea that helps millions of crypto-inspired people worldwide achieve financial freedom in a real sense via crypto assets trading. Traders praise it because it equips its user base with a competitive fee schedule, a wide range of crypto assets, an interactive user interface, and high security and privacy standards.
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