Coineal was established in 2018 by blockchain experts, cryptocurrency investors, and computer experts from China and South Korea. It seeks to develop a market-leading bitcoin asset trading platform and provide consumers with a safe, dependable, and practical cryptocurrency wallet service. In June 2018, Coineal launched the NEAL token as its platform money. According to the team, NEAL and burn were regularly repurchased using 80% of the commissions paid by the platform’s manual trading. Transaction cost reduction, membership in NEAL, and special privileges are examples of NEAL’s use cases.
Background
In April 2018, the Coineal cryptocurrency trading platform was established with operations in South Korea and Japan. It is acknowledged as one of the top international digital exchange platforms on the globe. Coineal operates on a worldwide scale, but it also invests the same amount of time and energy into localization, and it has many branches in countries like Vietnam, Korea, Russia, and others.
Characteristics of coin exchange
Coineal exchange characteristics include:
Security procedures
The Coineal exchange platform implements features including DDoS Attack Protection System Support, Multiple Signature Cold Wallet, and Distributed Architecture to provide proper security and the protection of customers’ money. Additionally, the exchange platform aggressively abides by the anti-money laundering (AML) and “Know Your Customer” (KYC) standards.
Multiple cold wallet signature
The digital assets of customers are stored and protected by Coineal using both hot and cold wallets. Only a small percentage of all digital assets—about 2%—are maintained in hot wallets and made accessible on the platform for use by customers in their everyday trading operations. The remaining 98% of the digital assets are kept offline in cold wallets. The Coineal exchange platform keeps its cold wallets offline to ensure that they are secure and properly guarded. The only people with the power to manually access the cold wallets whenever necessary are the designated senior authorities. Further stricter regulations are put in place to guarantee the security of customers’ digital assets.
Support for DDoS attack protection systems
The DDoS protection technology is used by the Coineal exchange platform to prevent DDoS assaults from taking its website and trading platform down. Coineal may react to problems and monitor traffic by using a hardware-based protection system that diverts their traffic through a mitigation mechanism. Additionally, the DDoS defense system works to keep websites and mobile applications operational, guaranteeing that all features and advantages of the Coineal trading platform are readily accessible to its users across the world.
Distributed architecture
It also uses distributed architecture to ensure sure all exchange platform components can readily interact with one another. This way, if a malicious assault takes down the system, it can be quickly identified and starved off.
KYC and AML Guidelines
The Know Your Customer (KYC) and Anti-Money Laundering (AML) standards are adhered to by the Coineal trading platform to stop different fraudulent acts including identity theft, terrorist financing, money laundering, and so on. Regarding these regulations, Coineal is required to gather customer-identifying data so that it can associate each trading account with a certain person. Upon registration, customers are required to provide identification documentation, a legal picture, and contact information.
Commission and fees
In general, platforms for cryptocurrency exchanges collect fees to cover their daily operating costs and to enable them to benefit from the cryptocurrency market. The trading fee and the withdrawal fee are the two types of commission that are often combined, and the Coineal exchange platform follows suit. To generate more profit over the long term, Coineal charges fees that are a little bit lower than the industry worldwide average.
Trading charges
The taker’s fee and the marker’s fee are both levied at the same flat rate of 0.20% on the Coineal exchange platform.
Fees for withdrawals
The exchange platform does not impose withdrawal fees, but investors are obligated to cover any network costs that are applicable while withdrawing cryptocurrency holdings. The typical withdrawal cost in the cryptocurrency market is about 0.0006BTC every withdrawal, therefore this is pretty competitive.
Trading environment
The trading platform provided by the Coineal exchange platform provides its users with a fantastic trading environment. The complete trading platform is always operational, simple to use, and up and running. Among many other features, the trading interface includes sell-and-buy boxes, price charts for various digital assets, and an order book.
Withdrawal and deposit
The only withdrawal and deposit options available on the Coineal exchange platform are cryptocurrencies, which are rather restrictive. The fact that Coineal exclusively accepts cryptocurrencies indicates that fiat money cannot be used for deposits or withdrawals, which is particularly restrictive for novice investors. The next step for a new investor who wants to trade with Coineal is to utilize a basic exchange (which allows deposits in fiat money) and then transfer the digital coin they have bought into their Coineal trading account.
Customer service
The Coineal exchange platform is very customer-focused and provides its customers throughout the world with appropriate customer service every day of the week, including holidays. By providing a variety of help channels, including email, phone, and other social media platforms like Facebook, Twitter, Medium, and LinkedIn, Coineal makes sure that its customers can readily communicate with support employees.
