Coinone is the third-largest crypto exchange, which is located in South Korea. Since its launch in 2014, the crypto exchange has been delivering ‘prudent, accurate, and secure’ performance in the field. It’s one of the introducing companies in the country and has been listed on Ethereum and IOTA. The vision of this platform is to introduce the world to the benefits of ‘connection and transfer of value’ that blockchain technology brings.
Coinone features
Customer interface
Coinone has an excellent interface that enables effective trading for its customers. It also has the Prochart tool, which the users use for analysis of currencies during their trade sessions.
Coinone wallet
The Coinone wallet offers wallet services to enable customer deposits, storehouses, and trading of their coins that are listed on the exchange.
Payment system
The major payment system for Coinone exchange is crypto deposits, but it also accepts fiduciary deposits through bank line transfers in KRW. still, it doesn’t 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 customer accounts and means.
Client support
Coinone’s support group can be reached by mail anytime or by phone. Coinone has a specific support forum for resolving issues that aren’t rightly reflected in a customer’s balance.
The procedure of registering on Coinone
- Make an account, navigate to the Official website and click on “Register”.
- Now enter your active mail address, and choose a strong word for your new account.
- Complete the CAPTCHA game and also click on ‘Register’.
- You’ll get an approval link transferred to your mail.
- Just click on that and you’ll be diverted to the website again.
- Now complete the security verification to complete the enrollment.
Coinone freights
Coinone charges no deposit freights but has a withdrawal amount of 0.0015 BTC per 1 BTC withdrawal. It has a withdrawal amount of 0.01 ETH per 1 Ethereum and 0.0005 BCH per 1 BitcoinCash. Withdrawal charges vary with the choice of coins. Coinone gives access to Crypto deposits. As side support, it also facilitates fiduciary deposits via traditional routes similar to bank cables in Korean currency( KRW). One should note that it doesn’t support any credit card or debit card for payment styles. It operates the market Making( MM) program for customers who give liquidity to promote a stable market. Market makers have a part in supplying nonstop liquidity to request citation windows by creating orders for stable price confirmation and smooth trading of virtual means on exchanges.
Advantages of using Coinone
Well-established cryptocurrency exchange
Having been registered in 2014 and launched in 2015 the Coinone exchange is a well-established exchange, with a good track record. In the 4 years of its existence, there haven’t been any hacks or security breaches, and there have been no allegations of swindling or fraud. Overall the Coinone exchange can be considered secure and secure.
Low freights
One of the great attractions of Coinone over the period has been the low freights charged by the exchange. Every little bit helps when you’re trading and investing, so why not save on exchange freights when possible? Frequent traders with large trade volumes benefit indeed more as the exchange has a sliding figure scale that lowers freights the lesser your trading volume. You won’t find lower freights on most exchanges, so if you’re the economical type who doesn’t appreciate the high freights being charged at some cryptocurrency exchanges you can profit from Coinone’s low-figure structure.
Disadvantages
Coinone only offers South Korean won (KRW)
You can only trade cryptocurrencies against the South Korean Won on the Coinone exchange. This is the biggest disadvantage of the exchange. They really should expand and offer to trade against other fiduciary currencies, or at least allow trading in one crypto against another.
Coinone concentrates far too much on the South Korean market
This ties in with the disadvantage noted above, but it goes indeed deeper than that. If you want to trade at Coinone you need to have a South Korean bank account for deposits and recessions. And while the website is available in English, it isn’t fully restated, so you should presumably know how to read Korean if you’re thinking of trading through Coinone. Expanding outside South Korea could give the exchange great growth openings.
Coinone charges withdrawal fees
Low freights are one of the emblems of Coinone, and to be honest, the withdrawal freights they charge are also low, but I wish they would just let go of the withdrawal fees fully. In their defense, these types of fees feel to be fairly standard for the cryptocurrency industry.
Take away
Coinone looks like a much nice little exchange. They’re well established, secure, and take client service seriously. In addition, they have got a nice interface, and the Pro Chart point is indeed good enough for the professional dealer. And the low fees can’t be beaten at most exchanges.
