In this Coinone review, we will be analyzing the most important elements of the famous South Korean exchange such as; security, user interface, funding options and more…
With that said, let’s jump right into it!
What is Coinone?
Coinone exchange is a South Korean owned cryptocurrency exchange registered in Seoul as Coinone Inc. with the mission to build a very transparent ecosystem in the blockchain space, which cryptocurrencies desperately need in order to thrive.
Coinone exchange has over fifty both verified and unverified markets which trade majorly against the KRW (the Korean Republic won) and the BTC (Bitcoin) with a total market cap of 7,070 BTC and 53,055,569 US Dollars according to coinmarketcap. It has an average 24-hour trading volume of 2,060.019 BTC, with monthly revenue of over 20 billion won and over 600,000 registered users.
Coinone was founded in February 2014 by Myunghun Kevin Cha, one of the most celebrated and global awards-winning white hackers in South Korea. According to the founders and management of Coinone exchange, the aim of Coinone is to lead the new world of finance through the blockchain technology by acting as a medium through which blockchain is brought to the world.
Coinone exchange is one of the leading crypto exchanges in South Korea, at the moment, it is particularly the third-largest crypto exchange in Korea and provides services to clients at various categories which include in the areas of Bitcoin, Cryptocurrency, FinTech, Payments, Financial Services, Customer Service and the Internet. It’s blockchain and cryptocurrency-related services include serving as a center for foreign remittances and also majorly as a cryptocurrency exchange center.
The Coinone exchange and crypto wallet is built for local use and expressly meant for blockchain and cryptocurrency adopters, traders and users domiciled in the South Korean region. It is not for international users.
However, as part of its mission to bring blockchain into the world, Coinone set up Coinone Indonesia in order to help expand its operations across the Asian borders and beyond. Although it shut down its Malta-based exchange on September 18, 2018, it’s South Korean and Indonesia-based exchanges have continued to remain active. Coinone Indonesia’s homepage can be accessed here.
Coinone also acquired a subsidiary – IFunFactory, on September 4, 2018. IFunFactory is a leading company in-game server technology which provides a game server engine and game operation platform.
Coinone Inc. has also launched its first blockchain-powered overseas remittance and payment service – Cross in December 2018, a remittance App that utilizes Ripple’s xCurrent product to facilitate speedy cross-border payments.
More About Coinone…
Coinone exchange is a South Korean cryptocurrency trading platform where supported digital assets are traded on against the KRW majorly and then the BTC.
Its main focus is on the South Korean crypto industry local market, but, there are no strict restrictions on its use by international users/traders. It has around fifty different currencies trading and those not have a lot of currency pairs offered for trading as a result of its stringent listing procedures as part of its measures to avoid scam projects from getting listed and in turn protect it’s clients funds.
In addition to its strict listing requirements, Coinone also has its own Listing Evaluation Committee, managed directly by the CEO which commits itself to strictly audit all listings using four different categories before they are listed on the exchange.
Coinone Supported Coins:
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.
Coinone User Interface:
Coinone has an outstanding UI/UX which enables swift and safe trading for their clients. It also has the Prochart tool, which traders use for an in-depth analysis of currencies during their trade sessions.
Coinone Account Funding Methods:
The major funding 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, and also as a local market crypto exchange, US investors are not permitted to use Coinone.
In the fast-growing blockchain and crypto industry in South Korea, Coinone has been one of the pioneering companies, being the first to list both Ethereum and IOTA, and also first crypto exchange to establish the Research Center which publishes uncensored and deep analysis and reports on cryptocurrency in an aim to help provide transparency and stability in the market.
As an exchange, Coinone also has a very strong and active customer support and response service that assists with technical difficulties and other issues encountered by its registered users.
Coinone Exchange Fees:
Coinone has a flat trading fee of 0.10% for both makers and takers in each trade transaction, which in comparison is significantly lower than the overall industry average of 0.25%. It also has a trading fee of 0.03% for all its coins that were listed later than the 21st of March, 2019, placing a nice incentive on trades of coins recently listed.
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, but is acceptable given its low trading fees which seem to balance out their overall fee structure. It has a withdrawal fee of 0.01 ETH per 1 Ethereum and 0.0005 BCH per 1 Bitcoin Cash ABC.
Coinone Security & Partners
This Coinone review would not be complete without looking into its security features.
According to the Mozilla Observatory, Coinone’s security score is ranked at D+, which is acceptable when compared to the industry’s average demand for security on crypto exchanges.
Coinone has the protection of clients’ assets as its topmost priority and is also dedicated to providing the most secure investment environment for its clients. It has strong security protocols that implement verifiable measures, they include the use of the two-factor authentication system, multi-signature wallets, and ID verification to ensure the safety of their client accounts and funds.
Coinone has been running and active since 2014 and Coinone Indonesia since August 2018 and so far, no glitches or issues concerning it’s security on clients’ funds and accounts access have been raised or recorded.
Coinone Partnership with Certik & Xangle
In a move to enhance it’s security features, Coinone has gone into partnerships with Certik and Xangle. Xangle (primarily a disclosures company) will partner with Coinone on the provision of protection for crypto investors as well as making projects more transparent.
Certik, on the other hand, is a cybersecurity audit company that will provide audit information which will act as an aid against issues with code security exploits, as well as to review projects at a code level, plus other cybersecurity services on projects listed or to be listed on Coinone.
Coinone Partnership with Temco
In it’s bid to expand its operations, adoption and also revenue, Coinone has partnered with other cryptocurrency and FinTech companies.
One example is Temco to help bring Temco’s trades to their retail investors and Ripple to enable payments in its global blockchain-powered overseas remittance and payment service app, Cross. Moneygram is also in a trio partnership with Ripple and Coinone.
This Coinone review also looks into the various key alternatives to Coinone.
Amongst its local alternatives, the biggest competitor is Bithumb, followed by Korbit, Coinreal, Gopax, and Upbit.
In the global crypto industry, Coinone’s alternatives include Dex-trade, OceanEx, Braziliex, Coinbe, and BirakeNetwork.
Coinone Review Summary
Coinone, in the global crypto world, is one of the fastest-growing top exchanges and is a great force to reckon with in the South Korean crypto industry.
With its great UI/UX, outstanding security measures and multiple coins traded on its exchange, Coinone remains one highly recommendable exchange for crypto users and traders in South Korea and within the Asian borders.
To get started, all the user has to do is simply go to Coinone Korea’s homepage and sign up with the exchange with a personal email and strong password, confirm the email and telephone number, then complete the ID verification.
Coinone Review Summary
Coinone is one of the most regulated, reliable and easy to use crypto exchanges available on the market. Despite the fact that it only has KRW fiat support, it still remains a very attractive option for anyone outside of Asia also.
- Team Reputation
- Payment Options
- Exchange Fees
- User Interface
- Availability of strong security measures
- User-friendly interface
- 24/7 active customer support service
- Provision of fiat and crypto deposit
- Margin trading is available
- Loosely regulated
- No credit and debit cards provision for deposits
- Only supports Korean carriers, i.e. works only locally (for the coinone Korea exchange)
Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.