Coinone is a reputable cryptocurrency exchange registered in South Korea, known for its user-friendly interface and security protocols. It offers a wide range of digital assets for trading and investment, presented in our Coinone review.
While Coinone is an excellent option for beginner and intermediate traders, those wanting more advanced features or a more comprehensive range of trading pairs may need to look elsewhere. Coinone’s commitment to safety and compliance with regulatory standards makes it a trusted platform.
Check out our list of top crypto exchanges to discover more significant ones.
What Is Coinone?
Coinone is a cryptocurrency exchange registered as Coinone Inc, based in Seoul, South Korea. Founded in 2014 by Myunghun Cha, the platform was officially launched in 2015, focusing on clients from Asian territories.
The most significant fact about Coinone is that it’s one of the largest digital asset trading platforms in South Korea and one of the most renowned cryptocurrency exchanges in Asia.
The platform offers a wide range of digital assets for trading and investment, including popular cryptocurrencies like Bitcoin and Ethereum. Coinone is known for its user-friendly interface and safety features, making it a popular choice for traders in the region.
In our Coinone exchange review, we will explore the platform’s services, features, fees, and customer support to help traders determine the right platform for their cryptocurrency needs.
How to Open an Account at Coinone
Step 1: Go to the official Coinone website
Visit the official Coinone website using the Google Chrome browser. Once on the site, select your preferred language by clicking EN in the top right corner.
Step 2: Create an account
Step 3: Verify your email
Check your email for the verification link and click the “verify your account” button. Click “verifying” for a quick transaction, and input your details to sign in.
Step 4: Get online support from Coinone
Note that you need a Korean phone number to complete the verification process for your Coinone account. However, if you’re a foreigner living abroad without a Korean phone number, you can receive help from the Coinone team by following the steps on the website’s online support section.
By following these straightforward steps, you can create an account on Coinone and begin trading cryptocurrencies.
In addition, the Coinone VIP program is for users who trade over 3 billion KRW monthly. The program provides preferential commission rates, including a maximum maker fee of 0% and a maximum taker fee of 0.01%. VIP members also receive additional benefits such as access to Coinone’s PRO service, IP whitelisting, and special gifts.
Another important thing we have to mention in this Coinone review; UK users can access the platform.
Security: Is Coinone Safe?
Coinone takes safety seriously and has implemented various measures to ensure the safety of user funds and transactions. These include:
- ISMS certificate – Coinone has acquired ISMS (information security management system) certification, a comprehensive certification system used to protect information assets.
- Personal information protection liability insurance – Coinone has signed a contract with DB Damage Insurance to manage personal information leakage from cyber risks. This insurance protects customers in the event of any personal data breaches.
- Cold wallet storage – Coinone keeps 85% of its funds in cold storage, meaning they are stored offline and aren’t accessible through the internet. This makes it more difficult for hackers to access user assets.
- Cyber security R&D – Coinone has partnered up with THEORI, a cyber security R&D company, to improve the safety of its platform and stay ahead of potential threats.
However, the platform has received backlash. More precisely, several Coinone executives may face jail time for accepting bribes to list digital currencies on the platform. Authorities have detained some Coinone employees on breach of trust and bribery charges, including Hwang Mo and Kim Mo.
Kim Mo violated the Concealment of Criminal Proceeds Control Act by accepting a bribe of 1 billion won (approximately $760,000) from Hwang Mo to list digital currencies, such as Pica Coin, on the Coinone platform.
What Are Coinone Features?
Coinone offers a variety of features, including trading of various cryptocurrencies, a swap feature for quicker trading, an advanced platform called Coinone Pro, margin trading for those who wish to trade with leverage, and Coinone Plus for staking and earning rewards.
Those services cater to the needs of different types of traders, from beginners to experienced professionals.
The platform offers several APIs, including a public Coinone API that allows users to access real-time market data and a private API that provides advanced features. This allows users to customize their experience and easily access the platform’s features.
The Coinone Swap feature is a tool that enables users to trade cryptocurrencies quickly. The feature simplifies the trading interface by providing users with only three pieces of information: the current price of the coin, the maximum amount that can be bought, and the user balance.
This feature is not available for all cryptocurrencies, and users can only choose from a list of supported coins. The swap is instant, and the price is reset every 10 seconds, providing users with real-time information on the trade they are making.
Coinone Plus is a dedicated DeFi interface introduced by Coinone to provide users with rewards for staking a host of cryptocurrencies. The feature was created in response to stricter regulations from the South Korean government, which forced the exchange, as well as others in South Korea, to look into other crypto ventures.
Coinone Plus offers three types of staking, including node staking, daily staking, and the lock-up staking service. Users can access this feature by clicking on the Coinone Plus tab on the Coinone website.
For experienced traders, Coinone offers a dedicated platform called Coinone Pro. This feature provides advanced trading information, including trading charts, available coins and markets, order books, coin prices and volume changes, and other related information over 24 hours. As we found in our Coinone exchange review, this platform is ideal for traders looking to speculate on the cryptocurrency market.
Coinone Pro also includes a chat feature, allowing traders to connect and transact with other users. However, the platform is only available in Korean and English.
Coinone offers margin trading for users who wish to trade with leverage. This means that traders can borrow funds from the exchange to increase their trading position and potential profits.
Coinone’s margin trading feature allows users to customize their leverage, with a maximum leverage of 4x for Bitcoin and 2x for other cryptocurrencies.
What Are Coinone Fees?
Coinone uses a flat fee structure, meaning both makers and takers are charged the same fees. The Coinone fees for both takers and makers are 0.20%, slightly higher than the industry average of 0.25%.
However, for coins listed after March 21, 2019, Coinone offers trading fees of only 0.03%, making it competitive for users interested in trading recently listed coins.
Regarding withdrawal fees, it varies depending on the cryptocurrency:
Unlike withdrawal, the deposit is free of charge.
Coinone Customer Support - Which Options Does It Offer?
Users can contact Coinone’s customer support team through email, phone, and live chat. The live chat feature allows users to chat directly with a support agent in real time.
Coinone also provides a help center on its website, which includes a range of articles and guides on various topics such as account security, trading, and verification. This can be a useful resource for users who prefer to find answers to their questions independently.
Coinone’s customer support channels provide users with multiple options to get in touch with a support agent or find answers to their questions.
Customer Reviews - What Do Customers Say About Coinone?
Coinone reviews vary, as is common with any product or service. However, Coinone has received positive feedback from its users.
Many customers appreciate the platform’s easy-to-use interface, low fees, and fast transaction processing times. However, some users have reported issues with the verification process, which can be a requirement for certain features on the platform.
Overall, Coinone’s customer reviews suggest that the platform is generally well-regarded among its users.
Summary of Coinone Review: Is Coinone Right for You?
Whether Coinone is the right platform for you depends on your individual trading needs and what you expect from crypto exchanges. If you are a beginner or intermediate trader looking for a user-friendly platform with low fees, Coinone could be a great option for you. You can use the Coinone app or browser version for trading needs.
However, other platforms better suit your needs if you require a wider range of trading pairs or more advanced features. Coinone’s commitment to safety and compliance with regulatory standards makes it a trusted platform, but some users have reported issues with the verification process and occasional delays in withdrawals.
Note that Coinone in the USA is also available. Ultimately, it’s up to you to weigh the pros and cons and determine if Coinone meets your specific trading requirements.
Is Coinone legit?
Coinone is a legitimate cryptocurrency exchange that has been operating since 2014. It is registered as Coinone Inc.
Where is Coinone’s headquarters?
Coinone’s headquarters is located in Seoul, South Korea.
What are the fees for Coinone?
Coinone’s fees are flat fees, meaning that both makers and takers are charged the same fee. The fees are 0.20% for both makers and takers, which is in line with the industry average. However, for coins listed after March 21, 2019, Coinone offers trading fees of 0.03%, which is extremely competitive.
Is Coinone a good exchange?
Whether or not Coinone is a good exchange depends on your individual trading needs and preferences. Coinone offers a variety of features and services, including trading of various cryptocurrencies, margin trading, Coinone Plus staking, and an advanced trading platform called Coinone Pro, presented in our Coinone review.