Coinone Crypto Exchange Review
Cryptocurrency has created a digital financial environment that has spread across countries. South Korea exploded lately with trading traffic caused by the popularity of Bitcoin, and this has driven South Korean investment companies to create exchange websites to cater to the demand for cryptocurrency trading. One of the more popular exchange platforms is Coinone, a South Korean exclusive trading site that offers plenty of choice and flexibility when it comes to BTC investment.
Coinone.co.kr is registered to a company in Seoul, South Korea, and is intended for use by South Korean citizens. Since the market for investing and trading in cryptocurrency has grown in South Korea over the past few years, many companies have pursued the design and distribution of exchange platforms in order to encourage people to become active in the cryptocurrency market.
Creating an Account
Unlike some exchanges created in the United States that vary from not needing any identity verification to those who require a few steps, Coinone requires a multitude of verification tiers to sign up. It is clearly a South Korean investment tool only; once a user has signed up with an active email, they must also supply a valid South Korean phone number. Photo identification will then be requested and finally, local banking information required before the account will be approved.
The website uses Two-Factor Authentication to help protect accounts. The exchange has a one-click translator in between Korean and English. Its most important bonus, however, is that it also offers wallet functionality.
How it Works
The platform itself is straightforward and easy to use. Coinone offers an array of cryptocurrencies to exchange between traditionally; however, margin trading is only available for Bitcoin, Ethereum, and Ethereum Classic.
The fees are easily accessible in the main area of the platform. Users can locate their membership level and current investment fees. Depending on the amount of fiat currency traded, fees can vary from .1% to .06% for takers, and .1% to .02% for makers. Like some other exchanges, Coinone encourages trading by rewarding users with lesser fees the more they have traded. Margin trade remains at .15% standard.
It should go without saying that due to its intention as a South Korean exchange, the only fiat currency Coinone accepts is KRW from local South Korean banks. Coinone will accept deposits of cryptocurrency as well, but the verification process to sign up impedes any attempts for investors not located in South Korea to utilize the platform.
Coinone is a user-friendly and clear exchange platform that offers flexibility in accepting both fiat and crypto deposits and supports margin trading. Unfortunately, it is region-locked exclusively to investors in South Korea, and it requires a domestic telephone number and a local bank account dealing only in KRW. While it may be a shame that those in other countries will be missing on such a useful exchange, it also goes to show how quickly and passionately South Korea is adopting the wide world of cryptocurrency.