Coinone Exchange Review
Coinone was founded in 2014 as a Bitcoin-only exchange but has since added eight other cryptocurrencies to its portfolio. Today, Coinone is the third-largest Korean cryptocurrency exchange. In January this year, Coinone opened a physical cryptocurrency exchange—Coinone Blocks—which is essentially “the world’s first blockchain 4D zone.” The complex has a Bitcoin ATM, a display board with market information, and a face-to-face cryptocurrency consultation service.
In this Coinone exchange review, we’ll cover all its features including Coinone pros and cons, how to use Coinone in the United States, and how to register on Coinone.
Coinone Pros and Cons
The nature of the business being such, Coinone, like all other cryptocurrency exchanges, has its advantages and disadvantages as can be seen in the Coinone pros and cons listed below.
- Established player with a strong team
- High level of security with multi-signature wallets, two-factor authentication (2FA) and cold storage
- Low fees
- Accepts fiat currency via Korean bank transfers
- No fees on deposits
- Supports nine cryptocurrencies
- Offers margin trading
- Has a nice trading platform
- Focus on Korea
- Allows trading only against KRW (Korean currency)
- Few user reviews (mostly negative)
How Coinone Works
Coinone is basically a trading platform that trades nine select altcoins. However, you cannot exchange one cryptocurrency for another on Coinone. You can only trade with KRW (the Korean fiat currency).
Following the recent clamp-down by the Korean government, Coinone has gone on record stating that all of its services will no longer be available to underage minors and non-Korean residents.
Similarly, Coinone has also stopped issuing new virtual accounts starting December 29, 2017, in order “to apply Korean government’s policy for the real-name system” (these virtual accounts facilitate anonymous KRW deposits and trading).
How to Register on Coinone
To register on Coinone, log on to “www.Coinone.co.kr.” Use the translate button in the top right corner to translate the site into English. Then click on the “Register” button below that to create a new account.
One can either register just as a trader or as a fully functioning Coinone user. To register just as a trader, you must verify your identity with the help of an email address, a phone number, and a photo ID. In addition to this, your bank account has to be verified.
To register as a fully-functioning Coinone user, one has to either be a South Korean citizen (living in South Korea or abroad) or be a foreign national with legal residence in South Korea. Either way, you will have to verify your status by submitting a photo holding a South Korean ID card with an attached memo stating the date and purpose of the identification.
How to Buy on Coinone Exchanges: Step-by-Step Guide
To buy on the Coinone exchange, go to the Coinone web site. Once you sign in, you will be taken to the trading platform.
For trading and exchange, click on the “Exchange” tab. Users can select one of the following options: crypto trading, margin trading, or deposit/withdrawal.
On the uppermost part of the platform is the list of cryptocurrencies that users can trade in. To the right of this is a list of cryptocurrencies that have margin trading: BTC, ETH, and ETC.
On the far right corner of the page is the live order book where different cryptocurrencies are listed with their recent activities. Below the live order book tab is the membership level panel where you can see your membership level and your current maker/taker fees.
To trade, click on the currency you’d like to buy, check the fees and deposit the required KRW (Korean currency) via bank transfer.
To check the transaction status and history, click on the “Transaction” tab, which will give info regarding the deposits and withdrawals. It is also possible to track the status of an application.
If you are a first-time buyer and have any difficulty, a live chat box at the bottom of the page will connect you to other members who will be able to help you out. (Source: “Coinone.co.kr Review – Scam or Not?,” BestBitcoinExchange, last accessed February 7, 2018.)
What Countries Are Supported by Coinone Exchange?
Other than South Korea, there are no other countries Coinone supports. However, if you are a user based outside of South Korea who wishes to send remittances to South Korea, Coinone may be a fantastic option for you.
How to Use Coinone in the United States
People wanting to know how to use Coinone in the United States will be disappointed to learn that only Koreans living in the U.S. with valid Korean documents can use Coinone in the United States.
List of Cryptocurrencies Traded on Coinone Exchange
While Coinone started out only as a Bitcoin exchange, the listing on Coinone now supports eight more cryptocurrencies including Ripple, Ethereum, Qtum, IOTA, Ethereum Classic, Bitcoin Cash, Litecoin, and Bitcoin Gold.
Trading Pairs Accepted on Coinone
To trade on Coinone, one has to use KRW. The table below gives you a full account of the Coinone trading pairs and an example of recent trading volumes.
|Cryptocurrency||Trading Pair||24-Hour Volume||Volume %|
|Bitcoin Gold||BTG/KRW||$ 420,454||0.09%|
Coinone Verification: Process and Time
The Coinone verification process is quite a rigorous one and entails several levels of verification. The process includes: e-mail verification, phone verification, identity verification, bank verification, and OTP verification. All the levels of verification are very essential to set up an account.
To further boost the safety of your account, you can also opt for two-factor authentication (2FA). The Coinone verification time is usually under 24 hours. However, the bank verification could take longer (depending on the bank).
How to Deposit Money into Coinone Exchange Using Credit Card
People keen on knowing how to deposit with credit cards will be disappointed to know that Coinone does not accept credit card deposits. Money (KRW) can only be deposited through a bank transfer and only from a Korean Bank.
What Is Deposit/Withdrawal Fees/Limit/Time on Coinone Exchange?
All the factors like Coinone deposit fees, Coinone deposit time, Coinone deposit limit, Coinone withdrawal fees, Coinone withdrawal time, and Coinone withdrawal limit vary according to the individual currency. The table below gives a detailed account of all these factors.
|Currency||Deposit Fees||Deposit time||Min Deposit Limit||Max Deposit Limit||Minimum Withdrawal||Maximum Withdrawal||Withdrawal Time||Withdrawal Fees|
|KRW||None||3 min||1000 KRW||No Limit||5000 KRW||100,000,000
|5 min||1000 KRW|
|BTC||None||10 min||No Limit||No Limit||0.0015 BTC||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||0.00001 BTC|
|BCH||None||60 min||No Limit||No Limit||0.0001 BCH||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||0.0005 BCH|
|ETH||None||40 min||No Limit||No Limit||0.0001 ETH||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||0.01 ETH|
|ETC||None||After 20 min||No Limit||No Limit||0.0001 ETC||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||0.01 ETC|
|XRP||None||After 10 min||No Limit||No Limit||0.1 XRP||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||1 XRP|
|QTUM||None||40 min||No Limit||No Limit||0.01 QTUM||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||0.01 QTUM|
|LTC||None||After 20 min||No Limit||No Limit||0.01 LTC||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||0.005 LTC|
|IOTA||None||–||No Limit||No Limit||1 MIOTA||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||None|
|BTG||None||–||No Limit||No Limit||0.0001 BTG||Depends on authentication up to 100,000,000 KRW worth||Create transaction immediately upon withdrawal||None|
(Source: “Coinone Guide,” Coinone, last accessed February 7, 2018.)
Coinone Exchange Fees
The Coinone exchange fees vary according to usage. The more you trade per month, the fewer fees you need to pay.
Coinone Trading Fee: Depending on the amount of KRW that has been traded within a month, the Coinone trading fees varies from 0.1% to 0.02% for makers and 0.1% to 0.06% for takers. Margin trade is at 0.15% for all levels of accounts for both taker and maker.
Coinone Withdrawal Fee: The withdrawal fee varies from currency to currency. Please see the table above.
Coinone Security: Is Coinone Safe?
Thanks to its stringent verification process, multi-signature wallets, and 2FA options, Coinone’s security is top notch. Moreover, with the South Korean government keeping a keen eye on cryptocurrency exchanges, “Is Coinone safe?” is one question users need not worry about.
Coinone vs Kraken vs Bittrex vs Coinbase
|Location||Seoul, South Korea||San Francisco CA, USA||Las Vegas, United States||San Francisco CA, USA|
|Customer Support||Email, Phone||24-hour live chat, email||24/7 email, chat during American working hours|
|Has been Hacked||No||No||No||No|
|Tradeable coins||BTC, BCH, ETH, ETC, XRP, QTUM, LTC, IOTA, and BTG||Bitcoin, Ethereum, Ethereum Classic, Dogecoin, Litecoin, Zcash, Augur, Factom, Ripple, Monero, Dash, DAO, Iconomi, Stellar||Bitcoin, Ethereum, Litecoin||Bitcoin, Ethereum|
|Trading Volume||High||High only in Europe||High||High|
|Deposit Fees||Yes||Yes, in some cases||No||Yes|
|Trading Fees||Varies with usage||0.0 – 0.26%
As you can see from the Coinone vs Kraken vs Bittrex vs Coinone comparison in the table above, there is little to choose from between these popular exchanges. But if you are not a Korean or if you are not residing permanently in Korea, it would be better to give Coinone a miss. At least till the exchange expands it horizons beyond South Korea.