There are over 241 spot exchanges for cryptocurrencies around the world. And do you know that their accumulated valuation is $251.10 bn? That’s massive, indeed.
While blockchain is inherently safe, there have been fraud and hacking events associated with crypto exchanges.
This raises a question: “which exchange is safe for the investors? Or is there any safe exchange at all?” Fortunately, Coinone is making headlines regarding its excellent features. Read the following Coinone review to gain an in-depth understanding of this exchange. Let’s begin!
What is Coinone?
Coinone is a cryptocurrency exchange providing financial services in the blockchain industry. It’s one of the well-known crypto exchanges in South Korea, which has expanded to different verticals over time. For example, the exchange acquired Ifunfactory – an online gaming company – back in 2018.
Coinone’s site is developed using an all-new unique terminal based on Coinone Core – an exemplary proprietary trading terminal different from the popular “Tradingview” interface.
What’s more? The exchange doesn’t have a minimum deposit limit; you can also start with a minimum of $1. Furthermore, the Coinone exchange has a leverage of 1:4 for margin trading. One thing to note here is that the exchange only accepts the South Korean Won as a fiat currency.
The innovative and easy-to-use interface, multiple security measures, and round-the-clock customer support make Coinone a preferable choice for most investors.
Let’s now discuss more the origin of this exchange.
Where is Coinone located?
The exchange is based in Seoul, South Korea. The project was conceived in 2014, but the exchange officially launched in 2015. Coinone also opened one branch in Malta, but it was closed due to undisclosed reasons.
Who created Coinone?
The Coinone security system was created and designed by Myunghun Cha – a computer science graduate from Postech. With ten years of industry experience in cybersecurity and a past background as a white hacker, Cha was intrigued with the blockchain industry from the start.
To further discover his interests, Cha used his knowledge and expertise to create a stellar exchange system in South Korea. Currently, Cha serves as the CEO of the exchange.
Who owns Coinone?
The initial idea to develop a Korean-based crypto exchange was that of Myunghun Cha. However, he needed funding to work on his passion. Finally, Kakao ventures supported Cha’s mission and provided $200,000 in the seed funding round for the creation of Coinone.
Is Coinone exchange available in USA?
Probably not! Coinone is a Korea-based exchange and predominantly supports South Koreans. Furthermore, Coinone verifies bank accounts before withdrawals, and the only accepted bank is Nonghyup.
Additionally, Coinone doesn’t have FINRA or SEC licenses – the essential financial requirements to exchange regulation in the US.
Summing it all up, the stringent requirements and the regulatory restrictions make it likely that there are little to no Coinone US customers.
Is Coinone legit?
Yes, it is. The South Korean authorities oversee the Coinone exchange registered in South Korea. Moreover, the exchange has its unique business registration number on its website.
Additionally, the exchange is run and operated by a group of seasoned experts who have successfully kept the exchange safe from external hacking threats. Moreover, the exchange mainly selects and lists high-quality coins on its exchange. To achieve this, the exchange has set up an Evaluation Committee, which is directly overseen by the CEO.
Additionally, coinmarketcap reveals that the exchange’s trading volume is approximately around $70,150,000 – a sign indicating the legitimacy of the exchange. All these factors combined represent Coinone as a legit exchange.
What is Coinone API?
Application Programming Interface (API) allows two systems to react with one another. According to Coinone, its API acts as a means of communication between application programs and the operating system. A member of the exchange can define their private API key using the API management tab on the site.
Some of the tasks or services accomplished using Coinone API are as follows:
- Accessing information on transaction details
- Checking information about the market prices of an investment
- Placing and executing buy, sell, or cancel orders on the exchange
- Viewing past market data
Is Coinone safe?
Yes, it is. In fact, Coinone is known to be a prudent, accurate, and secure trading platform. Coinone’s careful and proactive approach to approving and listing new tokens on the exchange makes it safe.
Additionally, the exchange has a team of surveillance staff who are always on the lookout to ensure the assets’ security. Another commendable feature of Coinone is that it allows users to add a two-factor authentication before accessing the site.
In addition to this, users need to validate their ID as well, and the assets are held in multi-signature vaults. As a result of all these cutting-edge security features, external threats, and hack attempts are eliminated.
Some proponents even say that the excellent safe environment of Coinone is all possible due to the efforts of the CEO. Since he’s a former white hacker, it’s presumed that he was able to identify weaknesses and loopholes which could risk the exchange’s security.
How to buy crypto on Coinone
Purchasing cryptocurrency on Coinone is a straightforward process. Follow these steps to begin your crypto investing journey:
Step 1: Account
First and foremost, you need to register on the Coinone site. The site’s structure is Korean, which may feel intimidating initially, but you can change the language from the top right corner of the page.
Select the signup option and fill in your basic info to register. After filling in your basic information, you’ll receive an email on your “registered” mail account. Open the email and click the “Join the Platform” button to navigate again to Coinone.
Step 2: Signup
Once you’re back on the Coinone site, you’ll need to wait and go through a lengthy signup procedure. Ideally, the process will validate and confirm the mobile number, OTP, and bank account.
Step 3: Deposit
Congratulations! Your account is ready. To start trading, go to the ‘asset’ located at the top of the homepage. And Click D/W. Since Korean Won is the accepted fiat currency, you’ll need to select it. Select the deposit option in the wallet section, enter the amount, and there you go: you have successfully funded your account.
Step 4: Navigate
Go to the homepage and select the ‘Exchange’ tab from the top. Select the cryptocurrency you need to purchase, enter the amount, and hit the purchase button.
How to deposit on Coinone
As mentioned earlier, you must log in to your account, and deposit Korean won from the D/W section. It’s that simple. However, wire transfers are the only option for the deposit, and there’s no credit card facility. Fortunately, there is no deposit limit or fees.
How to withdraw from Coinone
The process is, again, simple. Just navigate to the W/D section and select Korean Won from the list. Enter the amount and hit the Next button. Alternatively, If you want to know how to sell on Coinone, you need to navigate to the ‘Exchange’ tab. Create an order by clicking the ‘Sell option’ and submit it.
However, Coinone has withdrawal fees for each withdrawal, i.e., 0.0015 BTC. However, it’s higher than most exchanges, and withdrawal is only possible if you have a Nonghyup account.
Moreover, the withdrawal limit is set to 100 million KRW per account, while the limit for crypto assets is set to a maximum of 20 million KRW per transaction.
How to transfer from Coinbase to Coinone
Cryptocurrency deposits are also accepted on the exchange. All you need is a deposit address, which you should paste into the sender’s column, and it’s done. If you want to transfer from coinbase to Coinone, first, you’ll need accounts on both exchanges.
Select the cryptocurrency you want to transfer to your coinbase account. Enter your Coinone wallet address as the recipient and click the send button. Now, enter the amount and initiate the transfer, and it’s done!
How to buy XRP on Coinone
Ripple is a unique cryptocurrency represented by XRP tokens on cryptocurrency exchanges. You can purchase Ripple, XRP tokens, on Coinone just like any other cryptocurrency. Login to your account and make sure to have sufficient KRW deposits in it.
Now, navigate the exchange tab and choose the XRP token from the list. Finally, create a purchase order, enter the amount, and hit ‘Next’ purchase XRP. The best part about Ripple is that it can be purchased in fractions, with the smallest being 0.000001 XRP.
What coins does Coinone support?
Coinone has a stringent approval process to list a coin on its exchange. If you’re wondering what coins are on Coinone, it’s safe to say that it has over 200 high-quality digital assets. Some common ones include Bitcoin, Ethereum, Ripple, Dogecoin, and Solana.
But what can you buy on Coinone? Well, it has over 180+ cryptocurrencies, and you can purchase any of those with KRW – the only accepted fiat currency on Coinone.
How to stake on Coinone
There are two options for staking and earning a return on Coinone. The first is classic staking, where Coinone collaborates with blockchain projects requiring funds. Coinone lends the funds to these projects, and the investor, in turn, earns interest.
The second option works similarly to standard staking. The difference is that you provide loans to other site users instead of investing in blockchain projects.
The interest rate varies according to the project. If you want to stake, go to the plus section of Coinone, and there you’ll find the list of available projects.
Pros and Cons of Coinone
Pros of Coinone 👍
Some of the pros of Coinone include its intuitive and easy-to-use mobile application launched recently. Besides that, the excellent staking options with reasonable returns and top-notch security features make Coinone one of the best crypto exchanges.
Cons of Coinone 👍
However, there are downsides as well. The first is that the exchange only accepts KRW as a fiat currency. This, however, limits and makes it challenging for investors from other countries to use the exchange platform easily.
Coinone is explicitly developed for South Korean investors with a Korean bank account and KRW deposits. So, unless you meet all these stringent prerequisites, you can’t register with Coinone.
Parting Thoughts!
Coinone is an excellent exchange, but its exclusive ease of access for South Koreans doesn’t appeal to outside investors. As a concluding remark for this Coinone review, it’s safe to say that the powerful security features, intuitive trading platform, wallet access, and transparent fee structure distinguishes Coinone from the others, making it stand out as one of the best crypto exchanges.
