Review on Coinone by Moshe Bal

Name: Coinone
Item: Coinone
Rating: 4

June 17, 2019

Coinone Review

Coinone is one of the leading Korean cryptocurrency exchanges. They have been around since 2014 and acts as an entry level service for locals. Additionally the company provides access to “Jikgu” payments (a term used for Koeran online shopping from other countries).

The actual exchange platform is rather well-designed, which is probably one of the contributing factors to this venue’s popularity. 
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At the time of writing of this review, they are only surpassed by Bithumb, in terms of BTC/KRW trading volume.
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If you are enthusiastic about blockchain technology, you should know a few things about them even if you don’t plan on trading with them. 
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As you may know the trading activity on Korean exchanges has been relatively high in recent times and even determines the short term price swings.
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Pros

Established local player – Coinone has been around since 2014 and the team behind this exchange looks very solid. There aren’t any reports of a major hack at this exchange, which is not the case with one of their major competitors – Bithumb.
High level of Security – Security seems to be a top priority for Coinone, as the company includes multi-signature wallets, two-factor authentication (2FA) and cold storage. While there is no 100% guarantee of future safety, these factors are nice.
Low Fees – The costs of trading at Coinone are very competitive, with the offers by other exchanges. With a 0.10% maximum fee (which goes even lower, if you trade bigger volumes) this exchange is one of the cheapest.

Cons

Focus on Korea – Dealing with this company if you are not Korean will be hard, or even impossible, as they require having a local bank account. It is technically possible, but you will have to go through a lot of hassle.
Trading only against KRW – While this exchange offers several altcoins they can’t be freely traded against one another. Some clients may even see this as a positive, but at the end of the day, having the ability to quickly convert one coin into another will be viewed highly by others.