Review on Coinone by Fanuel PORPORTY
Coinone is essentially a trading platform that trades a few altcoins. However, you cannot exchange one cryptocurrency for another on Coinone. You can only trade with KRW (Korean fiat currency).
Registered as Coinone Inc. in South Korea, one of the world's largest hubs for cryptocurrency trading, Coinone allows users to buy and sell cryptocurrency. Launched in 2014 with the aim of creating a more user-friendly South Korean cryptocurrency than the other platforms that existed at the time. Coinone offers trading in many cryptocurrencies, although it is still quite limited. The platform is more focused on providing practical functionality rather than a wide variety of cryptocurrencies.
Coinone offers a fixed trading fee of 0.10%, which is significantly lower than the global industry average of 0.25%. This makes trading more attractive to the average user than trading with higher fees, which translates into better liquidity. Coinone offers withdrawal fees of 0.0015 BTC, nearly double the global industry average of 0.0008. This could be a disadvantage for some users, however, combined with the competitive trading fees, the exchange could still be considered attractive to investors.
Crypto to crypto trading is not available on this platform. Coinone is an entry-level exchange because it offers fiat-crypto trading. The downside is that the only accepted trust deposits are in the form of South Korean currency, KRW. This means that the platform is most likely focused on the local South Korean market, rather than the global market.
Pros
- Established player with a strong team
- High level of security with multi-signature wallets, two-factor authentication (2FA) and cold storage
- Accepts fiat currency via Korean bank transfers
- No fees on deposits
- Offers margin trading
- Has a nice trading platform
Cons
- Focus on Korea
- Allows trading only against KRW (Korean currency)
- Few user reviews (mostly negative)
