Review on Coinone by Thalhat Tee
Still at a local level, Coinone still needs alot of improvement
The whole idea of this exchange was brought about by a Korean white hacker in 2014. Coinone has served alot of users who are majorly local Korean traders. I gave this exchange a try around 2019, although I wasn't actively trading in the exchange. I didn't use this exchange for long because of my experiences with it( and I mean most of those experiences were bad ). Coinone is a web based platform that I traded on, I traded ethereum majorly on this exchange because it looked quite convenient and cheap. This exchange is not enticing at all, right from the registration down to the withdrawal. While I was registering on Coinone I need translators because not everything on the page were properly translated making it difficult for me to effectively use and trade on. If I had known that this exchange needed KYC I wouldn't have opted for it, KYC verification was very uncomfortable because I wasn't comfortable giving out my personal document to an untrusted company. Not only that, KYC verificarion usually takes a lot of time, I experienced this thrice before I was finally verified. The Customer support doesnt really offer satisfying response and supports to users complaints. I just had to quit using Coinone, it was more of a negative exchange for me.
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Pros
- It hasn't been hacked before; it was supposedly developed by a white hacker who worked on the possible weaknesses of this exchange
- The user interface is user friendly
Cons
- It has been in existence for quite a while, but has nothing positive to show for it
- It is still operating at a local level, hence cannot compete with other major exchanges
- The only fiat supported here is the the Korean Won
- KYC verification is a tiring task
- The support team of Coinone is not even Functioning
- The content of this platform is mostly in Korean
