The Coinone Exchange – An Easy to Follow Guide for New Users

Coinone is an entry-level cryptocurrency exchange designed to support the Korean market. The exchange allows users to buy, sell and store Bitcoin, Ether, and other top coins with ease. The platform’s focus on simplicity and regionalization has helped it to become one of the top three cryptocurrency exchanges in Korea based on market capitalization.

Benefits of The Coinone Exchange

Coinone exchange is an established player with a strong team supporting development. As such, the exchange continues to attract new users. Here are some of the top benefits one can gain from utilizing Coinone.

  • Secure

At the top of the list is security. Coinone is known for its top-notch security protocols. To that extent, the exchange remains a pioneer in the market. Notably, it was the first Asian exchange to support the use of Multisig wallets. Multisig wallets are more secure than traditional options because they require two private keys to initiate transactions. The platform also leverages two-factor authentication (2FA) and cold storage to keep your funds secure.

  • Flat Trading Fee

Another huge bonus gained by Coinone users is no fees on deposits and a flat trading fee. Impressively, Coinone’s trading fee is more than half that of the international average. The global industry average is 0.25%. Coinone users enjoy a discounted fee of 0.10%, 

  • Fiat on Ramp

As a major player in the Korean market, Coinone also functions as a valuable fiat onramp for users. Notably, the platform only accepts KRW via Korean bank transfers at this time. Also, you can’t use credit cards to purchase crypto on this exchange. 

How Does The Coinone Exchange Work

Everything about Coinone is geared to meet the demands of the local community. This Korean-focused exchange features a robust website that is practical and easy to use for locals. Additionally, the exchange only supports KRW trading pairs. In this way, Korean crypto investors receive a personalized experience. 

  • Interface

Coinone provides a helpful interface. This portal presents users with all relevant trading details at a simple glance. There is also a pro version that displays more data and tracking tools for experienced investors to use. The pro version supports more complex trading strategies, such as margin trading.

  • Swap

The swap feature allows users to trade cryptocurrency directly. This feature was a strong addition to the network because up until that point. Only KRW trading pairs were available. Currently, the system supports KRW to DAI swaps. Keenly, developers to integrate more direct swap options in the coming weeks. 

  • Customer Service

Coinone has a responsive customer service team that is ready to help you with any of your concerns. This support team is available between 10 AM – 7 PM via email and phone. A few things to know is that you will need to speak Korean. Also, you need to provide proof of ID and a photograph to file any complaints.

History of The Coinone Exchange

The history of Coinone begins with the exchange’s founder and CEO, Myunghun Cha. The exchange was founded in 2014 as a Bitcoin-only exchange. During its launch time, the platform received heavy coverage due to its claim that a famous “white-hacker conceived it.” Specifically, Coinone Inc is the firm behind the project. 

User Hack and Trial

Coinone has an impressive security record. The exchange has never experienced any major hacks since its introduction into the market. However, there have been individual accounts that have been scammed out of their crypto. In one unusual case in late 2018, a major trader lost over 44 million won due to a SIM-swap attack.

A sim swap attack is a strategy in which hackers communicate with your phone provider and convince them to transfer your sim over to a new one. Once they accomplish this task, the hackers then have access to your 2-factor authorization codes. They use this information to transfer funds from your account before you even know what happened.

In most instances, a sim hack cannot be blamed in any part on the exchange but rather telecommunication companies. However, in this rare incident, Coinone had to share in some of the losses. A judge ordered the firm in Seoul to pay 25 million won to the affected customer in 2019.

The landmark decision came after it was revealed that the exchange failed to stop the hacker from withdrawing these funds, even though it was far beyond the daily limit of 20 million KWN imposed by the exchange. The courts deemed that the hack wasn’t the exchange’s fault, but they did have to repay all of the funds stolen that exceeded the company’s daily withdrawal limit. This marked the first time in history that the exchange was held partially liable for a sim swap hack.

Coinone Blocks

Coinone took their approach a step further after opening a physical complex. The exchange complex has a Bitcoin ATM, a display board with market information, and offers face-to-face cryptocurrency consultation service. Users can walk in and get all of their crypto-related questions answered by a real person in a friendly manner. This strategy helped the firm cement its position as a platform dedicated to educating investors on all of the benefits of cryptocurrencies. 

How to Use The Coinone Exchange

As a registered Korean exchange, only Koreans living in the U.S. with valid Korean documents can use Coinone in the United States. You will need to register and complete full AML and KYC protocols before trading on the platform. This process will require you to provide e-mail verification, phone verification, identity verification, bank verification, and OTP verification.

Coinone – A regional Crypto Asset

Bitcoin live price
price change

Coinone serves its purpose. Korean traders enjoy the fact that this platform is directed towards their specific needs. Consequently, the Coinone exchange is set to remain a major competitor in the market for years to come. For now, Korean investors can enjoy lower fees and a tailored experience when they utilize this platform for their crypto trading needs.

Stay up to date with our latest articles

More posts

BitYard Review: The One-stop Trading Platform with Perpetual Futures

The crypto exchange market has recently seen the birth of new companies to study before entering the sector. With an ever more comprehensive market offer, it is up to the individual investor to understand the industry’s best operator. Keeping in mind that different traders are better suited to different types of investors, today we will impartially talk about BitYard, a Singapore-born trader. BitYard launched in 2019 as a cryptocurrency exchange that offers a range of services to its customers. One…

PrimeXBT – The Next Generation Platform for Leverage Trading

PrimeXBT is a trading platform and cryptocurrency exchange supporting major stock indices, commodities, and foreign currencies. Many of today's crypto traders have entered the industry from traditional trading markets. For example, they come from stock trading, currency exchanges, and commodities trading. However, to maintain their former portfolios and dip their feet into cryptocurrency, they have to register on different platforms. Unfortunately, this practice may come at high costs. PrimeXBT aims to combine trading across different markets on a single platform.…

AOFEX – An Advanced Exchange Ecosystem with Top DeFi Features

AOFEX is a blockchain-based exchange and ecosystem. The network provides crypto traders with the ability to effortlessly trade, stake, mine, and more. AOFEX entered the market intending to provide a more transparent and regulated option. As such, the platform received its MSB license for digital currency trading from US regulators. Today, it seeks to become a vital bridge for institutional investors seeking to gain exposure to the digital economy.   AOFEX operates as a centralized exchange that offers low fees and…

Beginner’s Guide To Bitrue – Get More Features from Your Exchange

Bitrue is a digital asset management platform that combines the benefits of a decentralized ecosystem with the convenience of a centralized exchange. The protocol enables users to buy, sell, trade, lend, and stake an array of digital assets with ease. As such, the network continues to expand its market position. Notably, Bitrue currently has over 4 million users.   What Problems Does Bitrue Solve? The developers behind the Bitrue concept sought to reduce or eliminate a variety of issues faced by…

Introducing Vdollar: A Platform Turning Transaction Fees into Assets

Vdollar is a crypto contract exchange platform introduced to provide crypto enthusiasts with the best income opportunities and make contract trading easy. This Colorado registered network has several services like digital currency exchange, a wallet, and trading mining.  The Vdollar network possesses some excellent features, including a mine trading mechanism. In addition, Vdollar has one of the best mining features for its native token, Vdollar. So, how does the Vdollar token operate? This guide will look keenly into the Vdollar…

A Closer Look at an Emerging Crypto Exchange, MEXC

According to the Coinmarketcap platform, more than 366 registered crypto exchanges offer services in different jurisdictions. Every other month, more exchanges join the crypto world with the promise of making things easy for crypto traders and investors. Most of these exchanges prove to be unique by providing top services at affordable rates and fast speeds.  This guide will be reviewing one such exchange, MEXC, a one-stop shop for all crypto exchanging services. Keep reading to know what products and features…

1inch Exchange Review – A Fierce Rival to Uniswap’s Hegemony

Soon, it will be a year since decentralized finance rose to widespread popularity in the crypto industry and beyond. Many of the protocols emerging in 2020 are still on the rise, and the 1inch Exchange leads the pack. More so, it is challenging the superior positions of better established DeFi platforms. 1inch Exchange is an aggregator for decentralized exchanges. It launched in the summer of 2020 and has developed rapidly into one of the most promising DeFi protocols. Furthermore, it…

Binance.US: The American-based Exchange From Binance

The Binance Coin has seen an explosive price action this month, leading it past the $300 mark. Currently trading at slightly over $200, the coin can account for its boom due to its parent company's continued advances. Looking behind its success story is the crypto exchange Binance, founded in 2017 by Changpeng Zhao. The exchange ecosystem operates as a centralized exchange to solve low market liquidity, platform insecurity, and many more. The exchange managed to make massive strides ever since…

Coincheck Review: Asia’s Biggest Cryptocurrency Exchange

Coincheck is a Japanese-based cryptocurrency exchange that provides bitcoin storage services and several crypto exchange operations as of 2014. The multilingual exchange is headquartered in Tokyo, Japan, and offers several trading instruments, including both popular and liquid tokens and a few altcoins. The platform also offers margin trading with a maximum leverage of 1:5, Bitcoin spot trading, crypto lending, and a crypto payment system that automatically converts cryptos to Japanese Yen. Coincheck has the highest Bitcoin trading volume in Japan,…

Luno Full Review – Upgrading the World to a Better Financial System

The crypto is definitely upon us. To say the least, Bitcoin has more than 100 million owners, 400 000 daily users, 200 million Bitcoin wallets, and over 53 million traders. Cryptocurrencies have also emerged to have the highest trading volume compared to fiat currencies.  However, despite the widespread usability of cryptos, mainstream adoption is still a challenge, especially in developing countries in Africa and South Asia due to a lack of supporting infrastructure. Most crypto exchanges and other products are…