South Korea has created favorable conditions for cryptocurrency trading therefore the situation in the country is of special interest to us. We want to learn more about such crypto currency exchanges as Coinone and how it works in different countries of the world. Does Coinone require verification? Is it available in other countries? All these questions will be regarded in the review that follows further.
In fact, crypto exchanges were recognized by the legal system of South Korea as regulated financial institutions. The government was not going to legitimate the cryptocurrency sector therefore it postponed the decision. But it was still done in 2018. Consequently, the traders are able to work legally in the industry. However, it entails numerous problems such as stricter regulation and control. The platforms should accept customer verification policies. Also, Anti-Money Laundering and KYC regulations should be followed.
The brand with its 8% of market share in South Korea is not the largest cryptocurrency exchange in the country, but it is one of the most reliable ones. The service specializes on conversion of such virtual money as Ethereum, Bitcoin, Ethereum Classiс and others. The crypto service had developed fast. There were only 20 members of the team in the beginning of its work. Their number increased 5 times and surpassed 100 people. The period of growth is also worth mentioning: it took only a year and a half.
In 2018 the company decided to expand so Coinone Indonesia branch was launched. As for promotion, Coinone airdrop event was planned for 10,000 pre-registrants.
The company promotes the education as well among the customers when it issues statements on digital coins. Users are able to learn more about virtual currencies and their characteristics. Many traders do not pay attention to technological innovations of the currency, being focused on financial side of the matter thus skipping the comprehensive picture. The company reveals these aspects for them.
The standards of adding new coins to Coinone listing are very high. It becomes clear after person finds out about lack of ICON on Coinone though it’s a token of a parent company. But Coinone listed EOS, because it technically meets the requirements of the platform. Now the list of coins includes 16 digital coins. You can track volume of these coins traded on Coinone Coinmarketcap page. Though the requirements are strict, the assortment is more extensive than at Korbit – the first cryptocurrency exchange of South Korea.
The site has numerous account tiers: in general, there are 9 tiers. It all starts with simple registration process, when the user has to verify the link. Then the next verification stage follows. The person needs to verify the phone number. The identity verification is the next step. The user sends his photos and documents copies. Also, bank verification and OTP verification will be necessary to advance further. As you see, the process is rather complicated and serious.
The platform cares much about security. 2F verification is just one of the features for protection of your assets. It is not a big problem for users since they provide their numbers on the stage of phone verification. Additionally, the feature of multisig wallet serves the security goal. First of all, it is very convenient to use the wallet on the platform. Secondly, it makes the service more comprehensive.
The site is in Korean but those who do not have a good command of the language, can translate the content of web pages with a click.
The site is provided with live chat where all members of the service can chat with each other. The site presents a simple functionality but everything necessary is provided on it. Some customers joined the site after Coinone XRP was added to the listing. Though the currency is not highly demanded, some consider it promising.
The fee of the taker and maker is different. Much depends upon the amount you trade. The maker has to pay from 0.02 to 0.1%, while the taker’s fee varies from 0.06 to 0.1%. The bigger the amount of trade, the lower the fee will be.
When you need to make Coinone transfer, it is possible to deposit real money and virtual coins. As it was mentioned above, only Korean money can be used. The exchange works with South Korean banks only, so people from abroad are not able to create the account. The other obstacle is inability to pass verification if you are not a citizen of the country. Also, the language barrier makes the matter complicated. It may be not clear to the person how to withdraw funds even he solved other problems.
To alleviate work of Coinone transfer, which is a subsidiary of the company, the company entered Ripple’s blockchain solution. The goal of Ripplenet is to help South Koreans working abroad who want to make transfer to their relatives staying in South Korea. In this way global transfers become easier, but the solution is again focused on Koreans, not on other users.
The customers can contact customer service via phone or email in case they need some help from the service. You can learn more about Coinone in Reddit and Telegram discussions, where the users share their experience of the exchange.
Those who do not live in South Korea should find the site, which is better suited for them as the platform is focused on the inner market with exception of the audience in Indonesia, where the company opened its branch. The fact that a reliable platform with good functionality is not open to the world is the biggest drawback of the site. So we should look for other alternatives such as Bl3p, DDEX, BTCBOX or some other platforms meeting your requirements.