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CoinOne Review by Fraud Brokers

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Overview

Coinone is one of the biggest Korean cryptocurrency exchange platforms. With trading in cryptocurrency growing rapidly in Korea and other Eastern countries, the operations of companies like Coinone does impact the short term price swing. The company was founded in 2014 and the team and leadership of the company seems quite accomplished. They have built a great reputation by having a good track record and hence are one of the biggest players in the Korean market.

About coin one

Coinone has established itself as one of the prime players in the Korean market because of the high level of security they focus on. It has various features for its security like multi signature wallets, 2 Factor authentication and more. It is because of this that they have achieved the commendable feat of not having any major security breaches or hacks up until this point. However it should be noted that the company is not regulated even in Korea. The company is also known for its really low fees. While the industry average is around 0.25%, Coinone only charges you a maximum of 0.1%  fees. This is one of the cheapest fees in the market. The platform also doesn’t charge you anything for deposits and you can use bank accounts and wire transfer for payment methods. Although it should be noted that only Korean bank accounts have been extended this feature. The company mainly deals only in seven coins that include the popular BTC, ETH, ETC, XRP and more. But some traders might miss the more exotic cryptocurrencies that are offered on other platforms. The trading platform itself is quite easy and has important attractive features like Pro charts. Also the company mentions the maximum leverage ratio that it provides is 1 : 4.

While the company seems to enjoy good loyalty in Korea and has good features on offer, it is quite limited to Korea only. The high focus on Korea does become a problem, as the company only supports Korean bank accounts for deposit. There are technical loopholes that you can use to invest with Coinone from outside Korea but it can be quite the hassle. While there are no miner fees there is a withdrawal feel that goes towards Coinone. This might not be too high but it is still annoying to quite a few users. While there aren’t a lot of reviews about the platform in English, some users suggest a problem with slow payouts and withdrawals.

The Verdict

 

While Coinone is a trusted and accepted player in Korea, it does lack some convenience for western traders. Especially if you can’t read Korean and don’t have a Korean Bank account. Also, given the fact that it is an unregulated entity, it can’t be deemed a scam, but we would suggest western traders to be cautious.