The digital currency exchange market has a wide variety of choices. It is a hectic task to choose an exchange platform. This article will give you a walkthrough Coinone Exchange platform.
Coinone Exchange Review
QUICK NAVIGATION :
- What is Coinone?
- How to setup a Coinone account?
- How to trade on Coinone?
- Coinone Fees
- Coinone Core
- Mobile APP
- Coinone Indonesia
What is Coinone?
Coinone is a South Korean based platform for crypto exchange. The exchange of crypto is possible against the Korean won, the currency of South Korea. In order words, the trading pair is crypto to fiat currency.
The exchange has a motive to bring Bitcoin to the masses. It is a platform that allows us to buy, sell or store Bitcoin, Ether and Ether Classic. Recently the platform has added another cryptocurrency called XRP to its platform. Surprisingly it has taken over the Ethereum market in a very short span of time.
In an international market, there is little demand for XRP and more demand for the XRP/KRW and BTC/KRW trading pair. XRP/ KRW pair has generated almost $5.7m. The exchange uses Multisig Wallet Technology in partnership with Bitgo (blockchain security firm in California). Coinone is also the first Asian exchange to implement this technology. Multisig technology adds an extra layer of protection on a wallet. The technology requires more than one signature to approve a transaction.
Similar to other exchanges, this platform too has the facility of a mobile wallet. Device with Android version 4.0.3 can download the wallet. This wallet allows a user to control funds such as depositing the money and exchanging it for Bitcoins. A reverse exchange is also possible i.e. Bitcoin can be exchanged for Korean Won. A trade wallet option is also present allowing convenient trading options on the go. The User Interface is both easy and convenient.
How to setup a Coinone account?
A user can log on to www.coinone.co.kr. The website runs in the Korean language hence a Google translator can be used to translate it into English. Click on the “register tab” for a new account. A user has to simply enter his email ID and a password. The password has to be more than 8 characters with upper case, lower case, and numbers.
How to secure Coinone account?
A user can secure his account by clicking on the security tab. The exchange offers a guide in pdf format that has detailed information about different verifications. It provides convenience to its users regarding account security. There are several levels of verification, which are essential and recommended too. Email verification, Phone Verification, Identity Verification, Bank verification, and OTP verification are some of the measures for securing an account.
The platform has four verification levels. And to withdraw currency you are required to have at least level one. Each verification level has higher withdrawal limits than the previous one
Until now, this Coinone review focused on the introduction and security. Let us now understand the trading and other details.
Coinone Exchange trade platform
For trading and exchange, the user can click on the “Exchange” tab. The user can select one out of the following options i.e. Crypto trading, margin trading or deposit/withdrawal.
The interface is a very clean and bright white with blue highlights. You will get every section in one frame. The platform is easy to understand by a novice trader while an experienced person won’t be disappointed.
To check the transaction status and history, click on the “transaction tab”. There is information regarding deposits and withdrawals. A user can also select the timeline for which he wants the transaction details. It is also possible to track the status of an application. Thus, it makes it convenient for the user to trade.
Prochart shows real-time analysis of various exchanges such as Bithumb, Bitstamp for Ethereum, ETH Classic, Ripple, and Altcoin. A user can select a timeline such minutes, hours or weekly summary for these cryptocurrencies.
Pro chart as a detailed chart view. You can select the trading pair from the left top corner dropdown. There is a live chat function in the sidebar. Traders can raise any issue and other traders or the staff will resolve the issue. There is also a pro chart guide to understand how to use prochart.
The exchange platform does not charge any prices for a deposit while withdrawal depends on the type of coin traded.
This exchange has the lowest price among the cryptocurrency exchange. The exchange takes 0% – 0.1% Maker fees. While Takers have to pay 0.02% – 0.10%. The exchange Coinone applies prices based on different levels.
To understand Coinone fees structure, visit https://coinone.co.kr/fees
Market Making (MM) program guide
The South Korean cryptocurrency exchange operates a Market Making (MM) program for customers who supply liquidity to create a stable market
The exchange launched its native trading engine – Coinone Core. The trading engine with the association of IFunFactory will create an advanced trading environment.
Features of Coinone Core are –
To know more about Coinone core prices, visit the official website.
Coinone Mobile APP
iOS and Android both are supported by Coinone. Also, the website is properly optimized for a mobile view. Traders can easily access the exchange through their smartphones.
The South Korean Cryptocurrency exchange platform officially commenced operations in Indonesia on 27th August 2018. To celebrate the launch, Coinone Indonesia gave out 10,000 IDR (US$0.68) for new registrations. For more details, visit https://coinone.co.id
Coinone is best suited for the Korean region. English traders may confuse themselves as the website is not entirely translated into English. All in all, to summarise this is one of the cheap and best Korean exchanges.