What is Coinone?
Coinone is a South Korean based platform for crypto exchange. The exchange of crypto is possible against Korean won, the currency of South Korea. In order words, the trading pair is crypto to flat currency.
Coinone has a motive to bring Bitcoin to the masses. It is a platform that allows to buy, sell or store Bitcoin, Ether and Ether Classic. Recently Coinone has added another cryptocurrency called XRP to its platform. Surprisingly it has taken over 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.
Coinone uses Multisig Wallet Technology in partnership with Bitgo (block chain 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.
Coinone also has the facility of a mobile wallet. A 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 option on the go. The user Interface is both easy and convenient.
Related Article: Bithumb Exchange
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 “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 its Coinone account by clicking on the security tab. Coinone 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.
Coinone Prochart shows real time analysis of various exchanges such Bithumb, Bitstamp for Ethereum, ETH classic, Ripple, and Altcoin. A user can select timeline such minutes, hours or weekly summary for these cryptocurrencies.
Exchange at Coinone
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.
For checking the transaction status and history, click on the “transaction tab”. There is information regarding the 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.