Coinone Review – is it scam or safe?explained by professional Forex trading experts the “ForexSQ” FX trading team.
Coinone Review – is it scam or safe?
Coinone is one of the major Korean cryptocurrency exchanges. If you are enthusiastic about blockchain technology, you should know a few things about them even if you don’t plan on trading with them. As you may know the trading activity on Korean exchanges has been relatively high in recent times and even determines the short term price swings.
Established local player – Coinone has been around since 2014 and the team behind this exchange looks very solid. There aren’t any reports of a major hack at this exchange, which is not the case with one of their major competitors – Bithumb.
High level of Security – Security seems to be a top priority for Coinone, as the company includes multi-signature wallets, two-factor authentication (2FA) and cold storage. While there is no 100% guarantee of future safety, these factors are nice.
Low Fees – The costs of trading at Coinone are very competitive, with the offers by other exchanges. With a 0.10% maximum fee (which goes even lower, if you trade bigger volumes) this exchange is one of the cheapest. As a comparison, Kraken, another otherwise solid exchange charges up to 0.26%.
Korean Bank Transfers accepted – Coinone accepts fiat currency deposits, via bank transfer. That being said, only Korean bank accounts can be registered with this exchange.
No fees on deposits – Unlike most other exchanges, this one does not charge fees on deposits (regardless of the methods of payment). Most services accepting fiat currencies charge something in the 2-10% range.
7 coins available – The current list of coins available at Coinone includes: BTC, BCH, ETH, ETC, XRP, QTUM and LTC. This may be more than enough for some users, but there are those who are willing to explore exotic digital assets. If you are looking for more altcoins, be sure to checkout Bittrex and Cryptopia.
Leverage is available – Unlike most exchanges, Coinone offers margin trading, with a maximum leverage ratio of 1:4. That being said this involves borrowing coins from other traders. This can be a costly and tedious process, so if you are looking to speculatively trade Bitcoin a forex broker may be a better alternative.
Trading with such a company usually allows even higher leverage, but may not be suitable for long term positions. Read more here.
Focus on Korea – Dealing with this company if you are not Korean will be hard, or even impossible, as they require having a local bank account. It is technically possible, but you will have to go through a lot of hassle.
Trading only against KRW – While this exchange offers several altcoins they can’t be freely traded against one another. Some clients may even see this as a positive, but at the end of the day, having the ability to quickly convert one coin into another will be viewed highly by others.
Few negative user reviews – We couldn’t find many user reviews on this exchange in English, but there were a couple of complaints regarding slow payments.
Withdrawal fees – These are not the miner fees associated with a given blockchain, rather fees which go to Coinone. They aren’t that big, but will still annoy some users.
Coinone Review – is it scam or safe? Conclusion
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