Coinone
Coinone is a South Korean crypto exchange.
Contents
Description
One of the main advantages of the Coinone cryptocurrency exchange is the security of transactions. This platform has never been subjected to successful hacker attacks. Two-factor authentication and cold wallets are the key to safe operation and storage of funds on the crypto-exchange. To increase security on the exchange, two-factor authentication can be connected.
Registration
In order to register on the Coinone exchange, users need to go through several stages starting with the usual email address and phone number. Further, there is a check of copies of documents including may require a selfie with a passport or drivers license. The last stage is the verification of the bank account.
On the exchange there are 9 levels of accounts. Only South Korean citizens (either residing in the country or abroad) or foreign citizens permanently residing in South Korea can get the highest level of account and the opportunity to use all services. Also, to get maximum access, users need to verify their account by sending a photo with a passport and a note to the security service, which indicates the purpose of registration and verification.
Not only individuals, but also corporate clients can open an account on the Coinone crypto exchange. The registration mechanism is somewhat different: companies need to provide not only the name and email address, but also a corporate phone number and a link to the official website. After that, to verify their account, they need to write a statement that specifies the purpose of using the cryptoexchange service. It is also necessary to send copies of the company’s founding documents to the security service.
Trading
Initially, only Bitcoin was available for trading on Coinone. Now there are 15 cryptocurrencies trading and only one fiat – South Korean won (KRW).
The platform supports trading with leverage, which will definitely appeal to active traders. The maximum leverage is 1:4, this is not the biggest lever on the market, however, given the increased volatility of cryptocurrency instruments, it is enough for effective trading. Leverage is carried out at the expense of funds raised from other users. This allows some bidders to receive passive income from interest on loans.
Online trading is carried out through the web terminal on the exchange website. In addition, the company recently announced the opening of Coinone Blocks, an offline platform and a network of ATMs that allows users to store cryptocurrency not only on the exchange account.
Fees and limits
The exchange can boast of low fees — the average fee for the transaction is only 0.1 % (and when trading large volumes it becomes even lower). For market makers, the minimum commission is 0.02%, for ordinary users — 0.06%. In addition, the deposit is replenished, in general, without commissions, including the transfer of fiat money.
Each user can withdraw no more than 100 million KRW per day (approximately $90,000). The transaction limit is 20 million KRW (approximately $17,700). The average volume of transactions on Coinone is 134 million USD.
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