A crypto guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Coineal consists of four parts: general info, fees, deposit methods and security.
Coineal is a crypto exchange that launched in April 2018 and is from the nation of South Korea. There is a large number of South Korean exchanges, as the country has been one of crypto’s strongholds since early on. In addition to this exchange, the list also includes (but is not limited to): Bithumb, Korbit, Coinone, Gopax, UPbit and Allbit.
Coineal proudly declares on its website that it has “independent operation centers” in both South Korea and China, and that it will “complete the layout” in the near future for countries such as Japan, Russia, Singapore and USA as well. Based on that statement, we do believe that US-investors may trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues due to their citizenship or residency.
The support at this exchange is open 24/7, and they also have its own token: the NEAL Token. When holding the NEAL Token, you as a trader receive discounts on the trading fees. You can receive tokens from “new qualified projects”. We assume that this only goes for projects that in fact get listed on Coineal though.
As a few of its advantages, Coineal lists that they have “bank level risk management”, “rapid trading” and “global outreach”.
When looking at the liquidity at this trading platform, it is magnificent. On the date of first writing this review (18 December 2018), Coineal had a 24 hour trading volume amounting to USD 122 million. This placed the exchange on place no. 25 on Coinmarketcap's list of the world’s exchanges based on 24 hour trading volume. But, on the date of last updating this review (21 March 2020, right in the middle of the crisis with COVID-19), the exchange’s 24 hour trading volume was an incredible USD 3.02 billion! That’s almost thirty (30) times the number in December 2018. This amount placed Coineal on place no. 9 on the list of the exchanges in the world with the highest 24 hour trading volumes. Wow.
We have not been able to identify any members of the team behind the exchange on the exchange’s website. This is not a red flag per se, but it’s always nice to have names and faces on the creators of an exchange. The exchange itself states that the platform has been built by Chinese and South Korean “blockchain practitioners, cryptocurrency investors and technology geeks.” All of these people have allegedly also been heavily involved in the crypto space for some time and are deeply experienced.
Coineal Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Coineal:
Coineal Trading fees
This exchange doesn’t treat takers (persons taking orders off the order book), and makers (persons placing the orders that the first group of persons take off the order book) differently. Instead, they charge something that we call a “flat fee”. This means that they charge both takers and makers 0.20%.
0.20% is an acceptable trading fee. It is not very low, but not very high either. Global industry average has for a long time been around 0.25%, although we now see more and more exchanges moving towards lower trading fees, such as 0.10% and 0.15%.
Coineal Withdrawal fees
There are a few exchanges out there that have competitive trading fees but then disappoint you when you’re withdrawing crypto by charging excessive withdrawal fees. Luckily for investors interested in trading at Coineal, however, this is not an issue here. To our understanding, this exchange only charges the network fees when you withdraw crypto assets. This is very competitive as the global industry average for exchanges charging fixed withdrawal fees is 0.000812 BTC for BTC-withdrawals.
Coineal does not accept any deposits of fiat currency. This means that new crypto investors (i.e., investors without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
Coineal has a Distributed Architecture & Anti-DDoS System. In addition, 98% of all user funds are stored in cold storage (i.e. not connected to the internet). This is very good.