UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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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 Coinfinit consists of four parts: general info, fees, deposit methods and security.
Coinfinit is an exchange from South Korea that launched in 2019. The exchange claim to offer “distinguished services, always putting customers first”.
Although we don’t have any data from coinmarketcap.com to rely on, CoinGecko reported that the 24 hour trading volume at this platform on the date of writing this review (19 November 2019) was USD 235,000. This trading volume is quite low and could turn out to be a problem for any investor requiring liquidity in his/her trading. Even more troubling is the fact that on the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), neither Coinmarketcap or CoinGecko reported any trading volume at all for this exchange. We hope – for Coinfinit’s sake – that this is due to API-issues and nothing else.
The platform has a support center as well. Unfortunately, the support center is only open weekdays 09:00-18:00. Many exchanges have 24/7 support and compared to these, Coinfinit’s support hours are inadequate.
As far as we can tell, this platform does not prohibit US-investors from trading there. Accordingly, we do believe that it is open to US-investors as well. Any US-investors that want to trade here should in any event form their own opinion on any issues arising from their citizenship or residency.
Coinfinit 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 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 see that it feels right to you. This is the trading view at Coinfinit:
Coinfinit Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee here: 0.10% of the order value.
0.10% is below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead, just like Coinfinit.
Coinfinit Withdrawal fees
Coinfinit charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is far below the global industry average BTC-withdrawal fee, being 0.000812 BTC. So Coinfinit’s fees are roughly 40% lower than the industry average.
All in all, both the trading fees and withdrawal fees at Coinfinit are below the industry averages, which is great.
This exchange accepts fiat currency wire transfer deposits. But, only if you deposit the KRW. This means that the USD, the EUR, the GBP or any other fiat currency deposit than the KRW can’t be deposited there. In any event, the exchange qualifies as an “entry-level exchange”, making it possible for new cryptocurrency traders to take their first steps into the cryptocurrency world at this platform. Credit card deposits are however not possible.
If you are a new crypto investor and you wish to start trading through a credit card deposit (or want to wire transfer another fiat currency than the KRW) you can find an exchange offering this option by using our Exchange Finder tool.