A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Coinnest consists of four parts: general information, fees, deposit methods and security.
UPDATE 16 April 2019: As of today, Coinnest is no longer accepting any new customers. The exchange is closing down its operations. Existing customers need to withdraw all their assets prior to 30 June 2019.
Coinnest is a South Korean cryptocurrency exchange. There is a large number of South Korean cryptocurrency 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, Coinone, Korbit, Coinrail, Gopax and UPbit.
Coinnest does not list US-investors as prohibited from trading. But, US-investors should – as always – do their own independent assessment of any problems arising from their citizenship.
This South Korean cryptocurrency exchange launched in 2017. It is not especially big, compared to the much larger South Korean exchanges like Coinone, Bithumb and Korbi, but it still has decent daily trading volumes. The future for cryptocurrency exchanges in South Korea is a bit uncertain as mixed messages has been sent from the South Korean government. This is a development we need to monitor closely as South Korea is the second largest cryptocurrency market in the world.
Coinnest 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 cryptocurrency 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 Coinnest, which is a bit unusual compared to its European and American counterparts:
Coinnest Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees.
Coinnest doesn’t charge different fees between takers and makers. Their fee model is instead a “flat fee model”. Coinnest sets their flat fee at 0.10%, which is far below the industry average (industry average is arguably around 0.25%). This exchange’s low trading fees are accordingly a strong competitive advantage against the majority of other top crypto exchanges.
Coinnest Withdrawal fees
This coin exchange charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with the industry average interval.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
Coinnest’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):