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 Coinone consists of four parts: general information, fees, deposit methods and security.
Coinone is one of the major South Korean cryptocurrency exchanges. 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, Korbit, Gopax and UPbit.
This exchange has been in business since 2014 and the team behind it is experienced. We have not seen any reports of a major hack at this exchange. That is more than what you can say about one of their biggest competitors – Bithumb.
Coinone promotes one its website that the trading platform is prudent, accurate and secure. With prudency, the exchange means that they perform a thorough due diligence of the cryptocurrencies that want to be listed on the platform. By doing that, they try to eliminate the risk that any “scamcoins” are listed on the platform. We’re not actually sure what they mean by “accurate”. Security has to do with whether the exchange is likely to be hacked or not. The platform says it was launched by a famous “white-hacker”. Apparently, this makes it more secure somehow (presumably because the white-hacker has been able to identify weaknesses with the platform and has eliminated them before launch).
US-investors may not trade on this exchange. So if you are a US-investor and want to trade here, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
Coinone 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 Coinone (the basic one, there is also a “pro”-version):
Coinone Trading fees
The fees at Coinone are what we call flat fees, meaning that makers and takers are charged the same fee. Coinone’s fees are 0.20% for both takers and makers. This is in line with the industry average, which has historically been around 0.25%. Today, however, we see more and more exchanges moving towards even lower trading fees such as 0.10%. So in comparison with this, 0.20% is maybe even a bit above the industry average.
However, for any coins listed later than 21 March 2019, Coinone offers trading fees of 0.03%. This is extremely competitive for any users interested in trading the more recently listed coins!
Coinone Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Coinone – on the other hand – charges a withdrawal fee which is a bit above average, but probably won’t scare you away. The global industry average BTC-withdrawal fee is 0.000812 BTC per BTC-withdrawal. Coinone charges 0.0015 BTC per BTC-withdrawal. Sure, this is almost 100% more than average but the difference in USD against the industry average BTC-withdrawal fee is per the day of last updating this review (25 March 2020) only 5.28 USD.
Coinone offers wire transfer as a deposit method, but credit cards is not an available deposit method.
Coinone’s security score is D+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with 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):