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 Coinrail consists of four parts: general information, fees, deposit methods and security.
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. We receive the an error message when trying to access the site. It is possible that we simply cannot access the site from where we are based, and that it is fine and dandy from other parts of the world.
In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
Coinrail is one of the South Korean cryptocurrency exchanges. It is one of the smaller ones however, but has a large number of cryptocurrencies traded. You are also permitted to deal in Korean won (KRW) here. No margin trading is allowed however.
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, Gopax and UPbit.
Coinrail promotes a number of benefits of their trading platform on their website. First and foremost, three things. That it is a “onestop cryptocurrency exchange”. We are not entirely sure what this means. Second, that it is convenient and user friendly. This is naturally very helpful. Finally, that they perform regular upgrades of the security system to make the platform as secure as possible. This is also a good feature.
Coinrail accepts non-Korean residents (including US-investors) as clients (provided that they are above 19 years of age). US-investors should however always do their own independent assessment of any problems arising from their residency or citizenship.
The exchange focuses on South Korea though – the exchange only accepts KRW. We deem it rather unlikely that crypto-investors other than Koreans or possibly Chinese people would find the offering of this exchange attractive.
Coinrail 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 Coinrail:
Coinrail Trading fees
This South Korean cryptocurrency trading platform offers a flat trading fee of 0.20%. It does accordingly not distinguish between takers and makers. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. Trading fees of 0.20% are slightly below the global industry average. The global industry average is arguably around 0.25%.
Coinrail Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. This is in line with industry average.
We have not been able to find any information on whether Coinrail accepts deposits through wire transfer and/or credit cards. However, as the exchange enables trading in KRW, the exchange obviously accepts some form of fiat currency.
Coinrail’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.
Coinrail was actually subject of a hacker attack on 10 June 2018. The hackers managed to steal Tron Coins to an amount of USD 1.1 million, NPXS tokens to an amount of USD 19.5 million, tokens from the Aston X ICO to an amount of USD 13.8 million, and tokens for the Dent ICO to an amount of USD 5.8 million. Following the hack, Coinrail took its service offline and allegedly moved the remainder of its assets to cold storage. The service was offline while the exchange reviewed its security policies and its system and investigated the attack. However, on 17 July 2018, a little more than a month after the attack, Coinrail was back in business.
The exchange reviewed above has a large number of supported cryptos. If a large number of cryptos is an important factor for you in your choice of exchange, you could also check out the following exchanges: