Table of Contents
- Coinone Exchange Introduction and Review
- International Market trends and Coinone Exchange
- How to open an account on the Coinone
- Frequently Asked Questions (FAQ):
- In which countries the Coinone Exchange operates?
- Can you pay via credit card, debit card, bank account, PayPal, and Cash?
- Is this is secure?
- How can a user secure his account?
- How much time does it take to withdraw the funds?
- What is the processing fee?
- How to contact in case of an issue?
- Trading types at Coinone?
Coinone Exchange Introduction and Review
Coinone is actually a South Korean exchange. A platform globally developed for the exchange of cryptocurrency. The crypto exchange is possible against the Koran accomplishment, the currency of South-Korea. In other words, it’s a business of crypto to fiat currency. The objective of the coinone is to transport Bitcoin to the masses. It is basically a forum that provides the users to sell, buy or store Bitcoin, Ether Classic and Ether. Coinone recently added another cryptocurrency known as XRP to its cryptocurrencies collection. The highlighted point of the Coinone is it has amazingly taken over Ethereum market in a very short duration of time.
Related reading, see: Bitfinex Exchange A Complete Review
International Market trends and Coinone Exchange
If we focus on the trends of International market, there is a very little scope for XRP and there is a more potential in using BTC/KRW and XRP/KRW trading pairs. The pair XRP/XRW has generated nearly $5.7m. The plus point of using Coinone exchange is it uses a Multi-signature Wallet Technology in collaboration with Bitqo. This is a security providing company of Block-chain in California. Coinone is also the first Asian cryptocurrency exchange to implement this Multi-signature technology for their wallets. This technique actually adds an additional layer of protection on the wallet. This technology requires more than one sign to approve the transaction. Coinone also provides the services of mobile wallet. A mobile device with the Android software version 4.0.3 and greater can download the mobile wallet. This wallet provides the user with the facility of controlling funds such as depositing the money and transferring it for Bitcoins. A reverse exchange is also possible for example Bitcoin can be changed for Korean won. A trade wallet option is also present in the mobile wallet that allows the user for appropriate trading. The User interface of Coinone exchange is easy and suitable for every individual.
Related reading, see: Bitstamp Exchange Review, Account Opening & Trading Guide
How to open an account on the Coinone
The user needs to perform four essential steps to open an account on the Coinone. A user needs to go to the address www.coinone.co.kr. This is a Korean platform, so its website runs in a native language means the Korean language. This is the layout of the website’s official page:
For the convenience of the foreign users, a google translator is used that translate it into the English language so a user can open the account on the Coinone without the hindrance of language. The English layout of the same website. The Coinone display page contains different options including Exchange, Pro-charts, Talk, Support and More. On the left side of the displayed window user will find the registration button by clicking on the registration button he can be procced to open the account on the Coinone.
By clicking on the registration button a next window will prompt up that contains some details to open the account on the Coinone like email address, password, and confirm the password. After providing these must details user needs to accept the terms and the conditions linked to open the account on the Coinone. The user must consider the requirement given by the Coinone exchange to set the password. The password must be strong and it must contain an uppercase letter, lower case, and numerals. It must be more than 8 characters. The image of the new window is given below:
Once a user has done with these requirements, now he is needed to verify that he is a real person by solving the FunCaptcha.
This FunCaptcha contains three or four images of different things. Or few different situations to check that it is done by a person not by the machine itself. Once the FunCaptcha is verified.
Now by clicking on the registration button given at the end of the page, you will go to the next page. The main page of the account. Congratulations now you are registered with the Coinone exchange. The user has successfully open account on the Coinone. It has many options. The main page after a user created account will be like:
It is very rare but sometimes people forget about their password and most of the time they are new users. For this, no need to worry, if you forget the password click on the button forgets password on the welcome page. By clicking on the “forget password text” it will take the user to the new tab. By putting your valid email address and clicking on the button “Next” a user will go to the next tab. It will ask for FunCaptcha as the exchange asked while registration. After solving that Captcha they will send an email. Check your email and it contains a link by clicking on that link user will go to the page where he can set a new password. By clicking on the button change password the user will go to the next tab. The next tab will inform the user the password is changed. By clicking on the ok button the user will be asked to sign in.
Frequently Asked Questions (FAQ):
In which countries the Coinone Exchange operates?
Answer This is the one of the biggest cryptocurrency exchange of South Korea. Its trading activities are higher than the others exchanges and their price swing is also lower than other exchanges. But it only operates in South Korea.
Can you pay via credit card, debit card, bank account, PayPal, and Cash?
Answer: Coinone accepts the fiat currency payments through the bank transfer. It only accepts Korean bank account. Dealing with this company is the bit tough if you are a foreigner because you need a local Korean account for the investment of money.
Is this is secure?
Answer: Yes, this is the first priority of the Coinone exchange to keep the data of their client safe and secure. Its security includes the techniques of Multi-signature wallets, 2FA which is two-factor authentication and cold storage. So it is safe to use Coinone exchange as it gives multi-signature protection for your cryptocurrency wallet.
How can a user secure his account?
Answer: A user can secure his account using security tab given on the main page. When user will click on the Security button a security tab will appear it contains the verification of the phone, Email, Identification, Bank, and OTP. Coinone guide for security purpose is also given in the security tab that can help the user to secure his account. It is recommended by the Coinone management to secure their account. Moreover periodically change their password. The Address book contains the information related to the addresses of the withdrawal cryptocurrencies. Email Notifications provides you the information about notices and new email settings and Certificate guide contains the record of deposits and investments.
How much time does it take to withdraw the funds?
Answer: Withdrawal of funds usually takes 5 to 6 working days in other exchanges. But the withdrawal of funds is a quite slow process while done by Coinone exchange.
What is the processing fee?
Answer: This exchange does not charge for the deposits of funds like other exchanges irrespective of the method of deposit. The processing cost at Coinone is very good as compared to the fees offered at other exchanges. With 0.01% fee which goes lower than that if a user is trading for bigger volumes.
How to contact in case of an issue?
Answer: In case of any issue, a user is facing they can contact Coinone Exchange through email only because you can call them only if you are in Korea. As an international client, you cannot contact Coinone outside of Korea. The Coinone generally did not respond to the emails while going through some of the reviews of people. So this is one of the drawbacks of using Coinone exchange. A user must know the good and bad aspect of using anything.
Trading types at Coinone?
Answer: Pro charts of Coinone shows the real-time analysis of several exchanges, for example, Bitstamp, Bithumb for Ethereum Classic, Ethereum, Altcoin, and Ripple. A user can select a timeline for theses cryptocurrencies in form of minutes, hours or in the form of weekly summaries. Coinone has three types of trades and exchanges for cryptocurrency and these are Deposit/Withdrawal trades, marginal trades, and crypto trades. A user will get these options when he clicks on the “Exchange Button” given in the main menu of the Coinone exchange. Furthermore, to check the status and the history of transactions user needs to click on the “transaction tab”. This tab has information about the payments and the withdrawal. A user can track the status of the transaction, can see the transaction details by seeing the timeline from the Coinone pro charts. The only purpose of these services is to provide ease for the user to trade.
Related reading, see: Top 10 Best Cryptocurrency Exchanges (Reviewed)