CoinRail – South Korea Bitcoin Exchange & Cryptocurrency Trading?
CoinRail is a platform that allows for exchanges between various cryptocurrencies at a fair rate. The exchange provides a variety of services which registered users can get to enjoy. Coin Rail basically provides a platform to transact virtual currencies at an agreed price. With a strict policy on privacy and security, the platform has attracted many users.
To access this platform, one needs to have an account with them. These accounts are only available to members who have to be above the age of 19. Once you set up an account, you are issued with an authorization code which allows you to verify your account. It’s possible for members to view and even modify their account information. The company requires that any member who feels that their account has been tampered with should inform the management; otherwise the company won’t be liable for unauthorized access.
The platform has a number of services which members can access at a fee or free of charge depending on the provisions. In terms of utilization of services on this exchange, users may get to view notices, advertisements and management messages. The company usually notifies members in case there’s system maintenanc
e and takes precaution to shield their information. Members are however notified by the company that any expenses they incur during their transactions are irrelevant to the company’s financial services.
Platfrom’s Definition Of Terms
As a member of this platform, there are certain terms that you need to be familiar with. They include:
Virtual currency – To the company, this means any information that corresponds to the blockchain technology for example Bitcoin(BTC) and can be used to transact on the platform.
KRW points – This is virtual currency that members can use on the platform in exchange for cash.
E-wallet – This is the KRW unique identification information for those that use points and virtual currency on the platform.
CoinRail Transaction Service
This platform offers various services in regards to cryptocurrencies. Information on various vitual currencies is available on this site with details about the prevailing rates. There’s also information about the electronic wallet with details about the available balance, closing details and even the order range. The CoinRail transaction service has a number of wallets such as the KRW wallet and a number of other wallets visible on the site.
How Does CoinRail Exchange Work?
As a member you will be in a position to view the transaction fee and the market price agreed between the members. A user can enter a sale or buy order depending on their preferred price that’s available in the electronic wallet. The user then signs a sale contract with the other member once they agree on the price.
Once all the procedures relevant to blockchain are completed within a stipulated period of time, the electronic wallet of the other member will be updated. The company reserves the right to cancel transactions in case violations are done. Cancellation may occur when there’s an abnormal use of the service, hacking, errors or service failure by the network providers.