Coinone is a South Korea-based cryptocurrency exchange currently handling about $5 million USD of trading volume every day. The exchange is known for its competitive fees, diverse pairs, and Korean Won (KRW) acceptance. Using Coinone, South Korean crypto users can trade KRW for BTC, ETH, ETC, and more. Coinone is registered as Coinone Inc and operates legally under South Korean law. Coinone was originally the second largest cryptocurrency exchange in South Korea, trailing only Bithumb.
About Coinone Crypto Exchange
In recent months, however, trading volume on Coinone has dropped off, although it’s still within the top 100 cryptocurrency exchanges worldwide by market cap.
|P2P / Centralized||Central|
|Locale||Seoul, South Korea|
|Coin Listing Process||Open|
|Benefits||KRW to fiat Trading|
Coinone was established in 2014 in Seoul, South Korea. The company’s headquarters is located at 10 Three IFC 19. Initially, the company received $200,000 in funding from Kakao Ventures, with the last funding round occurring in October 2014. It’s unclear what funding Coinone has raised since that date – if any. Key figures of the company include Kevin Cha (CEO), Jinwoo Lee (CTO), Sang Ho Lee (Chief Product Officer), and Wonhee Shin (Operations Director). Today, the company’s Seoul headquarters reportedly has about 70 full-time staff.
Coinone Trading Volumes
In mid-2018, Coinone had 24 hour trading volume as high as $50 million. Towards the end of 2018 and into 2019, however, Coinone trading volume dropped substantially. It was once one of the top 10 exchanges worldwide by trading, and the second largest in South Korea behind only Bithumb. Today, however, Coinone’s trading volume has dropped amidst competition from international crypto exchanges. Nevertheless, Coinone remains one of the most popular exchanges in South Korea, and many users continue to happily use Coinone to swap cryptocurrencies for Korean Won (KRW).
Number of Coin Pairs on Coinone
Coinone currently lists about 15 pairs on its platform, with most of the pairs being cryptocurrencies traded against the Korean Won. The most popular pairs include the BTC/KRW, XRP/KRW, ETH/KRW, BCH/KRW, and EOS/KRW pairs, for example, although Coinone also records strong volume in pairs like EOS/KRW, IOTA/KRW, QTUM/KRW, and ZIL/KRW. DATA, ETC, LTC, KNMC, ZRX, XTZ, OMG, and BTC are all also available for trading on the platform.
Who Owns Coinone?
Coinone is registered as Coinone Inc. The company initially received an investment of $200,000 in October 2014, with the only listed investor being Kakao Ventures. However, it appears that Coinone continues to be a privately-owned and operated company.
Coinone Features, Benefits, & Reputation
One of the interesting things about Coinone is its fee structure. Typically, crypto exchanges charge different commission fees for makers and takers. Coinone, however, does not distinguish between the two. Coinone charges makers and takers a flat fee of 0.10%, much lower than the average industry standard of 0.25%. These low fees make Coinone a popular option for South Korean traders seeking to maximize their value.
Coinone KYC & AML Requirements
Coinone, like most South Korean cryptocurrency exchange, has a long and thorough verification process. Users will need to complete comprehensive KYC and AML verification before they can begin trading on the platform. Coinone is notorious for its account tiers as well: the more information you provide, the higher your account tier will be, and the more trading privileges you will have. Coinone is only available to traders who can prove they reside in South Korea.
To create an account, just register for the Coinone website using an email address and password. You will then need to verify your email, verify your phone number, verify your identity documents, verify your bank information, and verify yourself over the phone. It’s a long verification process. However, it also means that everyone you’re interacting with on the Coinone platform has completed strict verification to ensure they’re legitimate.
Coinone Fiat Acceptance
Coinone only accepts residents of South Korea, so it makes sense that they also exclusively deal with the Korean Won. No other coins are listed on the Coinone platform, and all crypto pairs are denominated using the KRW. Part of the reason why Coinone has strict verification requirements is because they accept the Korean Won. Many cryptocurrency exchanges that do not accept fiat withdrawals are deposits do not need to worry about KYC/AML verification.
Coinone Trust Level
Coinone is one of the most reputable and trusted cryptocurrency exchanges in the world – not just in South Korea. As far as we know, the exchange operates by all applicable laws and regulations. South Korea – similar to Japan – has shown a willingness to work with cryptocurrency exchanges at establishing regulations. This gives Coinone users a higher level of trust in the company. Coinone Inc. is a registered entity in South Korea, and the company’s thorough verification process ensures that all users on the platform can be trusted at some level.
Coinone Customer Experience & Support
Coinone is known for its strong customer service and support. The UI is similar to other exchanges, making it easy for first-time users and veteran users to navigate. The company transparently lists its phone number online, and you can also contact customer service via email or support tickets. Overall, the customer experience with Coinone is strong, and Coinone is one of the more reputable exchanges operating in the space today.
Coinone Security History
In 2017, three of South Korea’s largest cryptocurrency exchanges suffered major security breaches leading to the loss of cryptocurrencies. Youbit suffered a major security breach in December 2017 that led to a loss of one fifth of all user funds, for example. Youbit would later declare bankruptcy. Bithumb and Yapizon were two other South Korean exchange giants hacked that same year. Coinone was founded around the same time as all of these exchanges, but the exchange has avoided any major security breaches thus far. Coinone’s security history has been clean, and to our knowledge, the exchange has never suffered any major hack leading to the loss of significant customer funds.
Coinone Listing Procedures
Coinone is relatively picky about which coins it lists on the platform. The company lists approximately 15 pairs, including BTC/KRW and ETH/KRW pairs in addition to less popular pairs like BTG/KRW and XTZ/KRW. Coinone appears to be open to accepting new coin pairs on its platform, although the company doesn’t disclose specific listing procedures or requirements online.
Overall, Coinone is one of the best-known and most popular cryptocurrency exchanges in South Korea. After experiencing record trading volume in 2017 and 2018, the exchange has slightly fallen off the radar in the beginning of 2019. Originally, Coinone was the second biggest cryptocurrency exchange in South Korea by trading volume, trailing only Bithumb, although things have changed in recent months. Nevertheless, Coinone has a strong reputation for customer service and security. The exchange has never suffered a major hack. It requires users to complete a strict verification and registration process. It follows all applicable South Korean laws. And, even as South Korea’s largest cryptocurrency exchanges have been hacked over the years, Coinone has not suffered a major security breach. That’s impressive.