Customers crave for secure and reliable ways to exchange cryptocurrencies. That is what Coinone offers its clients. Being the third largest cryptocurrency trading exchange in South Korea, it recently opened its physical cryptocurrency exchange.
What is Coinone?
Coinone is a cryptocurrency trading exchange that supports six cryptocurrencies: BTC, BCH, ETH, ETC, XRP, LTC, IOTA, BTG, and QTUM. With a newly launched brick and mortar branch, Coinone sets itself apart by enabling offline cryptocurrency exchange and other in-person services like cryptocurrency consultation.
How it Works
This exchange platform supports only KRW (South Korean Won). It requires users to verify their identities, phones, email, OTP, and banks to secure an account. The giver and taker fee differ on this exchange. The giver’s fee ranges between 0.02% to 0.1% while the taker’s fee is set between 0.06% to 0.1%. The scheme is helpful in promoting liquidity, with a margin trade of 0.15% for all account levels. Coinone does not charge any fee for deposits except when accepting fiat currencies.
The website is operated in the Korean Language, and you can switch to English by clicking the KR button if you don’t speak Korean. This button can be found on the top right of the page. Next, you need to register for an account using an email and password. A fun captcha game will be provided before clicking on register. You have to confirm your registration from your email, which will redirect you to the Coinone page. To secure your account, you have to click on the security tab. This tab provides a detailed guide to the various verification options available to you. At this point you’ll be able to can conclude your verification process by verifying your phone number, identity, banking details and OTP.
This cryptocurrency trading exchange is tailored to the South Korean audience and requires long verification processes for transactions. This makes trading difficult for persons living outside South Korea. However, its physical presence and low cost of use are rather attractive. This exchange platform meets the basic requirements for an exchange.