CoinOne Review

Hedge with Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Bottom line:

CoinOne is a South Korean-based cryptocurrency exchange that only supports crypto deposits and KRW payments. The language barrier and payment limitations are obvious hindrances for non-Korean customers, making it unsuitable for users in other regions. Non-Korean users who choose the platform can navigate payment limitations by using crypto deposits and withdrawals, but the exchange bans anyone who isn’t from Korea from using the platform.

Customer support is also below average. There is a possibility that non-Korean speakers may not be able to resolve any issues they encounter while using the platform. Keep these details in mind when using the cryptocurrency exchange.

CoinOne Overview

CoinOne is a South Korean cryptocurrency company founded by Kevin Myunghun Cha in 2014, with its headquarters in Seoul, South Korea. It has become one of the top crypto trading destinations since its inception, thanks to its laser focus on the South Korean market, one of the biggest markets for cryptocurrencies.

The major attractor to CoinOne is the simple user interface that makes trading and investing in cryptocurrencies accessible for crypto investors. The trading platform is also available on desktop and mobile devices. However, non-Korean/English speakers may find the platform challenging to use as its content is written in Korean and can only be translated into English. This lack of localization could be seen as a turn-off for many investors.

Coinone offers several outstanding features:

• Easy-to-use interface
• Fiat support
• Responsive mobile app
• NFT marketplace
• Online and offline customer support

Exchange Name	CoinOne
Fiat Currency	KRW only
Cryptocurrency	Ethereum, Bitcoin and over 100+ assets
Payment Type	Cryptocurrency, bank wire transfer
Trading Fee	0.10% flat fee
Deposit Fee	South Korean Won via bank deposit
Withdrawal Fee	Varies by withdrawal method and currency
Mobile App	Android, IOS

CoinOne Compared

CoinOne offers a diverse range of cryptocurrency options that customers trade and invest in. The exchange also has a 3.3/5 star rating on TrustPilot due to issues surrounding the localization issues, limited payment options, and other downsides of the platform.

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Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
Okcoin	22	From 0.1% (maker) and 0.2% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.3 / 5	None available at this time	Visit Okcoin	Okcoin Review
CoinOne	100+	0.1% flat fee	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.0 / 5	None available at this time	Visit CoinOne	CoinOne Review

Review of the Top Features on CoinOne

CoinOne Swap

The CoinOne Swap feature makes it easier for traders to make instant trading decisions and monitor accounts without delays. This feature was developed to decongest the trading interface. It only shows a selected coin’s current price, its maximum amount, and the user’s account balance. Note that the Swap feature doesn’t support all the listed coins which is a little deceiving. Users are limited to a list of coins they can select, and the prices change every ten seconds. For a list of alternative crypto swap platforms, read this article.

Diverse Crypto Assets

To ensure that users access the most promising and best-performing crypto coins, CoinOne supports many crypto assets. Besides popularly-traded cryptocurrencies like Bitcoin and Ethereum, CoinOne lists 100+ cryptocurrencies, including altcoins like Klayton, Tezos, Kava, Cardano, and many others. Investors keen on diversifying their portfolio will find CoinOne a viable place to buy altcoins.

CoinOne Pro Charts

For traders, CoinOne has a specific platform called CoinOne Pro. Although similar to Swap, the CoinOne Pro feature provides information for advanced trading, like trading charts, available coins and markets, order books, coin prices and volume changes, and other related information over 24 hours. This is where crypto traders will be able to speculate on the market. Users can also connect and transact using the chat feature. However, it is available only in Korean and English languages which may be a con for global users.

CoinOne Plus

CoinOne Plus allows users to earn passive income from CONE and other cryptocurrencies using three methods; staking, daily, and lock up. With the staking feature, investors can earn periodic passive income without trading. Available cryptocurrency assets for staking on CoinOne include Klayton, Cosmos, and Tezos. While the estimated staking rewards vary from token to token, overall, the payouts are inline with expected returns on other staking platforms.

NFT Marketplace

CoinOne has an NFT marketplace where users can receive NFTs through auctions, blind box channels, and gifts from friends. For each NFT traded, the exchange levies a 5% commission, and the revenue is then added to its NFT fund pool to pay out as incentives to platform developers. The CoinOne NFT marketplace runs using CoinOne’s utility token, called CONE ($CONE). The NFT platform is not as developed as its competitors, however, it is a good feature for NFT collectors.

Is CoinOne Safe?

CoinOne has received the highly-coveted ISO27001 certification. Meanwhile, users’ funds are protected using the popular two-factor authentication (2FA), multi-signature wallets, and ID verification. , CoinOne was hacked in 2018 and ordered by the court to pay a client 25 million WON after funds were stolen from his account. CoinOne wasn’t the only exchange that suffered from cyber-attacks at the time, as popular Korean exchanges like Bithumb and Coinrail lost millions of dollars to cyber thieves.

Related: Which crypto exchanges have been hacked?

Getting Started

CoinOne Verification

CoinOne exchange requires users to complete a standard KYC verification process. Verified users get accounts with unlimited access to the platform’s features and services. The process requires traders to upload a valid government-issued ID document – like a passport or driver’s license. The information on the document must match the personal information on the trading account.

CoinOne also requires that users submit their bank account information with proof of address and verify their mobile numbers to complete the process. The platform only accepts South Korean numbers. Fully verified accounts can increase their withdrawal limits to 500 million KRW daily.

Funding & Limits

CoinOne has no deposit limits for both fiat (KRW) and crypto deposits. Traders can fund their accounts using wire transfers or crypto deposits. When it comes to fiat withdrawals, the account withdrawal limit on CoinOne is 100 million KRW (~$70,025.11), which can be extended to 500 million KRW (~$350,125.55) following full verification.

For crypto, withdrawal is limited to a maximum of 20 million KRW (~$14,004.62) but can be increased to 500 million KRW after verification is complete. Non-Korean investors who choose the platform will also be limited to the pre-verification amounts for crypto withdrawals since verification is restricted to only Korean traders. However, withdrawal fees vary based on the chosen withdrawal method.

CoinOne Trading & Ease of Use

CoinOne is easy to use for those who can get around the translation issue. The desktop app is similar to what most investors are probably used to. The platform has an intuitive interface that allows traders to execute buy and sell orders with just a few clicks. Moreover, the mobile app is responsive and user-friendly, making it suitable for Koreans. To place trades, users can easily select their preferred coin, set a market, or limit orders to buy the digital asset.

Despite offering a basic trading interface, CoinOne offers savvy investors indicators, like an advanced trading chart, which features the 24-hour performance of an asset. Additionally, there is the market order book which is constantly updated with relevant buy and sell orders for traders to see in real-time, make informed decisions, and execute orders within seconds. Investors can also trade using the current and fair prices instead of the market price.

CoinOne also offers leverage and margin trading. Investors can trade with leverage up to 1:4, with a relatively low fee structure compared to other reputable crypto margin exchanges. With this feature, investors enjoy more liquidity and have the freedom to diversify their investments and position themselves for more profit.

CoinOne Fees

CoinOne charges a flat fee of 0.1% for maker and taker orders respectively. This is the equivalent of the top exchanges such as Binance and KuCoin where fees are the same. CoinOne charges no deposit fees, but withdrawal fees vary per coin.

CoinOne Mobile App

The CoinOne app is available on Android and iOS devices. The app is intuitive and perfect for investors who are always on the move and prefer to trade on the go. Users can instantly initiate buy and sell orders using the mobile app.

Its mobile app also offers the same trading experience and features as the desktop platform. That means users can leverage both basic and advanced trading in one place. So far, the Korean digital asset exchange has grossed over 1 million downloads on the Google Play Store and the Apple app store.

There is also a live chat feature that enables users to contact the CoinOne support team via the app if they have any challenges. However, the major downside of the app is that its built-in language is Korean and may be difficult for non-Koreans to navigate.

CoinOne Asset Security

CoinOne claims to be a secure platform with ISO27001 certification. The exchange uses a three-factor authentication (3FA) system to enhance further protection, requiring customers to enter an additional mobile app password and their account password and email verification code. These security features shield users' accounts from unauthorized access or theft.

The CoinOne website states that the exchange stores digital assets in cold wallet storage, but it’s unclear what percentage of customers’ funds are stored offline. To further combat money laundering and crypto fraud, CoinOne limits crypto withdrawals to only external wallets verified by account owners. Users cannot withdraw funds to external wallets that are not registered on CoinOne, so withdrawals cannot be processed to those wallets.

Customer Support

Traders can reach the support team via email, telephone, or the live chat feature. There’s also an FAQ section where users can find answers to common issues and queries regarding using the platform. However, reviews on Trustpilot describe customer support on CoinOne as awful. Some users claim the support team can leave customers' tickets open for days without a response.

Frequently Asked Questions

How We Rated CoinOne

Categories	Hedge With Crypto Rating
Features	4.3 / 5
Supported Fiat Currencies and Deposit Methods	3.5 / 5
Supported Cryptocurrencies and Trading Pairs	3.5 / 5
Fees	4.6 / 5
Ease of Use	4.6 / 5
Customer Support	3.5 / 5
Security Measures	3.5 / 5
Mobile App	4.5 / 5