Coinone is a South Korean centralized cryptocurrency exchange (CEX). Founded in 2014, it offers crypto-crypto and KRW-crypto trading on the Coinone spot market. Customers must comply with KYC requirements. The service is not available in the USA.
The Coinone cryptocurrency exchange offers spot trading as its primary service. Customers can trade using more than 170 listed tokens. Overall, there are over 195 Coinone trading pairs available for individual and institutional traders.
The Coinone spot market has a fixed maker-taker fee of 0.2%. However, customers that are part of the VIP or Market Maker (MM) programs are eligible for discounts and other benefits. The default and only fiat currency for listing Coinone crypto prices and trading is the Korean won (KRW).
There are requirements for the minimum and maximum order volume. The minimum Coinone volume for one order is 5,000 KRW, and the order amount must be at least 0.0001. The maximum order volume must not exceed 1 billion KRW. However, there’s no order amount limit.
Customers are eligible for the VIP Program if their monthly traded Coinone volume exceeds 3 billion KRW. VIP users receive benefits like multi-account functionality and IP whitelisting. The Coinone crypto fees discounts apply to the maker-taker fees. The VIP taker fee rate is 0.01%, while makers are not required to pay.
Members of the Market Maker (MM) program must provide continuous liquidity to the market. Only corporate traders can join the MM program. They receive various benefits in return. The Coinone exchange fees are discounted to 0% for makers and 0.01% for takers. Additionally, members receive closing fee exchange benefits.
There are no deposit fees or limits for the digital assets listed on the platform, as well as KRW. Withdrawal limits depend on the customer’s completed verification stage, and fees are asset-specific. There are two verification stages. However, additional individual or corporate steps are available upon request.
At Stage 1, the daily Coinone crypto price limit on withdrawals is up to 100 million KRW or 5 million KRW worth of digital assets for bank-verified users. Users who use other non-bank verification can withdraw up to 500 million KRW worth of virtual assets.
Stage 2 users must comply with the bank verification requirements if they wish to withdraw fiat currency. They can take out up to 100 million KRW or up to 20 million KRW worth of crypto daily. Non-bank verified users have a Coinone crypto price limit on withdrawals of up to 1 billion KRW worth of digital assets.
About the Company
The Coinone cryptocurrency exchange was founded in 2014 by Cha “Kevin” Myunghun. Over the years, it grew to become one of the biggest crypto exchanges in South Korea. The company headquarters are located in Seoul.
Market research conducted in September 2021 showed that the Coinone crypto exchange ranked as the third-largest in South Korea, falling behind Upbit and Bithumb. According to data, the average 24-hour Coinone trade volume was around $364 million.
In August 2021, Coinone was one of several South Korean crypto exchanges to submit a business report to the Financial Intelligence Unit (FIU). The audit was done to transparently show compliance with regional regulations. When the report is accepted, the exchange is considered accredited and can legally handle cryptocurrencies.
In December 2021, it was announced that Coinone would no longer allow withdrawals from wallet addresses that weren’t validated via the KYC verification process. The service ban was implemented in January 2022.
Cha Myunghun is the CEO of Coinone. He’s known as a white hacker who’s interested in digital security. Cha created the Coinone crypto exchange following the collapse of the Japanese bitcoin trading platform Mt. Gox.