Is Coinone a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Coinone is a good crypto exchange to start trading with. In this article you will learn whether Coinone is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Coinone
The Coinone exchange is a renowned platform for buying, selling, and exchanging cryptocurrencies in the Asian market. Bitcoin, Ethereum, Ripple, Litecoin, USDT, Klaytn, Celeb, and other crypto assets are traded on it. Only the South Korean won represents fiat money. The site has its proprietary trading terminal, developed from scratch based on Coinone Core. There are three services — simplified, professional trading, and lightning-quick exchange. The leverage is 1:4 and is available for margin trading. The company recently released its proprietary mobile trading application. Staking is available to users of the platform as a way to generate passive income. The fees are below average for the segment, depending on the trading volume. The exchange does not offer referral programs, demo accounts, or training guides.
| 💰 Account currency: | Cryptos, currencies |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:4 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, South Korean won |
| 💹 Margin Call / Stop Out: | No |
Coinone Pros and Cons
👍 Advantages of trading with Coinone:
•the most popular cryptocurrencies are traded on the exchange;
•the proprietary trading terminal has extensive functionality;
•top-notch protection of user funds and data;
•mobile application with a convenient, intuitive interface;
•a vast array of staking programs from which to choose;
•the ability to provide loans to other traders;
•leverage of 1:4 is available for margin trading.
👎 Disadvantages of Coinone:
•only Korean won is presented as fiat funds;
•no referral program;
•lack of demo accounts and guides that are crucial for newbies.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Coinone Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Coinone offers traders the following conditions.
| 💻 Trading platform: | Proprietary based on the Coinone Core |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptos, currencies |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:4 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, South Korean won |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Not indicated |
| ⭐ Trading features: | The most popular cryptocurrencies, fiat won, proprietary trading terminal, profitable investment in staking and P2P lending, low fees |
| 🎁 Contests and bonuses: | Not indicated |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Coinone commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Coinone Exchange charges trading fees. The amount of fees depends on the trader's trading level. The trading level is determined by the trading volume. Please note that trading volumes are counted in South Korean won only. At a basic level, the fee is within 0.03% and 0.1%.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | Up to 0.1% per order | No |
Investment programs of Coinone
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Coinone offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The Coinone exchange offers two options for earning a return on investment. The first option is classic staking. The company has partnered with several well-known blockchain projects such as Tezos XTZ and Cosmos Atom. These projects need to borrow funds, which users of the site can provide. In return, the blockchain platform pays interest to the investors.
New programs are regularly being added to the pool. You can choose any of them and make a deposit. Please note that all programs are limited in time. As soon as the project has collected the required amount within the framework of a cryptocurrency loan, the program is closed. It is more profitable to invest in programs that are still far from completion, so you will receive more payments. The interest rate varies, on average up to 8%.
To select a program, go to the "Plus" section of the website. There you will see a list of available programs needing to borrow money. For each of them the following information is provided:
required cryptocurrency;
minimum deposit;
duration of the program;
interest rate;
whether it is possible to cancel the transaction;
whether it is possible to withdraw the deposit.
Some programs allow you to withdraw a deposit or part of it at any time — a user can leave several programs at his own will before their completion. Often, to motivate investors, Coinone Exchange provides additional bonuses for participating in popular programs.
The second investment option is technically no different from staking, where you also make a fixed deposit and receive interest payments. The difference is that you do not invest in blockchain projects, but provide loans to other users of the site. The funds are used to provide leverage
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Coinone’s affiliate program
There is no active referral program on the Coinone platform. Users can earn exclusively by buying and selling cryptocurrencies, as well as investing. Some traders believe that the lack of a referral program speaks in favor of the site. This means that it is popular and does not need to further motivate traders to attract new partners.
Conclusion. Is Coinone good for beginners?
The Coinone cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Coinone could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.