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Coinnest Review - is it scam or safe?

Coinnest Review - is coinnest.co.kr scam or good cryptocurrency exchange?

RATING: 2.5 / 0 REVIEWS

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.1%

 Coinnest is a Korean cryptocurrency exchange that was launched in 2017. It is not a very big one, compared to the large Korean exchanges like Bithumb, Coinone, Korbit, etc., but still its recent daily trading volume exceeds USD100 mln.

 

It would be interesting what would be the fate of the Korean exchanges, if and when the government finally makes up its mind on the local cryptocurrency platforms and the possible ban on trading, considering that South Korea is the second largest cryptocurrency market in the world.

 

 

Coinnest Advantages

 

- Coins. Coinnest offers a wide selection of cryptocurrencies for trading: Bitcoin and all its spinoffs – BCH, BTG, BCD, ether, ether classic, WTC, HSR, QTUM, NEO, INK, TRON, TSL, ENT, ADA, GAS, MCO, KNC, BT2, BT1. They can be traded for Korean Wons.

 

- Fees. Coinnest’s trading fee is 0.1%, which is relatively low. Additionally, there is no deposit fee – neither for fiat, nor for cryptocurrencies. The withdrawal fee is very small – 1000 KRW (Around USD 1) or 0.1% in cryptocurrencies.

 

- Mobile App. Coinnest has a mobile application for iOS and Android devices that can be used for trading and offers charts, notifications and other features.

 

- Platform. Unlike most exchanges, Coinnest offers a proper trading platform and charts with indicators and charting and analysis tools. There is also an order book and order history.

 

 

 

- Location. Coinnest is a South Korean exchange, but it seems it is also offering its services in China, considering the language versions of the site. There is also an English-language version, but it is incomplete. Nevertheless, we managed to register an account.

 

 

 

Coinnest Disadvantages

 

- Leverage. Unlike another Korean exchange – Coinone, Coinnest does not offer leveraged trading. Generally, leveraged trading on cryptocurrency exchanges is a rare option. For those interested in this type of trading, we suggest the “traditional” forex brokers. There are quite a few properly regulated ones that offer CFDs on cryptocurrencies for trading on margin. Besides, they have much more advanced and feature-rich trading platforms.

 

 >> See our list of regulated bitcoin forex brokers <<

 

- Security. Coinnest offers the standard two factor authentication and says the funds are stored online. This, as we know, can pose quite a few security problems and is easy to be hacked. Only last month another Korean exchange – Youbit – was hacked and robbed, even though the majority of funds were kept in cold storage. Consequently, it filed for bankruptcy.

 

- Anonymity. Coinnest requires that its client go through a verification process that includes providing an ID and phone number (at least). This means there is no anonymous trading on Coinnest. However, it seems that it is relatively simple, unlike that of other Korean exchanges who sometimes make their clients jump through hoops before letting them to trade.

 

- Payments. It appears that Coinnest accepts bank transfers only. This can be inconvenient for some clients, as bank transfers take time to process and can come with hefty transfer fees.

 

>> See crypto exchanges accepting credit cards <<

 

- Limits. Coinnest has a tiered verification system that has trading and deposit/withdrawal limits. The higher the tier, the higher the limits.

 

- Information. As we have already said, the English-language version of the site is somewhat incomplete, particularly in important sections like the fees and the FAQs, which usually contain crucial details.

 

 

Conclusion

 

Coinnest is a relatively new Korean exchange that also accepts international clients. It seems the main target from abroad are the Chinese traders who remained without local exchanges after the authorities forbade them. It is yet to be seen whether the Korean platforms will have the same fate. For the time being, it seems, the Korean authorities are changing their mind on the matter every week.

 

In the meantime, there are a few things we like about Coinnest. It offers quite a lot of cryptocurrencies that can be traded against the Korean Won. We also like the platform, the low fees, the fact that there is a mobile application and the relatively easy verification process.

 

We do not like that not all information is translated into English, even though obviously Coinnest’s services can be used outside Korea as well. We also do not like the fact that the only payment method for fiat currencies is bank transfers, as this can be costly and slow. Perhaps the thing we like the least, is that the funds are stored online. This can be quite quite risky.

 

 

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Traders` reviews for Coinnest

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