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Coinrail Review - is it scam or safe?

Coinrail Review - is coinrail.co.kr scam or good cryptocurrency exchange?

RATING: 2.6 / 1 REVIEWS ForexBrokerz Coinrail

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions


 

Account type Leverage Trading Fee Deposit Fee
Standard N/A 0.01%* Free

*Trades against BTC are typically charged with 0.2%, but currently there is a promotion running and the fee is 0.1%.

 

Coinrail is a relatively small South Korean exchange that has listed a lot of cryptocurrencies. Dealing in Korean won (KRW) is also enabled, however no margin trading is currently allowed.. Its account holders have different levels of verification, based on which different withdrawal limits apply.

 

 

Coinrail Advantages

 

Many tradeable coins

Coinrail offers a wide selection of digital assets for trade: Bitcoin, Ethereum, Ripple, OmiseGO, Dash, Litecoin, EOS, Bitcoin Cash, Walton Coin, TenX, Tron, Stratis, QTUM, Stellar Lumens, NEO, Komodo, NEM, IOTA, DENT, Storm and more. Bodhi, a BOT token tat uses the Qtum blockchain, is also tradable on Coinrail.

 

Fiat (KRW) accepted, no fees on deposits

Like most local exchanges, Coinrail also supports only South Korean Won. They accept Korean bank transfers and likely require such an account for the verification of the main trading account.

 

This is an obvious advantage, especially for locals, as they can directly buy Bitcoin and other altcoins with cash. Besides, the exchange does not charge fees on deposits (although the banks involved in the process will).

 

Low trading fees

Trading at Coinrail is relatively low-cost. Currently, the exchange charges 0.1% per trade. By comparison, Korbit, an established Korean player, charges market takers with up to 0.2%.

 

Coinrail’s withdrawal fees for fiat are also low, amounting to 1000 KRW (Around USD 1).

 

Nice trading platform

The web-based platform delivered by Coinrail seems nice and well-designed, although it does not include advanced features like technical analysis indicators and market depth window. Here is how it looks like:

 

 

Click on the image to zoom in.

 



Coinrail Disadvantages

 

Focus on Korea

Unlike Upbit, Coinrail accepts non-Korean residents as clients (provided that they are above 19 years of age). Nonetheless, the exchange is obviously focused on South Korea – there is no English-language version of the site and it accepts only the local fiat currency. So, it is unlikely that crypto-investors other than Koreans or Chinese (who remained without local exchanges after the authorities banned them), will sign up with Coinrail.

 

 

 

Was hacked in July 2018

Coinrail was hacked in the summer of 2018 and temporary ceased operation. At the time of writing, it is still unclear how the exchanged will proceed to handle the situation, but their initial response was very pro-active. They claimed about two-thirds of the stolen coins were frozen or withdrawn in partnership with other exchanges. While this sounds reassuring, the fact the breach occurred in the first place isn’t.

 

Limited payment methods

It appears that Coinrail accepts bank transfers only. This can be inconvenient for some clients, as bank transfers take time to process and can come with salty transfer fees.Credit cards are a much more preferable option for some users, although the commissions involved in the process can be even higher than those for bank wire.

 

 

>> See crypto exchanges accepting credit cards <<

 

 

No anonymity

Coinrail 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 this exchange.

 

No leveraged trading

Unlike Coinone, a major Korean exchange, Coinrail does not offer leveraged trading. Generally, margin trading on cryptocurrency exchanges is a rare option, probably because these assets tend to be more volatile. If you need some leverage, “traditional” forex brokers that support Bitcoin and other digital assets are also an option.

 


>>Forex brokers offering leveraged Bitcoin trading<<

 

 

Withdrawal fees

As we already mentioned, Coinrail does not charge deposits, but applies fees on withdrawals. They may not seem significant, but especially the ones imposed on blockchain transfers are annoying and not exactly low. For example, withdrawals in Bitcoin are charges 0.002 BTC. Here are the details:

 

 



Conclusion

 

Coinrail was launched in October, 2017 and is now in the top 100 exchanges rated by their trading volume. It is a relatively small Korean exchange that also accepts international clients.

 

There are a few things we like about this exchange: It offers wide range of altcoins that can be traded against the Korean Won and Bitcoin with relatively low fees. We also like the platform.

 

On the other hand, we found difficulties with the website, as it is only available in Korean. Coinrail services can be used outside the country, but it obviously focuses on Korea. We also do not like the fact that the only payment method for fiat currencies is bank wire, as this can be costly and slow. Another weak side of Coinrail, which is common among exchanges, is that it does not provide leveraged, nor anonymous trading.

 

And finally, we would like to remind you once again that you can also trade in cryptocurrencies with forex brokers, all of which provide leveraged trading. More importantly, many of them are duely licensed and regulated.

 

>>Regulated Bitcoin brokers<<

 

So, let's reiterate once again the strong and weak sides of Coinrail:

 

Pros Cons
Fiat currency payments (KRW) Focus on Korea
Wide range of altcoins Was hacked in July 2018
Low fees Limited payment methods
Nice trading platform Leverage not available
  No anonymity
  Withdrawal fees

 

Latest news about Coinrail
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Traders` reviews for Coinrail

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