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Coinone

Coinone Review
Trader's rating 0
Editor's rating 4

Trading Accounts

  

Account type Leverage Trading fee Deposit Fee
Standard 1:4 0.10% None

 

Coinone is one of the major Korean cryptocurrency exchanges. If you are enthusiastic about blockchain technology, you should know a few things about them even if you don’t plan on trading with them. As you may know the trading activity on Korean exchanges has been relatively high in recent times and even determines the short term price swings.

 

Coinone Advantages

 

Established local player – Coinone has been around since 2014 and the team behind this exchange looks very solid. There aren’t any reports of a major hack at this exchange, which is not the case with one of their major competitors – Bithumb.

 

High level of Security – Security seems to be a top priority for Coinone, as the company includes multi-signature wallets, two-factor authentication  (2FA) and cold storage. While there is no 100% guarantee of future safety, these factors are nice.

 

Low Fees – The costs of trading at Coinone are very competitive, with the offers by other exchanges. With a 0.10% maximum fee (which goes even lower, if you trade bigger volumes) this exchange is one of the cheapest. As a comparison, Kraken, another otherwise solid exchange charges up to 0.26%. 

 

Korean Bank Transfers accepted – Coinone accepts fiat currency deposits, via bank transfer. That being said, only Korean bank accounts can be registered with this exchange.

 

>>Get Bitcoin with a credit card<<

 

No fees on deposits – Unlike most other exchanges, this one does not charge fees on deposits (regardless of the methods of payment). Most services accepting fiat currencies charge something in the 2-10% range. 

 

7 coins available – The current list of coins available at Coinone includes: BTC, BCH, ETH, ETC, XRP, QTUM and LTC. This may be more than enough for some users, but there are those who are willing to explore exotic digital assets. If you are looking for more altcoins, be sure to checkout Bittrex and Cryptopia.

 

Leverage is available – Unlike most exchanges, Coinone  offers margin trading, with a maximum leverage ratio of 1:4. That being said this involves borrowing coins from other traders. This can be a costly and tedious process, so if you are looking to speculatively trade Bitcoin a forex broker may be a better alternative.

 

>>Bitcoin forex brokers<< 

 

Trading with such a company usually allows even higher leverage, but may not be suitable for long term positions. Read more here.

 

Nice trading platform – The “Pro Charts” feature of Coinone is very nice, when compared to some of the other crypto-exchanges. Here is a preview (a live chat is also included, click to zoom-in):

 

 

 

Coinone Disadvantages

 

Focus on Korea – Dealing with this company if you are not Korean will be hard, or even impossible, as they require having a local bank account. It is technically possible, but you will have to go through a lot of hassle.

 

Trading only against KRW – While this exchange offers several altcoins they can’t be freely traded against one another. Some clients may even see this as a positive, but at the end of the day, having the ability to quickly convert one coin into another will be viewed highly by others.

 

Few negative user reviews – We couldn’t find many user reviews on this exchange in English, but there were a couple of complaints regarding slow payments.

 

Withdrawal fees – These are not the miner fees associated with a given blockchain, rather fees which go to Coinone. They aren’t that big, but will still annoy some users. Here is the breakdown:

 

 

 

Conclusion

 

Coinone is one of the leading Korean cryptocurrency exchanges. They have been around since 2014 and acts as an entry level service for locals. Additionally the company provides access to “Jikgu” payments (a term used for Koeran online shopping from other countries).

 

The actual exchange platform is rather well-designed, which is probably one of the contributing factors to this venue’s popularity. At the time of writing of this review, they are only surpassed by Bithumb, in terms of BTC/KRW trading volume.

 

That being said, Bitcoin trading is not regulated in Korea, so if you are looking for a safer alternative, you may try with a forex broker.

 

>>Trusted forex brokers, offering Bitcoin<<

 

While we review this exchange from an outsider’s point of view (as the company is heavily focused on the domestic market), we generally like what we see. Here is a summary of this exchange:

 

 

Pros Cons
Established local player Focus on Korea
High level of security Trading only against the KRW
Low fees Few negative user reviews
Korean Bank Transfers accepted Withdrawal fees
No fees on deposits  
7 coins available  
Leverage is available  
Nice trading platform  

 

IG

IG Review
Trader's rating 5
Editor's rating 4.6

Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard  $0 0.1 1:200** 0.6 pips 
DMA  $0 0.1 1:200 0.2 pips + commission $3-$5*

*commission is calculated per standard lot per side and is based on trading volume

**The IG branch in Singapore offers maximum leverage of 1:50.

 

IG offers spread betting and CFD services with the same spreads. CFD accounts are two types – Standard & DMA. The Standard one is commission-free, while the DMA account provides lower spreads, as prices are offered by liquidity providers, plus a variable commission, based on the client’s order size.

 

The broker does not offer micro lots for trade (0.01 lots), so some traders may find it difficult to manage the risks associated with high-volume trading.

 

The Company

 

Founded in London in 1974, IG (formerly IG Index) is a pioneer broker, that actually created the concept of financial spread betting. Furthermore, IG was the first spread betting firm to introduce online dealing in 1998.

 

Currently, the group of companies offers wide range of products for online trade, available on a selection of platforms: contracts for difference (CFDs) on currency pairs, indices, commodities, stocks, financial spread betting (in the UK and Ireland), as well as binary options. In 2014 the broker also introduced execution-only stockbroking in the UK and Ireland, later rolling it out to the Netherlands and Germany.

               

The IG Group also owns the North America Derivatives Exchange (Nadex), the premier and largest regulated online US exchange, offering binary options and spreads.

 

In addition, the group is listed on the London Stock Exchange and the FTSE 250. In fact, it is currently the largest forex broker listed on the LSE in terms of market capitalization.

 

Its UK head office is located in the heart of the City of London, and the group has sales offices in 15 other countries. 

 

IG is a trading name of IG Markets Ltd. and IG Index Ltd, authorized and regulated by UK’s Financial Conduct Authority (FCA). For binary bets IG Index Ltd. is also licensed and regulated by the Gambling Commission.

 

Security of Funds

 

UK’s financial watchdog is famous for applying strict requirements to brokerage firms. Licensed companies are required to comply with certain rules and procedures covering client funds, order execution, minimum capital requirement of  €730 000 , regular report filing, etc. 

 

In relation to security of clients` funds, we would also like mention that FCA-regulated brokers fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person, in case the company goes bankrupt.

 

Except got the two abovementioned firms, the IG Group has units regulated by the respective authorities in a number of countries.

 

Countries of regulation Regulator
UK  FCA
Germany  BaFin
Switzerland  FINMA
Australia  ASIC
New Zealand FMA
UAE  DFSA
Japan  JFSA
Singapore  MAS

 

Trading Conditions

 

Minimum Initial Deposit

Clients of IG are not required to deposit a certain initial amount in order to open an account with IG, however they have to fund their accounts in order to initiate a trade. For instance, in order to buy 1 lot GBP/USD (1 contract is £100,000 and the margin rate is 0.5%), one has to deposit at least £500.

 

Average Spreads & Commissions

IG offers competitive low spreads, averaged to 0.6 pips on EUR/USD on commission-free accounts, and even less on DMA ones (which involve a commission). Such pricing is really good, as we find most brokers offer spreads within the range of 1.0 – 1.5 pips.

 

In comparison, FxPro offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts and charges $4.5 per lot. For further information, you may also check out the real-time spreads of 15 major brokers here.

 

Leverage

The maximum leverage levels offered by IG are up 1:200, which is considered average. Yet, many FCA-regulated brokers provide higher leverage ratios: FxPro, for instance, offers leverage up to 1:500.

 

We would like to remind traders that higher leverage involves higher risk, not only the probability of multiplied profits earned on a small deposit. It is a double-sided coin.

 

Trading Platforms

 

This broker offers a selection of robust platforms: its proprietary IG platform, web-based ProRealTime, a special DMA platform – L2 Dealer, as well as the industry’s standard MetaTrader 4 (MT4).

 

 

The web-based ProRealTime has customisable layout and is equipped with several charting packages, Over 100 indicators covering everything from price to volatility, automated trade options and extensive historical data.

 

For those who want full market depth with Direct Market Access (DMA) for FX, share dealing and equity CFDs, IG offers the downloadable L2 Dealer platform. It provides greater liquidity on shares trading through access to primary exchanges, market makers, brokers and MTF dark pools. With L2 Dealer, traders can place basket trades using the Excel-compatible 'Watchlist Pro' function, autotrade by using algorithms they have created in Excel and to make well-informed decisions due to the market-linked news feeds and live charts.

 

In addition, traders who are used to the good old MetaTrader 4, are able to use it with IG.

 

Methods of Payment

 

IG UK`s clients are able to make deposits and withdrawals via credit/debit cards or wire transfer. Popular e-wallets, such as BPay, China UnionPay and Paypal, are also available as payment methods with this broker.

 

Conclusion

 

Being part of a large international group with more than 40 years of experience in the industry, IG is a reliable and well-regulated broker, offering competitive conditions for trading in wide range of financial instruments on several platforms. To sum things up, here are the advantages and drawbacks with regards to IG:

 

Pros Cons
Regulated in multiple jurisdictions No micro lots available  
Competitive tight spreads Limited payment methods
No minimum initial deposit required  
Wide range of trading instruments & platforms  
Part of a large publicly listed group with more than 40 years of experience  

                                

Headquarters: 

Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA

Country: United Kingdom

Regulated by: 

FCA (UK)

Forex
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