COINNEST Review 2019
Coinnest is a Korean cryptocurrency exchange which primarily services the Korean crypto market but also accepts traders from around the world. They offer their services in the Korean, Chinese, and English languages. The exchange was launched in 2017 and is based out of Seoul, South Korea with their headquarters located at Yeongdeungpo-gu, Seoul, with 57 Sinsong Center Bldg., 13th floor.
Coinnest has a strong emphasis on customer value and aims to provide customers with access to the best blockchain and cryptocurrency projects. The exchange is very active in the cryptocurrency community and attends various blockchain and cryptocurrency events to promote the adoption of cryptocurrencies. Though Coinnest is a fairly new cryptocurrency exchange, they have managed to build up an excellent reputation and are already trading over $100 million worth of cryptocurrency a day. However, Coinnest is not a regulated exchange and the Korean government is in the midst of figuring out how to handle these cryptocurrency exchanges and regulating them. In the future, it is likely that cryptocurrency exchanges in Korea will become regulated much like they did in Japan.
With so many new cryptocurrency exchanges, especially in South Korea and Asia, how do you know which one to use and whether they can be trusted? Well, in the following review we delve deep into the aspects that make up this cryptocurrency exchange and see what sets Coinnest apart from the competition and whether or not they can be trusted.
Coinnest offers traders a very sophisticated web-based trading platform that was developed by the Coinnest team. Their exchange platform is one of the best we have seen in the cryptocurrency industry. The interface is beautifully designed with an easy to understand layout so that you know what’s happening in the markets. As well, traders can go into a full-screen charting mode where they can analyze and experiment with numerous technical indicators and analysis tools. In addition to this, the Coinnest platform features an automated price trend analysis on all the major cryptocurrencies. Traders have access to all sorts of information such as 24 hr trading volume, daily fluctuations in price, and 3-day trends. All this information is beautifully incorporated into the trading platform interface.
Coinnest is a cryptocurrency exchange and therefore deals solely in the cryptocurrency markets. The exchange features a wide variety of cryptocurrencies to exchange in the following crypto markets; Bitcoin (BTC) and Ethereum (ETH). Also, the available cryptocurrency assets can be traded against fiat currency pairs such as the South Korean Won (KRW), and the US Dollar (USD). Coinnest is constantly adding new cryptocurrencies to their exchange but currently feature 35 cryptocurrencies. Among these cryptos are some of the most popular cryptocurrencies and various less popular altcoins.
Coinnest offers their traders very competitive fees compared to the industry standards. The Maker and Taker trading fees are treated the same as they incur a fee of only 0.1% per trade. This is quite low considering most cryptocurrency exchanges charge trading fees of 0.25% or higher. As for the deposit and withdrawal fees for Coinnest traders, there is no fee for deposits on both fiat currency and cryptocurrency deposits. However, for withdrawals, traders incur a fee of 0.1% on cryptocurrency withdrawals and a fee of 1000 KRW on fiat currency withdrawals. These withdrawal fees are also extremely low compared to the competition.
Security and Fairness
An unfortunate aspect of Coinnest is their security. The exchange stores all of their funds online in what’s called “hot wallets”. Funds stored this way allow traders access to their funds more easily and quickly, however, it poses some big security risks. When funds are not stored in offline cold storage wallets, they are susceptible to hacks and can be lost forever. However, the exchange claims to have highly secure web servers and other security measures in place. Also, users can protect their accounts with two-factor authentication techniques to be used when signing in, making deposits, withdrawals, and transactions/trades.
As for the fairness of Coinnest, they treat every trader equally and require that all traders submit identification information as well as their banking information if they wish to use fiat currency for exchanging cryptocurrencies. There is only one account type, and all traders have access to the same tools and features.
The customer support is clearly only for South Koreans as the contact page is not available in English. As well, Coinnest uses a third-party contact service known as Kakao. We found this somewhat odd that clients cannot contact customer service representatives through email, phone, or live chat on their website, but rather through a South Korean third-party chat service. Also, the FAQ page is only offered in South Korean but does appear to be quite extensive. Overall, we were disappointed with Coinnest’s customer service.
Pros and Cons
- Extremely easy to use and navigate
- Excellent trading platform
- Variety of cryptocurrency assets
- Very low fees
- Customer service options are limited & only offered in the South Korean language
- Funds are stored online
Here are some of the most common questions that are asked about Coinnest crypto trading service.
Is Coinnest regulated?
No. Coinnest is not a regulated cryptocurrency exchange.
Where is Coinnest based?
Coinnest is based out of Seoul, South Korea.
How does Coinnest make money?
Coinnest charges trading fees for each trade transaction. As well, they charge withdrawal fees.
How do I deposit in Coinnest account?
Coinnest accepts cryptocurrency deposits and fiat currency deposits via bank wire transfer.
How do I withdraw money from Coinnest?
You can withdraw from Coinnest through sending your cryptocurrency to your personal wallet address or withdrawing fiat currency via bank wire.
Can I trade on Coinnest with my mobile device?
Yes, you can use your mobile device to trade on Coinnest through their downloadable mobile application.
Is Coinnest reliable?
Coinnest has proven to be a reliable and trusted exchange that has yet to be hacked.
Is Coinnest a scam?
No. Coinnest is a legit exchange and is not a scam.
The Coinnest exchange features a wonderful trading platform that’s great for both beginner and advanced cryptocurrency traders. As well they offer a variety of cryptocurrency assets to trade and accept fiat currencies. The exchange also has some of the lowest fees in the industry, which is very enticing. However, the exchange stores all their funds online which pose a security risk and only offers support in the South Korean language, despite accepting traders from all around the world. All in all, Coinnest could potentially be a good exchange to deal with. However, it all depends on how much risk you want to take and the level of service you want to receive.
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