When you're looking for a crypto exchange in South Korea, Coinone keeps coming up. It’s not the biggest - that’s Upbit - but it’s solid. And if you’re based in Korea and want to trade Bitcoin, Ethereum, or other coins directly with Korean Won (KRW), Coinone might be your best bet. But if you’re outside Korea, especially in the U.S., you’re out of luck. This isn’t just a minor limitation - it’s a hard wall. Let’s cut through the noise and see what Coinone actually offers in 2026, what it’s missing, and who it’s really built for.
Who Can Use Coinone? (Spoiler: Not Everyone)
Coinone doesn’t welcome everyone. It’s a Korean exchange, through and through. To open an account, you need either a South Korean resident registration number or a foreigner registration number. That means if you live in Canada, the U.S., Brazil, or anywhere outside Korea, you can’t sign up. Even if you try, the system will block you. Cryptowisser confirmed this in their 2025 review: U.S. users are explicitly barred. This isn’t a technical glitch - it’s policy. The exchange follows South Korea’s strict financial rules, which require full identity verification tied to local government IDs. So if you’re not a resident, you’re not getting in. That’s a dealbreaker for international traders, but it’s a strength for locals who want a regulated, compliant platform.Security: One of the Strongest in Korea
If you care about safety, Coinone stands out. Since launching in 2014, it’s never suffered a major hack - a rare record in crypto. Compare that to Bithumb, which had three big breaches between 2017 and 2018. Coinone keeps 98% of user funds in cold storage, verified by their 2024 security audit. They use hardware security modules (HSMs), biometric logins, mandatory two-factor authentication, and regular penetration tests by former white-hat hackers. Their ISO/IEC 27001:2013 certification isn’t just a sticker - it’s a global standard for information security. In 2021, they also passed South Korea’s mandatory ISMS certification. That’s not something every exchange bothers with. Even their insurance policy, backed by Lloyd’s of London, covers $127 million in assets. That’s real money, real protection. For Korean users, this level of security is unmatched by most local rivals.Trading Fees and Costs
Coinone charges a flat 0.2% fee for spot trades - that’s standard for Korean exchanges. But here’s the catch: if you trade more than 100 million KRW (about $75,000 USD) per month, you drop to 0.1% or even 0.0% as a maker. That’s a decent incentive for active traders. Takers pay between 0.02% and 0.1%, depending on volume. There are no deposit fees for crypto - you can send Bitcoin or Ethereum in free of charge. Withdrawals cost 1,000 KRW (roughly $0.75 USD) per transaction, regardless of the coin. That’s low, but you’re stuck with KRW only. No USD, no EUR, no JPY. If you want to cash out in dollars, you’ll need to send crypto to another exchange that supports fiat withdrawals. And forget about margin or futures trading - Coinone doesn’t offer it. That’s a downside for traders looking to leverage positions, but it also means less risk and fewer regulatory headaches.Coinone Pro and the Trading Experience
Coinone gives you two interfaces: a simple one for beginners and Coinone Pro for serious traders. The Pro version isn’t just a fancy skin - it’s a full trading terminal. You get real-time order books, multi-timeframe candlestick charts, volume heatmaps, and 24-hour price history. It’s not as advanced as TradingView, but it’s more than enough for day traders and swing traders in Korea. The interface is clean, fast, and optimized for KRW pairs. The mobile apps (iOS and Android) are updated regularly, with version 5.2 released in late 2024. The only downside? The API documentation is only in Korean. If you’re building automated trading bots, you’ll need to translate or hire someone who speaks Korean. That’s a real barrier for international developers.
Coinone Plus: Staking and DeFi Without Leaving the Platform
This is where Coinone surprises you. Instead of just being a trading hub, they built Coinone Plus - a built-in DeFi layer. You can stake directly on the exchange without moving your coins. As of October 2025, they support 27 staking assets. Three options: daily staking (5.2% average APR), lock-up staking (up to 12% APR for 90-180 days), and node staking (16.34% APR for Cosmos). Total value locked in Coinone Plus hit $85 million by September 2025. That’s 17% of the exchange’s total revenue. For users who want passive income without jumping between platforms, this is a huge win. No need to use external wallets like Keplr or Phantom. Just click, stake, and earn. It’s simple, secure, and integrated. Most exchanges charge extra for staking - Coinone doesn’t. That’s rare.Customer Support: A Mixed Bag
Here’s the ugly truth: customer support is inconsistent. On G2, users give it 4.3 out of 5 stars - praising quick live chat (8-minute average response) and easy account setup. But on TrustPilot, the average rating is 2.1 out of 5. Why? Because many users report email responses taking up to 72 hours. One user on Forex.wikibit.com said they paid taxes to withdraw funds - and still couldn’t get their money out. Another Reddit user said trading got halted 17 times in 2024 during volatility spikes. And if you’re not Korean? Forget phone support - it’s only in Korean. The support team is clearly stretched thin. If you’re a casual trader, you’ll probably be fine. If you’re trading large amounts or run into a problem, you might be stuck waiting days for an answer. It’s a trade-off for a regulated, local platform.How Coinone Compares to Upbit and Bithumb
Upbit is the giant - 52% of Korea’s crypto volume. It offers 400+ coins, lower fees (0.05%), and global banking links. But Coinone beats it on security. Bithumb has more liquidity but a history of hacks. Coinone’s edge? Simplicity and safety. It doesn’t try to be everything. It focuses on KRW, compliance, and security. If you’re trading small amounts and want peace of mind, Coinone wins. If you want the widest selection of coins and the lowest fees, Upbit is better. But Upbit’s interface is cluttered, and its staking options are less transparent. Coinone’s Coinone Plus is cleaner and more reliable.
What’s Next for Coinone?
Coinone isn’t standing still. They’re planning a cross-chain bridge called Coinone Bridge for Q2 2026 - meant to move assets between Ethereum, Solana, and Cosmos. They’re also rolling out MPC wallet tech in early 2026 to speed up cold storage access from 24 hours to under 5 minutes. That’s a big deal for liquidity. But there’s a storm coming. South Korea is set to impose a 20% capital gains tax on crypto profits starting January 2026. Coinone’s CFO warned this could slash trading volume by 30-40%. If that happens, even the most secure exchange will feel the pressure. Their long-term survival depends on whether they can expand beyond Korea - and right now, they’re not trying.Final Verdict: Who Should Use Coinone?
Coinone is not for everyone. If you’re outside South Korea, skip it. You won’t get in. If you’re a U.S., European, or Canadian trader, look elsewhere. But if you’re in Korea and want a safe, regulated, no-nonsense place to trade KRW pairs - Coinone is one of the best. It’s not flashy. It doesn’t offer leverage or global fiat. But it’s secure, transparent, and has one of the cleanest staking systems in the country. For Korean residents who prioritize safety over variety, it’s a top choice. For everyone else? It’s not even an option.Can I use Coinone if I live outside South Korea?
No. Coinone only accepts users with a South Korean resident registration number or a foreigner registration number. Even if you have a Korean bank account or speak Korean, you cannot sign up unless you’re legally registered in South Korea. The platform blocks all international IPs and ID verification attempts from outside the country.
Does Coinone support USD or other fiat currencies?
No. Coinone only supports the South Korean Won (KRW) for deposits and withdrawals. You cannot deposit or withdraw USD, EUR, CAD, or any other currency directly. If you want to cash out in another currency, you’ll need to send your crypto to an international exchange that supports your local fiat.
Does Coinone offer margin or futures trading?
No. Coinone does not offer margin trading, leverage, or futures contracts. This is intentional - it reduces regulatory risk and keeps the platform focused on spot trading. If you need leverage, you’ll need to use a different exchange like Binance or Bybit.
Is Coinone safe from hacks?
Yes, as of 2026, Coinone has never suffered a major hack since its launch in 2014. It keeps 98% of assets in cold storage, uses HSMs, undergoes regular penetration tests, and holds ISO 27001 certification. Its security record is stronger than Bithumb’s and comparable to Upbit’s, making it one of the safest Korean exchanges.
What are the trading fees on Coinone?
Coinone charges 0.2% for standard spot trades. High-volume traders who move over 100 million KRW per month can get reduced fees: 0.0%-0.1% for makers and 0.02%-0.1% for takers. Deposits are free. Withdrawals cost 1,000 KRW ($0.75 USD) per transaction, regardless of the cryptocurrency.
Can I stake crypto on Coinone?
Yes. Coinone Plus lets you stake 27 cryptocurrencies directly on the platform. Options include daily staking (avg. 5.2% APR), lock-up staking (up to 12% APR for 90-180 days), and node staking (16.34% APR for Cosmos). There are no extra fees, and you don’t need to move your coins off the exchange.
Why do some users complain about slow customer support?
While live chat averages 8-minute responses, email support can take up to 72 hours. Many complaints come from users who face withdrawal issues or trading halts during volatility. The support team is overwhelmed during market spikes, and non-Korean users often struggle with language barriers. The system works fine for simple queries but falters under pressure or complex issues.
Is Coinone affected by South Korea’s new 20% crypto tax?
Yes. Starting January 2026, South Korea will tax crypto profits at 20%. Coinone’s CFO warned this could reduce trading volume by 30-40% across all Korean exchanges. While the platform itself won’t change, user activity is expected to drop significantly. This is a major risk to its future growth.