Coinone Review: Is This Korean Crypto Exchange Still Worth Using?

When you’re looking for a crypto exchange in Asia, Coinone, a major South Korean cryptocurrency trading platform launched in 2014. Also known as Korea’s oldest regulated exchange, it was once one of the top 5 exchanges in the region by volume. But things have changed. After years of strong growth, Coinone now faces stiff competition from global platforms like Binance and local rivals with better mobile apps and lower fees. So is it still worth your time?

What makes Coinone different isn’t just its history—it’s how it handles KRW deposits, the official currency of South Korea. Unlike many exchanges that force you to buy Bitcoin first, Coinone lets you deposit Korean won directly via bank transfer, making it one of the easiest ways for locals to get into crypto. But if you’re outside Korea, you’re out of luck—no international bank support, no USD deposits, and no English customer service worth mentioning. That’s a big deal if you’re not based in Seoul or Busan.

Security is another layer. Coinone has been through a few bumps, including a 2019 hack that cost users over $30 million. Since then, they’ve improved cold storage and added two-factor authentication, but they still don’t offer insurance for user funds like some global competitors. And while their interface is clean and simple for buying Bitcoin or Ethereum, the lack of advanced trading tools makes it a poor fit for active traders. For beginners in Korea, it’s still a solid starter option. For everyone else? You’re better off elsewhere.

The Coinone token, a utility token used for fee discounts and staking rewards, used to have some traction—but its price has dropped over 80% since 2021, and trading volume is now barely noticeable. That’s not a sign of a healthy ecosystem. If you’re looking for long-term value, this isn’t the place to park your coins.

What you’ll find in this collection are real reviews, user experiences, and deep dives into what Coinone got right—and where it fell behind. From fee comparisons with Upbit and Bithumb to how their mobile app stacks up against Binance’s, we’ve pulled together the facts so you don’t waste time on a platform that no longer fits the market. Whether you’re in Korea or just curious about Asian crypto exchanges, these posts cut through the noise and show you what’s actually happening on the ground.