Quoine reviews and review of the official website of the exchange

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Quoine cryptocurrency exchange

QuoineX is the Japanese Bitcoin and Ethereum exchange. It allows its traders to trade BTC and ETH, exchanging them for a large number of national currencies. QuoineX trades do not charge commissions on base pairs.

Leverage trading margin starts at 2X and can reach 25X. The exchange allows you to trade various instruments, including futures, algorithmic trading, and even lending, to make a profit on your deposits.

The QuoineX cryptocurrency exchange is part of Quoine. This is one of the leading fintech companies in Asia, which provides the next generation financial services based on blockchain technology.

Quoine has offices in Singapore, Japan, Vietnam, Indonesia, and Russia. It has a powerful network of local partners and vast experience in banking and financial products, which allows us to provide the highest level of services.

The QuoineX exchange does not hide information about its team. Its founders are:

  • Mike Kayamori, CEO. Prior to that, he worked in senior positions at well-known companies: Mitsubishi Corporation, Softbank Group and Globespan Capital Partners;
  • Mario Gomez-Lozada, Technical Director. Mario developed the trading platform and worked on its functionality. He has over 15 years of experience in investment banking technology.

The exchange provides its services to users around the world, but focuses on the Asian region.

Security

For the QuoineX exchange, the safety of its assets and the protection of user data is in the first place. Therefore, security measures are taken already at the stage of registration of a new user.

Check in

In order to start trading on the QuoineX exchange, a new user needs to register. The registration button is located in the upper right corner of the page. When creating an account, you need to choose a personal account or corporate.

After choosing an account type, you need to fill in all the necessary fields. Filling out information about yourself, you need to carefully verify everything, otherwise problems may arise when verifying your account. You should carefully read the terms and conditions of trading on the exchange before creating an account.

At the end of the registration, you will need to check “I am not a robot” and click “Next”. Then a message will be sent to the email containing instructions on how to use the account. There will also be a link. You must go through it in order to complete the registration process.

Two-factor authentication

After the registration procedure is completed, the new user must log in to his account, then go to settings, where to select the “Security” section. In it you need to choose two-factor authentication. It implies a smartphone to run Google Authenticator.

In the ‘Security’ section, you need to change the position from ‘not enabled yet’ to ‘enable’ and go further. The next step is to download Google Authenticator to your smartphone. With it, you will need to scan the QR code on the screen. The code can also be entered manually. The QR code should be kept in case of any changes.

After activating the two-factor authentication function, you will need to enter the code from Google Authenticator every time you log in to your account, apply for withdrawal of funds, add a new IP address and so on.

After that, the account receives the status of ‘pending’ (pending). This status allows you to deposit / withdraw cryptocurrencies to your account, and trade in all available cryptocurrency pairs. In order to gain access to fiat transactions, you must obtain the status of “approved” (approved). It will be activated after verification.

Verification

To go through the verification procedure, you must download copies of documents that can confirm the user’s identity and address of his residence. To do this, go to the main menu, go to the sections ‘Home’ – ‘Profile & Verification’. In the last section, a field appears in which documents are loaded. Read attention to document requirements. Only pdf and img formats are supported.

The following documents are suitable for verification:

  • National ID card;
  • International passport;
  • PAN card for residents of India.

As a confirmation of the address of residence, a utility bill in the name of the user is suitable. It must contain the address and date of receipt no later than 3 months.

After all the files are uploaded, the status will change to “documents_submitted”. It means that documents are under consideration. Usually it lasts no more than 1-2 business days. If after this the status is changed to “approved”, then all trading and financial transactions in cryptocurrencies and fiat money will be open to users.

If the status is changed to declined, then this means that your documents have not passed verification and you need to reload them. Read carefully the requirements for downloadable documents again. The declined status is equivalent to pending, and makes it possible to carry out operations with cryptocurrencies.

Bidding procedure

You can deposit funds to the account and withdraw them back in the following fiat signs:

  • JPY
  • USD
  • IDR
  • SGD;
  • EUR
  • AUD
  • INR;
  • HKD.

To a large number of popular European and Asian currencies, CNY and PHP are also added at the auction. The list of cryptocurrencies is much more modest, and it consists of Bitcoin, Ethereum and Bitcoin Cash.

Thanks to a dedicated matchmaking platform, QuoineX can instantly process large volumes of transactions, up to one million per second. The exchange supports margin, algorithmic, and futures Bitcoin trading.

Commission

When registering, a new user receives a basic pair of BTC / fiat. The base pair for each user is determined individually depending on the country of residence. For the Japanese, this is BTC / JPY, for the Americans – BTC / USD, for the Europeans – BTC / EUR. Trading in the base pair is not subject to commission. For other pairs with Bitcoin, it is 0.25%.

For trading in pairs to Ethereum, 0.1% of the commission is charged for all operations, and for Bitcoin Cash – 0.25%.

When making a deposit in cryptocurrencies or fiat funds, the exchange does not charge a commission. Withdrawing cryptocurrencies from the account is free. With fiat cash, you need to pay a certain fixed amount. For the Japanese yen, this is 500 JPY, for the euro – 5 EUR, for the dollar – 5 USD.

 Exchange Reviews

In March 2017, the exchange administration limited the number of withdrawals per day. Previously, you could issue cashouts twice a day. Now, a cashout is available only once every 24 hours. This caused a number of negative comments about the work of the exchange. Some users suspect that the exchange is going through difficult times, but there is no official information on this.

In general, the work of the QuoineX exchange is not satisfactory. The commission level is kept at an average level, and the withdrawal period of fiat money does not exceed 2-3 business days.

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