Coineal is a young and ambitious cryptocurrency exchange. It was founded in 2018 and in a short time managed to establish itself among users from the best side. Let’s take a closer look at this exchange.
Coineal cryptocurrency exchange – main features
The management company Coineal is registered in Seychelles, which means that the exchange is unregulated. Based on the website of the cryptocurrency exchange, the main clients of Coineal are residents of China and Southeast Asia, who trade on the exchange mainly in bitcoins [BTC] and stablecoins Tether [USDT].
Crypto exchange Coineal has released its own NEAL token, which is traded only within the exchange. Traditionally, exchange tokens give owners discounts when paying trading commissions, listing new tokens on the exchange, as well as other bonuses and rewards at the discretion of the exchange administration. However, on the Coineal website, data about the NEAL token is available only in the Chinese language. It complicates the work with the digital token for crypto investors who do not speak this language.
Pros of the Coineal crypto exchange:
- large trading volume means high liquidity;
- simple trading interface;
- availability of a mobile application;
- the presence of a referral program (reward for the users you invited);
- availability of an API interface that allows you to create your trading programs (trading bots).
Cons of cryptocurrency exchange Coineal:
- some sections of the site are available only in Chinese;
- does not support fiat currencies;
- does not support margin trading;
- insufficiently informative user interface;
- sluggish support service, sometimes switching to Chinese instead of English;
- lack of round-the-clock user support.
Commission rates on the Coineal exchange
The trading commission on the Coineal crypto exchange is 0.15%. The website of the exchange does not contain any mention of other commissions. The input of cryptocurrencies on Coineal is traditionally not subject to commissions for crypto exchanges, but when withdrawing, you will have to pay a network commission (commission to miners).
The internal token of the NEAL exchange will help to get a significant discount on the trading commission. But, you will need to translate the current information on the conditions of its use from Chinese or get it from the Coineal support service.
The main sections of the website of the crypto exchange Coineal
The toolkit of the main page of the Coineal cryptocurrency exchange can be called minimalistic. An unauthorized user sees up-to-date statistics on the NEAL token, a list of the latest news, press releases of the exchange, and advertisements for partner cryptocurrency projects.
Scrolling down the Coineal website, you can see a table of the latest trades, any advertising description of the exchange, and a list of partner media, cryptocurrency projects, and blockchain services. In the lower menu of the site, you can find information about the company, exchange commissions, legal documents, agreements, and links to the public on social networks.
The main menu of the Coineal website offers the following sections:
- Exchange;
- Download the mobile application;
- Register / login;
- Select the language of the site.
The website of the Coineal crypto exchange is presented in three language versions – English, Chinese and Japanese. However, not all sections of the site have been translated into English. After the authorization on the Coineal exchange, the Assets section becomes available, where you can check the balance, add cryptocurrencies to your account or withdraw them.
Many useful sections of the site are located in the drop-down menu of the personal account:
- Personal account settings (Account);
- Referral program (Invite Friends);
- List of orders (My Orders);
- API Keys;
- User support ticket system (My Tickets);
- Exchange messages (Message).
How to register on the Coineal crypto exchange
The Coineal exchange offers two registration options – by mobile phone number and by e-mail.
The registration interface on Coineal is not informative enough and can confuse the user. In terms of simplicity and clarity of registration and other forms, Coineal loses to other crypto-exchanges such as IDAX or CoinBene. For example, in both registration options for Coineal there will be a Send SMS button, the name of which can be misleading. In the option Registration by phone number, this button will send you an SMS with a confirmation code to the specified number. If you register on the Coineal exchange by e-mail address, clicking the Send SMS button will send you not an SMS, but a letter to your mailbox with a confirmation code, which you will need to enter in the appropriate field and then click Register. The code is not automatically sent to your mail, as it usually happens on other crypto exchanges. You must press the button to receive the code.
Verification process
You can add a cryptocurrency to the Coineal crypto exchange and trade it without going through user identification. But to withdraw cryptocurrency, you will have to go through this procedure.
Cryptocurrency exchange Coineal offers a completely standard cryptocurrency exchange system for identifying users. In the settings of your Coineal account, you need to find the Verified section and click Submit – this will take you to the account verification page.
To verify your account on Coineal, you need to indicate your country of residence, first and last name, type of identity document, and its number. Then you need to upload a standard set of three photos:
- for a passport – a spread with a photo and a cover;
- for an ID card – photographs of both sides;
- your photo in which you are holding an unfolded passport or ID card and a sheet of paper with the inscription “Coineal”, the current date, and your handwritten signature.
After clicking the “Submit” button, the documents will be sent to the administration of the Coineal cryptocurrency exchange. The review period takes up to three days on average.
