Coineal is a decentralized cryptocurrency exchange that was launched in April 2018 with the slogan “Global exchange, Local presence.” They offer services for buying, selling, and transferring clients’ digital assets making an accent on safety and reliability.
On its official website, the project is described as a platform designed to provide the transaction of digital assets and related services. Like any other cryptocurrency exchange, it strives to achieve high-grade security, easy and comfortable trading, and high liquidity across most cryptocurrency pairs.
At the time of writing, the exchange supports more than 50 coins and 80 trading pairs. Coineal does not accept deposits in fiat currencies. That is why the crypto newcomers (i.e., investors who have no previous crypto assets) find it difficult to trade here.
The exchange supports its international influence by a multilingual trading interface. It features 6 language versions and covers mainstream languages worldwide such as English, Chinese, Japanese, Vietnamese, Korean, and Russian. However, some sections are available in the Chinese language only. The platform performs well on PC and mobile devices being iOS and Android compatible.
Both Makers (those who place the orders) and Takers (those who take the orders) are treated equally at this exchange. Their trading fees range 0.15-0.2% depending on the selected trading pair.
You can upload your cryptocurrency to the exchange completely free and without any commission. However, when users withdraw their crypto assets, they are charged with the withdrawal fee (a.k.a. Miner Fee). There are limits on withdrawals on Coineal and it is impossible to withdraw funds if the token amount you want to take out is less than the "Minimum withdrawal amount." All information on limits, withdrawal fees, and the minimum withdrawals can be found in the users’ account.
Native token (NEAL) holders can get a discount on transaction fees but the conditions of the token use are available only in Chinese.
Native Token NEAL
NEAL is a native utility token of the platform. It is traded inside the Coineal Exchange only. It is used on the Coineal exchange to support interaction within its ecosystem and it is used for voting, listing tokens of blockchain projects, receiving discounts, or starting a supernode. It can be also received through mining or as a bonus. The main disadvantage of the NEAL token performance is that the complete information on it is not available in other languages than Chinese.
Though NEAL is the only native currency mentioned in the White Paper, Coineal announced a launch of a new token on September 14, 2020. It is called Coineal Value Coin (CNV). The only official proof that it has already been launched is available on the Coineal’s website as they announce that the CNV mining plan with CNV is available for purchase starting from September 25, 2020. They offer 6 packages that differ in price. No additional information from other sources on this token is available online at the time of writing.
How Coineal Works
Coineal is powered by community nodes based worldwide. Each node acts as an independent cryptocurrency exchange. Node owners are rewarded with the native Coineal’s token (NEAL) for their services if they have reached a certain amount of trading workload. Moreover, a part of the Coineal’s profit is distributed to the node owners. The exchange’s node structure also features supernodes though the criteria of the term, their differentiating features, or peculiarities of performance are not described in the official sources.
The main requirement for the supernodes implies that their owners should be regionally and internationally influential, and they should contribute much to the blockchain industry and Coineal’s ecosystem. They have a right to make listing recommendations and forge an exclusive local partnership with Coineal. AI Master, the fintech firm, is officially mentioned as a supernode of Coineal.
As a decentralized exchange, Coineal stimulates its users to participate in community development. All of them can take part in the project’s management. This participation is possible by voting for users to be selected to serve on the Governance Committee. You need to be a NEALs holder to vote and take part in the selection. NEAL tokens are also required to become a supernode.
The support is available 24/7, though users complain that the Chinese language is a priority here as support service is focused primarily on Chinese-speaking customers. It is possible to contact support through social networks like Medium or Twitter. At the same time, the users report on the delays in responding to their requests via Telegram.
Security and Transparency
Coineal features a Distributed Architecture & Anti-DDoS System as a basement of their risk management system. Up to 98% of all user funds are kept in cold wallets which means that they are protected from unauthorized access or cyber hacks.
Captcha entering, verification via SMS, and 2FA authorization also serve to improve your online account security. As a result, no hacks have been reported on the exchange. At the same time, they were blamed for fraud in July 2019 as CYBR nearly accused Coineal of stealing money raised by IEO.
The platform operates under the laws of the Republic of Seychelles though its team is based in South Korea and China. This project is positioned to be equally global and local. This means that localization and globalization are both important for the performance and development of this exchange.
Coineal has the strongest position in Asian countries. Its users are mainly residents of China and Southeast Asia. Coineal has branches in such countries as China, Korea, Japan, Vietnam, Russia, and some other countries which are not identified on the official website. Their offices can be found in China, South Korea, and Japan and they also plan to open their new offices in Japan, Singapore, the US, and Russia.
The members of the team are not identified in any official source. On their website, they position themselves as dedicated specialists with a strong blockchain background and they state that they have already been leading some blockchain projects.