Based on the Association of Japanese Bitcoin and Ethereum, exchange QUOINE allows users to trade BTC and ETH without a fee on the basic currency pairs with possibility to exchange the proceeds for domestic currency. In addition to the cryptocurrency, it is possible to sell futures and other instruments, as well as to receive income through lending and profit on deposits.
QUOINE exchange which is also part of QuoineX, is actively working and developing in Asian countries: Japan, Vietnam and others. It also actively provides services to other states including Russia. This is possible due to the large number of offices and local partners of the exchange.
Since the main activity of the QUOINE exchange is associated with large financial transactions, the focus is on security. At the stage of registration the novice user will have to go through several levels of verification and protection of personal data. A new user should follow the scheme:
- determine the type of account (personal or corporate);
- fill in all fields of the questionnaire, checking the accuracy of the information provided;
- tick the box "I'm not a robot";
- press "Next";
- confirm the registration on the exchange by clicking on the link sent to e-mail.
After completing the registration procedure, a user must pass a two-factor authentication for security purposes. To do this, users need to log in to their account and go to the Security section.
Verification is the access to advanced opportunities on the exchange. After receiving the security code, the account of the exchange switches to the pending mode. This means that the data entered by the user is being verified. During this period, it is available to operate with cryptocurrency, including account replenishment, sale, purchase or withdrawal. The ability to work with fiat will appear only when users receive the approved status. To do this, a verification procedure has been created on the exchange. The initial stage of this process involves downloading the account owner documents confirming his identity and place of residence. This is done in the Profile&Verification tab, which can be accessed from the home page. It also contains information about the full list of documents, which necessarily include:
- national ID card;
- international passport;
- for users from India, it is mandatory to provide a PAN card;
- utility bills with the address and payment deadline no later than three months.
After the submission of the documents, the corresponding status change takes place. In general, the process takes 1-2 working days. If verification is successful, the account on the exchange QUOINE goes into full operation mode, where all types of transactions are available.
If there are problems during the download and verification of the information provided, the user will receive the status declined. In this case, there are 2 options for further action. First, users can try to revise the requirements for the documents and then re-upload them to the exchange. Secondly, users can stay in a restricted mode and make transactions only with cryptocurrency.
Transactions with most popular European and Asian fiat currency, including USD, EUR, JPY, AUD and others are available. There is an opportunity to work with less popular currency like CNY, PHP. This exchange supports only Bitcoin, Ethereum, and Bitcoin Cash. Depending on the country where the registered user lives, it is determined by the so-called base pair consisting of a cryptocurrency and a fiat currency. Thus, the main currency for the American is the dollar, the European - Euro, the representative of Asian countries are their national currencies. In most cases, Bitcoin is designated as the base cryptocurrency on the exchange. And within these parameters the income is not subject to the Commission. If the user of the exchange wants to carry out operations with another fiat currency, in addition to the base, they will have to give a Commission of 0.25% of the income from the sale of Bitcoin. Such overpayment is expected by those who decided to change the base cryptocurrency to Bitcoin Cash. The lower rate of Commission on the exchange is charged to those who choose to trade Ethereum - 0.1 %.