Overview
Coineal was a South Korean crypto exchange that launched in 2018 with big ambitions. It offered spot trading, margin, OTC deals and its own token called NEAL. By late 2021 the platform shut down completely. Today it is inactive, untracked and remembered mostly for user complaints.
Coineal - From Rising Star to Dead Platform
Coineal back in 2018 tried to connect traders from China and South Korea, pushing itself as a global player. It rolled out the NEAL token for fee discounts and community perks, promised a secure network of distributed nodes, and added extras like launchpads, staking and crypto loans. For a while the exchange looked busy. Things changed quickly. By 2019 registrations for Chinese users were blocked. Volumes started to slide. On November 15, 2021 the exchange shut down and disappeared from all market trackers. From that moment trading on Coineal simply stopped.
What It Offered Before Closing
At its peak Coineal listed about 30 to 40 coins and close to 90 trading pairs. Fees were flat and low at 0.20 percent for both makers and takers. Withdrawals cost only the network fee, which traders liked. The platform claimed strong security with cold storage for 98 percent of funds, anti-DDoS systems and two-factor authentication. It even promised margin trading and special earning programs through nodes. None of that survived once the lights went out.
Liquidity and Volumes
Early on, daily trading was said to reach 100 million USD. That did not last. By 2021 volumes had dropped to almost nothing. When the shutdown was announced, liquidity vanished overnight. No data has been reported since.
Security and Trust
Coineal liked to talk about its safe architecture and KYC compliance. But there was no real regulatory oversight and no public audits to back up the claims. After the closure, its reputation crashed. Users posted angry reviews about blocked withdrawals, missing funds and useless support. Some said they were asked to deposit more money to unlock their assets. These are classic scam signs. Independent ratings also scored the exchange very low, citing a steep drop in traffic and zero customer trust.
Pros and Cons
- Pros: Low trading fees and cheap withdrawals; NEAL token with discounts during its active period; Cold storage claims and basic anti-DDoS measures.
- Cons: Shut down in November 2021 and now completely inactive; Limited asset variety and no new features toward the end; No regulation and little transparency; Many reports of frozen funds and no help from support; Zero current trading activity.
Who Used Coineal
The exchange was mainly for East Asian traders who wanted low fees and token rewards. It had some appeal for those joining its IEOs and earning programs. But the short lifespan and sudden closure meant most users moved away long before the end.
Final Thoughts
Coineal started as a promising exchange with token perks and aggressive expansion plans. It did not last. The platform closed in 2021, leaving behind angry reviews and a damaged reputation. Today Coineal is just a name from the past - no trades, no support, no reason to use it. For traders, it is a reminder that even exchanges that look solid can vanish fast.