koinex Exchange India Review,guide for exchange and scam alert.
Hello, crypto investors,
As we all know about cryptocurrencies like Bitcoins, Ethereum, Litecoins etc. Somewhere around we all want to invest in this digital currency. In our previous post, we saw the various methods of buying/selling cryptocurrency. We all know the process of buying bitcoins and to transfer it.
We can buy bitcoins in Indian currency easily by Unocoin, Zebpay, Coinsecure. In terms of buying Ethereum, most of the people make mistakes in India. They first purchase bitcoins and then they convert it into Ethereum to store in the wallet. Sometimes these deals make a profit but most of the time there Is chances of loss. So it doesn’t make sense to invest like this where there are more chances of loss.
Here you will get to know the role of koinex Exchange.
What is Koinex exchange?
Currently, etherxIndia.com is the best site to trade in Ethereum in India. But when you go to this site they have blocked the sign-up option for new users for last 3 or 4 months. Also, it will be closed for more 2 to 3 months until they verify the every old user and the KYC. So know for trading in cryptocurrency you can use koinex Exchange.
After a long time and a dedicated hard work, the three Indians have finally achieved this the Koinex multi-coin exchange. In Koinex.in you can easily trade in the Indian currency itself.
Koinex has been founded by Rahul Raj(IIT Kharagpur), Rakesh Yadav(IIT Delhi), Aditya Naik(BITS Pilani). They first introduced this blockchain technology in 2016. The founders began cryptocurrency trading in 2017. They observed the gap between the terms of quality delivered by global exchanges and the present Indian exchanges. So they decided to build an Indian exchange supporting INR fiat currency. Thus koinex was made by this realization.
Types of crypto Currency you can trade?
The founder of the koinex said that initially, koinex will support 4 coins right at the beginning: Bitcoin, Ethereum, Litecoins, and ripple. They promised that the other altcoins will be added frequently. Currently, koinex supports fiat to crypto. For example INR/BTC and INR/ETH. Crypto to cryptocurrency trade will be live soon.
How to Buy/sell cryptocurrency using koinex?
My main aim of using koinex is to start trading on Ethereum. And believe me, I start loving this. Therefore I am writing this koinex review.
First, you have to make an account using this link and verify using the phone number as well as using email id.
Then you will redirect to a page where you have to insert your Bank account number, your id card, and other things. After verification, your dashboard will look like something this.
Usually, verification process takes 2,3 days.
You can deposit your money using bank transfer but I love the feature of depositing money using payment gateway like mobikwik, feecharge and jiomoney. The process of deposit money takes time of 1 working hours.
After successful payment, your wallet shows money like this.
Now you are ready for trading. Simply you have to choose cryptocurrency for which you want to start trading. In my case, I will choose default currency i.e ethereum.
For buying Ethereum I will put volume of how much I want to buy and the price at which I want to buy.Suppose you want to buy your 0.5 Ethereum at the cost of 19.5 thousand and there is a trader who also wants to sell 0.5 Ethereum at the price of 19.5 thousand.
After that click on the BUY button.
After clicking the buy button, one pop up will appear which show verification of trading. Click on CONFIRM.
Your trade is ready. So in the trade history when both the value will be matched the trade will be completed automatically. Etherum is automatically bought by you when you reach same market price for this Ethereum trade.
The process of selling cryptocurrency is also same.
Here is a short video will help you to do trade easily.
Cons of koinex.in
Actually, i am a Big fan of this site, I found only this problem on site otherwise this site is good for any type of investor.
- The volume is very low in terms of trade
- They are not giving any type of gift vouchers or incentives as a new user
- in rarer case INR withdrawal takes 2 days, so you have to wait for a very long time
Pros of koinex.in
- KYC is done in 1 to 2 days if everything is fine.
- So it is a plus point
- in my case whole KYC process is done in 1 month which is worst.
- Litecoin,ripple and altcoin support option is also there.
- multi wallet option.
- exchange and all transaction are fast.
- withdrawal of money within a minute.
- More number of users and trade happening per day
Why you should use koinex.in?
It will provide the security to the users. It is a quick wallet which will help in trading and tracking. The payment methods available are- cards, bank transfer, and cryptocurrencies. It will manage the cryptocurrencies in INR in the user’s wallet.
The instant help will be provided to the user. Also, the transaction fee is very low for all the trading methods. The apps are available for android store and the IOS store. It will increase the number of users.
It’s a new platform for the users. Especially for the users who want to trade in INR. Every individual will try to break this new platform. The main reason that lacking behind India in digital currencies investment are the fewer options to trade in terms of quality as well as In limited currency option.
So koinex Exchange is breaking that chain. Also, koinex.in is filling the gap between the user interface and experience by INR investment. It will increase the interest of Indian market in the investment of cryptocurrencies
I hope this post will help you the understand little bit about koinex.in. so please share this post to your friends and family. Let them know about the digital currencies.
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