koinex Exchange India Review, a 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 Exchanging cryptocurrency. We all know the process of buying bitcoins and to transfer it.
If you live in India then the saddest part is Indian government restricted the exchange for money transfer through the Indian bank. But the market doesn’t affected to much with this. You can see trend Bitcoin trend in Below graph.
We can buy bitcoins in Indian currency easily by Unocoin, Zebpay. 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.
Koinex Review: Multiple Cryptocurrency Exchange platform in India
After the coinsecure hack, cryptocurrency market for Indian buyers & seller become very untrustable. Zebpay charge very high amount of Fee as compared to Market Rate. Also, like binance, they didn’t have any options in terms of verity in cryptocurrency.
In 2017, 3 Indian Boy started a first multi cryptocurrency trading platform in India. Let see Team behind Koinex exchange.
Team Behind Koinex Exchange
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. But It is not hoped they will start very soon.
Other then this they started many supporting many other cryptocurrency some of which are listed below.
Bitcoin,Ethereum,litecoin,Ripple, Zcoin, AION,AELF,Achain,Bitcoin Cash, Golem, EOS,Ether, NEO,Nano,IOS token,,,omisego,request,stellar,zebi Etc.
You can see complete list on there offical site.
Verification process on Koinex
After creating an account, a step which is very important for Indian exchange is verification. Without this, you cannot be processed further. For verification process, you can submit any government proof like pen card, adhar card, passport. Photograph is mandatory in the document list.
After verification you have to link your bank account with koinex account. This will help you to deposit and withdrawal of INR balance to direct account. Without a bank account, withdrawal is not possible.
Also unlink virwox where we have multiple options of withdrawing in any account, in koinex we can withdrawing our money in a linked bank account only.
Adding fund to Account
One feature of koinex which I am is multiple deposit option which is no longer available on site. Now you have the option just like other Indian exchange.
You can deposit Money via Net banking powered by fonepaisa for fast deposits. This method has 2% of deposit fee.
You can also deposit as IMPS which take 1 working day to deposit in you INR wallet(INR WALLET).
After deposit, your wallet is starting showing price.
Trading cryptocurrency in koinex
One of the beautiful features of koinex is they have multiple coins for trading. You can buy and sell multiple cryptocurrencies directly from dashboard using your fiat currency which is a pretty amazing feature which I like.
One feature which is missing in koinex is they didn’t have 24 hours highest and lowest price record in the web version. In Mobile App version they have this feature. I think they should add this feature also in the web version.
They have multiple graphs which help you to understand the behaviour of the market rate. You can find this option by choosing a”Market then desired coin” on the top of the bar.
Select coin from market option which is available on the top of the bar. After that put the volume or put the amount of cryptocurrency you want to buy in INR amount. After this just enter the amount on which you want to buy.
When you click on buy you will get popup which shows “confirm” option.
You will get your coin when the market rate is matched with you buying rate.
Just like buying process selling of cryptocurrency is also simple in koinex. Again you have to select your coin from the market tab. Enter the amount of cryptocurrency you want to sell. For now, I am showing Bitcoin.
Enter the rate at which you want to sell. You can also sell your coin based on INR amount rather than coin amount.
When you click on sell then you will get a popup which shows trading fee and other detail. Just click on confirm.
One more option which is added to koienx sell option is you can set stop limit. Which help you to sell you cryptocurrency when the market is going down at direct rate.
You can check this video for the complete process.
After the coinsecure hack, cryptocurrency exchange becomes very serious about security.
Koinex has 2 option which you can enable it for security. You can enable google Authentication for secure login. You can also enable SMS/email Two-factor Authentication.
But the problem which remains same is they store our private key so if koinex get hacked in future then we will lose our cryptocurrency. If you are storing your cryptocurrency for a long time then you should avoid using such type of online wallet.
Hardware wallet is greatly replaceable for this. You can use ledger because it has all latest security measure in built.
Deposit fee for cryptocurrency is free but they charge 0.15% of fee when you deal with INR.
You can check this table of fee structure.
|Market||Seller Fees||Seller Fees|
Other then this they have many other fee and limitation which you can find on there official website.
Koinex has many other rule which you can see their website.like:
- In a particular market, a trader cannot place a buy order and a sell order at the same price per asset. E.g If a trader places a buy order for 1 Bitcoin at Rs.200,000. They cannot place a sell order of any number of Bitcoins at Rs. 200,000.
- A trader can have at the most 8 open orders simultaneously in each market. E.g. 8 open orders each in Bitcoin, Ethereum, Ripple and Litecoin markets. So in total 32 open orders.
- There is no guarantee that an Order will fill fully or partially at the price specified. A Market Order may fill fully or partially, based on the quantity of the Order and the quantities of the existing Orders on the Order Book at the time.
Comparison of koinex vs zebpay
|Deposit||Net Banking,IMPS||Net Banking,IMPS|
|Type of cryptocurrency||More compared to Zebpay||Limited|
|Crypto to crpto Trading||No||No|
|Credit Card Payment||Not supported||Not supported|
|Withdrawal||8-10 Working Bank Day||2-3 Working Bank Day|
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 with your friends and family. Let them know about the digital currencies.
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