koinex Review: Indian Exchange Guide, Scam or Not ?

Koinex Exchange

7.1

Security

9.0/10

Bitcointalk.org Thread

8.0/10

Community and Media

8.0/10

Fee

8.5/10

Support

2.0/10

Pros

  • Multipal coin support
  • Fast updating
  • Many Trading competition Every week
  • Simple Interface
  • Available Mobile App

Cons

  • Support is Bad
  • Verification Required
  • Not more option for payment

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.

Coinmama: Buy Bitcoin with Credit Card

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.

Buying cryptocurrency

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.

Selling cryptocurrency

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.

Security Terms

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.

Trading fee

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.

MarketSeller FeesSeller Fees
INR 0.15% 0.15%
BTC 0% 0%
ETH 0% 0%

Other then this they have many other fee and limitation which you can find on there official website.

Other Rules

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

FeatureKoinexZebpay
Deposit Net Banking,IMPS Net Banking,IMPS
Security 2FA No
Web Version Yes No
Mobile App Yes Yes
Type of cryptocurrency More compared to Zebpay Limited
Wallet Multipal No
Crypto to crpto Trading No No
Credit Card Payment Not supported Not supported
Anonymous trading No No
Withdrawal 8-10 Working Bank Day 2-3 Working Bank Day

Conclusion

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.

Visit Koinex

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.

Read, more

Cheers!!

VirWoX

Mahesh Chaube

Hey, This is Mahesh Chaube, computer Engineer by Education and Crypto Blogger by Profession From Mumbai. Here at coinraja i write about money making and Reviews on Cryptocurrency Related Thing. I hope you are enjoying My post. cheers !!

36 thoughts on “koinex Review: Indian Exchange Guide, Scam or Not ?

  • December 7, 2017 at 4:00 pm
    Permalink

    Koinex is definitely a game changer when it comes to crypto exchanges in india. Multiple altcoins are also available to trade in. I would definitely recommend koinex to people looking for exchange in india

    Reply
    • December 8, 2017 at 7:08 pm
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      yes bharat!! surely it will

      Reply
  • December 13, 2017 at 9:36 pm
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    am very disappointed with Koinex, all my documents are in place but its already 7 days and KYC is not completed, i have deposited good amount of money in INR account, i cannot withdraw that money nor invest because its shows KYC is in process, i dont know how long will it take as am stuck with my money blocked.And now fear may loose my money.

    Reply
    • December 16, 2017 at 8:30 am
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      you should wait until your kyc is verified by company. verification process is getting late due to high traffic. once your kyc is verified, you will get your money back.

      Reply
  • December 14, 2017 at 7:34 pm
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    koinex is worst. It says it takes 48 hours for KYC process and this is almost a week here and KYC is still under review and the support never turns up. It is just for display that the support will turn up to you in 24 hours. No good management. They are not even concerned about the change in prices. Really disappointed with Koinex !!

    Reply
    • December 16, 2017 at 8:28 am
      Permalink

      due to high traffic they are taking more then 1 week for verification. this is fast as compare to other indian company’s

      . and you should know bitcoin price is volatile it keep changing in second.

      Reply
  • December 17, 2017 at 11:43 pm
    Permalink

    Why I cant buy omg in koinex

    Reply
    • December 21, 2017 at 7:04 pm
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      you can not buy omg from koinex. they will start very soon.

      Reply
  • December 20, 2017 at 11:18 am
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    Hi, my kyc is under review for the last 7 days(initiated on 14 dec), how much time it will take to complete the review and do I need to add some money into my koinex account to get the KYC verified?

    Reply
    • December 21, 2017 at 7:03 pm
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      no wait. due to rush on site kyc verification process is getting delay. if you add money before verification then your money will be stuck in exchange .

      Reply
      • December 22, 2017 at 12:10 pm
        Permalink

        but how much time, still not verified.

        Reply
        • December 23, 2017 at 2:48 pm
          Permalink

          they will take time..

          Reply
  • December 21, 2017 at 10:00 am
    Permalink

    can we buy other coins like electroneum via koinex if yes please guide me through the steps

    Reply
    • December 21, 2017 at 7:01 pm
      Permalink

      no you can only buy bitcoins, etherum, bitcoin cash and ripple

      Reply
  • December 22, 2017 at 10:49 pm
    Permalink

    I am Trying to Contact the Knoinex through E mail for multiple times around (20-30) for withdraw error but there were no replay so far, i am very my disappointed.
    Around 50k of my money got stuck i have received for two days.

    is there any other way to contact them soon.

    Reply
    • December 23, 2017 at 2:47 pm
      Permalink

      no there is no direct way of communicating with koinex. if you live in mumbai then you can visit BKC in office

      Reply
    • December 28, 2017 at 2:20 pm
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      Did you get your money. I also have the same problem.

      Reply
  • December 23, 2017 at 8:05 pm
    Permalink

    koinex office adresse rong
    I have visit website adresse but nothing office in Mumbai.

    Reply
  • December 25, 2017 at 6:36 pm
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    Hii my account is not working more than 50 hrs I sign in show ( we are currently monitoring your account.All activities temporarily disabled .) I entered wrongly 2FA password in security I entered and OTP receive and I put it and then account not working
    Please tell me
    I 5 and more time mail Coustomer exucative no reply
    What time need to open account

    Reply
    • January 3, 2018 at 11:38 am
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      you should use other exchanges as this happen to lots of users of koinex.

      Reply
    • January 7, 2018 at 12:20 am
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      I am also facing the same problem.I am not able to login into account from last 1 month.Multiple tickets raised ,didnt get any support.

      Reply
  • December 26, 2017 at 12:50 pm
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    my account activity gets disabled due to unknown reason . i also had mail to [email protected]
    but all effort are in vain. there is no proper contact no also for resolve customer grievance

    Reply
  • December 26, 2017 at 3:40 pm
    Permalink

    i have recently opened account with koinex, I am confused between trading and buying ? can I buy bitcoin from this site and keep it for some time, i.e. in normal trading we buy and sell on same day however here is it possible that we can buy and keep for a month or two and then sell? also if there are no buyers on this particular platform then how can we transfer that bit coin amount from here to other wallets like zebpay etc.

    Reply
    • January 3, 2018 at 11:37 am
      Permalink

      yes it is possible. firstly you should be clear about your investment , what do you want from this. money or holding?
      if you are holding then i will suggest to go with any cold wallet like ledger or paper wallet. keeping your currency in exchanges is risky.
      if your want to trade then it is risky but you can earn money fastly. always check secuirty risk of company and other thing.
      you can also transfer your bitcoin to zebpay.

      Reply
  • December 26, 2017 at 6:33 pm
    Permalink

    i have entered the wrong bank account no while transfering the money..and the money got deducted from my bank..what should i do now?

    Reply
    • January 3, 2018 at 11:26 am
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      you should mail at support for reply but usually they dont reply your message

      Reply
  • December 26, 2017 at 6:59 pm
    Permalink

    Hi this side madhu,
    After Google Authenticator verification , when I applying OTP, it shows invalid OTP,
    Any one can help me to sign up my account, I also raised ticket more then 3 time but there is no response

    Reply
    • January 3, 2018 at 11:25 am
      Permalink

      after google verification they never ask for otp verification.

      Reply
  • December 29, 2017 at 10:57 pm
    Permalink

    is koinex secure? or will it become scam? will the website close?

    Reply
    • January 3, 2018 at 11:24 am
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      there are lots of negativeness in market regarding koinex. i never found any problem but this is true taht they never reply of your mail or message.

      Reply
  • December 30, 2017 at 5:41 pm
    Permalink

    My KYC was got approved within 5-6 days but once I deposited the amount it never got credited to my wallet and I tried to deposit using express transfer it then I had no issues but I had to pay some charges. Very disappointed with their service on deposits and their support never responds even after multiple emails.

    Reply
    • January 3, 2018 at 11:23 am
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      yes in starting era they usually respond but now they dont.

      Reply
  • December 30, 2017 at 6:45 pm
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    I am an employee with salary INR15000/-.I have made payment Rs.15000/- to Koinex throught NEFT on 28.12.2017, But it did not reflect in my koinex account, After sending a number of mails and meesages on facebook, they send me an email with Support ticket number. But on 30.12.2017, I did not get my payment in my koinex account what should I do Please suggest. They did not reply to any mail or messages even today. I think I lost my money they are So unprofessional. Please suggest

    Reply
    • January 3, 2018 at 11:23 am
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      you should go to police station for cyber crime FIR.

      Reply
  • January 6, 2018 at 11:45 am
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    Hello I was using koinex account trading smoothly but sudanly I received the notifications that account rejectd my 57000 rs in koinex Wallet somebody can help me. how i will back my money

    Reply
    • June 8, 2018 at 4:21 pm
      Permalink

      you should go to their office which is in mumbai lower parel. hope you will find solution

      Reply

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