In the past few months, many new exchanges have hit the market and Koinex is one of them. 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 decided to build an Indian exchange supporting INR fiat currency. Thus koinex was made by this realization.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.
Despite being a new exchange, Koinex is becoming popular for bringing the instant deposit and withdrawal to Indian cryptocurrency enthusiasts. In this 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.
Koinex listed Coins
Koinex supports multiple cryptocurrencies trading that includes BTC, ETH, XRP, LTC and now BCash as well. Although it was launched in August 2017, Koinex already offers some of the most popular digital currencies –
Bitcoin, Etherum, Bitcoin Cash, Ripple, Litecoin, Golem, Omisego , Request network, OX protocol, Basic Attention Token , Aeternity, Tron, Stellar, Neo, Gas and few more in the near future.
Koinex charges 0.25% of trading fees, and it’s time you are aware of their fees structure.
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 now for trading in cryptocurrency you can use koinex Exchange.
koinex supported 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.
There are some updates which occurs recently are given below:-
- INR withdrawls used to take less than a minute for transactions less than 2,00,000. However, since January 2018, it takes around 3 days.
- Two step Google Authentication introduced for safety of your account and it is now a mandatory step.
- The minimum transactions units for Ripple (XRP) is now 20 instead of 50. It may sound a bit absurd for beginners.
- No IMPS transfer option as of February, 2018.
- On December 30, the withdrawls cost me 2.36%. There was GST charges on withdrawals which is not a great thing for cryptocurrency trading.
- The Koinex app can provide notifications regarding trading prices and this is awesome for irregular traders.
Advantages Of Koinex:-
Firstly, it works on INR, so its easy to use and transact money.
Clear presentation of the charges, competitive trading fees:
Not all exchanges disclose the fees they apply on their websites, however Koinex presents its charges in a clear and accurate manner.
Multiple cryptocurrencies are available and many more are expected to include.
Best exchange rates as compared to Zebpay and others.
INR accepted, bank transfer supported:
Koinex offers trading in digital coins for fiat currency – Indian Rupees (INR), to be more precise. Easy money transfer to your linked account.
A wallet service available:
In koinex exchange they accept deposits and send the coins to a wallet which you must create.
Recent Updates from Koinex
Free deposits via UPI now live. Refresh your browser tab/ restart your mobile app to see the option of UPI deposit.
INR DEPOSIT UPDATE
New payment gateway has been introduced in both Web and Mobile apps.
Introducing the Official Koinex mobile app! Get it on Google Play Store from Monday, February 12, 2018. https://goo.gl/i6qt69
New user registrations are open. Sign up now!
Disadvantages Of Koinex:-
- No Coin-to-coin trading:
Although Koinex currently supports five cryptocurrencies, coin-to coin trading is not enabled on the exchange.
- High withdrawal fees:
Withdrawal fees applied by Koinex are a bit too high. For example, Bitcoin withdrawals are charged with a fee of 0.001 BTC.
- Min. deposit, trade size set:
This exchange has set certain requirements for minimum deposit and trade sizes, which may be limiting for some users. Koinex obviously targets mainly local investors, as it supports only INR, while most exchanges allow deposits in USD.
Competitive trading fees Relatively high withdrawal fees
Fiat currency supported (INR) Min. deposit, trade size set
Decent range of altcoins offered No coin-to-coin trading
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.