Koinex Review: India Crypto Exchange with Multiple Cryptocurrencies

With the rising demands of cryptocurrencies, the number of exchanges to assist the buying and selling is also on the rise. In the past few months, many new exchanges have hit the market and Koinex is one of them.

Despite being a new exchange, Koinex is becoming popular for bringing the instant deposit and withdrawal to Indian cryptocurrency enthusiasts. Before we get into a lot of details, let’s talk about the volume.

With the increasing awareness of Bitcoin and other cryptocurrencies among tech-savvy Indians, the volume soaring high. This could be evident from the chart below which clearly shows how Indians have started taking to Bitcoins.

Some of the popular exchanges in India are:

• ZebPay
• Unocoin
• Coinome
• Coinsecure
• Zecoex

The purpose of this review post of Koinex is to share my experience and learning from using the Koinex platform to trade cryptocurrencies.

Koinex Exchange: Buy/Sell Bitcoin, Ethereum, Ripple, Litecoin and many more in India

Koinex supports multiple cryptocurrencies trading that includes BTC, ETH, XRP, LTC, BitcoinCash and 25 coins in India. They keep adding new cryptocurrencies so don’t be surprised if you end up seeing more cryptocurrencieshttps://koinex.in/ on the site than what I have listed above.

The interface is intuitive, and it will be easy for a newbie to understand how to use the Koinex dashboard for trading. More on this later. Let me quickly share my experience of using Koinex so far.

Getting on board:

Getting started with Koinex was easy. Once I created an account on Koinex, the next required step was to complete the KYC. That was easily done – by submitting a government document such as Aadhar card, PAN card, passport, driving license or any other.

Once you finish the KYC, the next step would require you to link your bank account. If you have multiple bank accounts, you need to be extra cautious as you can add only one bank account and money deposit/withdrawal can be done only from the linked account.

Koinex creates a unique bank deposit account for you where you can add your bank account as a payee. This detail is available on the ‘Inr wallet‘ tab under your Koinex account. Once your KYC verification is complete (usually done within 48 hours), you can deposit funds to the linked account.

The beauty here is this – after depositing the funds, Koinex will add money to your Koinex account instantly (within 5 minutes) with payment gateway( 2 % flat on the amount submitted)  and 3 to 4 hour by IMPS method in an automated manner. You really do not have to do much. This feature itself is very powerful, and something other cryptocurrency exchanges in India and world are yet to adopt.

Once the money is deposited, you can check the available amount under the ‘Balance‘ tab. In the below screenshot you, you can see the balance of INR 2500 and bank details

You can also deposit funds using wallets such as UPI, PayUMoney, Airtel Money, JioMoney, OlaMoney, PayZapp, and others. Depositing funds via a payment gateway will incur a cost of 2% as service fees.

Trading Bitcoin and cryptocurrencies:

As of now the only pair available for all the cryptocurrencies is with INR (you can only buy or sell in exchange of INR). The trading interface could be accessed by selecting the type of cryptocurrency.

What i like much about the trading page is that it shows clear view of coin on the desk and 24 hour volume of the coin. You can directly click on any coin and you can enter into the trade but first you need to be signed in. 

Crypto to Crypto exchange

As after Indian government bound all financial entity not to deal with cryptocurrency in any terms after 7 of July koinex found a new and better solution for the trader to trade in crypto to crypto and one good and profitable thing is that there is no fees on doing crypto to crypto trading. As a trader he can do as much trading in crypto to crypto exchange.

The crypto to crypto is available in three currency bitcoin, etherum and ripple.

The trading part of Koinex is also upgraded. Earlier there is a flaw as the screen doesn’t show the calculation when you plan to buy any crypto in decimal points. For example, in the below screenshot you can see that I’m trying to buy 0.5 ETH @24499.99, but it doesn’t show the total landing cost. This is fixed by Koinex to make the life of buyers and sellers easier.

Here is a video that explains how you can trade cryptocurrencies on Koinex:

Security:

When it comes to security, you need to be extra cautious when using cryptocurrency exchange.

Koinex offers all latest security measures, and one should enable the 2-factor authentication (2FA) using the Google Authenticator app. They allow 2FA using SMS and email, but you should only use the Google authenticator feature. For the password management, you should use Dashlane and a unique password.

You can enable or disable any settings by going to Profile > Security page.

Other important things about Koinex:

Koinex charges 0.25% of trading fees, and it’s time you are aware of their fees structure. There are a few interesting rules set by Koinex on their trading rules page. Below are a few highlights:

• In a particular market, a trader cannot place a buy order and a sell order at the same price per asset. For example, 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, at the most, can have eight open orders simultaneously in each market. For example, the user can have a maximum of 8 open orders each in all markers. Ex: Bitcoin, Ethereum, Ripple and Litecoin markets.

The trader cannot place a buying or selling order with more than 20 % deviation of the current rate.