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.
Update: Even though the Koinex platform is easy to use and function as described, they lack on the most important thing and that is customer service. Before signing up, do read the comments from all the members below.
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 ever since demonetization was brought into effect. This chart depicts the volume growth on LocalBitcoins platform. I had earlier talked about the Localbitcoins experience here.
Before Koinex some of the popular exchanges in India are:
I have been a big fan of CoinSecure as it is a Bitcoin trading platform that offers the mobile app as well. However, a big complaint with CoinSecure is the time it takes for the money deposit. This delay is one reason that loyal users like me are turning to new exchanges that offer instant deposit service using RazorPay smart collect. 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 in India
Koinex supports multiple cryptocurrencies trading that includes BTC, ETH, XRP, LTC and now BCash as well. They keep adding new cryptocurrencies so don’t be surprised if you end up seeing more cryptocurrencies 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 ‘Balance‘ 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) 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 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 did not like as much about the trading page is it doesn’t show the total volume of buying and selling which should not be the ideal case. Trading volume helps any buyer/seller to understand the market sentiments, something Koinex should consider showing once they have considerable volume.
If you are someone who is moving from CoinSecure, you might miss the 24 hours high/low price feature. However, you can overcome this by using the live chart feature that works flawlessly.
The trading part of Koinex needs an upgrade 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 a serious flaw, something that Koinex should fix ASAP to make the life of buyers and sellers easier.
Here is a video that explains how you can trade cryptocurrencies on Koinex:
When it comes to security, you need to be extra cautious when using cryptocurrency exchange. It’s a good time for you to read my earlier post on things not to do after buying Bitcoins. 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:
- 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 Bitcoin, Ethereum, Ripple and Litecoin markets.
Also, selling is free until December 31, 2017 (no trade fees on all sell orders till the end of the year).
The conclusion of Koinex review:
Koinex is still in beta, and the platform is maturing. The interface is friendly, and I have not encountered any bugs in my limited usage of Koinex. However, the missing feature of not showing real-time calculation of buying and selling cost is a big hurdle. Apart from this, I see Koinex as a strong contender of being in the top Bitcoin and cryptocurrency exchanges in India. Another thing expected from the Koinex team is a dedicated mobile app. It is something that most of the young users need to make the most out of fastest growing cryptocurrency industry.
And thus, for now, I would stick to other exchanges like CoinSecure, Zebpay for Bitcoin trading despite the fact that Koinex has an edge as they support other cryptocurrencies given the user demands will soar for them as the Bitcoin price has become a psychological barrier for many to enter.
I will update this post as Koinex team adds a new feature and fixes the issues I have mentioned above. For now, I would like to hear your experience of using Koinex platform for trading cryptocurrencies.
Do let me know, using the comment section below, in case you need help with the reviews of other exchanges. You can also join our telegram channel for instant updates. Do not forget to ‘Like’ and ‘Share’ this post with other Indian users.
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