Koinex: Indian Exchange With Multiple Cryptocurrencies

Indian Exchange With Multiple Cryptocurrencies

There is a rising demand of bitcoins and altcoins in the cryptocurrency market. The government’s crackdown on the crypto market was just a small bump that the market faced but it has bounced back. With a thriving market, there comes a need for exchanges to trade on. Seeing the market thriving, many exchanges sprouted up in the past few months and Koinex has been one of them. While the platform is still new, it has gained quite a lot of popularity. One of the problems that users of Zebpay, Unocoin, or Coinome faced was the delay in the deposit of INR in their accounts. However, Koinex rose above the rest with its instant (taking about 5 minutes at most) deposits.

Koinex: Indian Exchange

Koinex supports the trade of various currencies such as BTC, ETH, XRP, LTC, GAS, OMG, TRX, BCH, etc. New coins are added on a regular basis and the interface is also quite intuitive. The sign up on the platform is quite easy and all you have to do in order to verify your account is update your KYC information. You can link only one bank account to your Koinex account and all transactions of deposits or withdrawals will be done through that account. You can then add the funds directly into your account using bank transfer, or by using other payment gateways like UPI, PayUMoney, Airtel Money, JioMoney, OlaMoney, PayZapp, and others. There is a small 2% fee when using payment gateways.

Trading of cryptocurrencies, both bitcoins and altcoins, on Koinex is paired only with INR. The downside of the platform is its lack of features such as trading volume. It does not show the volume of the trade that has been done in the past 24 hours. Koinex also lacks the 24 hour high/low feature that most other exchanges have. While buying any cryptocurrency, it does not display the exact amount that you have to pay if you are trading using decimal values.

The security on Koinex is quite okay. There is a facility for 2-Factor-Authentication using SMS, e-mail, or Google Authenticator. The trading fee is 0.25%. The platform is overall in a beta stage and still matures with every passing day. While there are some things that it needs to work on, it still has proven itself to be a strong contender for the top exchange in India.

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