Koinex Review: Cryto boom has just started and people are going crazy to buy cryptocurrencies.
Initially, People knew only about Bitcoin but with cryptocurrencies coming into the limelight, they are aware of other cryptocurrencies like Ethereum, Litecoin, Ripple etc.
With the increasing demand for cryptocurrencies, many new exchanges have opened up to facilitate the need.
Recently, Koinex was introduced to the Indian market and was an instant hit. Though the exchange is extremely new, Indian cryptocurrency enthusiasts welcomed it wholeheartedly.
Although there were exchanges like Unocoin and Coinsecure, people were not satisfied by their service. These exchanges didn’t have many cryptocurrencies on their platform and were down most of the times.
Meanwhile, Koinex understood the increasing demand for Bitcoin and other cryptocurrencies and tried to bridge the gap for Instant Buying and selling of cryptocurrencies in India.
Moreover, Before Koinex, I used the following exchanges to Buy Bitcoins in India:
However, To buy altcoins we need to buy Bitcoins from the above-mentioned exchanges and then transfer them to international exchange. This incurs huge transaction fees. Hence, Koinex is a huge relief for all aspiring crypto traders.
What is Koinex?
Koinex is a popular Cryptocurrency exchange which allows you to buy and sell cryptocurrencies with Indian fiat currency i.e. INR.
This exchange was started in June 2017 by a group of cryptocurrency enthusiasts who were looking for a trading platform in India.
The founders include Rahul Raj(IIT Kharagpur), Rakesh Yadav(IIT Delhi), Aditya Naik(BITS Pilani).
Which are the Cryptocurrencies available on Koinex?
Along with Bitcoin, Koinex allows us to trade several other cryptocurrencies with INR:
- Bitcoin Cash
Moreover, they are rigorously adding new cryptocurrencies on their platform thus giving more trading opportunities.
Getting Started with Koinex:
Trading on Koinex is pretty easy and it will take a few clicks to get started. Their dashboard is user-friendly for crypto beginners.
- Visit Koinex
- Sign up with your Name, Number etc.
After creating the account, you need to get the account verified.
- Now You need to complete the KYC
- Enter all the basic information and upload a Government ID like Aadhar Card, PAN card, Passport etc.
Your KYC verification will complete within 2 days and then you need to connect your bank account to your Koinex account.
If you have various bank accounts then make sure to choose wisely as you can connect only 1 account for deposit and withdrawals.
Now you can easily add funds to your account and it will take a few minutes to get done. You would be surprised to know that apart from Bank Transfer there are various other modes of adding funds i.e.:
- Airtel Money
However, Adding funds using the above-mentioned gateways will be charged 2% fee.
If you have added funds to your account, then you can check the balances in your account.
Once your account is fueled by the funds, its time to start crypto trading.
Buying and Selling Bitcoin, Ethereum, Litecoin on Koinex
Currently, Koinex allows trading between Crypto and INR only and not Crypto to crypto. Thus you can buy or sell available cryptocurrencies in exchange for INR only.
To start trading, you need to select the cryptocurrency you wish to buy. Moreover, When you select your preferred cryptocurrency you can also look at the recent Buy and sell trades along with the trade history.
Now you need to enter the amount of crypto and the price.
In my case, I bought 0.5 Ether at the price of 20,100 which cost me 10,090.20 along with the fee.
Just click on Buy and confirm the order.
You can also watch the video below where all the steps are clearly shown.
Once your trade is completed you can see the crypto in your Koinex wallet. The crypto will be automatically added as soon as you trade matches.
Moreover, If you want to sell your crypto, the process is almost the same. You just need to set a price and enter the amount of crypto you wish to sell. That’ it!
Once you get INR in your Koinex account, you can transfer it back to your verified bank account.
Fee Schedule of Koinex
The fee charged by Koinex is competitive when compared with other exchanges in the market. Even if you are regularly going to trade, the fee would not eat up your profits, which is a good thing.
|Executed in last 30 days (INR)||Seller Fees||Buyer Fees|
|Rs.0 to Rs.25,00,000||0.20%||0.25%|
|Rs.25,00,001 to Rs. 1,00,00,000||0.15%||0.20%|
|Rs.1,00,00,001 and above||0.10%||0.15%|
Also, Selling is free until December 31, 2017 (No trade fees on all sell orders until the end of the year).
You can check out all the deposit and withdrawal charges for various currencies here.
There are a few trading rules, set by the company which you must go ahead and have a look at for a better understanding of the platform.
How Secure is Koinex?
Talking about the security, Koinex is a DDoS protected website and they also have a 2-factor authentication with SMS as well as google authenticator app. But I would recommend you to go ahead with google authenticator for better protection.
Apart from this, you must use a highly secure password so that no one can get into your account.
Pro and Cons
Though this site is really good for most of the cryptocurrency buyers in India, everything has its advantage and disadvantages. So, let me share a few pro and cons of Koinex.
- Quick KYC verification
- Easy for Beginners
- Low Fee
- Low liquidity
- Delayed withdrawals
- No voulme chart
- No Mobile App
My Take on Koinex
I have used Koinex several times and found it easy to use for beginners. This exchange is much better than Coinsecure and Unocoin which generally fave downtime and slow deposit/withdrawals.
It has a very intuitive interface which is suitable for beginners but it is still no suitable for advanced traders. The major drawbacks which I faced are Low liquidity and lack of volume chart.
So, If you just want to purchase crypto for hodling it for a long period then Koinex is a great choice for you. However, I would recommend not to store huge funds in the account rather use a Hardware or Android wallet for more safety.
Moreover, the site is still in the beta stage, hence we can expect a lot of improvements in the coming months. Overall, Koinex provides an easy way for Buying cryptocurrency with INR at a competitive fee.
I hope you liked this article if you still have any queries then feel free to comment below!
Meanwhile, you can read my other articles:
- Convert Bitcoin to Altcoins instantly
- Best ways to Buy Ethereum in India
- Best ways to Buy Bitcoin in India