Koinex Indian exchange review!
So what is koinex?
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Ans. It is an Indian startup, and in near future it might be one of the best exchanges in India.
It is still in early stages and they launched barely 2 months before.
I started trading on koinex platform on the first week of its launch. I never knew about koinex and no one told me about it before, so I was a bit sceptical at first, because some of the indian exchanges do look a bit shady! I wanted to buy ripple, and koinex was the only direct option to trade fiat/ripple then. So I started researching about them before signing up.
I got to know where they are based in, about the backgrounds of the founders and several other things. I decided to check reviews. There were none, since koinex was still new. Anyway, I decided to join koinex and see for myself.
I previously traded on almost all indian exchanges, but I was taken aback when my KYC got verified only in a matter of few hours! (+1)
Signed up and set up my account….
Checked out their telegram group, joined it, interacted with the community and admins. Admins addressed each and every issue and communucated often…. Admins answered all my queries.... Honestly none of my issues were pending for more than an hour (+1)
Anyway. I decided to out in some money to test how it works… previously I had an account on coinsecure, and they took nearly 3 days to simply verify and add money to my wallet!
Anyway… I deposoted some amount via IMPS… and waited.
Surprisingly enough, I asked admins on the group how much time it would take.. They asked me to wait for 15 minutes. And they confirmed it!! (+1)
[previously they confirmed transactions manually, but now they integrated with Razorpay to automate the process, and have introduced the Real time Instant deposits and withdrawals. So IMPS takes only 5 minutes now…. If you deposit some amount via IMPS to your bank account, as soon as the funds are sent from your account, Koinx wallet gets updated….(+1)]
I started trading…. Trading experience initially was somewhat okayish, I wouldn't complain, but considering that its a new startup, I believed they would increase over time, and they did improve their trading platform a lot! Now things are much different and better, and they are always getting better as days are passing by.
Trading volume seems to be a bit low on koinex (-1) but if we look at their exponential user growth, and the features, they will capture most of the Indian market very soon…. And they do encourage high volume traders with special rebates (+1)
They still use an sms based authentication (+0, no points) but they are yet to introduce Google Two factor authentication very soon…. That will be another plus point then… I'll update my answer then….
Some of the things to note:
They store 98% of the user funds offline in a combination of hot, warm and cold wallets, and thus they keep the funds safe! They also have Hardware Security Modules to store sensitive information like private keys.(+1)
They are yet to introduce a mobile Application in the month of November… (Another plus point then)
They have real time instant deposits and withdrawals
There are no fees to withdraw funds to your bank account!! (+1)
Admins are very active on the telegram channel and via mails and they resolve issues very quickly (if you face one, and I can guarantee if you follow the quick start guides you will never face any).
They have released their API (+1) it will be useful for devs.
Order books are open, so everyone can see transactions clearly and transparently.
I hope I can give a comprehensive review covering most of the points…. So you can see that on a scale of 10, they scored 8. So thats my overall rating of koinex. And its the highest for any Indian exchange!!
I would still give koinex a 5* rating because if we look at the dedication, we can be assured that koinex will do good in future and will turn out to be the best exchange in India.
So I hope you might consider joining koinex. Of course do some research on your own, but I personally recommend it.
If you found my answer useful and want to join, consider clicking the below to get a headstart of ₹50 for free.
(Only for Indians at the moment please 😊)
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Upvoted, r esteemed, commented 👍
No Doubt, Koinex getting better everyday.
Thank Koinex.
Yes! Consider signing up with my link of you haven't yet! :)
Am one of the traders who were disgusted with Zebpay..Koinex made crypto trading reliable and their response was amazing. Love u Koinex. Keep rocking. U r the competitor, no other exchange in India is providing service as good as u..!!!
Zebpay is a broker with a very large difference between buy/sell price.
I also got frustrated with them, left and joined coinsecure then. Git utterly disappointed by their slow service, left them, opened an account on btcxindia and ethexindia... KYC never got approved on those two sites and were pending since 2 months.
And then.....
I found koinex! 😅
informative..
I am new here in steemit..i have plan to enter the crypto exchange..can anyone provide the complete details or any regarding links to understand about the trade..
Sure.... Where are you from?
First you have to open an account in an exchange which allows fiat/crypto conversion....
What is the transaction fee ? How long does it take to verify the account after sign-up ?
Previously it took time, but now things have changed, and you can expect sign ups and verification on the same day itself!
And there are no fees to deposit/withdraw fiat money.
And there is only a nominal 0.25% buying fees (trade fee) only for the time being, and no sell fees as well.
Consider joining with my referral link on the post to get ₹50 free when you register. :)
And also check out koinex.in/fees
Oh! I had a bad experience with coinsecure during diwali holidays. I wasn't aware of minimum transaction, manual process etc. Even I knew about koinex but wasn't sure if they are legit. I'll sign-up using your link so that that you can get some INR and then convert to XRP :)
I had bad experiences on coinsecure, btcxindia, and ethexindia as well..... :(
But all the sites are legit thats for sure... I joined after checking them only 😅 but yes do some research!
Check out the profiles of the founders and people working on koinex as well on linked in...
its been 3 days now and still there is no riply to even my mails and KYC not yet verified frustrated with this site.If anyone in an authority from the koinex side please help me
Thanks for writing about this. I converted sbd to Eth and deposited in koinex. Now, how do I get it transferred to my bank account or should I trade and then get it transferred? Is there a minimum to transfer to our Indian bank account? Please do answer.
Their BTC transaction fee at .001BTC per trnxn is huge. Needs to come down depending on Satoshi/byte requirements. It can be dynamic. Except that, I love Koinex as compare to Zebpay and other sites.
Why do you people even transfer btc to other exchanges? There are options on koinex to withdraw other currencies like XRP, LTC, ETH, at very less fees to anywhere. Plus Ripple/LTC/ETC are faster as well
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Hey @rahulbasu
I've recently joined it and I am skeptical. Your review is helpful. I can relate to your points like,
It doesn't have Google Two Factor Authenctication
It doesn't have App
It is not popular yet.
But,
It's one of the few cryptocurrency exchange in India.
We have many cryptocurrency options.
The fees is low compared to other Bitcoin exchanges like Zebpay and Unocoin.
I think it's new site but it will grow rapidly.
Recently there have been confusions about the reliability of Koinex. Their twitter page is flooded with so many requests. People have started to panic as Indian Government is providing lots of statements about Cryptocurrency trading in India.
I wrote an answer in Quora about Koinex. It will have details and my experiences with Koinex. Please check it out.
https://www.quora.com/Is-Koinex-reliable-for-cryptocurrency-transactions/answer/Balasubramanian-Srinivasan?srid=OcUb