Koinex Review
- Simple to use
- Offers a wider selection of cryptocurrencies
- Easy to open an account with them
- They are transparent about their fees
- Offers how-to videos on how it works
- Not suitable for advanced traders
- Limited trading pairs
- Limited payment methods
- Seems to target Indians only since their fiat is the only one supported
- No leverage trading
As the demand for cryptocurrencies sores, many exchanges are being developed to cater to the needs of a burgeoning crypto community. Although not hailing from US, Europe, South Korea or China, Koinex is usually regarded as one the biggest and most sought-after digital asset exchanges.
Koinex is an Indian-based cryptocurrency exchange platform that allows traders to buy or sell Bitcoin, Litecoin, Ethereum, and several other cryptocurrencies. Even though still a nascent project in this niche, its speedy execution of transactions has made it garner a wide following in a short time.
Judging by their simple interface, this exchange seems to target traders with little experience. The front end is divided into three parts; buy orders, sell orders and trade history. No fancy stuff and graphs that take time to decode. Graphs and other market analyzing tools are things a trader should not avoid but when they are all squeezed on the same page trade is supposed to happen, green traders easily get scared.
Exchange platform
Koinex largely serves Indian clientele and a few other outsiders who wish to trade in cryptocurrencies. It offers a secure and scalable trading platform where transactions get confirmed as fast as they come in. Their latest top grade architecture aims at bringing a taste of global standards to the Indians.
The platform is still in experimental stages and hence supports a limited number of digital assets. Rahul Raj, one of its founders, hinted that the exchange would begin supporting crypto to crypto exchange after a few months. INR/ETH, BTC/INR, INR/XRP are some of the pairings available for now.
Exchange Markets
As an exchange market, Koinex does offer a wide selection of cryptocurrencies. To buy or sell a currency, just click it from a drop-down menu provided and the “buy” or “sell” orders will show up. Check the image below to get an idea of how to buy and sell screens look like on Koinex.
Unfortunately, this site offers limited trading pairs. Normally, the two expected pairs are crypto to fiat or cryptocurrencies against themselves. Koinex deals with cryptocurrencies against the Indian rupee. This means if you have Ripple and want to trade some for Bitcoins, you’ll have to buy Rupees first then use them to buy Bitcoins. Such a transaction subjects one to unnecessary transaction fees.
Here is a list outlining some of the cryptocurrencies supported on Koinex:
- Bitcoin (BTC)
- Ripple (XRP)
- Litecoin (LTC)
- Ethereum( ETH)
- Bitcoin Cash (BCH)
- IOTA
- OmiseGo( OMG)
- Golem
- Bitcoin Gold( BTG)
Deposit and withdrawals
Deposits on Koinex are not charged. Buy and sell orders are charged up to a high of 0.25%. The trading fee is applied in a tiered manner so that those with high volumes enjoy reduced fees. Check their website to gain a good understanding of their fees structure.
As indicated before, this exchange deals with cryptocurrencies and INR (Indian Rupee) only. PayPal, debit cards, and credit cards are not supported. Though not known when, there is a possibility of more payment methods being introduced to accommodate users from other parts of the globe.
Help and Support
Koinex has supportive customer care, unlike other exchanges. Its population is currently manageable, and that means customer tickets get addressed within a short time. Their site has a FAQs section with useful content on problems faced by previous users.
Security and Fairness
Most exchanges have reported incidences of being hacked or blasted with a Distributed Denial of Service. Koinex is still new and hasn’t experienced any of that thanks to their use of the very latest security features. Through Google authenticator app, one can apply a 2-factor authentication using email or SMS.
Some trading platforms allow unverified traders to trade fiat to fiat with certain limits. There is no trading anonymously on Koinex-even if your trading volumes are of the charts. This precaution is taken to avoid inviting unscrupulous individual on the platform.
Conclusion
Although still in Beta stage, Koinex has shown a lot of potential. The site is user-friendly and you can trade some of the most raved about cryptocurrencies. Their biggest flaws are not showing real-time calculations and lack of many trading pairs. Also, it would be better if they come up with a mobile app for faster and convenient transactions.
That being said, Koinex is definitely cut out for more fortunes in the future, but at the moment, there is a lot they need to work on.
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