Koinex Review: As we all know that Bitcoin is rapidly growing as a buzz word across the globe and So in India. Well, If you are based in India then there are only handful of trusted crypto exchanges out there.
Though you can still go for trusted overseas names like Bittrex, Binance, or Poloniex but those are not feasible if you are into frequent crypto trading.
Note: At Bitcoinprovince, we recommend you to store your Bitcoins either in hardware wallets, paper waller, or Blockchain.com
Coming to the Koinex, the exchange has established a name for itself in shorter span considering other Indian exchanges such as Zebpay, and Unocoin dominated the Indian market for a long time.
The factor that worked positively in the favor of Koinex is its support for multiple altcoins since the beginning of crypto culture in India.
Now that Koinex has become a familiar name among Indian crypto enthusiasts so should you entrust your hard earned money with them? Are they legit or just another failed concept like BtcxIndia.
Here we will be covering every aspect of Koinex so that you will be able to understand their services and take the decision wisely.
What Is Koinex?
Koinex is a well-known cryptocurrency exchange based in India that enables its users to buy and sell Bitcoin and other altcoins with Indian fiat currency (INR). The exchange was started in mid-2017 by the bunch of IIT graduates that include Rahul Raj, Rakesh Yadav, and Aditya Naik.
Is It a Legitimate Brand?
If you are a beginner in the crypto market then this question might strike your mind too often than any experienced crypto trader as these cryptocurrencies are not yet regulated by any Indian parliament enacted body.
The only way to identify the legitimacy of startups which are operating in an unregulated environment is by looking for their coverage in mainstream media.
List of Cryptocurrencies available on Koinex
The best part of Koinex is that; they are the only Indian exchange that supports trading for more than dozen of altcoins.
At the time of writing this review, they support the following currencies for trading:
- BASIC ATTENTION TOKEN
- BITCOIN CASH
- NUCLEUS VISION
- REQUEST NETWORK
Let’s Start with Koinex
Crypto trading or investing is quite simple on Koinex considering you are providing all the correct information without any ambiguity.
Step 1: Account Creation:
1. Visit Koinex > Click on “Register”
2. Now Sign Up by providing your Name, Email, and Mobile Number
Step 2: Set up 2FA
Here you need to set up the two-factor authentication for security purpose by installing Google authenticator app on your smartphone
Step 3: KYC Verification
Now that you have registerd on Koinex, you need to get your Koinex account KYC verified to access deposit/withdrawal feature on the interface.
Here you need to upload the clear scanned picture of your passport size photo, PAN Card, AADHAR Card and enter correct bank account information.
Remember: You have to upload a clear scanned picture of the appropriate size mentioned on Koinex or your KYC request will get rejected.
Your KYC verification will take approximately 2 days and then you can easily connect your bank account to Koinex account.
Step 4: Add Funds
If you have your account in more than one bank then it is better to select the one which you use frequently as you are allowed to connect 1 account for withdrawals.
Remember: ICICI and other selected account holders can also add their bank account for withdrawals and deposits but unfortunately they do not support deposit via payment gateway as they have voluntarily withdrawn from cryptocurrency transactions
Though you can easily deposit funds from options like Deposit via UPI method for which minimum deposit amount is INR 1000.
Using listed payment gateway that has a flat payment gateway charge of 2% on the amount deposited.
Step 5: Buying and Selling of Cryptocurrencies
Unlike foreign exchanges, Koinex allows trading between Crypto to INR and not Crypto to Crypto which is a good thing for calculating your profits and see them visibly.
So in order to start trading, you have to select cryptocurrency of your choice which you want to buy or sell.
Now you need to enter the quantity and price of crypto which you want to buy. And simply click on buy and confirm the order.
Once your order is matched and the trade is executed you will be able to see the given crypto in your Koinex wallet.
Similarly, you can perform the selling procedure by entering Bid price of your choice and quantity you want to sell.
Now that your INR is in your Koinex account, you can withdraw the same to your verified bank account.
DOWNLOAD THE OFFICIAL KOINEX APP ON GOOGLE PLAY STORE
- Easy to use for beginners
- The mobile app is also available
- Low fee
- Supports various altcoins
- Withdrawals might take some time
- The verification process is slow
- No real-time customer care support
Whether Koinex is secure?
See in the online world, nothing is secure as we have seen the infamous crypto exchange related hacks in past as well with names like MtGox and Coincheck. So claiming Koinex as the 100 percent secured destination wouldn’t be true at all. Though the site is a DDoS protected and they are using a 2-factor Google authentication that simply makes Koinex a fair deal if you are based in India and entering the crypto zone for the very first time.
Well, Koinex is one of the finest crypto exchanges of India and coming with the trust factor. You can easily and securely use Koinex for trading but if you want to invest in crypto for the long term then you should use hardware/mobile/paper wallet for more security