With the rising demands of cryptocurrencies, the number of exchanges to assist the buying and selling is also on the rise. In the past few months, many new exchanges have hit the market and Koinex is one of them.
Despite being a new exchange, Koinex is becoming popular for bringing the instant deposit and withdrawal to Indian cryptocurrency enthusiasts. Before we get into a lot of details, let’s talk about the volume.
With the increasing awareness of Bitcoin and other cryptocurrencies among tech-savvy Indians, the volume soaring high. This could be evident from the chart below which clearly shows how Indians have started taking to Bitcoins ever since demonetization was brought into effect.
This chart depicts the volume growth on LocalBitcoins platform. I had earlier talked about the Localbitcoins experience here.
Before Koinex some of the popular exchanges in India are:
This delay of INR deposit is one reason that loyal users like me are turning to new exchanges that offer instant deposit service using UPI or RazorPay smart collect. The purpose of this review post of Koinex is to share my experience and learning from using the Koinex platform to trade cryptocurrencies.
Koinex Exchange: Buy/Sell Bitcoin, Ethereum, Ripple, Litecoin in India
Koinex supports multiple cryptocurrencies trading that includes BTC, ETH, XRP, LTC and now BCash as well. They keep adding new cryptocurrencies so don’t be surprised if you end up seeing more cryptocurrencies on the site than what I have listed above.
The interface is intuitive, and it will be easy for a newbie to understand how to use the Koinex dashboard for trading. More on this later. Let me quickly share my experience of using Koinex so far.
Getting on board:
Getting started with Koinex was easy. Once I created an account on Koinex, the next required step was to complete the KYC. That was easily done – by submitting a government document such as Aadhar card, PAN card, passport, driving license or any other.
Once you finish the KYC, the next step would require you to link your bank account. If you have multiple bank accounts, you need to be extra cautious as you can add only one bank account and money deposit/withdrawal can be done only from the linked account.
Koinex creates a unique bank deposit account for you where you can add your bank account as a payee. This detail is available on the ‘Balance‘ tab under your Koinex account. Once your KYC verification is complete (usually done within 48 hours), you can deposit funds to the linked account.
The beauty here is this – after depositing the funds, Koinex will add money to your Koinex account instantly (within 5 minutes) in an automated manner. You really do not have to do much. This feature itself is very powerful, and something other cryptocurrency exchanges in India and world are yet to adopt.
Once the money is deposited, you can check the available amount under the ‘Balance‘ tab. In the below screenshot you, you can see the balance of INR 2500 and bank details.
You can also deposit funds using wallets such as UPI, PayUMoney, Airtel Money, JioMoney, OlaMoney, PayZapp, and others. Depositing funds via a payment gateway will incur a cost of 2% as service fees.
Trading Bitcoin and cryptocurrencies:
As of now the only pair available for all the cryptocurrencies is with INR (you can only buy or sell in exchange of INR). The trading interface could be accessed by selecting the type of cryptocurrency.
What I did not like as much about the trading page is it doesn’t show the total volume of buying and selling which should not be the ideal case. Trading volume helps any buyer/seller to understand the market sentiments, something Koinex should consider showing once they have considerable volume.
If you are someone who is moving from CoinSecure, you might miss the 24 hours high/low price feature. However, you can overcome this by using the live chart feature that works flawlessly.
The trading part of Koinex needs an upgrade as the screen doesn’t show the calculation when you plan to buy any crypto in decimal points. For example, in the below screenshot you can see that I’m trying to buy 0.5 ETH @24499.99, but it doesn’t show the total landing cost. This is a serious flaw, something that Koinex should fix ASAP to make the life of buyers and sellers easier.
Here is a video that explains how you can trade cryptocurrencies on Koinex:
Security:
When it comes to security, you need to be extra cautious when using cryptocurrency exchange. It’s a good time for you to read my earlier post on things not to do after buying Bitcoins.
Koinex offers all latest security measures, and one should enable the 2-factor authentication (2FA) using the Google Authenticator app. They allow 2FA using SMS and email, but you should only use the Google authenticator feature. For the password management, you should use Dashlane and a unique password.
You can enable or disable any settings by going to Profile > Security page.
Other important things about Koinex:
Koinex charges 0.25% of trading fees, and it’s time you are aware of their fees structure. There are a few interesting rules set by Koinex on their trading rules page. Below are a few highlights:
- In a particular market, a trader cannot place a buy order and a sell order at the same price per asset. For example, if a trader places a buy order for 1 Bitcoin at Rs. 200,000, they cannot place a sell order of any number of Bitcoins at Rs. 200,000.
- A trader, at the most, can have eight open orders simultaneously in each market. For example, the user can have a maximum of 8 open orders each in all markers. Ex: Bitcoin, Ethereum, Ripple and Litecoin markets.
The conclusion of Koinex review:
Koinex is still in beta, and the platform is maturing. The interface is friendly, and I have not encountered any bugs in my limited usage of Koinex. However, the missing feature of not showing the real-time calculation of buying and selling cost is a big hurdle. Apart from this, I see Koinex as a strong contender of being in the top Bitcoin and cryptocurrency exchanges in India. Another thing expected from the Koinex team is a dedicated mobile app. It is something that most of the young users need to make the most out of fastest growing cryptocurrency industry.
And thus, for now, I would stick to other exchanges like Zebpay for Bitcoin trading despite the fact that Koinex has an edge as they support other cryptocurrencies given the user demands will soar for them as the Bitcoin price has become a psychological barrier for many to enter.
I will update this post as Koinex team adds a new feature and fixes the issues I have mentioned above. For now, I would like to hear your experience of using Koinex platform for trading cryptocurrencies.
Do let me know, using the comment section below, in case you need help with the reviews of other exchanges. You can also join our telegram channel for instant updates. Do not forget to ‘Like’ and ‘Share’ this post with other Indian users.
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hey harsh nice post and i think this will help me alot for future
I still didn’t get my deposit money updated in my Koinex Account balance. No response from any customer care person. Customer support is really poor. Money deposited yesterday. Already sent 2 emails to customer care team sharing my transfer transaction reference No.
ALso received a confirmation email from Team Razorpay that amount successfully transferred to Discidium Internet Labs Pvt Ltd. Please check with your sources in Koinex and ask them to take up my issue.
Koinex customer support sucks, rejected transaction has been pending refund for more than 8 days now and support does not replying at all. Money is stuck. Very bad customer experience. this bad experience has surpass other limited good feature.
Do someone has idea how to reach them to get stuck money back?
My BTC is stuck in order status for more than 1 week. They dont care to respond to our requests. Did you have any luck in reaching out to them and is your issues resolved now ?
Sir koinex website is not working
@Maulik
Working fine for me.
Why don’t you comment on the support section of Koinex. You are not replying on those comments.
@Amit
I have updated the article long back based on users comment. I reached out to Koinex team but seems like they don’t care to reply at this moment. Probably overwhelmed by the users growth and their team is unable to match the demand. Hopefully, they scale up fast and we all will have a better experience in the future.
As everyone said the contact support s very poor in giving response and I have updated KYC on 30th Nov and I am yet to get the KYC nod from them and I have raised the ticket several times and failed to receive even a bot mail.
My Money is stucked and i have email their support for 14 to 15 email. But no reply since last 15 days… Looks like fraud
The customer service is bad. The customer care number is mostly not available. i would definitely not recommend koinex to anybody.
Nice Article !
Hope the website can be trusted
koinext Not tested site, not upload your document in page.
last two week don’t update deposit & withdraw in our wallet.
site team cheater group in india.
Dont invest your money on this side
use zebpay.
I have started using koinex few months back. It seems to have simplest UI out of other Indian cryptocurrency exchanges available. It deals with Bitcoin, Bitcoin Cash, Litecoin, Ethereum & Ripple as of now (They may add more cryptocurrencies soon).
I found overall koinex account creation very easy (if you have basic documentation like scan copies of pancard & aadharcard handy). Never saw such a fast processing for KYC verification & bank account linking. In fact, I successfully invested in few of the coins on same day of account creation.
Never needed to contact their support team until now, so I should not comment on that aspect.
Buying and selling is hassle free & I think almost anybody with basic understanding of internet can do it, as it extremely simple. I, myself, have stopped using other means of purchasing cryptocurrencies after coming across koinex.
To conclude,
PROS :
Simplest GUI to buy & sell coins, check balances
Fast. Simple. Elegant.
Trading fees are on lower side
CONS :
Trading may be inaccessible some times in case of huge traffic. This does not happen frequently though.
koinex Rating : 4.5/5
Hope this helps.
Good luck on 2.5% fee on withdrawals
INR withdrawal socks at koinex
I credited 30k in my koinex account but the account does not reflect the transaction. I am in jeopardy. Till now reply has been received from team KOINEX.
Support is under pressure due to surge in demand! Pls contact them!
I have recently opened account on koinex, it took more then week to verify my KYC, i want to try it out however am afrain about trading vs buying bitcoin..am confused – I want to buy the bit coin and keep them for a while ( dont want to buy and sell instantly ) is that possible with koinsecure ?
I accidentally deleted google authenticator from my account and now i unable to login my account, Please suggest me how to login as i stucked and my money is also stucked in account. Customer care contact number not available.I already raised complaint by email but till now not getting any update…..Please help me to login with sms otp rather than google authenticator…
They can only reset it from their end or else if you have the Qr code or auth number that is required to set up the google auth then you can restore it yourself.
I don’t have QR Code or pass code for login. I am waiting for their response to unlock.
This is for sure some people feling stuck with koinex.i was too but but as I did talk with development team in open source mail option through android market.those people really care.and solve customer problem.i have problem in neft transaction from start but.here all problem doesn’t have with exchange only some time people do mistake.and it’s a mass Serge flood to invest in crypto.so definitely tech team wud take time in resolving problem.be patience..
Agreee…
Guys please please please visit Koinex fees section before moving your money there.
They charge 2% for deposits
2.5% for withdrawals
0.1-0.2$ for trades.
So move your money there if you are ready to lose around 5% of your money.
Good luck
Thanks for a heads-up!! But don’t you know Exchanges like Bittrex, Binance etc also have humongous fees when you withdraw?
It is all part and parcel of the game!!
Worst site to trade. When Traffic is too much it hangs like anything and leads to wrong trades. You can not cancel or buy currencies properly.
Hey is there another exchange in India with better withdrawal fees than Koinex? Binance ETH withdrawal fees is 0.01 ETH (fix) which is ok if you withdraw in bigger amounts. But Koinex 2.5% percent withdrawal fees is a little bit too much? Wondering if there are other exchanges in India you would recommend please?
BuyUcoin & CoinDelta
I was very happy when i heard about koinex as it supports 5 crytpo and low transaction fee and also INR deposit and withdrawal was very quick. But from couple of months koinex has been worst exchange i have seen, no customer support, no fast INR withdrawal and deposits, now you it takes 2-4 days for withdrawal and 2% charge for all deposits and also there are no big name banks in list only few small small banks.
I was expecting new cryptos to be added but everything is in going bad day by day.
I feel they are 2 man team placed in basement and I don’t know when they feel enough is enough and plan to shutdown the exchange and run way.
@SUDHIR KHATWANI let me know your thought on this that would really help lot of people.
@Chittu
We also had a mix feeling about them as seems like they are unable to scale up and they might shut down their shop. However, today they resumed new registrations and also announced the launch of their Android app. Let’s see how it goes from here.
I am also facing issue with Koinex deposit. My friend have transferred me near 1000 Ripples almost a week back. It did not reach my account yet and I had raised a ticket with Koinex support on the day after doing transaction. Today they responded telling that they need to manually find the error and it will take again 10 more wotking days to get the coins in my wallet.
@Ajish
Yah, there support is very slow and hopefully they improve over time. Today, they announced the launch of their Android app which is one big step. Atleast, we know they are here to stay.
so far so good..
koinex works very pretty so far for me at least.
i haven’t face any issue regarding deposit,withdraw or trading.
i don’t know why guys you’re facing problem
hi sir
this information is very good to solve issues. because i am face the problom to deposit in long time
Hi Harsh,
Please review ” Bitbns.com “. It is helpful for so many users to understand about the Exchange.