Koinex.in is a relatively new probably the most advanced and safe crypto exchange of India. But still, as Crypto investors its our duty to run a background check in anything before pouring our hard earned money into it. Koinex is an Indian crypto exchange that lets its users buy Ethereum, Bitcoin, Litecoin, Ripple and many more Alt Coins in India.
In this guide we review Koinex Crypto Exchange, its features, how to use Koinex and most importantly answering whether it is safe or is Koinex a scam. If you are totally new to the crypto world, we recommend you to first go through our introduction to crypto post so that you can have a better picture of whats happening.
If you are looking for Koinex alternate exchange, here are few Koinex like sites in India:
Getting Started with Koinex
Koinex currently supports a number of crypto coins like ETH, BTC, LTC, XRP and much more, which they keep on adding through their unique Coin Poll method which they call KOIN Vote. The site is easy to understand for beginners and offers a lot more technical details at the same time, which most of the other Indian exchanges fail to provide.
How to Sign Up on Koinex
The exchange has a very easy sign up process. A new user can Register on Koinex if he has the following documents,
- A government Identification Document (Aaadhar Card)
- PAN Number
- Bank Account
- A Mobile Phone Number
After submitting the above details, they run KYC process which takes 2-4 days usually. Once the KYC is completed a new user can start trading crypto currencies by adding money to your account.
How to Add Money In Your Koinex Account From Bank
To start trading you must have some money in your INR wallet. Koinex offers two options for doing that,
- Users can add money using UPI which has zero transaction fee.
- Using the Payment gateway which charge upto 2% transaction fee.
Both of the methods are instant and you can see the your updated balance in your INR wallet almost instantly after making the transaction.
How to Buy/ Sell Crypto Currencies on Koinex
Now, as you have money added to your INR wallet, you are ready to trade. Simply click on the altcoin that you want to buy. It will take you to its trading page where details like price chart, volume etc. In the left side of the page, there is a buy tab in which you have enter the volume of coin that you want to buy and the price per coin at which you want to place your bid.
Now, sit back and relax, as soon as the price drops to your bidding price, your order will be fulfilled automatically.
You’ve bought your coins and the price has gone up, and you want to book some profits. For that you have to sell your holdings of the token. To sell, go to the left side of the coin page, simply enter the volume of the token you want to sell and the price at which you are selling. Once the trading price reaches your selling price, your order will be fulfilled automatically.
Things to Keep in Mind While Using KOINEX
Now, you’ve started trading crypto currencies on the exchange. There are a few things that you should keep in mind while using Koinex or for that matter, any other exchange.
- Firstly keep your password highly complex and not same as your other passwords.
- Always try to use 2 Factor Authentication(2FA) apps like Google Authenticator or Authy. They provide high grade security which comes in handy where money in included.
- Be aware that Koinex charges a trade fee of 0.25% on every buy order that you place.
- There are few other things that you must be aware of, before trading. For those, we recommend you to go through the Trading Rules page of the site.
- They have put some interesting and unorthodox regulations to avoid market manipulation and fraud :
- 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.
Considering all things,
Koinex is one of the strongest contender in being the Best Crypto Exchange of India.
It has the most number of Altcoins available and is still in Beta stage. They keep on adding new and innovative features regularly and I have not faced any bugs while extensively using this Indian exchange which is very impressive.
They have a highly user friendly UI and have also recently launched their Official Mobile application, which was earlier a deal breaker when going for Koinex. As compared to other Indian Exchanges, ZepPay, UnoCoin, CoinSecure. Koinex offers the best converted prices as compared to the international markets. They also have the least difference between Buy and Sell prices which is a huge benefit for its users.
We will keep this guide updated as Koinex updates their website, app or adds any new features. All in all we recommend its as the best available crypto exchange in Indian market in terms of features, security and prices. The only problem with Koinex is that the volume is currently lower than compared to other exchanges like ZebPay, but that is justifiable as Koinex offers multiple altcoins to trade in, so the money flow is more distributed.
For any kind of queries, feel free to ask your questions in the comments section below. We will be more than happy to help.