Koinex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Koinex Review.
Koinex is a cryptocurrency exchange based in India that offers trading in some of the most popular cryptocurrencies against the local currency (INR).
Like most similar of venues, Koinex uses Google 2-Factor Authentication (2FA), however anonymous trading on this exchange is not an option, even if you are not a high-volume trader.
Clear presentation of the charges, competitive trading fees
Not all exchanges disclose the fees they apply on their websites, however Koinex presents its charges in a clear and accurate manner. It has a tiered trading fee schedule and charges Seller and Buyer fees, based on users’ trading volumes. Even the highest fees applicable (0.20% – 0.25% per trade) are in line with the average in the crypto-sector.
INR accepted, bank transfer supported
Koinex offers trading in digital coins for fiat currency – Indian Rupees (INR), to be more precise. Therefore, this exchange is quite attractive for Indian crypto-investors, especially beginners, as they can directly deposit and withdraw INR to and from a bank account linked to their Koinex account.
Decent amount of cryptocurrencies offered
Although it was launched in August 2017, Koinex already offers some of the most popular digital currencies – Bitcoin, Etherum, Bitcoin Cash, Ripple, and Litecoin. It plans to add Bitcoin Gold, Golem, IOTA, Omisego and few more in the near future.
A wallet service available
Although this may seem like an inherent part of an exchange’s offering some of them don’t provide a wallet service, but only act as an intermediary – they accept deposits and send the coins to a wallet which you must create.
Relatively good platform
Koinex’s has web-based trading platform is nothing special, yet it seems perfectly functional: the order book is on the left, and the trade window on the right. Below, you can find some basic price charts. It is all very simple, and besides, there are a number of tutorial videos uploaded on the “How it worsk” section of Koinex’s website.
Koinex offers a referral program: You get100 INR cash reward if you refer a friend to the exchange, and the latter receives 50 INR. Besides, high frequency intra day traders are offered rebates, based on the total volume of users’ fills on all order books combined.
No Coin-to-coin trading
Although Koinex currently supports five cryptocurrencies, coin-to coin trading is not enabled on the exchange. You can only trade those coins against Indian Rupees.
Relatively high withdrawal fees
Withdrawal fees applied by Koinex are a bit too high. For example, Bitcoin withdrawals are charged with a fee of 0.001 BTC.
Min. deposit, trade size set
This exchange has set certain requirements for minimum deposit and trade sizes, which may be limiting for some users.
Does not support credit card payments
On Koinex’s exchange you use bank accounts to proceed payments, however it does not accept credit cards, which is quite inconvenient. Although most crypto-exchanges don’t support credit card payments, some do.
No anonymous trading
Usually, exchanges allow unverified users to trade only coin to coin and up to a certain limit. So, it is not surprising that you cannot trade anonymously on Koinex.
No leverage available
This is fairly common among cryptocurrency exchanges, yet some, like Kraken, Quoinex and others do offer leveraged trading. Koinex does not, so if you wish to use some leverage, you can either register with some of the above exchanges, or use a forex broker instead.
No advanced charting, no mobile app
As we mentioned above, Koinex offers a simple platform, however some users might miss more advanced charting, technical analysis indicators, etc. Besides, the company has not developed mobile apps for iOS and Android devices, which is definitely a weak side, as more and more people prefer to use their smartphones instead PCs.
Founded in 2017, Koinex offers trading in 5 coins against INR. Although still in its beta version, it is one of the top 5 crypto-exchanges in India in terms of popularity and trading volumes (along with Zebpay, Unocoin, and several others).
Koinex obviously targets mainly local investors, as it supports only INR, while most exchanges allow deposits in USD. What we like best about this exchange are its competitive trading fees and the numerous promotions it offers. On the downside, withdrawal fees are rather high and some limits apply.
As Indian legislative framework has not included digital currencies or Bitcoin exchanges, Koinex is not licensed, nor overseen by a governmental agency. The legal status of crypto-exchanges is still unclear in most countries, so this is not a bug issue, however there is the counterparty risk added to the volatile nature of digital tokens.
For those of you who prefer trading with a licensed entity, there is yet another option – to trade cryptocurrency CFDs with forex brokers.
Koinex Review Conclusion
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