Koinex Review: Low Cost Exchange in India

DQmbwinw5LgyKyj33icJzCkevQ4vPALGhRHUygNL9YbEkzGKoinex is an Indian cryptocurrency exchange. It provides an option to potential buyers to invest & trade in multiple cryptocurrencies. Koinex has been founded by Rahul Raj(IIT Kharagpur), Rakesh Yadav(IIT Delhi), Aditya Naik(BITS Pilani). The website was introduced in 2016.

Cryptocurrencies available on Koinex platform include-

  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Bitcoin Cash
  • Golem
  • Miota
  • Omisego

Currently, Koinex would be the only exchange providing a range of cryptocurrencies to be traded against Indian fiat currency – INR.

Koinex has recently upgraded its website operations. Initially, the users have to pay fees for KYC verification (INR 100) and for password change (INR 50). Well, in my personal encounter, I didn’t faced any such concerns. Still, one has to submit Pan Card, Aadhaar Card, Photo and bank details to complete the KYC process.

What Koinex is offering?

  • Lowest fees – The Koinex fees structure offers lowest fees to both traders and investors, i.e., 0.25%. The fees lowers in case you are a high volume active trader.
  • Faster Initial Processing Time – The KYC is processed within 2-3 days, which is the fastest in case of other crypto exchanges in India
  • Trader Chat – The platform provides a chat option for traders, where one can interact with other traders
  • Multiple currencies Wallet – Koinex provide multiple currency wallets to store cryptos. However, this may not be the safest platform to store cryptos as they have a centralized database to store the data.
  • Referral Program – Currently, Koinex is providing a referral program thorough which one can earn INR 100 for referring crypto enthusiast. Also, the new user who signs-up earns INR 50.

You can use the any one of the below links to sign-up, to earn INR 50 cash for the start

Cons

Through this blog, I have been receiving concerns regarding the customer care service of the Koinex. In case the user faces any issue, currently the support is close to least expected. I believe, the team is working on upgrading its backend operations as well. (Good Luck!). Also, somewhere this also got resonated in my personal experience with the platform.

Conclusion

Koinex has been existing in the market from a very long time, specifically as compared to other crypto exchanges.

Initially, there was a concern for charging fees for steps, which were done free by other exchanges, such as KYC processes and password change. Now, these have been taken care off and are free.

The lowest fees provided by Koinex will support further amplification of active traders.

The price (in INR) offered by Koinex for cryptocurrencies is many times lower as compared to other exchanges in India. Though, the difference is small

However, the team needs to work on their customer support services to developa deeper customer engagement experience

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