Koinex Registration

Koinex Review: How To Get Started On Koinex

What is Koinex? Is Koinex a trusted site?

Koinex is India's first exchange that allows you to buy Bitcoins and altcoins in INR.
There are a few exchanges in India that offer an opportunity to buy more than bitcoins. One such exchange is Koinex. Since its start in August this year, they rolled out with five cryptocurrencies which can you can buy against Indian currency. These are - Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.
So, how exactly are they different? Koinex is different from players like Zebpay. Zebpay, which allows you to buy Bitcoin from their app, is a marketplace for Bitcoins. It's a platform for purchasing Bitcoin at a price they choose and sold at the rate they provide. You would not be able to set your buy or sell order. The supply and demand dictate the cost. Koinex, on the other hand, is a peer to peer exchange where you can buy Bitcoins and altcoins directly in INR. You can see people bidding and buy/sell directly from each other.
If you're new to cryptocurrencies, and looking to buy altcoins along with Bitcoins in INR, Koinex is for you.
Read on to know more about Koinex, and how to get started with Koinex.

Koinex Registration: How to register on Koinex?

You cannot trade on Koinex without registration or KYC verification. You will need to create a Koinex account and complete KYC verification. You will need to submit Aadhaar Card (both front and back scans), PAN Card (scan), bank details (the account which will link your Koinex account and other personal information.

Koinex Registration

How to buy your First Coin on Koinex?

Now that you've made it through the KYC process and linked your bank account, it's time you deposit money into Koinex. By clicking on the 'Balances' tab will present many ways to do this:
1. You can deposit it through the payment gateway option.
2. By an online transfer by adding the unique account number to make an online transfer.
Credit will appear which allows you to buy a coin.

Koinex deposit details

Now there is an available balance, in this case, Rs. 15,126.83, you can click on the drop-down at the top of your screen and select Bitcoin (or any coin you wish to buy). There are few things you need to look at before you can enter the number of Bitcoins you want to buy. Firstly, is the BTC/INR value. Secondly, the lowest sell order and finally the balance in your account which is below 'Trade'.
Currently, the market rate for a single Bitcoin is Rs. 4,96,999. With the available balance in your account, a buy of approx 0.0322119 is possible. In the 'BTC Volume' box, add the Bitcoin amount and the current rate of INR in the 'Price per BTC' box. Push buy and confirm the amount. The buying rate need not be what appears in your sell orders. If you feel the price of a Bitcoin will drop in the next few hours or days, then you can set the price to a lower rate. Once the price drops your buy order will automatically execute, and your account will get credited.

Placing an order

How to sell your coins on Koinex?

Now that you've earned some profit and you want to sell a part or all the coins you own, click on the 'Bitcoin' drop-down and enter the number of coins you want to sell. If all, then 0.0322119 in the 'BTC Volume' box and add the rate in the 'Price Per BTC' box. Once a buy order from another user has met with yours, the amount will reflect in your account.

Withdrawals: How to withdraw your money to your bank account?

By clicking on the 'Balance' tab at the top of your page, you can withdraw your funds with ease. Click on the 'New INR Withdrawal Request' link to enter the amount you want to withdraw. The amount will reflect to the bank account you linked with Koinex.

withdrawal request

It just takes less than 1 minute for your amount to get deposited to your bank.

Koinex FAQs

Which are the coins that Koinex supports?

Koinex has listed 8 coins. They are BTC, LTC, OMG, ETH, MIOTA, XRP, BCH and GNT. But all these coins are not trading at the moment. MIOTA, OMG, GNT are not tradable.

Is Koinex trustable?

Yes, Koinex is a trusted exchange. I personally have an account with Koinex and I trade on their site.

How to sign up with Koinex?

To get started, sign up for Koinex now- Click here

When you sign up with the above URL, you get 100 INR free.

I am not able to add Koinex as a beneficiary: Any help?

Generally, Citibank users have been facing this issue. Try adding them as a beneficiary from a different bank account.

I am not getting OTP on my mobile What should I do?

If you are not getting the OTP, switch off and switch on your phone. It should work.

How much time does it take for Koinex to deposit the amount in your bank account?

Few seconds. If it is not reflecting, you need to connect with koinex team. Sometimes it takes 2-3 hours too.

Koinex Fee/Charges

Koinex charges (buying)

Rs.0 to Rs.25,00,000 - 0.25 percent

Rs.25,00,001 to Rs. 1,00,00,000 - 0.20 percent

Rs.1,00,00,001 and above - 0.15 percent

Koinex charges (selling)

Till 31st December, selling is free.

Withdrawal Fees

BTC 0.001 BTC
ETH 0.001 ETH
XRP 0.02 XRP
LTC 0.01 LTC
BCH 0.001 BCH
INR Rs. 0/-

Koinex Review: What I think of Koinex?

Well, I have been using Koinex for a very long time. They have an awesome support. Feel free to join their official Telegram channel. The site is easy to use. Currently, they do not have any app and they should think to make one.

I would recommend using Koinex, if you are just getting started. Since you can directly buy altcoins in INR, it makes life easier.

Looking at how quickly they are growing, they might have to upgrade their site and add new features.

Currently, there is hardly any Indian crypto exchange that can compete with Koinex. So, sign up now and get started.

If you have any doubts, feel free to drop a comment and I will be happy to help.

TagsKoinex

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