What is “Koinex”?
Koinex is a cryptocurrency exchange platform designed for trading in cryptocurrency. It supports exchange in various cryptocurrencies namely Bitcoin, Ethereum, Litecoin, Ripple etc. New cryptocurrencies keep adding on the platform. With an increase in demand and popularity of virtual currencies, there is demand for a secure exchange platform for them and here is where Koinex comes to serve its purpose. There are many more such platforms some even being mobile application based, But Koinex has carved a nitch in the market for itself.
Koinex is a blockchain technology founded by Rahul Raj( of IIT Kharagpur), Rakesh Yadav (of IIT Delhi), Aditya Naik(of BITS Pilani) in 2016. Koinex is an Indian platform where trading with cryptocurrencies can only be done in INR.
Why Koines Stands out?
Koinex has an interactive and efficient interface which makes it easy for the first timers to understand with a pretty simple layout. Koinex provides live updates on the rates of Bitcoin, Ethereum, and other cryptocurrencies. The rates changes automatically and there is no need to refresh every time to get a new value.
How does it work?
- Once a user logs in there is a need to prove one’s identity as an Indian according to the RBI rules. It can be done by submitting a government document like Aadhaar card, PAN card, driving license, passport etc.
- Koinex then verifies KYC fastest of any other virtual currency exchange platform. Thus making it more popular.
- Next to verification is adding a banking account to the profile. Only one account can be added both deposits and withdrawal will be done on the same account.
Once the KYC is verified funds can be deposited in the account linked. The most attractive feature is that the funds deposited will reflect in the Koinex account in just 5 minutes. This feature makes it different from any other such platforms. Funds can be added through an account or online wallets. 2% service fee will be charged to deposit funds in such ways.
Koinex Trading System
In trading, Koinex follows a particular set of rules. The first being the trader cannot buy and sell an asset at the same price. The second is, the trader can have at maximum eight open orders in the market.
Chat feature & Support
It also provides a chat feature to communicate with fellow traders which makes trading more interactive. There is instant help available for the users. Koinex is quick in trading and bank transfers and also has a very low rate charge for trading. It charges 0.25% of the trading exchange fees. There is no coin to coin trading available, the coins can only be exchanged with Indian Rupees.
Koinex is a secure platform for cryptocurrency exchange which provides a two-factor authentication through Google authentication app and also allows authentication using SMS or email. There is no option for any anonymous trading.
Though a new platform Koinex has become a popular choice among Indian who want to trade in virtual currencies. Especially for trading in INR. By providing an indigenous platform this will increase the cryptocurrency investment in India as it mainly targets small traders. Koinex is not licensed as the status of virtual trading is still unclear in India but this is not a risk. The volatile nature of the virtual market is the only risk posed to virtual trading. Thus regarding all its features, Koinex is worth a choice for virtual trading in India.