A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Koineks consists of four parts: general information, fees, deposit methods and security.
Koineks is a Turkish cryptocurrency exchange. Turkey has a surprisingly large number of cryptocurrency exchanges. Bithesap is one of them, but there are many many more. To our understanding, only Turkish individuals and companies (or at least only people with access to a Turkish cell-phone number) can create an account at this exchange.
Koineks does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
The exchange is only available in the Turkish language. The only fiat currency that you can trade with is the Turkish Lire (TRY). As such, it might not be suitable for most US-investors anyway. But, presumably, the vast majority of the users on the exchange are Turkish.
As its main advantages, Koineks lists that it has high security, uninterrupted fast support and an intuitive and easy user interface. At least that’s what we believe they promote using Google Translate on its website…
Koineks Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Koineks:
Koineks Trading fees
This exchange has trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. But the fees listed in this review and in the comparison table are excluding any such volume discounts. It should be noted here that the first “fee reduction volume level” at this exchange is set at USD 250,000. For most cryptocurrency exchanges, this first level of fee reduction is substantially lower.
Koineks’s trading fees for takers are 0.30%. This fee is somewhat above the industry average, which is around 0.25%. Makers pay a slightly lower fee, 0.20% (this promotes liquidity).
To summarize, the trading fees are roughly in line with industry average.
Koineks Withdrawal fees
Koineks’ withdrawal fee is also quite low, sitting at 0.0007 BTC when withdrawing BTC. This fee is below the industry average.
Accordingly, also the withdrawal fee is competitive enough.
You can deposit funds via wire transfer, but not via credit card.
Koineks’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). But this is below industry average when it comes to top crypto exchanges.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):