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 Koinex consists of four parts: general information, fees, deposit methods and security.
UPDATE 27 June 2019: The platform shut down all exchange services on the platform today. They have previously released this message:
Since we began operations in August 2017, we at Koinex have always aimed to do our best to provide blockchain enthusiasts in India with the highest standard of service in the trading of digital assets. However, over the past 14 months it has become extremely difficult to operate a digital assets exchange business in India. After months of uncertainty and disruption, we have regretfully decided to shut down all exchange services and operations from 27th June, 2019.
Koinex is one of the Indian cryptocurrency exchange sites. It is also, according to itself, the “most advanced digital asset exchange” in India.
As you need to have an Indian phone-number to create an account with this exchange, non-Indian investors may not trade here. So if you are an investor from any other country than India and you want to trade here, you’ll have to reconsider. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder here to find out which alternatives you have.
Koinex Mobile Support
This exchange has put a lot of effort into its mobile version. They have released an app that has received a lot of praise in the cryptocommunity.
Koinex 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. As we have not been able to create an account with Koinex, we have not been able to obtain a picture of the trading view either. We apologize for any inconvenience this may cause.
Koinex Trading fees
This trading platform doesn’t charge different fees between takers and makers. Their fee model is something we call a “flat fee model”. Their flat fee is 0.15%, and this is regardless of whether you are a taker or a maker (or a buyer or a seller). The exchange does accordingly not distinguish between takers and makers or buyers and sellers. 0.15% is below the global industry average. It is also substantially below the national Indian industry average for trading fees. The Indian industry average for taker fees is 0.70% (June 2018). Koinex’s taker fee is almost five times lower than that. Accordingly, the trading fees of this exchange are a strong competitive advantage in relation to its Indian competitor exchanges.
Koinex Withdrawal fees
Compared to the competitiveness of this exchange’s trading fees in relation to its Indian competing exchanges, Koinex’s withdrawal fees are higher. Most Indian exchanges charge only the network fees (Unocoin, ZebPay), and some don’t charge any withdrawal fees at all. Koinex, however, charges 0.0005 BTC when withdrawing BTC. To be fair, this withdrawal fee is still below the global industry average, which is arguably around 0.001 BTC. Accordingly, it is not in any way unreasonably high (rather the opposite).
This coin exchange offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
Koinex’s security score is D-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
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):