I tried Koinex platform, though it looks promising as you can trade real-time bitcoin,litecoin,ripple,ethereum and there is chat function to chat with fellow traders and support staff, it has very long way to go.
There are lots of negatives right now-
They are charging Rs 100 for KYC, I mean who does that.
They say they will adjust it in first trade fee but trade fee will be always going very small unless you are buying in lakhs, say in simple terms your Rs 100 in their pocket.
They are also charging Rs50 for password change, you heard it correctly, so don't ever forget your password, though they say you can put a deposit request for refund but this money they will credit on your trade account so either you will use it for trading on platforn and if you want to withdraw there is Rs 10 fee, so they will earn anyway.
Very low volume trade, there is very less number of users and very less trade is happening per day.
They are earning most of their money from registration and password change.
They are not giving any incentive to early adopters.
Rather than promoting their website and finding new users, they are creating hindrances.
INR withdrawal takes 2 days which is very high.
You can check their fee structure
here, it doesn't seem very lucrative to me.
So don't use this platform until it matures enough.
Some positives-
1.KYC completion will be done in 1-2 days considering everything goes smooth
2.Chat function
3.Litecoin, ripple support
all who are using this platform, let me know your experiences.
Initially Koinex was not good, but things have changed drastically in just 2 months of their launch.... Please consider going through the review!
I started trading on koinex platform on the first week of its launch. I never knew about koinex and no one told me about it before, so I was a bit sceptical at first, because some of the indian exchanges do look a bit shady! I wanted to buy ripple, and koinex was the only direct option to trade fiat/ripple then. So I started researching about them before signing up.
I got to know where they are based in, about the backgrounds of the founders and several other things. I decided to check reviews. There were none, since koinex was still new. Anyway, I decided to join koinex and see for myself.
I previously traded on almost all indian exchanges, but I was taken aback when my KYC got verified only in a matter of few hours! (+1)
Signed up and set up my account….
Checked out their telegram group, joined it, interacted with the community and admins. Admins addressed each and every issue and communucated often…. Admins answered all my queries.... Honestly none of my issues were pending for more than an hour (+1)
Anyway. I decided to out in some money to test how it works… previously I had an account on coinsecure, and they took nearly 3 days to simply verify and add money to my wallet!
Anyway… I deposoted some amount via IMPS… and waited.
Surprisingly enough, I asked admins on the group how much time it would take.. They asked me to wait for 15 minutes. And they confirmed it!! (+1)
[previously they confirmed transactions manually, but now they integrated with Razorpay to automate the process, and have introduced the Real time Instant deposits and withdrawals. So IMPS takes only 5 minutes now…. If you deposit some amount via IMPS to your bank account, as soon as the funds are sent from your account, Koinx wallet gets updated….(+1)]
I started trading…. Trading experience initially was somewhat okayish, I wouldn't complain, but considering that its a new startup, I believed they would increase over time, and they did improve their trading platform a lot! Now things are much different and better, and they are always getting better as days are passing by.
Trading volume seems to be a bit low on koinex (-1) but if we look at their exponential user growth, and the features, they will capture most of the Indian market very soon…. And they do encourage high volume traders with special rebates (+1)
They still use an sms based authentication (+0, no points) but they are yet to introduce Google Two factor authentication very soon…. That will be another plus point then… I'll update my answer then….
Some of the things to note:
They store 98% of the user funds offline in a combination of hot, warm and cold wallets, and thus they keep the funds safe! They also have Hardware Security Modules to store sensitive information like private keys.(+1)
They are yet to introduce a mobile Application in the month of November… (Another plus point then)
They have real time instant deposits and withdrawals
There are no fees to withdraw funds to your bank account!! (+1)
Admins are very active on the telegram channel and via mails and they resolve issues very quickly (if you face one, and I can guarantee if you follow the quick start guides you will never face any).
They have released their API (+1) it will be useful for devs.
Order books are open, so everyone can see transactions clearly and transparently.
I hope I can give a comprehensive review covering most of the points…. So you can see that on a scale of 10, they scored 8. So thats my overall rating of koinex. And its the highest for any Indian exchange!!
I would still give koinex a 5* rating because if we look at the dedication, we can be assured that koinex will do good in future and will turn out to be the best exchange in India.
So I hope you might consider joining koinex. Of course do some research on your own, but I personally recommend it.
If you found my answer useful and want to join, consider clicking the below to get a headstart of ₹50 for free.
https://koinex.in/?ref=ab01d6
