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Koineks Review - is it scam or safe?

Koineks Review - Is koineks.com scam or safe cryptocurrency exchange?

RATING: 3 / 1 REVIEWS ForexBrokerz Koineks

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Monthly trading volume Leverage Maker Fee Taker Fee Deposit Fee
<$250,000 1:1 0.20% 0.30% Wire and Crypto: Free
$250,000 1:1 0.15% 0.25% Wire and Crypto: Free
$500,000 1:1 0.10% 0.15% Wire and Crypto: Free


Koineks is Turkish cryptocurrency exchange. They accept fiat currencies, which makes them an entry-level company. That being said, some altcoins are also available, so this is an even more interesting offer.


Koineks Advantages



TRY banking supported – the main thing, which will attract clients to Koineks is the ability to buy cryptocurrencies with Turkish Lira. The only downside is that they only support bank transfers. Other exchanges, like Coinbase, also accept credit card payments.


>>Buy Bitcoin with a credit card<<


No deposit fees
– Koineks does not charge anything for deposits. This includes both the blockhain transfers and the fiat curtrency ones. Some costs will be involved with both types of transactions – miner fees for crypto and the standard banking ones.


Relatively low trading fees
– each trade made at this exchange will be charged depending on the type of order you use. When entering the market “aggressively”, taking the best available price, you are a “taker” and will pay slightly higher fees. Market “makers” are those who place an order in the “book” and wait to be “hit” by others. Overall the fees are in-line with the industry and go even lower if you are a big volume trader.


User-friendly interface – the “trading platform” at Koineks is as basic as it gets. The order book is on the right side, while the order entry fields are in the middle. On the right hand side, there is an instrument list. Here is the preview (click to zoom):


 


Some altcoins traded – as you can see from the screenshot above, there are several coins available at Koineks. They include: Bitcoin, Ethereum, Litecoin, Dash, Dogecoin, Ripple, Stellar Lumens and NEM. A decent lineup for an entry-level company.


Positive user reviews – we found few user comments about this exchange, but they were all positive. This is rather rare in the world of crypto.




Koineks Disadvantages



Focus on Turkey– this is the most common flaw of cryptocurrency exchanges, with a local focus is the fact they are not that well suited for foreigners. We are not sure if anybody outside of Turkey will have much reason to trade at this venue, but if they don’t speak the language, they may have a rough time. 


Trading only against TRY– while this goes in line with the previous point, it is significantly different. The emphasis here is that there are no crypto-to-crypto trading pairs. For instance having ETH/BTC, will allow you to quickly convert one coin into another, witouth the need to make too separate TRY trades.


No charts – the simple interface, which we illustrated above also has a downside. One must get his research on the price dynamics through a different website. While this isn’t that big of an issue, active traders may be annoyed.


No leverage provided – while we are on the topic of things which some clients will not enjoy, we must mention the lack of margin trading. That being said a relatively low number of exchanges provide this functionality. On the other hand, some forex brokers have started offering cyptocurrency trading.



>>Bitcoin forex brokers<<


We feel the need to mention this is done via Contracts For Difference (CFDs) and not the actual coins. This means you are only trading the price of, let’s say Bitcoin, without owning actual bitcoin. There are positives and negatives to this style of trading. Read this post for more information.


Withdrawal fees – these are getting more and more prevalent across exchanges and can be irritating. The fiat currency one is set to the TRY equivalent of $3, which is acceptable. On the other hand the Bitcoin one is rather high at 0.00070000 BTC.



Conclusion

 

Koineks is a Turkish entry-level cryptocurrency exchange, which also offers some altcoins. Our general impression of the company is rather positive, but we must say we have an outsider’s perspective on the company. The lack of charting is probably the biggest weakness of this project.


While this seems like a reputable exchange, don’t forget the cryptocurrecny universe is very much like the Wild West. Even most of the reputable companies are often not regulated and susceptible to hacks. A much safer way to trade Bitcoin, Etherum and the other popular coins is with a forex broker. That being said, some of them can also be dishonest. We recommend trading with the highly regulated ones.


>>Regulated Bitcoin forex brokers<<


Here is our experience with Koineks:

Pros Cons
TRY banking supported Focus on Turkey
No deposit fees Trading only against TRY
Relatively low trading fees No charts
User-friendly interface No leverage provided
Some altcoins traded  Withdrawal fees
Positive user reviews  

 

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Traders` reviews for Koineks

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