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Koinex Review - is it scam or safe?

Koinex Review - is koinex.in a scam or a good cryptocurrency exchange?

RATING: 1.2 / 10 REVIEWS ForexBrokerz Koinex

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type Min. Deposit Maker fee Taker fee Withdrawal fee
Standard 0.001 BTC /2000 INR 0.10- 0.20%* 0.15- 0.25%* 0.001 BTC

 

*Trading fees vary, depending on a user’s volume of trades for the last 30 days.

 

Koinex is a cryptocurrency exchange based in India that offers trading in some of the most popular cryptocurrencies against the local currency (INR).

 

Like most similar of venues, Koinex uses Google 2-Factor Authentication (2FA), however anonymous trading on this exchange is not an option, even if you are not a high-volume trader.

 

Koinex Advantages

 

Clear presentation of the charges, competitive trading fees

Not all exchanges disclose the fees they apply on their websites, however Koinex presents its charges in a clear and accurate manner. It has a tiered trading fee schedule and charges Seller and Buyer fees, based on users’ trading volumes. Even the highest fees applicable (0.20% - 0.25% per trade) are in line with the average in the crypto-sector. You can find the complete information below:

 

 

INR accepted, bank transfer supported

Koinex offers trading in digital coins for fiat currency – Indian Rupees (INR), to be more precise. Therefore, this exchange is quite attractive for Indian crypto-investors, especially beginners, as they can directly deposit and withdraw INR to and from a bank account linked to their Koinex account.

 

Decent amount of cryptocurrencies offered

Although it was launched in August 2017, Koinex already offers some of the most popular digital currencies - Bitcoin, Etherum, Bitcoin Cash, Ripple, and Litecoin. It plans to add Bitcoin Gold, Golem, IOTA, Omisego and few more in the near future.

 

A wallet service available

Although this may seem like an inherent part of an exchange's offering some of them don’t provide a wallet service, but only act as an intermediary – they accept deposits and send the coins to a wallet which you must create.

 

Relatively good platform

Koinex’s has web-based trading platform is nothing special, yet it seems perfectly functional: the order book is on the left, and the trade window on the right. Below, you can find some basic price charts. It is all very simple, and besides, there are a number of tutorial videos uploaded on the “How it worsk” section of Koinex’s website.

 

Promotions available

Koinex offers a referral program: You get100 INR cash reward if you refer a friend to the exchange, and the latter receives 50 INR. Besides, high frequency intra day traders are offered rebates, based on the total volume of users’ fills on all order books combined.

 

Koinex Disadvantages

 

No Coin-to-coin trading

Although Koinex currently supports five cryptocurrencies, coin-to coin trading is not enabled on the exchange. You can only trade those coins against Indian Rupees.

 

Relatively high withdrawal fees

Withdrawal fees applied by Koinex are a bit too high. For example, Bitcoin withdrawals are charged with a fee of 0.001 BTC. 

 

Min. deposit, trade size set

This exchange has set certain requirements for minimum deposit and trade sizes, which may be limiting for some users. Below you can find the complete information about this:

 

 

Does not support credit card payments

On Koinex’s exchange you use bank accounts to proceed payments, however it does not accept credit cards, which is quite inconvenient. Although most crypto-exchanges don’t support credit card payments, some do.

 

No anonymous trading

Usually, exchanges allow unverified users to trade only coin to coin and up to a certain limit. So, it is not surprising that you cannot trade anonymously on Koinex.

 

No leverage available

This is fairly common among cryptocurrency exchanges, yet some, like Kraken, Quoinex and others do offer leveraged trading. Koinex does not, so if you wish to use some leverage, you can either register with some of the above exchanges, or use a forex broker instead.

 

>> Brokers offering leveraged Bitcoin trading <<

 

No advanced charting, no mobile app

As we mentioned above, Koinex offers a simple platform, however some users might miss more advanced charting, technical analysis indicators, etc. Besides, the company has not developed mobile apps for iOS and Android devices, which is definitely a weak side, as more and more people prefer to use their smartphones instead PCs.

 

Conclusion

 

Founded in 2017, Koinex offers trading in 5 coins against INR. Although still in its beta version, it is one of the top 5 crypto-exchanges in India in terms of popularity and trading volumes (along with Zebpay, Unocoin, and several others).

 

Koinex obviously targets mainly local investors, as it supports only INR, while most exchanges allow deposits in USD. What we like best about this exchange are its competitive trading fees and the numerous promotions it offers. On the downside, withdrawal fees are rather high and some limits apply.

 

As Indian legislative framework has not included digital currencies or Bitcoin exchanges, Koinex is not licensed, nor overseen by a governmental agency. The legal status of crypto-exchanges is still unclear in most countries, so this is not a bug issue, however there is the counterparty risk added to the volatile nature of digital tokens.

 

For those of you who prefer trading with a licensed entity, there is yet another option – to trade cryptocurrency CFDs with forex brokers.

 

>> A list of licensed bitcoin forex brokers <<

 

 

Pros

Cons

Competitive trading fees

Relatively high withdrawal fees

Fiat currency supported (INR)

Min. deposit, trade size set

Decent range of altcoins offered

No coin-to-coin trading

Rebates and referral offers available

No leverage; No anonymous trading

Relatively nice platform

No advanced charting, no mobile app

 

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Traders` reviews for Koinex

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Pros

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Slippage

Pros

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Requotes

Pros

Cons

 

 

Price feed

Pros

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Platform

Pros

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Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

Good as long as your koinex account is not hacked

My koinex account was hacked recently and I lost lot of money and crypto coins. Technical team of Koinex is not at all helpful, instead of stating what went wrong, they told me to report to police and take up with cybercrime when everyone knows that Indian govt does not support crypto related fraud.

Roshan Lob 09/28/2018

Very unworthy and unethical exchange

Guys plz dont waste your money and precious time with koinex. No proper support.
No proper withdrawl and deposit facilities. Sometimes trading option goes missing. Google authenticator issues. Total bullshit.

I would like to rate 0/5. Plz review the website before investing

Bivas Dey 02/09/2018

delay in withdrawal payment

Their response is good but due to heavy volume of trades withdrawal of money became delayed,still pending though they said before 17/1/18,it will be completed.

Gayathri.S 01/17/2018

bitcoin not credited to my account

Hi,
I transferred 0.05 BTC from zebpay to koinex on 29th Dec. My koinex BTC address is 1CXUW1PUksxGbE7NH5LhVZx8DuQTohhVJu. I didn't get this in my account. When I see the block chain I see the transaction successful. Please help me. I am worried.

Thirumal 01/10/2018

Kyc

Mera kyc ka verification poora kar dijiye

Translated by Google:

Complete verification of my key

SudheerYadav 01/06/2018

full fraud

they have disabled my account since dt 23/12/2017 and i am daily mail to them please enable my koinex account but they did not response. my huge money is blocked in their koinex account.please suggest me how to file legal notice against them? they are cheating innocent people,s hard earn money.

pramod singh negi 01/06/2018

Poor support

Koinex customer service is very poor and slow

ajay kumar 01/06/2018

Coin deposit fraud by koinex

Haloooooo any busy hear mee or this is only for formality. This is my 7th mail I was deposited 100 ripple from my other wellat to my koinex account on 26 dec 2017 today is 5.1.2018 but till date my ripple not shown in account. My transaction

Pratibha 01/05/2018

IMPS not reflecting

I have made a transaction of 35000 3-4 hrs before the stopping notice.Ref No- IMPS00044152903MO91270082. Neither the money has come to my koinex wallet nor its returned back. Please look into it.

Aditya Toor 01/02/2018

Customer Support Level - ZERO

I have been trying to reach them in whatever possible ways for 4 days, but no response. Tried to tweet their Co-Founder, and did not get any reply. Pathetic customer service till now, for any support tickets and any mail we send them out

Guru Chakravarthy 01/02/2018

Payment clearance

Dear All

I have made a payment to Koinex through NEFT on 28 of Dec 2017 But till date no reply received from them after a number of messages to Mr. Rakesh Yadav and Koinex facebook account and a number of E mail on their E mail ID. Poor result of this. There is no one to give reply on mails and solve the problem. After seeing all this I suggest everyone not to deposit any money. I think I lost my money. This is a big failure that they did not solve just a simple problem. I have sent around 50 mails to them and Razorpay also. Bt did not get any response from anyone of them.

Chaitnya Gupta 12/30/2017

Unethical

They first block your withdrawal and when the issue is raised on the facebook they block you there as well so you cannot make any complaints or comments. By far the worst people in crypto that i have dealt with.
DONT RISK UR MONEY WITH THEM

Suraj 12/30/2017

INR Withdrawal

Koinex does not provide any support to their customers, they do not give even a single digit reply to their customer what ever the problem of their customer.
even they have not mention their customer care number on any online portal.

Rishav Bagga 12/28/2017

INR deposit failed

I Had been trying to deposit money in KOINEX but transaction is failing again and again.Even tried outing the koinex id in remark section of bank a/c but still it is unsuccessful ,I am clueless where to contact.

Manish 12/28/2017

koinex account

sir please help me not working for 4 days

mukesh singh 12/27/2017

sign in my koinex account, OTP Invalid shows

Hi this side madhu,
After Google Authenticator verification , when I applying OTP, it shows invalid OTP,
Any one can help me to sign up my account, I also raised ticket more then 3 time but there is no response from koinex team, I have deposit good amount of money, I am really upset, is it fake site?
Then I lost all my money. PLZ help me to sign up my account .

madhusmita routray 12/26/2017

account numbers

i wanted to know why does koinex provide different account numbers for every user in different banks

raghav 12/23/2017

Koinex - unresponsive and unprofessional

Koinex is not concerned about issues being faced by its users, having very few ways of reaching out to them, being non-responsive to their users queries with transactions, and even if they respond they respond mostly to new users onboarding issues. It has been 10 days and minimum 10 communications made to them with no single response. It seems the website and the organisation is facing problems and may be on its way of getting shut down.

Rajeev Kumar Gupta 12/20/2017

3rd time

Sir after 72hours my profile not active. My kyc not veryfy why Pls help me .my email veryfy complete. Others complete but kyc not complete after 72 hrs

Ashok Kumar mahato 12/16/2017
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