Koinex, an Indian cryptocurrency exchange platform that is trying to make trading easier for investors and traders from India. If you are from India this exchange is probably for you, even if you are not this can maybe entice you to move to India. What Koinex does and how you can use, I will cover in this article. Also, I will cover the launching of Koinex Express, a new part of their ecosystem to make trading easier and faster for their traders.
Once blockchain was just a digital trend, but it has rapidly developed into a fully grown technology platform. As a result, the Koinex team felt that India was left behind by the rest of the world with the adoption of blockchain, so they decided to build something for India and thus came Koinex.
“We have literally built the entire platform on our own, with every line of code written in-house. So there is an India innovation story being scripted here. Our research team studies all the tokens in the global crypto-market and filters the genuine that which will benefit our traders. These tokens, selected after careful deliberation, are listed on our exchange. This quality check at our end is what we feel is a key differentiator,” Rahul CEO and Co-founder said.
So what is Koinex? It is a P2P exchange model that is run by Discidium Internet Labs. Also, this Mumbai based company was the first Indian exchange that was able to support multiple cryptocurrencies on its platform. As a result, that made it the go-to exchange for many of the 10 lakh cryptocurrency traders in India.
The company has gotten funding from global investment firms like Pantera Capital and Beenext. Koinex has stated that the capital which they received helped them in adjusting their technology infrastructure, which enhanced the product and expanded their team.
How can you use Koinex?
So how can you use Koinex? First, you have to submit your KYC formalities. Also, the two-step Google Authentication process is mandatory step so it can assure the safety of your account. Once, the verification is through, you will create an account on Koinex’s exchange, with an already pre-defined wallet. You will need to have that wallet on the exchange, so your transaction can be processed.
When making a payment with a debit or credit card to recharge your wallet, it will cost you only 2%. And the best part is that your balance is updated in less than 10 min. However, the minimum to deposit the money on your Koinex account is 2,000 rupees. When it comes to looking through your trading history and current bids, you will have full transparency on Koinex.
When you are buying cryptocurrencies, there is a volume that you must respect. For example, volume for Bitcoin is 0.0001, for Ethereum 0.001, for Ripple it is 50, and for Bitcoin Cash it is 0.001. When it comes to withdrawals they were 2.36%, however, now they are free and will take them around 3 days to be processed.
Also, if you are a beginner, Koinex provides notifications in regards to the trading prices, which would be great for you.
How do the transactions work?
First, the seller puts in a request to sell the cryptocurrency that he is holding, and defines the price he/she wants to receive. Afterwards, a buyer places an order to buy said cryptocurrency at the amount that the seller has put in; once the order is confirmed, the money will be deposited in the seller’s wallet in Indian rupees, and the cryptocurrencies are transferred to the buyer.
For their revenue model, it goes like this; they have a trade fee on orders placed on Koinex which are translated into the value of an Indian rupee. The selling is free, but they charge a nominal trade fee which is converted into the Indian rupee value of the transaction. There are three brackets; and they are 0.15%, 0.20%, and 0.25%. The fee depends on an individual’s last 30-day trading volume.
With technology evolving more and more, and us getting used to the technology and its speed doing certain things. Now you can order items online or make a payment for a subscription, and it is done quickly. So, to transfer the same quickness on to trading cryptocurrencies, without comprising the authenticity and security, Koinex has made Koinex Express. That is an instant converter that can swap cryptos in one single step. Also, Express is part of a connected trading ecosystem which consists of Koinex, Loop and Express; and all of this is used for you to be able to have more efficient and profitable trades.
When Express launched, its ecosystem has gotten much faster. Also, there are no withdrawal and deposit waiting lines. There are no trading fees. It doesn’t matter if you are a beginner or a professional in trading, Express is designed for everybody.
Update: Express is live at https://t.co/Sj3UdHxzF9. Happy Trading! ?
— Koinex (@koinexindia) February 25, 2019
How did Koinex Express come to life?
For investors and traders in India who wish to convert their holdings from traditional assets into a digital asset, they have to overcome several complications. So, Koinex decided to have conversations with their associate traders, users and industry experts on a way to overcome those complications. After the conversations they had, Koinex chose to take on the problem; and thus, the Express was born.
The issues that the growing crypto community has with trading are lack of liquidity on low capitalisation coins, the processing time of deposits and withdrawals, switching between ecosystems, overcoming various steps of conversions, trading fees and conversion charges. Those are some of the issues that traders had.
Thus, Express is solving these issues by providing high liquidity, quick switching, and interchangeability. It has 200+ trading pairs, and all conversions are done almost immediately.
Did you enjoy switching cryptos through #Express? The smooth interface, lightning speed & 200+ pairs to trade – all at no cost! Also, we just launched on @ProductHunt, show us some love and #upvote for Express ?#SwitchItWithExpress #LetsTradeCryptohttps://t.co/DqosuelbFR
— Koinex (@koinexindia) March 4, 2019
What can Express do?
To make trading more efficient, Koinex decided to take out the block confirmation timings. With Express they want rapid conversions with 0% trading charges. With the ecosystem in place, it is a step towards making trading more straightforward and making conversions much faster.
What Express can do is it can interact with multiple international exchanges at once. Express has an analytical engine which analyses the best price for swaps in an instant.
Koinex is a great exchange to use if you are from India, in my opinion. It looks like they are trying to make lives easier for their traders. Looking at what they have done with Express, they might have already done it. The charges are low, the transactions are fast, and they aim to evolve every day; so if you are from India, this might be the exchange for you.