Bitcoin and altcoins are touching the sky in these recent months, since the bitcoin touched the highest of 11,300$ in the month of November 2017 and still continuously surging up. Despite many exchanges are running in the cryptomarket, there is still not an official exchange in India.
The rising demand for the cryptocurrency within the country making the price of the bitcoin and other altcoins surging high. We can see how Zebpay offer high bitcoin price than the original price converting USD to INR, excluding the taxes. This is due to the shortage and with the bitcoin surging within short span make people to not sell their bitcoins.
Also talking about the volume ratios, with the high awareness and demand within the country making the volume soring high. We can see the graph showing the evidence of awareness after since the demonetization came into play in November 2016.
Some Other Exchanges in India
I’ve been personally using localbitcoin quite a lot since zebpay charges a lot and getting great deals on localbitcoin is easy. But the real question is can this new Exchange Koinex brought into play? can it replace the other exchanges?
Well talking about that I do really like the concept bought into the country making it easy to buy and sell bitcoin and other altcoins with pushing the awareness of cryptocurrency in India. But there are still a lot of people who are not aware of the cryptocurrency and if they could able to know they will surely invest in it.
In this article, I will review the basic from the layout to how you can actually buy/ sell or exchange bitcoin to altcoin or vice-versa.
The Layout is pretty simple and similar to the other international exchanges. The colour UI ratio is pretty good.
On the top, we have the live rates of Bitcoin, Ethereum and many more. These live rates update on the go, you don’t have to refresh the website to get the new price. On the left, we have the live buy and sell orders which are due and on the side, we have the completed order’s history.
Approval Of KYC
This is the important step as you need to verify your identity as an Indian. This step is important for everyone including the follow up from the RBI rules. Koinex takes max 4-5 days to verify your KYC, but this could be done within a day or hour too depending on the workload on the team.
Koinex currently supports multi crypto coins including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash.
To switch to other cryptocurrencies, click on the top bitcoin in the navbar and choose you to desire cryptocoin.
We expect the exchange to support more cryptocurrency in future as per the awareness and demand increase.
I Want To Buy Other Cryptocurrency! Where Should I Buy then?
Well, it is pretty simple as the koinex don’t support many coins, you can simply buy these (like bitcoin) and exchange the bitcoin to your favourite coin from Bitfex, poloniex etc.
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Join The Koinex
Goto Koniex.in, Fill the signup form on the from page enter your phone number and click send otp, fill the otp and complete the signup process.
The next thing is to verify your Email and Set Recovery Password. I recommend you to set your Recovery Password something else as your main password. Keep the Recovery Password somewhere safe (like a personal diary and not in any digital format). This Recovery password helps you to recovery your id if you lose the main login password or block if someone login into with some different IP.
Things You Should Know About Koinex
Koinex charges 0.25% of Exchanging trading fees, Check out the fee structure here. There are few rules in the fee structure on the basis of the amount trade as mentions in the image below.
Note: The selling for cryptocurrency is free until the end of the year (31st December 2017).
Koinex offers the Live Price and charts on the Landing main page itself.
Can it Replace Other Local Exchanges
The new koinex offers good conversion rates and better support from the team, lets hope should be good for long term. Despite that, it still offers higher amount than localbitcoin but yes many times less than the zebpay.
The images shown below are the price at same time in 3 different exchanges( from INR to BTC)
But despite that, i think koinex is really good, as the price on the localbitcoin are fully depended on the person who is selling and there is a high risk of scam as compare to the trusted big company like zebpay and koinex. Since the koinex is its launch stage we are still gathering review from the user and most of them are good.
Comment below what you think.
For me, I still consider localbitcoin to my priority to buy bitcoins but koinex too if the prices are reliable. Though it is comparatively easier to buy altcoins on koinex rather than buying and exchanging on bitfinex or polonix, which we have to transfer and wait (sometimes transferring bitcoin take 1-2days until price changes),
Comment your views or question below in comment section.