In this post lets take a look at How To Use Koinex To Buy And Sell Bitcoins & Cryptocurrencies.
Step 1: Click here and open the Koinex Website on your browser.
Step 2: At the top right, you will find the link Login or Register. Click on the text Register and a new page will open.
Step 3: On the registration page fill in your email id and password. Reconfirm the password and agree to Koinex’s terms and conditions by ticking the checkbox. Once you do that, the register button gets enabled. Click on that.
Step 4: You will be getting a verification mail to the email id you provided. Once you verify your email id, the website can be accessed.
Step 5: Upon login, you will be asked to complete the 2F Authentication. You will be required to download Google Authenticator on your Mobile phone for this. Follow the instructions given by the Authenticator app after installation.
Note: You will be given a backup code for Google Authenticator. Keep it safe (if you ever lose your Mobile phone, you will need this code to re-gain access to your Koinex account)
Step 6: Koinex lets you start trading right away. But to withdraw more than 2 BTC per day, you would need to submit documents for verification. The verification process is easy and straight forward:
Step 7: Tap on the profile icon on the top right > Select your Account > A page opens > Tap on the link that reads: Submit Verification Documents. The verification usually takes 3 – 7 days to get complete.
After following these steps of registration and completing it, you will be able to trade on this website.
How to deposit and withdraw Money on Koinex
After adding a Bank Account On Koinex during KYC process, Koinex creates a unique bank deposit account. You can add your amount and the balance detail will be available in Account section. While other Crypto wallet’s take more time to add the balance on your account, Koinex adds money to your Koinex account instantly.
To deposit & withdraw money, you need to click on Balance section. Following table will appear on your screen.
Depositing: To deposit, click on deposit icon shown in the above table. Following box will appear on the screen.
You can deposit money in this way.
You can also add money via. other Mobile Wallets to your koinex wallet. You can use mobile wallets like Payzapp, PayUMoney, Airtel Money, JioMoney, OlaMoney etc.
If you Use above mobile wallets you have to pay 2% Extra service charge.
Withdrawing: By clicking on the ‘Balance’ tab at the top of your page, you can withdraw your funds with ease. Click on the ‘New INR Withdrawal Request’ link to enter the amount you want to withdraw. To withdraw, click on the withdraw icon, following box will appear on your screen.
Enter the details in the boxes i.e volume of alt coins you need to withdraw, destination wallet address and remarks. Then, press next. You will be charged some fees and will be able to withdraw money. The amount will reflect in the bank account you have linked with Koinex.
How to buy and sell cryptocurrencies on Koinex
After signing in, select Bitcoin from the drop down as seen in the screenshot below:
In the TRADE section, enter the quantity of Bitcoin’s you wish to buy. You can put in any quantity you wish to buy and wait if someone is willing to sell the exact quantity you want for the price at which you are offering. Or you can simply put in a quantity that you see someone else is selling for.
For selling, simply transfer the Bitcoins or any other cryptocurrency to Koinex wallet and then sell it on Koinex or follow the same procedure as above.
How to Transfer Bitcoins from Koinex to cex.io
Every wallet has a unique code. Go to the withdrawal section of bitcoin in Koinex and then you need to mention the bitcoin address of your cex.io wallet. After the network fees gets deducted, the bitcoin will be deposited to cex.io. In this way, you can transfer bitcoins or other alt-coins from Koinex to cex.io.
Koinex Exchange Review
Koinex is one of the best platforms to buy crypto currencies in India using INR. They have very low variations and the transaction fee is also very less. There are only a few exchanges in India who offer an option to buy more than just bitcoins and koinex is one of them. They have also taken measures to protect the user’s cryptocurrencies from hackers. You can trade in the following cryptocurrencies in koinex:
- Bitcoin cash
The minimum buying volumes of cryptocurrencies are 0.0001 Bitcoin, 0.001 Ethereum, 50 Ripples, 0.001 Bitcoin Cash. Koinex gives maximum return on your investment and is one the best website which offers the best-selling price in India.
What are the coins that Koinex supports?
There are 8 coins that have been listed in koinex. They are
But all these coins are not trading at this moment. MIOTA, OMG, GNT are not tradable
Is Koinex Trust worthy?
Yes. It is a trusted site and many people are investing money through it.
How much time does it take for koinex to deposit money in your account?
How important is the address given during deposits or withdrawal?
Probably the most important thing in Cryptocurrency. If the address put in is wrong or goes to the wrong coin tab, then there is a high possibility that the money might never come back. Once a transaction is done, it cannot be traced back in cryptocurrency.
What are Koinex Fee and Charges?
Koinex charges (buying)
Rs.0 to Rs.25,00,000 – 0.25 percent
Rs.25,00,001 to Rs.1,00,00,000 – 0.20 percent
Rs.1,00,00,001 and above – 0.15 percent
Koinex charges (selling)
Till 31st December, selling was free
Note: Transaction is temporarily halted but INR deposits are only being processed through net banking.
Can an Alt-Coin be converted into another Alt-Coin in Koinex?
Yes, it is possible in Koinex as it is the only Indian trading platform that lists alternative digital assets and it can be converted.
Can you please help me understand the Home page of Koinex?
At the top of the home page, we see 8 boxes as seen below:
Each of the boxes represent the value of the respective Alt-coin in INR. For example ETH/INR:67,500 means 1 Ether coin is Rs 67,500 now.
Next lets look at the table on the home page that looks like this:
This table tells us about the volume of Ethereum coins which are available for buying and selling. Let’s analyse each section of the table in detail. In the Buy Orders, the prices to buy different volumes of ETH is given. For example, in the first column, the figure 0.8090 is mentioned in the volume section and 67,000.00 is mentioned in the price/ETH section. This means you can buy 0.8090 volume of ETH currency at the price of ₹67,000. The volumes and prices mentioned in all the columns & rows are different. It means to purchase different volumes of ETH, prices are different and they keep on fluctuating every second.
In the Sell Orders, the prices to sell different volumes of ETH is given. For example, in the first column, the figure 0.0460 is mentioned in the volume section and 67,500.00 is mentioned in the price/ETH section. This means you can sell 0.0460 volumes of ETH currency at the price of ₹67,500. The volumes and prices mentioned in all the columns & rows are different.
The last section shows our personal trade history. The first column shows the date and time at which transactions have taken place. Second column shows the volume of ETH sold or purchased and the third column shows the price at which transactions have taken place in Indian currency. If we take first row as example, 0.1000 volumes of ETH were sold/purchased at the rate of ₹67,500.00 on 18/01/2018 at 11:11:02.
Now, let’s check out the graph which is at the bottom of the screen.
This is a graphical representation of price chart and volume of the ETH currency transacted in last one week. It also shows the highest and the lowest amount of the week and volume with exact figure.