Koinex: All you need to know about India’s Crypto-Exchange Platform

This article discusses the formation and operative process of Koinex India. It also in detail shares its salient features, advantages, disadvantages, and the reasons for the shutting down of Koinex. 

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Article Index:

1. Introduction

2. How was the Operative Process of Koinex? 

3. What were the other features of Koinex India?

4. Advantages and Disadvantages of Koinex India:

4.1 Advantages of Koinex India:

4.2 Disadvantages of Koinex India:

5. How can anyone access the Koinex login, and what were the features of the Koinex app? 

6. How were the reactions of many users on Koinex? How largely it influenced the Koinex reviews?

7. What has happened to Koinex now?

 

1. Introduction:

koinex logo

Koinex is a cryptocurrency exchange platform which got launched by its founders Rakesh Yadav, Aditya Naik, and Rahul Raj in August 2012. Koinex facilitated the exchange and real-time trading of many eminent digital currencies such as Litecoin, Bitcoin, Bitcoin Cash, Ethereum, Ripple, Tron, and many others. 

2. How was the Operative Process of Koinex? 

It acted like a single-stop currency exchange as well as a trading platform and got based on the same peer-to-peer exchange model.

koinex platform

Koinex got referred to as a live open order book exchange, which offered a transparent exchange as well as trading prices in each of the mentioned digital assets. 

It enabled the potential buyers to place bids on different digital assets and also helped the sellers to set up the ‘asking rate’ for the virtual currencies they loved to trade. 

This exchange platform also offered numerous other features such as the wallet system and grade-A type of security systems housed in its architecture. 

Koinex also raised initial funding from eminent venture capitals such as Pantera Capital and Beenext, whose amount got undisclosed. Koinex was a massive success during its initial days of launch and recorded more than 265 million dollars in its trading volume. 

It also had more than 40 thousand users signed up on its website in 24 hours at the peak of December. It also claimed more than 100 thousand users in the same month, which got considered as its peak month. All these achievements of Koinex happened in just four months. 

 

3. What were the other features of Koinex India?

Koinex, during its initial days of operation, got regarded as the best website to buy or trade virtual currencies. Such was its level of dominance in India. It was also recommended by millions of its customers to use the same platform again and again. 

Koinex India was also one of the first platforms to offer cryptocurrency exchange in India. It served as a significant relief to all the people who had stored their valuable assets in the form of digital currencies. 

Koinex India also served its purpose by delivering the best set of features available in digital currency to all the citizens in India. 

koinex founders

It also brought a ray of glimmer to those people who believed digital currency as some scam or threat and had inferred themselves away from investing in it. It was because of such gestures showered upon the people of the country Koinex was able to amass a more massive amount of 3 million customers within no time in India. 

 

4. Advantages and Disadvantages of Koinex India:

4.1 Advantages of Koinex India:

4.1.1 Koinex, during its earlier days, promised to be one-of-its-kind of digital currency exchange and trade broker in the country. 

True to its words, it provided many lucrative options of investing in E-Wallets such as Ola-Money, PayZapp, Freecharge, Jio-Money, PayUmoney, Mobikwik, and many more electronic wallets. 

4.1.2 It suggested a very easy and no pain approach for investing in digital currencies. 

4.1.3 The most solitary advantage of Koinex was that it housed an evergreen, elegant, ergonomic, and comfortable user interface. It was because of its user interface people showered it with more love and started to use it more than usual. 

4.1.4 The whole team of Koinex consisted of supportive staff who used to respond to each query of the customer and tried their best to resolve them. 

4.1.5 Koinex system used to verify all your assets as well as other documents within hours. Yes, it is true. 

You were getting verified by Koinex within 1-4 hours, and it assisted in starting your transactions from the same day of your verification. It used to save a tremendous amount of time compared to other virtual currency exchanges in the market. 

4.1.6 Koinex used to charge a lesser amount of commission or transaction fees for every transaction. This feature was praiseworthy as other exchanges were charging a higher amount of commissions from its customers. 

4.1.7 Koinex, unlike other digital currency exchanges, facilitated the direct purchase of different virtual currencies such as Bitcoin Cash, Bitcoins, Ripple, Ethereum from its platform. 

4.1.8 Koinex promoted the instant withdrawal of funds from its account and also presented the luscious two-factor authentication system. 

 

4.2 Disadvantages of Koinex India:

4.2.1 The website of Koinex suffered from maintenance problems and was always a natural threat to both bugs and network-related issues. Users regularly reported the inadequate maintenance of the site now and then, and sometimes it looked like the developers were not paying heed to any other of their grievances. 

Though later, after too many adverse reports, the developers started to reduce the level of problems. Still, the website was under maintenance for more than 2-3 hours in a day.

4.2.2 One more disadvantage is that no one gets allowed to take advantage of digital currencies when its prices were low. This attribute got considered as a menace as most of the uneducated traders used to lose their assets due to it. 

4.3.3 Though Koinex houses a lot of digital currencies in its platform, a lot of other alternative coins are left out on the platform, such as Monero, Dash, and others.

 

5. How can anyone access the Koinex login, and what were the features of the Koinex app? 

You can quickly login to the Koinex platform just by signing up on their website or by using the Koinex mobile application. For the signing up process, you first have to register yourselves on the platform. 

As it deals with the exchange and trading of digital currencies, the registration process consists of some steps were each and everything gets scrutinized properly to provide secure trading operations between customers. 

It might ask you for your verification identities, and later, your account may go into the process of KYC verification. Once you get verified, you can start using the platform to exchange or trade virtual currencies.

Once you got presented access to the Koinex login, it offered you a reward of 50 Rs cash by which you can buy any coin by adding this money to the wallet.

To facilitate a more extensive reach of customers, Koinex also created a mobile application of its platform, the Koinex App, which was available for download from the Google Play Store. 

The Koinex App also featured the same lucrative attributes which got found on the website but was more comfortable to use compared to the site. The usage of the Koinex app also promoted easier accessibility anywhere you are, which was not possible with the website. 

 

6. How were the reactions of many users on Koinex? How largely it influenced the Koinex reviews?

Though the digital currency is a domain which invites lots of threats along with it, the initial reviews on Koinex were considered positive. When there was a lesser number of people on the platform, things were going quite well. 

But once many people started to barge on the platform due to its lucrative features, Koinex began to experience many difficulties in handling the higher traffic of customers. As already mentioned above, users were continually reporting about the website being under maintenance for most of the time. 

Sometimes many of the transactions were getting halted due to the same, which irritated many crypto enthusiasts. Users also reported the less amount of alternative currency usage in the platform. 

Other than these, customer reviews were quite favorable for this digital currency exchange throughout its journey in India. Many customers lauded its working process and also the active and more accessible interface it possessed. People were also in love with the faster transaction rate and fewer transaction fees offered by the platform.

 

7. What has happened to Koinex now?

Unfortunately, due to the unfavorable terms on the digital currency with the Government and also due to the fear of using virtual currencies in the people, Koinex decided to shut down its platform in June 2019. Koinex fell prey to the Indian judiciary system and the Government, who were against the usage as well as trading of digital assets. 

When the Reserve Bank of India issued a notice for all the banks under it to exit relationships from all the cryptocurrency-related platforms, Koinex experienced a massive loss in its business, which lead to the downfall of this eminent digital currency exchange platform of India. Rest assured, the users who had their assets in Koinex duly got it released by the well-mannered initiation of the company. 

Due to many regulations and frameworks hinting at the ban of digital currencies in India Koinex founders and no other options than halting their operations in the country. It was sad to see such an eminent exchange falling, but many of them knew that this result was coming sooner to affect the platform severely. 

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Shreyas
Shreyas
Hello, this is Shreyas A. Being a mechanical engineer by profession, he loves content writing as it has been his passion driven till now. He loves writing on various topics such as General Knowledge, Travel, Politics with Technical Writing being his strong forte. He also loves to try out writing on different subjects which aren't explored till now 🙂

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