Koinex Guide: Buy Coins in India
The Number of opportunities for making money through the internet are steadily increasing and cryptocurrency is the new way of it and it really requires knowledge with experience. Initially, People are well known About “Bitcoin” and slowly they are being introduced to thousands of coins.
People always love to make money in no time and then crypto trading (Trading with the cryptocurrencies)Happen.People started trading with coins to make money. In simple, They Buy coins with their FIAT currency(For Indians its INR) at some low costs and sell coins at a high price for making a decent profit.This is not that simple as you read.
These might be questions raised !!
Where should I buy?
How should I buy?
Can I buy them through my wallets and bank accounts? Etc Etc…
Well, You might be here as you are searching for some decent guide to buy some crypto coins With INR(Indian National Rupees).If I am Right, then you need to end your search here 😉
- 1 About Koinex
- 2 Koinex Exchange- Buy Bitcoin, Ethereum, Litecoin and Ripple in India(INR)
- 3 How Koinex Works?Understanding The Koinex
- 4 How to Buy Crypto Coins with INR At Koinex?
- 5 Frequently Asked Questions
- 6 Conclusion
Koinex is one of the fast growing crypto exchange in India and here are the complete in-depth details regarding everything.
As said above, It’s an Indian crypto exchange which was developed by a team with a technical background.As for now it has less than 25 employees.
Koinex Exchange- Buy Bitcoin, Ethereum, Litecoin and Ripple in India(INR)
I will be explaining structure and working of koinex with the real Screenshots and Proofs Here.Make sure that you just need a little bit of knowledge such as which coin to buy and at what price etc.
How to create an Account at Koinex |Sign up
First of all, You need to sign up for the Koinex. The Homepage welcomes you to trade Orders and with a Signup Form which looks like below snap.
Be professional as it’s a matter of money. Fill out the form with your accurate details.Permeant email and Mobile Number are recommended to use.One more, a password with all characters(Symbols, Characters, letters, Numbers)is suggested.
Submit your Documents | KYC Process
KYC is the abbreviated form of Know Your Customer. It is the process of customer verification by the admin team.You need to submit
- Bank Details(Only This bank account should be used for Deposits and Withdrawals)
- Aadhar Number and images of both sides(Required as Address Proof)
- PAN Card Number and a copy of PAN CARD(Required as IT Department Norms).
- A Passport Size Photo(For Cross Verification).
- Email Verification
Important: You must do transactions (Deposits and Withdrawals)with the Bank account which was registered in your profile.Withdrawals and deposits which are done from other banks(Which is not registered with your profile)may take huge time to get refunded or might be lost as well(Depends Upon customer service).
Always Use HD images while uploading to get approved fast. It is suggested to use JPG and PNG Formats of the images while uploading and they must be less than 3.5 MB.It takes up to a week or 2 to get your account approved.Below is a snapshot of my KYC Page.
Once Approved, Enable the Google Authentication Factor For Further Trading. It adds extra security. It’s suggested to store the Key provided during the Google Authentication.
How Koinex Works?Understanding The Koinex
Once the account gets approved, You need to understand the complete interface of koinex to start your trading comfortably. However, Koinex UI is user-friendly and was a bit easy to understand.Let’s dig out the stuff regarding its interface.
Things you need to examine before trading,
- Buy and Sell Orders
- Trade History
- Open Orders
- Live Price Chart
- Your Profile
Buy and Sell Orders
We will be selecting Ripple coin (Which is denoted as XRP)from the drop-down and so the screenshots included from here will be about Ripple XRP.
Once you Login to your Account, This was the first Coloum you find.This data is all about the buy and sell orders of the entire community.
It’s so simple as FUCK.Let me do it with an example.If you own 50 XRP and you want to sell them for some price.One can sell their coins using Trade (Which is explained below).So you kept an order to sell 50 coins for a xxxx price.The order of your coins will be displayed under “Sell Orders”. “Buy Orders ” is more similar to the sell orders.If someone places an order to buy it will be listed under Buy orders.
Trade History is nothing but the total list of orders of the community.It contains 3 columns which represent the Date, volume, and Price of the trade.
This column is subjected to your account.The trades you are going to do will be done here.Trade is nothing but the process of buying and selling coins.As we are working with ripple now, The trade section will look like…
Let me break it into pieces for better understanding, The Trade section consists of “Buy” and “Sell”.
Buy and Sell: If you are willing to buy coins from koinex one need to have enough balance in their koinex wallet which is represented under balances section(Check Info Regarding deposits).Ok, now you had enough amount to buy some Ripple, Enter the volume of the Ripple you need to buy and simply paste the lowest ask value to execute your order instantly.
Worried about lowest ask !! Feeling that it might even decrease, Then place your buy order with a price lower than lowest ask(You can place up to -20% of the price deviation).Remember the order will get executed when it reaches the order price and that too in a queue.It works same with the sell option too where one can place an order at highest bid-ask and with +20% deviation as well.
Your Open Trades
The Buy and Sell orders which are going to be executed and which will be executed with the price change(If you buy and sell coins with deviation percent of current price)can be seen in the open trade section.In simple, The orders which are in the queue to execute are displayed here.
From the about image, I had 20 XRP(Check-in trade section) and the current trading price is at some 93INR. I wanna sell my coins at 100 and so by using some price deviation feature I placed the order at 100INR which was displayed in open orders.The order will get executed if the price reaches 100.
Live Price Chart
Live Chart is nothing but the graph to check the price history of a coin.You can adjust it as per your need.It also contains…
Volume of the coin traded in last 24 Hours
Highest reach of that coin in 24 hours
And Lowest Reach of the coin in past 24 Hours
One can easily identify the option in Menu. Deposits and Withdrawals are included in the balances section.As stated Withdrawals and Deposits should be done within the registered bank account only.
The sections within Balances:
- KOIN Portfolio– All About the coins you invested.
- KOIN Wallets-Each coin is provided with deposit and withdraws address.There are unique and are used to transfer coins between exchanges.
- INR Wallet-The complete overview of your deposited money.You can raise withdraw requests from here.
- Deposit Section-Options to deposit money.As the site is in the beta state they might add more options in future.
- Trade History-History of your coin trades will be listed here including the history of deposits and withdrawals.
Each and every notification regarding your trade and account will be listed here.Similar to Facebook Notifications.
This is completely about your data.Once you got approved there is no need to visit the page again.Koinex runs a referral program and you can invite your friends through your referral link which gives you a very little commission in the koinex wallet.
I suggest you visit the website where the links are provided.The fee structure may vary according to time.Please double check this kind of information before trading.It’s the matter of money and so we must need to read each and every term and condition given by the Team.
How to Buy Crypto Coins with INR At Koinex?
It’s a not a rocket science to do so, Here I will explain it with few simple steps.
- Login your account at koinex
- Make sure you had some amount in koinex wallet to buy coins.
- Select the coin you want to buy from the navigation drop down
- Now check out the buy section which might be right on the screen (Trade section is explained above).
- Enter the volume of coins you need to buy and decide the price you want to pay for each one.Always prefer the current price to buy instantly.
- Place your Order. It will be executed in Queue.
Frequently Asked Questions
Is Koinex a scam?
Absolutely No.As I personally invested Init.
Not getting the OTP During Registrations?
Don’t worry.Try it again.I suggest to simply restart your mobile.Service provider may take some of your time 😉
Unable to Sign in With Google Authenticator?
This Stands out.You need to sync with the timings of koinex server in order to make it work, You can find it out on the site homepage.
I am unable to log in?
Yes, I faced the issue too.Sometimes I am unable to login to the site.But after a while everything is fine.The site may be down with Heavy Traffic.
Coins were sent to wrong wallet address!
Congrats, You lost your Money 🙁
How are orders executed?
Orders are executed in a queue.
How Much time does it take to get a refund?
It may take more than 10-15 days to get refunded.If you do everything as per Terms then everything will be ok.
WILL BE FREQUENTLY UPDATED…
As Far Now, I had Good experience with Koinex as I was trading with low amounts.I heard that they had a weak customer support as they won’t reply for weeks.Hope it gets better in future.Please research on such comments before you start investing large amounts.One more No one should Keep Huge Amounts of coins/currency in their wallets.
Backbenchideas is not at all responsible for your issues with koinex.Till Date, I never had issues with koinex.