6:45 pm - Thursday December 14, 2017

Buy Sell Cryptocurrencies at Best prices in India at KOINEX

About Koinex
Koinex is India’s most advanced digital assets exchange. It’s the first complete exchange supporting multiple cryptocurrencies/ tokens on a single platform. Built entirely from scratch, Koinex is aimed at bringing the magic of blockchain technology to India. Bitcoin – the world’s first cryptocurrency – was introduced in 2009 and since then over 1000 tradable tokens have come into existence. However, for a long time India missed out on the tremendous opportunity that the rest of the world had been enjoying. And Koinex has been built to to bridge that gap.
Koinex has been built over cutting edge technology. Proprietary trading engine, wallet and platform architectures, grade A security, user-centric UI/UX, and tons of user-demanded features are some of the things which define Koinex. It’s being carved to perfection, one day at a time, all with your constant love and support.
FREQUENTLY ASKED QUESTIONS
Basics of Cryptocurrencies/ Tokens/ Digital Assets
1 What are cryptocurrencies?
Cryptocurrencies are a new form of digital currencies which are built on top of a new technology called blockchain. Cryptocurrencies are secure (through latest encryption techniques), fast and fully traceable.
2 Why should I invest in cryptocurrencies?
As for any kind of financial instrument, cryptocurrencies offer an opportunity to make huge profits (or capital gains) due to substantial volatility in prices. Investing in cryptocurrencies is investing in the future.
3 Which cryptocurrencies are supported on Koinex?
Currently, Koinex supports Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Ripple (XRP), Bitcoin Cash(BTH). More cryptocurrencies (or altcoins) will be added soon.
4 What is blockchain?
Blockchain is a digital ledger in which transactions made in bitcoin and other cryptocurrencies are recorded chronologically and publicly. It’s one of the fastest growing revolutionary technologies which has applications in almost all sectors and industries.
Account, Registration and Verification
1 Can I trade on Koinex without registration or KYC verification?
No, you cannot trade on Koinex without registration or KYC verification. You will need to create a Koinex account and complete KYC verification by providing all relevant information to begin trading. Please go through the tutorial on setting up your Koinex account .
2 Which documents are required for KYC verification on Koinex?
For KYC verification on Koinex, you will need to submit Aadhaar Card (both front and back scans), PAN Card (scan), bank details (the account which will be linked to Koinex account) and other personal details.
3 Is PAN Card mandatory for opening a Koinex account?
Yes, PAN Card is mandatory for opening a Koinex account. It is required to keep a track of all transactions for a user against the PAN Card for all tax, legal and accounting purposes.
4 How to create a new password if I have lost/ forgotten my old one?
In the sign in dialog box, click on “Forgot Password” button. Enter your email/mobile number and Recovery Password and submit then you will be redirected to page where you can reset your password.
5 How do I update my email address or mobile number on my Koinex account?
Drop a mail to team@koinex.in mentioning your previous email, mobile number and Koinex ID raising a request to change them. We will process the same within 7 business days to make the necessary changes.
6 Can I have multiple accounts on Koinex?
No, you cannot have multiple accounts on Koinex because every Koinex account has the Aadhaar and PAN information for a particular user.
7 I don’t want to continue my Koinex account anymore. How do I deactivate it?
If you don’t wish to continue with your Koinex account, you can deactivate it from your “Profile” section. You will need to follow the steps mentioned in the email received to successfully deactivate your account. Once deactivated, you cannot create a new account. In case you wish to reopen your deactivated account, drop a mail to team@koinex.in raising a request for the same.
Deposits and Withdrawals
1 How can I deposit/ withdraw INR from my Koinex account?
Please check the tutorial on INR deposit/ withdrawal how it works
2 How can I deposit/ withdraw cryptocurrencies from my Koinex account?
Please check the tutorial on cryptocurrency deposit/ withdrawal how it works
3 How long does it take to deposit and withdraw INR from Koinex account?
Deposit: After you make an IMPS transfer to the unique account number, it takes 5 to 20 minutes for the deposit to automatically reflect in your Koinex INR wallet. In case of NEFT/RTGS it takes 3 to 4 bank working hours. In case of payment gateway, deposits are instantaneous.
Withdrawal: Withdrawals up to INR 2,00,000 will be credited via IMPS within 30-60 seconds. Withdrawals for more than INR 2,00,000 will be credited via NEFT within 3-4 bank working hours.
4 Can I deposit/ withdraw INR from a bank account other than my Koinex-linked bank account?
No, you cannot deposit and withdraw INR from a bank account other than your Koinex-linked bank account. If you deposit INR from a bank account other than your linked bank account, we will refund the same within 7 working days. All withdrawals from Koinex INR wallet will be made only to the linked bank account.
5 Can I deposit INR to my Koinex account in cash?
No, we don’t accept cash deposits for your Koinex account. We will only accept NEFT/RTGS/IMPS deposits.
6 What are the limits on deposit/ withdrawal on Koinex?
You can check the limits on deposits and withdrawals .
7 Can I use my Koinex cryptocurrency wallets to only store my cryptocurrencies?
Yes, you can use your Koinex wallets to store cryptocurrencies securely. You can also send and receive cryptocurrencies to these wallets.
8 How long does it take to deposit and withdraw cryptocurrencies from Koinex account?
Deposit: Cryptocurrency deposit time depends on blockchain block confirmations and network congestion. The minimum block confirmations for deposits of different cryptocurrencies are:
Bitcoin (4 block confirmations)
Litecoin (6 block confirmations)
Ethereum (32 block confirmations)
Ripple (no block confirmations)
Bitcoin Cash (8 block confirmations)
Withdrawal: Time taken for cryptocurrency withdrawals totally depends on the blockchain network congestion. It varies from one cryptocurrency to another.
9 Can I have multiple wallets (or wallet addresses) for one cryptocurrency on Koinex?
No, you cannot have multiple wallets for one cryptocurrency on Koinex.
10 Status for my cryptocurrency withdrawal says “Pending”. What does it mean?
98% of all cryptocurrencies on Koinex is stored at multiple offline storages. In case there is a huge amount of withdrawal requests, it may take a few hours to replenish funds to the server from where the withdrawals will be processed. In that duration, all withdrawal requests are marked as “Pending”.
11 I entered a wrong withdrawal address for my cryptocurrency. Can I stop or revert the transaction?
No, once a withdrawal request has been submitted, it cannot be stopped or reverted back. We strongly advise to double check the destination wallet address (including destination tag in case of Ripple) before initiating a withdrawal request.
12 What is meant by “double spend”?
Double spending is an error in cryptocurrencies scheme in which the same single cryptocurrency is spent twice or more. This is possible because a cryptocurrency consists of a digital file that can be duplicated or falsified. We strongly advise not to spend the cryptocurrency for the amount which you have deposited into Koinex cryptocurrency wallet. If we detect a double spend after minimum block confirmations, the transaction will not be processed and the amount will not reflect on your Koinex wallet.
Trading
1 How is the price for cryptocurrency determined on Koinex?
Trade price of cryptocurrencies on Koinex is determined by the matching of a buy order price and a sell order price. The users completely determine the market price of a cryptocurrency on the platform. The “Last Traded Price” is the reflection of the market price on Koinex and it is the price at which the last buy and sell orders were matched.
2 What is the trade fee for buying/ selling cryptocurrencies on Koinex?
Koinex has a tiered maker-taker fee schedule (Maker = Seller and Taker = Buyer). You can check the fees .
3 How do I buy/ sell cryptocurrencies on Koinex?
You can learn how to buy and sell cryptocurrencies on Koinex through the tutorial .
4 How long does it take to process my cryptocurrency buy/ sell order on Koinex?
After you place a buy/ sell order, it will be matched against a corresponding sell/ buy order with the same price per unit of the cryptocurrency. You will be able to see the highest bid, the lowest ask and the last traded price on the dashboard page. Depending on the price per unit which you entered while placing the order, it may take any amount of time to get the order processed. Once your order matches with a corresponding order, the trade is executed immediately.
5 Can someone else trade on behalf on me? Or can I trade on behalf of someone else?
No, noone else can trade on behalf of you, nor can you trade on behalf of someone else. All trades performed through a Koinex account will be considered to be made by the user only.
6 There are matching buy and sell orders but they are not getting executed. Why is it so?
Koinex has various audit services running in the background to check malicious activities. If you find a matching buy and sell order on the orderbook which is not getting executed, it may be due to the same service freezing trades momentarily. Once the audit services completes its checks, the pending orders will be executed appropriately.
Security
1 Is it safe to use Koinex?
Yes, it is completely safe to use Koinex for your cryptocurrency trades. Koinex has been built with grade-A security and latest technology architectures to ensure that all data, cryptocurrencies, wallets and INR volumes stay safe, secure and inaccessible to unauthorized entities.
2 What is a public key? Where can I find the public key of Koinex cryptocurrency wallets?
Public Key is the unique address of your cryptocurrency wallet. You can use it to store and receive cryptocurrencies. On Koinex, you can find the Public Key in the “Balances” page by clicking on the “Deposit” button next to each cryptocurrency under “Koin Wallets”.
3 What is a private key? Can I have the private key of my Koinex cryptocurrency wallets?
Private Key is like a secure password to unlock your cryptocurrency wallets. Koinex manages your private keys and stores them safely where no unauthorized person or entity get access to. To operate your Koinex wallets, you will need to securely sign in to the platform.
4 What is destination tag for Ripple?
A destination tag is extra information with a Ripple transaction, just like a reference number with bank transactions. To receive Ripple tokens into your account, you will need to quote this tag along with your Ripple wallet address.
5 What is 2-factor authentication (2FA)? How does it secure my Koinex account?

2-factor authentication (2FA) is an additional step to add more security to your Koinex account. Using an OTP, you will be able to ensure that all important account activity is always authorized.

6 What happens if my Koinex account gets compromised/ hacked?
If you observe that your Koinex account has been compromised or hacked, report the same to us by writing to team@koinex.in immediately.
7 What happens when I report an unusual activity on my Koinex account?
When you report an unusual activity on Koinex, you are signed out of your account, your account is frozen and all activities are put to hold. We will monitor your account for any fraudulent or malicious activity and attempt to contain the damage, if any. You will need to contact us to check on the status of your account.
Other General Topics
1 What is Koinex?
Koinex is a live, open orderbook, peer-to-peer digital assets exchange. Users can trade in various cryptocurrencies and tokens against INR, use the Koinex wallets to make a payment in cryptocurrencies and analyze/ track the cryptocurrency markets.
2 Is my personal information secure on Koinex? What is the privacy policy?
All personal information on Koinex is stored safely using advanced safety mechanisms. You can check the privacy policy at Koinex .
3 What is Koinex Associate Program? How do I become an Associate?
you can learn more about the Associate Program .
3 How can I mention my trading amount in IT Returns to the Income Tax Department?
Koinex provides yearly statement of account of your trades on request. Please consult your tax consultant with the statement of account for IT Returns processing.
4 Where can I get more information about Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash?
You can read up about these cryptocurrencies and their blockchain technologies on their official websites.
5 I get an error message saying “Oops! Something went wrong.” What do I do?
If you get this message, please sign out and sign in again.
Filed in: Finance, Financial News

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