Koinex, In Brings The Altcoin Culture to India: Resumes Instant Withdrawls
Koinex is one of the most innovative and experimental exchanges of Indian. They have been in talks for their minimal transaction fees and less difference between buy-sell rates. Although, there have been a lot of complaints too. Mostly, because of the exchange’s not so good customer support, read a detailed Koinex Review . They are never the ones to stay behind the trend. And always the ones to upgrade the Indian Crypto sphere with International standards.
This Month Koinex has launched support for various new Altcoins which weren’t available on any Indian exchange. The list includes many strong projects including,
- Neucleus Vision9 (NCASH)
- OmiseGo (OMG)
- 0x Protocol (ZRX)
- NANO (XRB)
- Request Network (REQ)
Koinex has also introduced a unique feature called Koin Vote, which lets the exchange users vote for the next Altcoin to be introduced on the exchange. This is a very bold and innovative step from a small exchange like Koinex. We will not be surprised if it comes out to become the most popular Indian Crypto exchange by the end of 2019. If they continue to make such bold moves.
Resuming Express Withdrawals
The exchange was very popular for their instant withdrawal feature, which saw a huge 4 months break. On 26th March the Mumbai based Indian crypto exchange has announced that they are resuming instant withdrawals. This time it is branded as Express Withdrawals. The withdrawals from this service will be instantly transferred to the receivers bank account but will charge a small transaction fee of INR 30. There was no fee charged earlier.
No other Indian exchange offers instant withdrawals at the moment, putting Koinex ahead of the curve. Though some issues like regular downtime has also been a problem for users. Also, the lack of manpower to handle customers’ problems have been a hurdle for the exchange.
Considering, the exchange is still in its Beta stage, many still consider it a better options for the likes of Zebpay and UnoCoin.
The main hurdle for small exchanges are the legal obligations through which they have to go through. Though Indian government is still neutral on Cryptocurrencies and has not declared them illegal or legal. But there have been many rumors of IT cell communicating with crypto exchanges to detect money laundering. Some of the major banks also halted direct transactions with crypto exchanges due to which we saw a huge crisis in the Indian crypto market in early January.
One way to avoid these problems has been recently demonstrated by Binance Exchange. TheyKoin shifted their headquarters to Malta to seek crypto friendly legislation.