KoinBX Review: Is KoinBX Good?
KoinBX Overview and General Information
KoinBX is a cryptocurrency exchange platform that was founded in 2019 with a primary focus on the Indian market. Their main goal is to make cryptocurrency easy for everyone in India. Although some sources state that it was founded in 1994, a check of reliable sources shows that 2019 is the correct year.
KoinBX stands out with its user-friendly interface. Users can deposit and withdraw Indian Rupee (INR) with ease. The platform also strictly adheres to Indian regulations, ensuring the safety of users’ funds. KoinBX supports over 120 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). It also offers a wide range of trading options, such as instant INR deposits and withdrawals, a 24/7 order book, high liquidity, and a low trading fee of just 0.25% for both Maker and Taker. The identity verification (KYC) process is also quick and easy, and it complies with all AML/KYC policies.
Additionally, KoinBX is ranked in the top 100 cryptocurrency exchanges on CoinMarketCap, reflecting its growing reputation in the market. However, regulatory clarity remains unclear, which could pose consumer protection and security risks.
Is KoinBX safe?
KoinBX emphasizes security and speed of service. While there are no specific details about security protocols such as two-step authentication (2FA) or cold storage, the platform’s emphasis on security speaks volumes about its efforts in this area. However, there is no mention of the SAFU (Secure Assets Fund for Users) fund, which is a common security measure found on other exchanges.
KoinBX does not provide detailed information about user protection measures or past security incidents. The main focus is on regulatory compliance and user-friendly interface.
Licensing and Regulation
If you ask whether KoinBX is good or not, you should start by considering the license and registration factors first, which are as follows:
KoinBX claims to be registered with the FIU (Financial Intelligence Unit), which means it has some level of regulation. However, the clarity of this registration is not clear and does not mean that it is fully regulated for cryptocurrency trading. The platform is fully compliant with Indian regulations to ensure the safety of users’ funds.
There is no detailed information about the specific certifications that KoinBX has received. The focus remains on regulatory compliance and user-friendly interface.
Products and services
Supported Cryptocurrencies
KoinBX supports over 120 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), among others. The platform offers a wide range of digital assets, suitable for both beginners and experienced traders.
Features
Trading Options: KoinBX supports Spot trading, allowing users to buy and sell cryptocurrencies instantly. There is no mention of other trading options such as Futures, Margin Trading, P2P or Copy Trading.
Commissions and Fees
Trading Fees
Withdrawal Fee
Deposit Fee
***For more information and details on fees for each cryptocurrency, please check the "Fees" page on the KoinBX website.
Deposit and withdrawal channels and fees
KoinBX is a cryptocurrency exchange platform that provides deposit and withdrawal services through various channels. The details and fees are as follows:
Deposit channels
Withdrawal channels
Withdrawal Fee
Support and Customer Service
24 hours service: KoinBX support team is available 24/7 to assist and answer users' questions.
Contact channels: Users can contact the support team via email at[email protected]Or via the KoinBX application on iOS and Android.
Online Help Center: KoinBX has an online help center with articles and guides on how to use the platform to help users resolve basic issues on their own.
KoinBX Review: Pros and Cons
Pros :
Supports over 200 cryptocurrencies
User-friendly interface, suitable for both beginners and professionals.
There are strict security measures in place.
Cons :
Limited global market support (focus on India)
Lack of advanced trading features for professionals
Low liquidity compared to larger platforms
Summary of KoinBX review: Is it good?
KoinBX is a cryptocurrency exchange platform that supports over 200 currencies and has a user-friendly interface suitable for both beginners and professional investors with strict security measures and compliance with regulations in India. However, the platform is still primarily focused on the Indian market.
This can lead to limited international support, a lack of advanced trading features, and low liquidity compared to larger platforms. Overall, KoinBX is a good choice for investors looking for a secure and easy-to-use platform, but these limitations should be considered before deciding to use it.
