First Look: Koinex’s New Cryptocurrency Trading App

The world of cryptocurrency could be a topsy turvy land for many, especially Indians who have only recently joined the bandwagon and were burnt badly by the recent slump in prices. Nevertheless cryptocurrency and blockchain remain to fascinate many and the development around it does not seem to be seizing amid the fears.

Joining the innovation train is Koinex, one of India’s leading cryptocurrency exchange with the launch of its new Trading app. Koinex, that begun the journey in August, 2017 was soon observed to be climbing up the ladder with funding from Pantera Capital, super-heavy trade volumes and enormous amount of new registrations.

“Peak trade volume was 260 M USD (1671 Crore INR) in a day. We are expecting to grow 3-4x with mobile presence” – says Rakesh Yadav, CTO of Koinex.

Speaking about Koinex’s vision, Rakesh continued “Our core focus is on scaling the core platform which can help us serve billion users of India. Right now Koinex handles 120M API requests and 20 Billion real time messages in a day and (we are) scaling the systems to handle 20x of the current capacity”.

Koinex’s Android app goes live on Monday, February 12. The iOS app is under the final testing stages and should be going live soon, says Rakesh.

Here’s what Koinex’s New Mobile App looks like:

how to download koinex mobile app
Koinex Trading Window on App
  • Koinex has packed a lot into a tiny screen.
  • The top drop down lets you choose the cryptocurrency to trade.
  • With tabs below it to allow you to place new orders, review pending orders and order history
  • The tabs at the bottom offers a switch-to-new-window for Markets, Trade and Wallets.
  • The Top left menu (three lined) offers you various choices for your account.
  • The tiny youtube style bell icon on the top right corner will open a new window with 3 tabs – Notifications, updates and Price alert. We will talk about it in a bit.

The Market:

Koinex offers 5 cryptocurrencies for trading at the time of this writing
  • Offers market view for the available currencies – Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH) at the time of this writing. Koinex plans to add more coins soon.
  • The last trade price is distinctly visible
  • A link-out to charts for the aficionados

The Charts:

How to read charts on koinex
Koinex trade charts available on the app, but looks like there are no candlestick charts
  • The charts are the same as on the website with an option to change the period
  • Candlesticks will be added later, confirms Rakesh.

Wallets:

how to check my balance on koinex mobile app
You can see your in-order and total balance in the wallet section
  • So, it seems like Koinex has officially started calling all cryptocurrencies as “koin”.
  • Under the “Koin wallet” you can see your “Koin” balance and the “Koin” that are in order.
  • On top “Koin Portfolio” provides the real time INR value of your holdings.
  • You can send and receive “Koin” by clicking on the respective wallets.
  • Start calling your crypto “Koin”s. No more jokes :D.



Three Lined Menu:

Manage your account, check history and references from the Koinex Menu
  • The “Koin” menu (it is a joke) offers services to check your transaction history, your referrals and setup the security of your account.
  • You can log out of the app whenever you feel like. I find having a logout button quite relaxing after not being able to locate one on Zebpay until now.
  • The settings offer you an option to setup custom price alerts.

Custom Price Alerts:

how to setup alerts on koinex mobile app
Setup custom price alerts on Koinex
  • This one feature will put a lot of alert apps on playstore out of business. Either they are full of ads or costs money to buy. No more. Koinex offers alerts for Koinex. How poetic.
  • You can setup multiple alerts for prices and relax. Your phone should buzz when the price has reached.
  • Get your notifications on the app, something that was missing from the mobile site.
  • I am guessing the updates tab is for latest updates from Koinex.

Deposits and Withdrawals:

  • I am not sure what good does a QR code do on mobile? Like use another mobile to scan the QR code from the mobile?
  • Koinex still has no update on the non-payment gateway based deposits, even our assumptions have not materialised.

A word of Caution for Koinex users:

There are a lot of apps that look like Koinex apps on playstore. Please do not fall prey to such apps, they are not the official ones and they might scam you of your money of crypto. “The official app should only be downloaded from the link on our website, that is the safest way”, said Rakesh as we ended the conversation.

By the way, Koinex has started accepting new registrations, visit Koinex and register if you don’t have an account there.

What is our review:

The app looks fairly simple and easy-to-use. We will have to wait for the official launch to see if there are any glitches with the app. After all, huge trade volumes have broken the backs of almost every exchange in the world.

We will do a review of the app as soon as it has launched. We will test it to find any bugs and put out a full review soon on Coin Crunch India.

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