Indian Cryptocurrency Exchange Koinex launched the new Android app today. After we gave a preview of the app before the official launch, it is now time to review the product. A part of the review is from the earlier preview and the rest is from the Koinex’s app installed on my OnePlus5.
A Review of the New Koinex Trading App
The app interface is phenomenally smooth with no lags in the few minutes that I played around with it. Although this could vary from phone to phone and network traffic, I had the privilege to test it out quite early.
Price Alerts is possibly the best feature of the app. Say no to constantly looking at the price ticker on your phone or computer. You shall be notified when the price of your favourite crypto changes to the level you set. I personally think that this addition is wonderful. I tested it by setting up 2 alerts, one at lower price and another at higher price. It worked like a charm.
Trading is quite simple on the app. Choose to buy/sell, enter the price and quantity, hit the button. It requires only a few clicks to buy or sell crypto. As I always say “More the clicks, more the dissatisfaction”. However I do believe if a user is habitual to only Koinex exchange, the app is going to be slightly tough to use in the beginning.
Fees are visible now on the trade window, so you know exactly what part of your total transaction is fees. The web version shows the amount payable inclusive of fees.
Contact Support directly from the app now, so raising support ticket just got easier. Click on the menu and “Contact Support”.
A Login Pin should be setup to use the app and after what I observed was inactivity for 2 minutes, you need to re-enter the mPin to use the app. No need to enter username and password everytime. I think this is essential in case of a mobile app also because you don’t want someone else to trade on your behalf while they are casually checking your phone out.
Log out Button is available in the menu. I cannot stress how happy I am to see a log out button. You can actually completely log out of the application, unlike a certain biggest exchange in India’s mobile app.
Not everything is awesome about the Koinex App, here are somethings that can use a bit of improvements.
Charts definitely need a makeover. Koinex now trades significant values in crypto and those damn candlesticks can help the TA lovers. The next iteration of the app will have new and improved charts I was told by Rakesh Yadav, the CTO of Koinex.
Hitting Back key closes the App. You are on android. Android phones generally have a back key next to the home button. That is one reason I prefer Android too. I do not like that hitting the back key on Koinex closes the app instead of going back in the window or throwing a warning that it is not allowed.
There seems to be Nothing Ugly about the app. If you’re worried about security, the app is protected by your finger print as well as a pin you can setup for the app. You still need 2FA code for withdrawal.
Coin Crunch India Opinion:
Download the app, set the mPin and begin trading. Definitely set up price alerts because I know you feel like keeping a tab on the prices all the time, and setting up alerts can save you some unwanted time you spent on opening Koinex to check prices all the time.
Please be careful while downloading the app. Playstore has a lot of apps named “Koinex”, some of them could be scam or phishing attacks. Download the official link only.
Update log: Deposits and Withdrawals section in “The Bad” was removed after the same was fixed in the latest version of the app.