“Be influenced, but don’t steal” – Unknown Source
Indian crypto exchanges are somewhat like this. Influenced by other exchanges, but not a blatant copy. Realistically speaking, to succeed in a business, you need to be better than your competition or be unique. So where does this new exchange KoinOK fit in this arrangement? Let’s see.
KoinOK launched silently, testing the waters. We added them to our list of exchanges as “Coming Soon” before they launched. Then suddenly one fine day I find people texting me about this new exchange “KoinOK”.
Hence I registered and now it time for a review. Don’t forget to check out our personal opinion at the end of the article.
KoinOK offers 4 coins ETH, XRP, NEO, GAS. No Bitcoin.
Trading is free, no fees for some time.
Deposits accepted by IMPS/NEFT/RTGS.
KYC within hours
No Mobile app, but good mobile responsive site
One of the most important question I ask myself before using an exchange is, How is the responsive version of the app? In other words, how well does it work on a smartphone.
Don’t get me wrong, I love mobile apps, but mobile webs are equally important.
KoinOK interface is clean and uncluttered. Both mobile and desktop website provides an easy to use system to Deposit, Withdraw and Trade. It has no extraordinary feature that differentiates it from other exchanges, but unlike some websites, KoinOK is pleasing to the eye.
Currently KoinOK offers trade in 4 Cryptos:
- Ether (ETH)
- Ripple (XRP)
- Neo (NEO)
- Gas (GAS)
KoinOK will not be charging any fees for trading for the next few weeks. This was confirmed by the team to Coin Crunch India.
ETH – 0.003, XRP – 0.1, NEO – 0, GAS – 0.001
KoinOK boasts to be highly secure. One article went on to say that a large part of their investment has gone into making the platform highly secure. Here are my observations.
- CloudFare for DDOS attack
- 2FA with Authenticator – Optional
- Login history available
- Login alerts on email
These are web based security concerns and as long as a user is careful about not sharing the passwords with anyone, their account won’t be hacked.
Given the fact that KoinOK just launched I do not think that there are multiple storages for the crypto like Cold, Warm, Hot. I am sure once the volumes rise, these storages will be added for better security.
INR Deposits and Withdrawal:
If it ain’t quick, it ain’t good. INR deposits and Withdrawals have been affected across all exchanges after the now-infamous arm twisting of banks. Hence the exchanges that can provide support for maximum banks, take minimum time for deposits, win this round.
KoinOK is traditional in the area. Offering deposits using IMPS/NEFT/RTGS. However, the deposits are quickly credited. They are fast and will soon introduce support for UPI based payments too. Same goes for withdrawals. Withdrawals are processed quickly on KoinOK.
The most amazing feature for me was the extensive list of videos in the Step-by-step Deposit instructions. They have an individual video of “how to deposit money” for every single major bank in India.
Team and Community Engagement:
I think this is by far the most important aspect of Cryptocurrency trading. Know the team behind the company. Who they are, what is their experience, who are advising the company are some of the questions you should ask. Not all developers are IITians, but whether they have the experience to run a company like this, is more important to know.
Vibhay Sachan, founder of KoinOK, the only non IIT co-founder has previously worked as a senior software engineer in Limetray.
KoinOK has an extensive knowledge base for your questions, but if it isn’t enough you can raise a ticket. Support is quick and 24 hours. Looks like they are drawing the shortest straws to decide who stays up at night to help the traders.
Okay, this is where things get real. KoinOK has low volumes. Thin order-books are not the prettiest sites to look at. But give them time and the trades will increase. That is what happens with all the companies, isn’t it?
I do not see any fraud/scams/hacks happening with KoinOK but as a thumb rule, if you are a long term investor it is better to move your crypto to a private wallet.
There is nothing extraordinary about KoinOK, nothing that differentiates it from others besides faster KYCs. So if KoinOK can work on something unique, that would give them the edge on the market.
I give it A-OK tag because I see nothing wrong with the exchange, I just see no innovation yet.