Update: Koinex exchange has shut down its services. Hence no one can deposit of withdraw INR from the exchange. Read more about it here:
Two days after we make our list of exchanges that allow INR deposits and withdrawals, Koinex decides to start their own.
The new Peer to Peer INR deposit and withdrawal of Koinex looks largely inspired from Bitbns. Under this model, users can now deposit and withdraw INR fiat quickly using IMPS/UPI. Until Sep 13, the withdrawals are free. Under this model, users can deposit and withdraw INR fiat quickly using IMPS/UPI. Here’s how you can do it.
INR Deposits on Koinex
- Go to Balances > INR Wallet and click on Deposit Tab. Create a ‘New Deposit Request’
- Enter the amount for Deposit and click Submit. Amount must be in multiples of 1000 if less than 5000, and in multiples of 5000 if less than 100000. For more than 100000, it should be in multiples of 50000.
- The deposit request will be matched with a peer. Once matched, you will receive a notification on email and sms.
- You receive 30 min to complete the transaction which can be extended by another 30 min. To proceed, click on ‘Complete this transaction’.
- Transfer the funds to the UPI/IMPS details provided. Enter the specific ID provided (match ID) in remarks when making the transfer.
- Once transferred. Enter the Bank reference number and click on Submit.
- The Deposit will be confirmed in a few minutes, you can raise a dispute after 30 minutes if still not confirmed.
Note: There could be more than one peers for each deposit transaction if the amount is large.
INR Withdrawals on Koinex
The withdrawal is also on a P2P basis, so each time you create a withdrawal request, there has to be a corresponding deposit request for it to process.
- Go to Balances > INR Wallet and click on Withdraw Tab. Create a ‘New Withdrawal Request’
- Enter the amount and choose the IMPS Bank account and UPI ID.
- Once the withdrawal request is placed, you have to wait for a matching depositor. This can take some time.
- When a peer is matched, you’ll receive the money in the bank account and have to confirm on Koinex.
Multiple Bank Accounts
You can add or remove bank accounts and UPI IDs for INR in the ‘Accounts’ tab. But while making the withdrawal request or placing orders on Loop, you can only choose one UPI ID and one IMPS account.
Koinex has not announced the fees for INR deposits and withdrawals yet. We will update the article when they do.
Thin Regulatory Line again
I have used the same heading in the one where I explain how to deposit and withdraw INR on Bitbns. But, in my personal opinion, between Koinex and Bitbns, the former is regarded as the law fearing exchange while the latter likes to walk on the razor’s edge. I am little in awe this time around at the risk taking from Koinex. Here’s a copy paste from the other post.
While you are transferring money for a deposit on Koinex, you are technically transferring money to another individual. It doesn’t necessarily break the law, but it is not common practice. If the person you are transferring money to seems to have acquired his cryptocurrency via ‘illegal means’ and sold it on Koinex, can you become an accomplice to the crime or not?
Should you be held responsible for it or the exchange or none? It is hard to say. But you will be called for questioning, that’s a guarantee. For that matter it becomes imperative to keep note of every single transaction done and its purpose.