KoinBX Review

Finding a crypto exchange is similar to choosing a new roommate—you need to find one that you can trust. Thankfully, I'll introduce you to such a trading platform in this KoinBX review, especially for Indian traders.

KoinBX is rapidly emerging as one of the fastest-growing CEXs in India, as evident by its 1.5+ million user base. Among its specialties, the platform offers a trading experience that is both user- and budget-friendly, supported by competitive KoinBX fees.

That said, the exchange might feel like a gaping void for experienced traders, since it only focuses on spot trading for now. If you're seeking a multi-purpose platform with advanced trading tools and customization options, check out Binance, Kraken, or KuCoin. Nevertheless, I've just scratched the surface, so let's get things going with my KoinBX review!

KoinBX Review: Quick Overview

What's the quickest way to get to know a platform? If you're in a hurry, have a look at the table below in my KoinBX review—it sums up everything you need to know about the exchange at a glance.

Table: A quick overview of KoinBX

Still not satisfied? If you're looking for a more detailed scoop into KoinBX, you're in for a treat. Below, you can explore the platform's strengths, quirks, and limitations.

KoinBX Alternatives

Before I go further with my KoinBX review, you may have spotted less-than-ideal aspects  in the table above. Understandably, every trader has personal preferences, and no exchange can tick off all the requirements on the checklist. However, several platforms have proven themselves to go above and beyond. Here's a quick look into the best-rated exchanges in the crypto space:

• Binance. Currently reigning as the No. 1 crypto exchange, Binance offers high liquidity, low slippage risks, and some of the narrowest bid-ask spreads.
• Kraken. One of the most beginner-friendly exchanges for traders worldwide, including in strict regions like the US.
• KuCoin. A CEX that stands out with its diverse product offerings, including crypto derivatives, trading bots, and staking, ensuring that every trader's need is met.

	KRAKEN	BINANCE	KUCOIN
Overall Score	9.8	8.1	7.9
Best For	Beginners	Advanced Users & Beginners	Best for Buying & Selling Crypto with Small Fees
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	Turkey, Argentina, Vietnam, Ukraine, + 180 more	United Kingdom, India, Russia, Mexico, + 150 more
Latest Coupons	Visit Site All Kraken Coupons	See All Coupons of Best Exchanges	See All Coupons of Best Exchanges
Verdict	One of the best crypto exchanges, especially in the US.	One of the leading crypto exchange platforms in the industry.	A reliable and well-established cryptocurrency exchange platform.
	Visit site Read review	See TOP10 Brands Read review	See TOP10 Brands Read review

Table: Comparison of top exchanges

Moving ahead, I’ll compare KoinBX against the top three exchanges mentioned here, as they set industry benchmarks.

📚 Read More : Best Cryptocurrency Exchange

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Who Is KoinBX For?

Ideally, you'd like to know upfront if KoinBX is the right exchange before getting too deep into its features and capabilities. I've researched and tested the platform to see that KoinBX is suitable for the following audience groups:

• Beginners . KoinBX's interface matches the needs of novice traders, providing a straightforward spot trading experience with minimal complexity.
• Indian traders . The team behind KoinBX truly knows how to make its exchange tick for Indian users. It facilitates a range of crypto-INR pairs and comprehensive payment methods that make the lives of local traders easier.
• Corporate traders . Aside from its B2C offerings, on the B2B side, KoinBX allows corporates to set up accounts and execute large-scale trades. This can be a suitable solution for companies looking to diversify their treasury with cryptocurrencies.

See yourself in this crowd? Then, my KoinBX review might just be what you need to make the right call.

📚 Read More : How to Choose an Exchange for Beginners

Advantages

Is KoinBX worth it? These key features might just help you decide:

• Seamless spot trading;
• Quick crypto deposit;
• Institutional-grade security;
• BTC referral program.

Now, KoinBX's spot trading is designed for a streamlined experience with its clean and sleek interface . It displays only the essential data without intimidating beginners with complex insights. Simultaneously, KoinBX's spot trading does not leave out important details like your trade history.

Additionally, the exchange doesn't just make trading easier—it also simplifies your pre-trading journey, where you'll need to deposit cryptocurrencies. I've tested this feature and it was one of the smoothest deposit procedures I've ever encountered, requiring only a few button clicks to complete.

Now, when you're trading, security is of utmost importance. So, is KoinBX legit in this aspect? Thankfully, yes . KoinBX safeguards users' funds by utilizing cold storage, which studies have found significantly more resistant to online threats.^[1]

Aside from keeping its users safe, KoinBX keeps them engaged with its rather generous referral program  that pays out in BTC, which now holds the highest market cap. I'll explain how the referral program works when we get to the "Earning" section later.

Limitations

KoinBX has just proudly announced that it ranks among the top 100 exchanges, solidifying its place as a mid-tier platform. That said, why hasn't it cracked the top 10 yet? A rather ambitious goal, but at least what's stopping it from becoming a top-tier platform like Binance? Well, there are key features missing and critical improvements needed for KoinBX to compete at that level, such as:

• No derivatives trading;
• No margin trading;
• No instant crypto purchases;
• Lack of transparency regarding geographical restrictions.

If you recall, I mentioned how KoinBX may not fully satisfy the appetite of pro-level traders. Turned out, this is a shared complaint in user KoinBX reviews as the exchange solely dabbles in spot trading .

While the situation might be ideal for HODLers, crypto novices, or risk-averse traders, those more seasoned might prefer to spice things up with futures , options, or other forms of derivatives trading , which platforms like KuCoin readily provide.

On top of that, margin and leverage trading are still unavailable on KoinBX. With the former, users can bet on the bull or bear market by either placing a short or long position. Meanwhile, the latter enables you to trade with smaller deposits by accessing higher leverages, sometimes up to 25x for futures. That said, KoinBX is actively working on bringing aboard these features in the future.

So far, I've given a lowdown on how KoinBX might fall short for high-skill traders. But what about those who like to keep things super simple? Exchanges like Kraken, for instance, let you quickly buy cryptocurrencies without having to scratch your head over trading strategies. Unfortunately, KoinBX doesn't have such a feature yet.

While I've covered much of the target audience here, non-Indian users cannot be left out. For those concerned about KoinBX location availability, truthfully, there's some uncertainty regarding that . The exchange's LinkedIn profile claims it has secured the VASP license, allowing it to operate in various European jurisdictions.

Fees and Limits

When browsing user KoinBX reviews, simply weighing the pros and cons may not be enough to make a decision. Some people might be more concerned about trading fees and additional costs than other factors. Thankfully, you don't have to be concerned anymore, as I've compiled a breakdown of KoinBX fees in the table below:

Table: KoinBX fees

Now, let's understand what this fee structure entails:

• Deposit Fee . KoinBX does not charge any deposit fees but requires a minimum deposit amount.
• INR Deposit Limits . KoinBX allows you to deposit as little as ₹100. The maximum deposit amount will depend on your payment method (₹5 lakh for IMPS, ₹10 lakh for NEFT, ₹20 lakh for RTGS).
• Crypto Deposit Limits . The minimum and maximum amounts vary depending on the coin or token. An example is Algorand, which has a minimum deposit of 6 ALGO, while the maximum is 1,200 ALGO.
• Withdrawal Fees . KoinBX incurs different withdrawal fees based on the coin or token. For instance, withdrawing Ethereum costs 0.008876 ETH.
• INR Withdrawal Limits . KoinBX puts a limit of ₹5 lakh per day.
• Crypto Deposit Limits . The minimum and maximum deposit benchmarks differ for each crypto. For instance, Bitcoin Cash requires a minimum deposit of 0.1 BCH and a maximum of 20 BCH.
• Trading Fee . KoinBX offers relatively competitive trading fees with a flat rate of 0.25% for both makers and takers, regardless of the asset.

As you can see, KoinBX fees are straightforward to comprehend. Before proceeding, review the coin or token you intend to trade for the fee calculation.

Earning Rewards

KoinBX offers a couple of interesting earning features, especially if you're after the non-trading route. They're known as KoinBX Earn and Referral Programs , providing you with potential sources to earn passive income.

Let me start with KoinBX Earn, where you can deposit a certain amount of supported cryptocurrency and earn an Annual Percentage Rate (APR) in return. In terms of supported cryptocurrencies, KoinBX lets you choose between two stablecoins, USDT or USDC, for which you'll receive a 4% APR, or the Pollux Coin (POX), for which you'll earn a 60% APR.

What makes KoinBX Earn particularly refreshing is its flexibility. Aside from not incurring additional fees , the program allows you to opt in or out of the program wherever you please. However, I'd suggest not to exit the program before the lock-in period concludes , as a penalty will be deducted from your accrued interest. Check out the policy for each token or coin regarding the specifications.

And that's for the more "individual" way of earning. But if you enjoy social interactions, why not turn them into an opportunity to earn as well? By sharing your KoinBX referral code , you can invite friends to trade on the exchange and earn rewards together.

It's a win-win for both parties, sure, but the most rewarding aspect is, of course, the reward itself. KoinBX pays you out in Bitcoin (BTC), which is the only cryptocurrency to make it into the list of top 10 most valuable assets, just after the eCommerce giant Amazon (as of writing).

So, how do you get started? First, invite your friends, family, or any crypto geek you know of using your KoinBX referral code, which you can find in the "Referral" section of your profile. Once your invitees register, make the first deposit, and complete a trade, you'll receive ₹100 worth of Bitcoin for each successful referral.

Security

So, is KoinBX legit in terms of security? This question is especially popular after the recent hacking incident involving WazirX, an India-oriented exchange. It's worth noting that another such platform, BitBNS, is also in a similar situation.

That said, these incidents concern other exchanges and don’t necessarily apply to KoinBX. At the moment of writing at least, KoinBX is safe as it has never been compromised .

The exchange fortifies its security walls using a range of institutional-grade protection measures. It starts right at the account level, which comes equipped with two-factor authentication (2FA) to ensure no trespassers step in.

From my experience, KoinBX also promptly notifies you of every login attempt . This comes with the IP address, operating system, and browser type details. As a result, if you suspect any anomaly, you can take action to ensure the safety of your assets.

Security measures, though, don't just stop at the account level. KoinBX protects your funds by storing the majority of them in cold storage , but the specific percentages are unknown. Additionally, all transactions and sensitive data are encrypted , reducing the risk of identity theft.

Furthermore, on its LinkedIn profile, KoinBX highlights its  proprietary trade matching technology , which prevents market manipulation while ensuring efficiency. On the other hand, its robust custody solutions  ensure that users' assets remain secure.

📚 Read More : Cryptocurrency Security Guide

Customer Support

It's not a rare sight to see people leaving out a perfectly good exchange due to their bad experience with customer service. Thankfully, when reading user KoinBX reviews, I find that many people praise the exchange's responsive support . Still, criticisms are occasionally surfacing, so let's discuss the good and the ugly.

Now, KoinBX also states to have 24/7 customer support. However, it should be noted that there is no live chat function , and you can only submit a ticket. The downside of that is that the response may well come in 5-10 hours after you send the inquiry, which, in my opinion, doesn't really count as 24/7 customer support.

Nevertheless, many users speak highly of KoinBX's customer support, rating it 4 to 5 stars . I can tell you that this is a rather rare instance, as customer support is oftentimes the center of complaints on other exchange reviews.

People appreciate KoinBX's customer service for their loyalty, reliability, skill proficiency, and quick responsiveness . The support team can speak 7 regional languages . Wherever you are in India, whether you're from a tier-2, tier-3, or tier-4 city or beyond, there's an agent on KoinBX who speaks your language fluently.

The exchange also accommodates global users who speak English . KoinBX's FAQs are all written in English, where you can find tutorials on deposit, transfer, withdrawal, and more. The exchange has also accumulated quite a large following on X, Telegram, YouTube, Instagram, Linkedin, Facebook, Threads, and Pinterest.

While some social media pages are purely for promotional or hiring purposes, KoinBX's   X and Telegram  can be valuable channels when you need help. The administrators there are readily available to help, or fellow community members will pitch in to offer guidance.

Trading Tools

Trading on KoinBX is pretty simple due to its straightforward interface. It functions like a one-stop terminal that features the following key aspects:

• 225+ active pairs;
• Market insights;
• Trading graph customization tools;
• Open orders and order history tab.

I'd say the trading pairs are the focal point of KoinBX's spot trading. Indian traders will especially appreciate the INR pairs readily available to trade, pegged to cryptocurrency from diverse categories like BTC, ATOM, or rising meme gems like BONK.

As usual, the interface displays real-time cryptocurrency market data to help you make informed decisions on when to place an order or plan an exit strategy. At the top, you'll see important metrics like the last price, 24-hour change, 24-hour high, 24-hour low, and 24-hour volume.

Most importantly, I cannot overlook the trading tools, as they are essential to every trader's arsenal. KoinBX lets you switch between different timeframes , ranging from 5 minutes to a full week, to gauge market performance.

To top it off, if you have the mindset "the trend is your friend", then KoinBX's indicator switcher  will likely be helpful to you. There are different types of Moving Average (MA) indicators to choose from, including Simple Moving Average (SMA) and Exponential Moving Average (EMA). In total, you can switch between 27 indicator types to refine your trading strategies.

If I have to be honest, though, I do find the trading tools rather lacking. For one, you cannot draw on the charts . Some traders, for instance, prefer using the Fibonacci sequence trading tactic. In such a case, you will need tools like horizontal lines, arcs, fans, retracements, and extensions. However, KoinBX still does not facilitate those.

That said, if you value convenience, KoinBX's trading interface might just be your cup of tea. You don't even have to leave the trading interface, as you do on other exchanges, to track your open orders and order history .

Plus, for the hustle and bustlers who prefer to trade on the go, the exchange has a KoinBX app on both Android and iOS that also lets you monitor your portfolio.

User Experience

Whether people realize it or not, user experience (UX) design profoundly influences your interaction with the platform.^[2]

Based on user KoinBX reviews, many agree that the exchange boasts a beginner-friendly design . When you open the web version, you're welcomed with a clean, white-based interface with bolded text to guide your attention. The buttons are inherently designed in a distinctive color to encourage action.

Likewise, users generally share positive sentiments toward the KoinBX app. It offers the flexibility to switch between dark and light modes , so you can adjust your screen brightness to suit your environment. The dark mode, specifically, helps minimize eye strain during nighttime use.

That said, the mobile app receives a 3.8 out of 5-star rating , indicating room for improvement. Most user complaints focus on the app's instability and recurring bugs.

One person, for instance, raised an issue where she could not download or email her transaction receipt. Another account reported a withdrawal not reflected in the app despite successfully passing all network confirmations.

Nevertheless, KoinBX has acknowledged these problems and was open to responding to negative feedback. Their proactive approach, instead of tainting their reputation, demonstrates how they're committed to improving their platform for the users .

Localization and Regional Adaptability

Truthfully, KoinBX could be more transparent with its regional availability. It's clear that the platform is available for Indian users, as apparent from the core massaging in their marketing materials. Even its Telegram channel is directed at " the Indian crypto community ".

However, where does that leave the global users? KoinBX's referral page, for instance, states that users are allowed to invite people from other countries , provided they've completed the KYC process before using the platform.

Additionally, its LinkedIn page claims the exchange has obtained the VASP license , broadening KoinBX's location expansion into the European market. However, the press release on obtaining this certification is nowhere to be found on the website. The only visible confirmation regarding the licensing is on the footnote, which says that KoinBX is only FIU-registered.

It'd be beneficial for KoinBX to lay out clear terms and conditions regarding global usage. Exchanges like Bybit, for instance, have dedicated pages outlining their regional availability. By doing so, users will not be left in limbo, especially those from countries with strict crypto regulations like the US.

Concerning Asia, though, I checked with a friend who lives there, and she was able to sign up on the platform without any issues—even managing to pass KYC. That said, verify your country's regulations and confirm if KoinBX is truly supported there. If anything goes haywire, there may be no regional legal protections in place .

One silver lining is that KoinBX's main communication materials, including its website, app, and social media, are localized in English . This makes the platform more accessible to global users. Despite that, it's good to remember that KoinBX operates in a grey area in many countries.

📚 Read More : US Crypto Regulations

How to Use KoinBX

Now that you know what to expect from the platform in my KoinBX review, perhaps you might be wondering how to use KoinBX. No worries, I've got you covered—simply follow the tutorials below.

How to Create a KoinBX Account

There are no surprises with signing up on KoinBX. It pretty much follows the standard process used by other exchanges, as you'll see in the steps below:

Step 1 : Go to KoinBX's website . Click [Register] .

Step 2 : Fill out the required details. Once everything checks out, hit [Register] .

Step 3 : Check the OTP sent to your email or mobile phone. Enter the code and click  [Verify and Proceed] .

Step 4 : KoinBX will, once again, send an invitation link to your email address. Click on  [Activation Link] to activate your account.

Congratulations, you now have a KoinBX account! If you're signing up on mobile , the steps may vary slightly, but the process remains largely the same as on desktop.

That said, creating an account is not the end. Remember that you need to complete the KYC procedure. I'll show you how below:

Step 1 : Go to your  [Profile] by clicking on the icon. Select [Dashboard] .

Step 2 : There, you'll see that your status is unverified. Click on it.

Step 3 : Read the instructions and prepare your documents, like your government ID and proof of address . Afterward, click [Start KYC verification] .

Step 4 : Simply follow the setup wizard to complete your KYC.

How to Deposit on KoinBX

Making a deposit on KoinBX is a breeze. Let's find out how to do that in this guide:

Step 1 : Click the light blue [Deposit]  button at the top right.

Step 2 : Select the coin.

Step 3 : Select the network. Take note of the minimum deposit value to avoid any permanent loss.

Step 4 : Scan the QR code or copy the deposit address to complete the transfer.

Mind that the deposit may take some time to appear in your account, depending on network confirmations. Once your deposit is successful, a confirmation email will arrive in your inbox.

How to Withdraw on KoinBX

If I'm on the right track, once you've made a deposit and completed a trade, you'll likely think about cashing out at some point. When that time comes, just follow my lead:

Step 1 : Go to your [Profile] and click on [Wallet] from the dropdown.

Step 2 : You'll be taken to the same page where you made the deposit. Switch to the [Withdraw] tab.

Step 3 : Enter the amount to withdraw and click [Send OTP] .

All that's left to do is complete the withdrawal process on the Authenticator App connected to your account or email. After that, your withdrawal is done!

Comparison to Other Exchanges

Should you go with KoinBX, or are there better exchanges? It all depends on your preferences, really. Some traders enjoy switching between exchanges to jazz things up every now and then, whereas others are loyal enough to stick to just one . Whichever is your approach, let's stack up KoinBX against the industry's top contenders.

KoinBX VS Binance

Admittedly, it is hard to compete with Binance , an exchange that consistently dominates the top ranks across listings. It remains the biggest platform to date, processing around $16 billion of daily trading volume compared to KoinBX's $31 million  24-hour trading volume. It's clear which one offers higher liquidity here.

For global users, Binance might be a better fit. Its   90+ million  customer base is spread across  180+ countries . To add a cherry on top, Binance supports  100+ fiat currencies, including INR . If you're looking to instantly purchase cryptocurrencies with INR, you can rightly do so on Binance's Quick Buy, which KoinBX does not feature yet. This makes Binance an appealing choice for Indian users who value convenience.

Moreover, Binance's spot trading consistently makes headlines in the industry, featuring  1,500+ crypto pairs , including uncharted hidden gems like CAT or WIF. KoinBX, on the other hand, offers   200+ crypto pairs , occasionally featuring emerging projects like TRUMP. Plus, if you're looking for INR pairs, KoinBX is where you'll find them.

Still, if you're a trader who easily gets bored and constantly craves variety, Binance will keep you engaged. The multi-purpose exchange is packed with diverse trading options , ranging from margin and futures to P2P and copy trading. So, whether you're just a rookie or a seasoned pro, Binance has the right tools to level up your crypto trading game.

📚 Read More : Binance Review

KoinBX VS Kraken

Another KoinBX alternative you've likely come across is Kraken, as it is one of the household names in the field. Uniquely, both KoinBX and Kraken are intertwined by a red thread: they're both beginner-friendly .

That said, Kraken  will likely  be the first choice among crypto newcomers. Its mobile app boasts an impressive 4.7/5 rating on the Apple Store and a solid 4.1/5 on the Google Play Store. Comparatively, KoinBX has a 3/5 rating on the Apple Store and 3.9/5 on the Google Play Store.

As you can imagine, Kraken holds a notable edge in user satisfaction. Many find this platform a reliable exchange for cryptocurrency trading, frequently praising its easy-to-navigate interface, robust security features, and relatively stable performance .

Kraken also offers additional features that further make it a welcoming option for beginners. It provides an instant way to purchase cryptocurrencies , though it doesn't support INR yet. KoinBX, on the other hand, prioritizes INR transactions, but the only purchase option is through the spot market, which may be less convenient.

📚 Read More : Kraken Review

KoinBX VS KuCoin

If KoinBX is dedicated to becoming a trusted and safe platform, the same goes for KuCoin. However, while the former caters to beginner traders, the latter appeals to those who thrive on a mix of simplicity and complexity.

Comparing the product offerings head-to-head, KoinBX has spot trading, quick deposits, and an earning program. KuCoin also provides all of those with the addition of P2P and derivatives trading, along with a stacked lineup of earning programs.

So, if you're heading toward "more creative ways" to earn aside from trading, KuCoin has you covered with its crypto savings, staking , and promotional programs , which are all currently missing from KoinBX.

Though KuCoin might be slightly more daunting than KoinBX, it offers advanced users the right dose of risk. Its structured earning programs, such as Shark Fin, Dual Investment, and Snowball , give traders the opportunity to push their limits through high-yield investment options.

📚 Read More : KuCoin Review

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

$20 in BTC

Conclusions: Is KoinBX Right for You?

So, what's your verdict after reading my KoinBX review ? I can see how the exchange addresses the needs of Indian traders . For six years and running, not once has KoinBX experienced a hack, and the platform offers an intriguing referral program with BTC rewards.

On the other hand, is KoinBX worth it for international traders? The exchange may leave a lot to be desired for global users . Although traders from different countries may be able to sign up and carry out business as usual, KoinBX has yet to release a clear statement on the specific regions where it is officially authorized.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Haryadi G. A., Rahaman F. M., Subhan R. M., Lee J. M., Kim D. S.: 'Comparative Study of Cryptocurrency Wallet Security: A Hybrid, Hot, and Cold Wallet Approach';

2. Majumder, A. S.: 'The Influence of UX Design on User Retention and Conversion Rates in Mobile Apps'.