Indian Crypto Exchange Koinex Launches 23 Crypto-to-Crypto Trading Pairsbr>
India-based cryptocurrency exchange Koinex has announced that it will be offering 23 crypto-to-crypto trading pairs with zero fees.
Koinex initially launched 15 crypto-to-crypto trading pairs, which began trading on April 26. On Saturday, the exchange announced the addition of eight more crypto-to-crypto trading pairs, set to go live on May 5.
The tokens available in the bitcoin market will be ethereum (ETH/BTC), Litecoin (LTC/BTC), TRON (TRX/BTC), Ripple (XRP/BTC), OmiseGo (OMG/BTC), Bitcoin cash (BCH/BTC), EOS (EOS/BTC), Nucleus Vision (NCASH/BTC), and Request (REQ/BTC). The tokens available in the ethereum market will be TRON (TRX/ETH), Ripple (XRP/ETH), OmiseGo (OMG/ETH), Bitcoin Cash (BCH/ETH), EOS (EOS/ETH), and Nucleus Vision (NCASH/ETH).
For the Ripple market, customers can trade BTC as well as LTC, TRX, EOS, OMG, REQ, NCASH, AE (aeternity), and GNT (golem). Bitcoin and ether trading pairs are already live, while the Ripple pairs are set to go live this Saturday.
The exchange also announced that the “seller fee has been revised to 0.15% for the INR market. Buyer fee is now fixed at a flat rate of 0.15%.” As for deposits, Koinex clarified, “INR deposits via UPI and Netbanking are now live with payment gateway 2. Deposit fee is 1.18% for UPI and 2% for Netbanking.” However, Koinex reiterated that “all other payment methods are discontinued…All INR withdrawals are temporarily halted.”
Rahul Raj, Co-Founder and CEO of Koinex said they were deliberating on the possible new offerings on Koinex and many of their traders expressed interest for a crypto-to-crypto trading corridor.
“Our thoughts matched and we expedited the platform integration and today are set to offer our entire crypto-pair bouquet for seamless trading, and many more such surprises are in the pipeline to enthrall our users,” Raj said.
Last month, Reserve Bank of India (RBI), the country’s central bank, banned banks from dealing with any crypto-related business entity. The central bank has given regulated entities three months to unwind their business relationships with crypto-related companies.
Koinex said this unprecedented move by the RBI has stirred the market and impacted the industry at various levels. The exchange added that they have been working persistently on a way around the challenges to facilitate a seamless trading experience for their users.