Koinex has Launched 23 Crypto-to-crypto Trading Pairs at no Fees
Crypto-to-crypto trading is now becoming the trend in India after another exchange launched the platform. Koinex will be offering 23 crypto-to-crypto trading pairs with no charges. They have launched the platform after Zebpay launching a similar service early last week with only one trading pair. Koinex announced last week that:
“We are happy to announce the starting of crypto-to-crypto trading in our exchange. We are starting the service with a total of 15 token pairs at the same time. This is now the biggest crypto to crypto pair offering by any Indian exchange and the beauty of it is that the trading fees will be zero.”
After the launch last week the exchange later added another 8 pairs are making a total of 23. More to that the exchange has revised its seller fee to 0.15 percent in the Indian market while buyer fee will remain fixed at a flat rate of .015 percent.
Koinex added that INR deposits through UPI and Netbanking were live with payment gateway 2 with a deposit fee of 1.18 percent for UPI and 2 percent for Netbanking. The exchange went on to clarify that all other payment methods were discontinued will it temporarily halted all INR withdrawals.
Koinex which is a 24-hour trading volume with an approximated market cap of 5.5 million dollars has 19 coins listed for trading against the Indian Rupee. For the crypto-to-crypto trading, the exchange listed 9 Bitcoin trading pairs, 6 ether pairs and 8 Ripple pairs to make a total of 23. Bitcoin and Ether pairs are already trading while the ripple pairs which went live last Saturday.
According to Koinex:
“Koinex is now presenting Ripple-based trading market with 8 Ripple pairs going live tonight.” The tokens available for Bitcoin market will be (ETH/BTC), Litecoin (LTC/BTC), omisego (OMG/BTC), EOS (EOS/BTC), nucleus vision (NCASH/BTC), request (REQ/BTC), bitcoin cash (BCH/BTC), TRON (TRX/BTC), and ripple (XRP/BTC).”
The ether market will trade Bitcoin, Bitcoin Cash, Tron, Ripple, Omisego, Nucleus Vision and Omisego while the Ripple market will trade Bitcoin, Litecoin, Tron, Omisego, Request, Aeternity, and Golem. The crypto-to-crypto moves seem to be well calculated by both Zebpay and Koinex since they have come after the Reserve Bank of India issued a warning banning all banks in its control from dealing with digital currencies.
Koinex said the move by RBI could lead to disruption of its banking services which would affect their capacity to withdrawals and deposits. RBI has already been taken to court, and the Delhi high court has accepted to listen to the petition and has already issued a notice to the central bank.