Another Indian cryptocurrency exchange has launched crypto-to-crypto trading. Koinex is offering 23 crypto-to-crypto trading pairs with zero fees. Earlier this week, leading Indian exchange Zebpay also launched crypto-to-crypto trading but with only one trading pair.
Koinex’s Crypto-to-Crypto Trading
Indian exchange Koinex announced last week, “We are delighted to announce the commencement of crypto-to-crypto trading on our platform,” elaborating:
We are going live with not just one or two crypto-crypto pairs; we are launching a total of 15 token pairs, all at the same time!…This is the largest crypto-crypto pair offering by any Indian exchange and to add to this, the trading fees will be zero.
The exchange then announced on Saturday the addition of 8 more crypto-to-crypto trading pairs, set to go live on Saturday night.
In addition, 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%,” Koinex detailed.
As for deposits, the exchange 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.”
23 New Trading Pairs
Koinex currently has 19 coins listed for trading against the Indian rupee. Its 24-hour trading volume for all cryptocurrencies is approximately $5.5 million, according to Coinmarketcap.
For crypto-to-crypto trading, there are nine bitcoin trading pairs, six ether, and eight ripple –a total of 23. Bitcoin and ether trading pairs are already live and ripple pairs are set to go live on Saturday night, the exchange clarified. “For the first time in the crypto world, Koinex proudly presents XRP-based trading market with 8 XRP pairs going live tonight.”
“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),” Koinex wrote.
Bypassing RBI’s Order
Both Zebpay and Koinex launched their crypto-to-crypto trading services after the Reserve Bank of India (RBI) issued an order banning banks and financial institutions under its control from dealing “in virtual currencies or provide services for facilitating any person or entity in dealing with or settling virtual currencies,” Koinex described, adding that:
Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of virtual currencies.
The exchange warned that RBI’s order could cause “a disruption in [its] banking services” which “may affect our capacity to service withdrawals and deposits seamlessly.”
The RBI has since been taken to court by Kali Digital Eco-Systems. The Delhi High Court has accepted the company’s petition and issued a notice to the central bank. Other exchange operators are also planning to challenge the regulator as a consortium.
What do you think of Koinex launching crypto-to-crypto trading with 23 trading pairs? Let us know in the comments section below.
Images courtesy of Shutterstock and Koinex.
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