Koinex is an Indian multi-coin cryptocurrency exchange that helps individuals to buy and sell Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. Koinex website’s interface is very user-friendly and anyone with basic computer knowledge can use this website.
After RBI ban where almost all prominent Indian cryptocurrency exchanges stopped their operations in India, this exchange stood tall and pledged to provide platform to Indian crypto investors.
Unlike other cryptocurrency exchanges like Zebpay, Unocoin, LocalBitcoins.com etc; in which you’ve to transfer funds to their bank accounts, this exchange used to give a personal unique bank account number to its account holders to deposit and withdraw money.
But few months back, the exchange had faced a huge setback due to some problems with its payment partners. And now it has changed its deposit methods.
In this tutorial, I’ll be showing you how to deposit money in Koinex wallet.
Note: Koinex is changing its payment methods very frequently therefore I’m going to show you how to deposit money to your Koinex account using current payment method.
If you’re not registered on Koinex then use this link to register on Koinex and get Rs.50 on sign up.
How to Add Money to Koinex Wallet
Login to your Koinex wallet account and then from the navigation menu, click on Balances then INR Wallet.
Under INR WALLET section, you will be asked to enter your UPI ID. You can enter any UPI ID (Paytm, Google Pay, Phonepe, BHIM UPI) you have in the asked field. In username filed you can enter any username of your choice.
Next you will be asked to enter your bank account details. To enter your bank account details, click New Bank Account and then enter the asked details. Subsequently, hit Add button.
Once you enter your UPI ID and bank account details, on the same page, you will see New Deposit Request button. Click on it.
A pop-up box will appear on your computer screen, in Deposit Amount field enter amount you wish to deposit.
Add fuel to Boost Your Request is an optional section. You can increase it to up to 5 percent to speed up your deposit request. If you set it to 5 percent then it means for depositing Rs.1000 you will pay extra Rs.50.
If you’re not willing to pay any extra amount for your deposit then simply let meter to zero percent. This way deposit will take some extra time but you will not pay anything extra.
After that click Submit Deposit Request.
Now wait for few minutes. Koinex will find a match for you.
Once you get a same amount withdrawal match, you will be notified. Once it happens, click on Complete This Transaction button.
Withdrawer’s bank account details will pop-up on your computer screen. Choose UPI to see his UPI details or click IMPS to see payee bank account details.
After noting payee bank account details, login to your internet banking or mobile banking service and transfer the exact amount to the payee.
Note down payment transaction ID from your ban’s internet banking service. Note: Choose either UPI or IMPS, do not deposit money in payee’s bank account directly.
Now come back to your Koinex dashboard and in Enter Transaction Reference ID field enter your payment transaction ID.
Then hit Mark as Paid button.
That’s it. You have successfully added money to your Koinex account. Once payee will get the money in his account, his will confirm the same on Koinex and your money will be added to your account.
To speed up the process, hover your mouse over Balances tab then click on INR Wallet. There you will find chat icon option. Click on that and chat with the payee. Tell him you have transferred the amount and request him to confirm the same on Koinex account.
Once payment is added to your account, you can use it to buy Ripple, Litecoin, Ethereum and other coins.
Disclaimer: This post is for information purpose only. Please deposit and withdraw money from this exchange on your own risk.