Koinex is a well known Indian multi-coin exchange. It has been adding many new coins to its trading platform. Also, it’s one of those exchanges who faced a setback because of banks interventions (few months back, banks denied business with crypto exchanges due to RBI’s warnings and many customers’ money got stuck in cryptocurrency exchanges for some time). For your information, RBI (Reserve Bank of India) is still warning people to stay away from cryptocurrency trading due to its high volatility. I don’t understand why India is not accepting this change? There’s no doubt that crytocurrencies will replace every payment method in the future so it would be better for India to adopt this change ASAP. Okay, let alone. We’ll discuss this in another post and let’s stick to today’s topic. Read on to know how to withdraw money from Koinex to bank account.
Koinex withdrawal process is very easy. To withdraw money from Koinex to bank, first you’ll need to sell your cryptocurrency and once you get your money in your Koinex wallet then you can transfer it to your bank account. It is very simple, isn’t it? If not, then let me make it simple for you. I’ll be showing you step by step how to sell your cryptocurrency on Koinex and how to send money from Koinex to bank account.
How to Withdraw Money From Koinex to Bank Account Online
As mentioned above, to transfer money to your bank account, you will need to sell your crytpocurrency so first we’ll see how to sell a crytpocurrency on Koinex exchange.
Note: You can skip this step if you already have done it.
Login to your Koinex account and from the navigation menu, click on ‘Balances’ tab and then click on ‘KOIN Wallet’.
Now, scroll down and click on ‘Trade’ next to a cryptocurrency you want to sell for example to sell Ripple, I’m going to click on Trade link next to Ripple.
Now, enter amount of cryptocurrency you want to sell for example I’ve 951 XRP and to sell them I’ve entered 951 in the ‘XRP Volume’ field. Similarly, you’ve to enter the volume that you want to sell. Note: You can sell any amount. It’s not compulsory to sell all of your coins.
In ‘Highest Bid’ field, you can set selling price of your choice or you can enter current highest bid price (which will be showing on the top of ‘Highest Bid’ field). If you want money instantly then you can enter current highest bid price for example I entered the highest bid price 40.99 to get money instantly.
In the last field, you can see final amount that you will get after deducting fees.
After entering all the details, click on ‘Sell’.
In the next step, you’ll be asked to confirm your sell order. Simply, once again, check your details and hit Confirm button.
That’s it. You’ve successfully sold your cryptocurrency on Koinex. Now in a short period of time, your money will be added to your Koinex wallet and once it happens you can transfer that money to your bank account.
Do you know? Exchange is a least safest way to store cryptocurrencies. If you can survive for more than three months with your cryptoc investment then must read this “What is the safest way to store cryptocurrencies?”
Koinex INR Withdrawal Process
After selling your cryptocurrency, again, from the navigation menu, click on ‘Balances’ tab and this time click on ‘INR Wallet’.
On the next page, you will be able to see your INR balance. Note: If your balance is not reflecting there then refresh your page or wait for some time. To send your Koinex INR wallet amount to your bank, click on ‘Withdraw’.
Now, enter the amount you want to withdraw. Note: Enter minimum Rs. 1000. Thereafter, in ‘Remarks’ field, enter some text for example I wrote “To my bank account”. Subsequently, click on Next button.
Next, you’ll be asked to complete your request by entering two-factor authentication password. Simply, open your Google authenticator app and enter security code for Koinex in the given field and then hit ‘Withdraw’ button.
Ta Da! You’ve successfully withdrawn money from Koinex to bank account. Now within 2-4 days (excluding holidays), you will get your money in your bank account. By following the same steps, you can transfer your money from Koinex to your bank account.