Koinex, an Indian digital currency exchange has introduced crypto-to-crypto trading. Previously, Zebpay introduced crypto-to-crypto trading last month. But what distinguishes both of them lies in Koinex’s offer of 23 crypto-to-crypto trading pairs with no fees at all.
Koinex was overwhelmed with their launch as they stated, “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”.
Almost no fees at all:
The exchange also stated that 8 more crypto-to-crypto pairs will initiate the services from Saturday. Both the seller and the buyer fees are kept at a flat 0.15%.
Nineteen digital coins are up for trading against Indian currency. As per statistical analysis produced by CoinMarketCap, about $5.5 million dollars is the twenty four hour trading volume for the Digital coins.
Koinex will be making the following tokens obtainable in the bitcoin community : Ethereum, Litecoin, EOS, Nucleus vision, Bitcoin Cash, Omisego, TRON, Ripple and Request.
Koinex’s launch follows Zebpay’s introduction of the crypto-crypto trading pair:
Last month Zebpay had also launched the Crypto-to-Crypto trading pair of BTC/ETH. However, these introductions by Zebpay and now Koinex, comes right after RBI ordered the banks and financial firms to stop trading in digital currencies or “provide services for facilitating any person or entity in dealing with or settling virtual currencies”. The services include registration, trading, settling, maintaining accounts, providing loans, clearance, opening accounts of exchanges and purchase of digital coins.
Even though the exchange operators are conscious of their decision to work against RBI’s ban, some of the companies have sought after going to the court. For instance, Kali Digital Eco-systems has filed a case against RBI in the Delhi Court. The court has accepted the petition and given a legal notice to RBI. This has encouraged the other companies to take legal action against the ban.