Indian Exchange Launches 23 Crypto-to-Crypto Trading Pairs with Zero Fees – Exchanges Bitcoin News
another cryptocurrency exchange from india has launched crypto to crypto exchange. koinex offers 23 crypto-to-crypto trading pairs with no fees. Earlier this week, India’s leading exchange zebpay also launched crypto-to-crypto trading, but with only one trading pair.
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koinex crypto-to-crypto trade
Indian exchange koinex announced last week, “we are delighted to announce the start of crypto-to-crypto trading on our platform,” explaining:
we are going to live not only with 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 pair offering of any Indian exchange and to add to this, 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 commission” has been revised to 0.15% for the internal market. the buyer fee is now set at a flat rate of 0.15%,” koinex detailed.
regarding deposits, the exchange clarified, “inr deposits through upi and netbanking are now active with payment gateway 2. the deposit fee is 1.18% for upi and 2% for netbanking”. however, koinex reiterated that “all other payment methods are suspended… all cash withdrawals are temporarily suspended.”
23 new trading pairs
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koinex currently has 19 currencies 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), core vision (ncash/btc), and request (req/btc),” koinex wrote.
For the ether market, in addition to BTC, the exchange is offering trading pairs for BCH, TRX, XRP, OMG, EOS, and NCASH.
for ripple market, customers can trade btc as well as ltc, trx, eos, omg, req, ncash, ae (eternity), and gnt (golem).
bypassing the rbi order
One of India’s largest cryptocurrency exchanges, Zebpay, also launched crypto-to-crypto trading last week with one trading pair – ETH/BTC.
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both zebpay and koinex launched their crypto-to-crypto trading services after the reserve bank of india (rbi) issued an order prohibiting banks and financial institutions under its control from trading “in virtual currencies or provide services to facilitate any person or entity in the dealing or settlement of virtual currencies”, described koinex, adding that:
such services include account maintenance, registration, trading, settlement, clearing, lending against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them, and transfer /reception of money in accounts related to the purchase/sale of virtual tokens. coins.
The exchange warned that the rbi order could cause “an interruption in [its] banking services” that “may affect our ability to service withdrawals and deposits smoothly.”
The rbi has since been sued by kali digital eco-systems. the delhi high court granted the company’s request and issued a notice to the central bank. other exchange operators also plan to challenge the regulator as a consortium.
what do you think about 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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