Koinbazar Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A crypto exchange is a digital platform that allows users to buy, sell, and trade cryptocurrencies. These exchanges function similar to traditional stock exchanges, but instead of buying and selling stocks and other financial assets, users can trade cryptocurrencies like Bitcoin, Ethereum, and other digital assets.

Cryptocurrency exchanges allow users to exchange their fiat currencies for cryptocurrencies or trade one cryptocurrency for another. They also provide a platform for traders and investors to access real-time market data, charts, and other tools to help them make informed investment decisions.

Crypto exchanges charge a fee for their services, which can vary depending on the platform, the type of trade, and other factors. Some exchanges also offer additional features such as margin trading, lending, and staking, which allow users to earn interest on their cryptocurrency holdings.

What Is Koinbazar Crypto Exchange ?

Koinbazar is a cryptocurrency exchange that allows users to buy, sell, and trade a variety of cryptocurrencies. It was founded in and is headquartered in India. Koinbazar provides a user-friendly interface that allows users to easily buy and sell cryptocurrencies with Indian Rupees (INR) and US Dollars (USD).

Koinbazar offers a variety of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and many others. The platform also provides real-time market data, charts, and other tools to help users make informed investment decisions.

Koinbazar Crypto Exchange Quick Facts

How To Register At Koinbazar Exchange?

To register on Koinbazar , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

Koinbazar Exchange Supported Countries

Koinbazar Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, Canada, Australia , European and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on Koinbazar .

How To Verify Your Koinbazar Cryptocurrency Account ?

There is no mandatory verification at Koinbazar , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Koinbazar , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Koinbazar Crypto Exchange?

There are two main options for topping up your balance on Koinbazar . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Koinbazar Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Koinbazar Account ?

There are several steps you can take to help secure your Koinbazar account and protect your funds:

1. Set up two-factor authentication (2FA): Koinbazar supports 2FA, which adds an extra layer of security to your account. You can enable 2FA by downloading an authenticator app on your mobile device and linking it to your Koinbazar account.
2. Use a strong password: Choose a unique and strong password for your Koinbazar account that includes a mix of uppercase and lowercase letters, numbers, and special characters.
3. Enable email and SMS notifications: You can set up email and SMS notifications to alert you of any account activity or transactions on your Koinbazar account. This can help you quickly detect any suspicious activity.
4. Keep your login credentials secure: Do not share your Koinbazar login credentials with anyone, and avoid using the same password across multiple accounts.
5. Verify your account: Koinbazar requires users to verify their identity before they can make withdrawals or access certain features. Verifying your account can help prevent unauthorized access to your funds.
6. Keep your devices secure: Make sure that the devices you use to access your Koinbazar account, such as your computer or mobile device, are protected with antivirus software and other security measures.

Fees taken when buying virtual currency

Koinbazar Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

Koinbazar charges what call flat fees, meaning that both the takers and the makers pay the same fee when it comes to spot trading: 0.25%. These spot trading taker fees are quite in line with the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but now see new industry averages emerging around 0.10%-0.15%. latest empirical study, the industry average spot trading taker fees were 0.215% and the corresponding spot trading maker fees were 0.162%. 

Relative to industry averages, Koinbazar charges quite average fees. So not particularly high, but not particularly low either.

Koinbazar Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time did an empirical study of the BTC-withdrawal fees in the crypto exchange market, found that the average BTC-withdrawal fee was 0.0006 BTC per BTC-withdrawal.

Koinbazar charges 0.0006 BTC per BTC-withdrawal, which is quite exactly in line with the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report).

Deposit Methods

In addition to depositing cryptocurrency to the platform, Koinbazar also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card).

Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.

Trade On Go Koinbazar Is 100% Mobile Friendly

Yes, Koinbazar offers a mobile-friendly trading platform called “Trade On Go” which allows users to trade cryptocurrencies on their mobile devices. The platform is designed to provide a user-friendly trading experience that is optimized for mobile devices, allowing users to buy, sell, and trade cryptocurrencies from anywhere with an internet connection.

Trade On Go is available for both Android and iOS devices, and can be downloaded from the Google Play Store or the App Store. The mobile app provides access to a wide range of cryptocurrencies and trading pairs, real-time market data, and other trading tools and features, all within a secure and easy-to-use interface.

The Trade On Go mobile app also supports features such as 2FA and biometric authentication (such as Touch ID or Face ID) to help ensure that your account is secure. With Trade On Go, you can stay up-to-date with the latest market trends and make informed trading decisions, all from the convenience of your mobile device.

How To Contact Koinbazar Customer Support Team?

Koinbazar offers customer support to help users with any issues or questions they may have. Here are the ways you can contact Koinbazar customer support team:

1. Email support: You can send an email to [email protected] with your query or concern. Koinbazar typically responds to email queries within 24 hours.
2. Live chat support: Koinbazar also offers a live chat feature on their website where you can chat with a customer support representative in real-time. To access the live chat feature, simply click on the chat icon in the bottom right-hand corner of the website.
3. Social media: Koinbazar is active on social media platforms like Twitter, Facebook, and LinkedIn. You can send them a message or tweet your query or concern, and they will get back to you.
4. Help center: Koinbazar has a comprehensive help center on their website that includes frequently asked questions (FAQs), guides, and tutorials that can help you find answers to common queries.

It is important to note that Koinbazar’s customer support team operates during regular business hours, and response times may vary depending on the volume of inquiries they receive. However, they strive to provide timely and helpful support to all their users.

Features Of Koinbazar Crypto Exchange

Ultra-secure

Where there is security, there is trust. KoinBX prioritizes the security of traders’ funds and transactions by deploying multi-layer encryption models with credible technologies.

Professional

KoinBX core team involves blockchain entrepreneurs with more than ten years of crypto industry experience. Hence, the entire system is a safe and efficient global trading platform.

Convenient

The simple interface and quick cryptocurrency conversion facilities help traders enjoy a silky-smooth experience. Fiat currency support makes KoinBX the most sought after exchange among novice traders.

Conformity

To provide an authentic experience and expand globally, KoinBX complies with legal regulations. Also, rigorous resource mergence strategies are followed to maximize trader benefits. TOP GAINERSTOP LOSERS

Competitive Trading Fees

Koinbazar charges competitive trading fees that are among the lowest in the industry. This makes it an attractive option for users looking to minimize their trading costs.

Fast and Secure Transactions

Koinbazar uses advanced security measures to ensure that all transactions are fast, secure, and reliable. The platform also supports two-factor authentication (2FA) and other security features to help protect users’ accounts.

KYC and AML Compliance

Koinbazar is fully compliant with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, which helps prevent fraud and other illegal activities on the platform.

Multiple Cryptocurrencies and trading pairs

Koinbazar supports a wide range of cryptocurrencies and trading pairs, including Bitcoin, Ethereum, Litecoin, Ripple, and many more. This allows users to diversify their investments and take advantage of different market opportunities.

Koinbazar Good Or Bad Points

Koinbazar is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using Koinbazar :

Good Points:

1. Wide range of cryptocurrencies and trading pairs: Koinbazar supports a large number of cryptocurrencies and trading pairs, which allows users to diversify their investments and take advantage of different market opportunities.
2. Competitive trading fees: Koinbazar’s trading fees are among the lowest in the industry, making it an attractive option for users looking to minimize their trading costs.
3. User-friendly platform: Koinbazar’s platform is easy to use and navigate, making it accessible to both beginners and experienced traders.
4. Fast and secure transactions: Koinbazar uses advanced security measures to ensure that all transactions are fast, secure, and reliable.
5. KYC and AML compliance: Koinbazar is fully compliant with KYC and AML regulations, which helps prevent fraud and other illegal activities on the platform.
6. Responsive customer support: Koinbazar offers responsive customer support through email, live chat, and social media.

Bad Points:

1. Limited payment options: Koinbazar currently supports a limited number of payment options, which may be inconvenient for some users.
2. Limited country support: Koinbazar is currently only available in a few countries, which may limit its accessibility to some users.
3. Limited trading features: Koinbazar’s platform currently offers limited trading features compared to some other cryptocurrency exchanges.

Is Koinbazar Is Safe Platform To Trade ?

Two-Factor Authentication (2FA) Koinbazar supports two-factor authentication to ensure that only authorized users can access their accounts. Secure Socket Layer (SSL) encryption Koinbazar uses SSL encryption to ensure that all data transmitted between the user’s browser and the platform is secure.

Cold storage for assets Koinbazar stores the majority of its users’ assets in cold storage, which means they are kept offline and are not accessible to hackers. KYC and AML compliance Koinbazar is fully compliant with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, which helps prevent fraud and other illegal activities on the platform.

Regular security audits Koinbazar undergoes regular security audits to identify and fix any potential vulnerabilities in its platform. Secure withdrawal process Koinbazar requires users to go through a rigorous verification process before they can withdraw funds, which helps prevent unauthorized withdrawals.

Koinbazar Conclusion

Koinbazar is a cryptocurrency exchange that offers a range of features and services to users looking to trade cryptocurrencies. It supports a wide range of cryptocurrencies and trading pairs, has competitive trading fees, and offers a user-friendly platform that is accessible to both beginners and experienced traders.

Koinbazar also takes security very seriously and has implemented various measures to ensure the safety of its users and their assets. It is fully compliant with KYC and AML regulations, which helps prevent fraud and other illegal activities on the platform.

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