Koinex, a cryptocurrency exchange, has started offering crypto-to-crypto trading at no cost. The exchange will allow trading on its website as well as mobile platforms and will be offering trading in 15 pairs of tokens.
The exchange will be the first to offer cryptocurrency pairs for exchange on its platform. Koinex has announced that it will be pairing Ripple (XRP) with a number of other currencies. These include EOS (EOS), Nucleus Vision (NCASH), TRON (TRX), Golem (GNT), Request Network (REQ), OmiseGo (OMG), Litecoin (LTC) and Aeternity (AE).
For the better part of this year, the cryptocurrency industry has been in the news due to a strict and sometimes hostile stand that regulators as well as the Reserve Bank of India (RBI) have taken. India’s Central Bank even prohibited commercial banks from dealing with companies which offer cryptocurrency services. However, many exchanges in India have continually dodged the regulators and the legal framework and are still doing business due to the increase in enthusiastic investors.
In a statement, Koinex Co-Founder and CEO, Rahul Raj, said that the exchange has a platform brilliantly built that is able to adapt to all market requirements. He added that they are currently working on adding more offerings to the platforms after receiving many requests from traders, who are interested in the crypto-to-crypto trading option.
Apart from the new offering, the exchange also offers nine Bitcoin (BTC) based pairs plus six Ethereum (ETH) trading pairs on its platform. Koinex has also announced that it will limit its client base to only Indians. The company’s revenue model is based on a simple trade fee on the value of the Indian Rupee calculated on the order placed on Koinex. Although no fee will be charged for selling, a trade fee will be charged on the order’s value in rupees.
Koinex says that it has taken this step so as to speed up the process of integrating the platform so as to create crypto combination, which is capable of offering seamless trading.