Koinex is Shutting Down and PCEX is Here for Rescue

Indian Crypto community is perturbed by the sudden shutdown of Koinex which was one of the oldest cryptocurrency exchanges in India. On June 27, 2019, Koinex Indian crypto exchange announced the shutdown of their exchange services and stated that the trading will be suspended at 2.00 pm IST on Thursday, June 27, 2019, entitling ‘Koinex shutdown announcement — Termination of exchange services’.

Koinex launched in August 2017, rose to the position of one of the trusted exchanges within a short span of time.

The exchange’s users had been openly publishing on social media about their pending withdrawal requests on the company’s platform which remain unanswered by them. CEO of WazirX exchange, Nischal Shetty opined that banking ban has been the prime reason for all Indian exchanges’ shutdown till now.

He further commented, “Their volumes had reduced drastically and that makes it difficult to run an exchange since volumes drive revenues. If they had good volumes now then I’m sure they wouldn’t have shut down.”

Why Shutdown?

There have been many Indian exchanges in the past like- Zebpay, Coindelta, Coinome that closed their trading operations in India stating a most common reason regarding the uncertainty of regulatory guidelines on cryptocurrency within the country. Koinex exchange also broadcasted a blog post adding a reason of explanation to their closure as, “Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies”. Apart from the regulatory aspect, koinex also expressed the difficulty they were facing from banks and payment gateways.

Now What?

There has been a rising confusion among the users who are attached with the exchange and feel puzzled and disoriented on where to take their digital assets on a more secure and reliable platform for crypto trading. An experienced guide solution to this problem would be to withdraw and transfer all their digital assets to another exchange platform.

The things that a user should consider before selecting another exchange are:

• The exchange should have a global presence
• The exchange should have well-established infrastructure
• The platform should provide strong security

One of the exchanges that provide all the above features is PCEX.

Why Choose PCEX?

• 5-Layer security model which includes multiple checks to authenticate transactions.
• Transaction fee as low as 0.05%
• Huge infrastructure
• Presence across 7 countries

Additionally, PCEX provides extensive support for both crypto to crypto and crypto to fiat trading for customers so that they can have a comprehensive solution under one roof.

What is the future of PCEX?

Since PCEX is regulated from Estonia, Europe and is completely online, it protects its clientele and business associates from any sort of legal complications and provides a clear picture of taxes in digital trading.

Is there any migration charges on change of platform?

PCEX charges zero maker or taker fee while changing your trading exchange platform from Koinex to PCEX.

Provided with so many reasons and advantages one can easily switch from other exchanges to PCEX.