Post Shutdown: How to withdraw your crypto from Koinex wallets?
Since our announcement on 27th June 2019 regarding disabling trading activities on all Koinex platforms permanently, we’ve received a lot of queries regarding the status of the cryptocurrencies in users’ wallets. We’ve prepared a detailed guide to help you alleviate all your concerns and resolve your questions regarding crypto withdrawals.
Where to withdraw?
You can withdraw the cryptocurrencies either to a crypto wallet or to a cryptocurrency exchange. In this post, we’ll only cover how to withdraw to a cryptocurrency exchange which supports multiple cryptocurrencies similar to Koinex. The exchanges can be broadly classified into two categories:
Indian exchanges: These exchanges allow you to trade in crypto to INR pairs and withdraw INR. For example, there you can trade in BTC/INR, XRP/INR, or other markets and convert crypto to INR and vice versa. We recommend our users to check all the existing INR to crypto exchanges based on ease of deposit & withdrawal, support, and volumes. Here are some of the prominent ones (in no particular order):
International exchanges: With international exchanges, you can only trade in crypto-to-crypto pairs but cannot liquidate your cryptocurrencies into INR. For example, there you can trade in XRP/BTC, BTC/USDT and other crypto-to-crypto markets.
As mentioned previously, we recommend our users to check all the existing crypto-to-crypto exchanges based on ease of deposit & withdrawal, support, and volumes. Below are the top 3 global exchanges in terms of trading volumes, security and customer support:
Disclaimer: Koinex does not endorse any exchange or service provider as we are not in a position to control or regulate any other exchange. Koinex does not take any responsibility for any kind of monetary loss incurred by either you or any third party on these exchanges.
How to withdraw?
Following are the steps for withdrawing your cryptocurrencies from Koinex wallets:
- Login into your Koinex account and select “Koinex” from the products dropdown.
2. Click on “Withdraw” button for the cryptocurrency that you wish to withdraw.
3. Enter the Withdrawal Wallet Address (and any other information such as destination tag, if required in the withdrawal window) and Withdrawal Amount. Make sure you double check this information for your own safety.
4. Authenticate the transaction using G-Auth OTP or Mobile SMS OTP.
5. Confirm the withdrawal by pressing “1” on the IVR confirmation call which you will receive on your registered mobile number after initiating the withdrawal request.
That’s all you need to do! Please note that due to increased number of crypto withdrawals, your withdrawal can take up to 3 working days to reflect on your destination wallet.
For INR: We’re already processing INR transactions to return all user balances to the bank account that users have registered on Koinex. For more details, please refer to our article Post Shutdown: Details of INR Balances.
The deadline to withdraw all your cryptocurrencies is 9.00 PM IST on Monday, 15th July 2019. Failing to do so may result in forfeiture of your funds, in case we are unable to keep the wallet function alive post the aforementioned timeline. We request all the users to withdraw their funds before the given deadline to avoid any monetary loss.
Our customer support team will be available throughout this transition period, resolving all pending queries and issues for all our users to the utmost satisfaction. We will also continue to be responsive on all our social media channels and we urge the users to only communicate with Koinex’s official modes communication to avoid any kind of mishappenings.
