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Koinex is a multi-cryptocurrency exchange and trading platform that allows users to buy and sell 30+ cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin. Considered among India's most advanced digital assets exchanges, it's the first complete exchange that supports multiple cryptocurrencies/ tokens on a single platform and offers advanced trading tools such as Trading View and Portfolio Management. A proprietary trading engine, wallet and platform architectures, grade A security, user-centric UI/UX, and tons of user-demanded features are some of the things which define Koinex.
Maintaining high availability for end users during rapid upswings or downswings in cryptocurrency rates
Ensuring security for all users to prevent the risk of wallets being breached
Latency reduction by performance improvements with the Cloudflare network, security enhancement with DDoS protection, the Cloudflare Web Application Firewall (WAF), and rate limiting logins and registrations.
“The crypto-market is very volatile and the token prices tend to hit peak or fall steeply in quick time. In fact, there have been instances where the token prices surged almost 50% over the base price within a few minutes. It is imperative for us to maintain reliability, reflect these price fluctuations and manage the surges and high-volumes in trades. Only then will our users benefit from the price peaks/drops and not lose their money“ says Rakesh Yadav, CO-Founder & CTO, Koinex
As a digital assets exchange, Koinex is always at risk of being targeted by hackers. It was researching a foolproof DDoS solution along with WAF and rate limiting features. Koinex’s research led it to conclude that the Cloudflare firewall and rate limiting features were the best fit because of the comprehensive nature of the services.
“Another challenge we faced on the product front was the latency issue. We enrolled over 3 lakh* users within 3 months and were now facing latency issues in content loading. So again, we looked at Cloudflare's network to help us provide customers with the best uptime and lowest latency experience", Yadav says.
Koinex also leverages Cloudflare’s IP based threat detection and content caching and uses browser integrity checks, IP based access controls and dynamic rate limiting for their APIs.
“When we decided to expose our APIs, we realized that our data servers were getting hit hard and we had no choice but rate limit them”, says Ankush Sharma, Sr. Platform engineer at Koinex. “The Cloudflare integration has helped us significantly reduce the number of requests to static servers. Everything on our platform now feels so seamless and transparent for the users.”
*1 lakh is an Indian unit equaling one hundred thousand
35% reduction in number of requests to static servers
20% improvement in response time in for APAC customers
“The crypto-market is very volatile and the token prices tend to hit peak or fall steeply in quick time. It is imperative for us as a reliable exchange to stay available all the time, to reflect these price fluctuations and manage high-volume trades. Only then will our users benefit from the price peaks/drops and not lose their money”
CO-Founder & CTO