Whether you have been working in trading cryptocurrencies or are a newbie, you must have come across CoinDCX. Especially if you are here and reading this article, it means you are thinking of using this platform, right? So, without wasting much time, let’s start the CoinDCX review.
What is CoinDCX?
CoinDCX is a cryptocurrency exchange platform with over 200 different types of cryptocurrencies. It is a Singapore-based company and has been active since 2018. In India, the CoinDCX office is located in Mumbai.
The unique selling point of CoinDCX is that they offer a variety of cryptos, such as Bitcoin, Ethereum, and many other altcoins. That means that various altcoin traders can use this platform and will not have to wander elsewhere. However, it also comes at a cost. Multiple cryptos mean there could be more scam coins as a newly launched altcoin will not have the same scrutiny.
Top investors for CoinDCX funding include Polychain, Bain Capital Ventures, and 100x Ventures. In addition to these three main ones, CoinDCX has ten investors who have raised $5.5M in three rounds.
CoinDCX minimum withdrawal limit in INR differs based on whether the user has done the KYC verification or not. Similar is the case with the maximum INR withdrawal limit.
Accounts with KYC Verification
The minimum value is Rs. 500, and the maximum is 5,00,000 per day. You can also withdraw the amount manually if it is beyond automated limits.
Accounts without KYC Verification
The minimum value is Rs. 500, similar to the users with complete KYC. However, unlike them, the maximum value is only 10,000, as the Max. Trade value is up to INR 10,000. Also, you can withdraw manually if the transaction is beyond automated limits.
CoinDCX Crypto Withdrawal Limit
Users with complete KYC verification have no withdrawal limit. Simultaneously, the accounts without KYC verification can only withdraw up to 4 BTC per day.
CoinDCX Fee: Trading and Withdrawal Fees
The trading and withdrawal fees are crucial factors of a platform, which also play a role in getting new users or losing the previous ones.
CoinDCX Reviews On Quora
This exchange platform is the very safest cryptocurrency trading, with proper security features (When I am trying to login desktop version, I got OTP to Mobile and Email) for user’s account details and transactions. And, It supports more than 150+ crypto coins.Aravinth Rajagopalan
For me its a terrible experience. Coindcx is not taking responsibility of their customer. I diposited 3 lakhs on 4th December and its still not reflecting in INR wallet till date. There’s no customer care and support ticket (1736365) is non responsive. Can anyone advise what can I do? showing on their instagram channel, I see many more consumer are facing this issue.Saurav Das
Yes, definitely. It is one of the top exchanges. It provides margin trading, futures, Ethereum staking and other staking for proof of stake coins which can provide passive income. If you are interested, you can use below referral link. Signup and KYC process is simple.Gayathri Sowmya
I have invested a small amount in coindcx and in famous cryptos like bitcoin and dodge etc. However, I noticed my investment is always declining and even if I increase my investment to average out the decline, the next period it still declines. I think coindcx is a scammer and charges high fees.
CoinDCX Trading fees
The exchange charges you a particular amount called trading free whenever you place an order. It is generally a relevant percentage of the amount of your order. CoinDCX charges 0.04% and 0.06% on takers and makers, respectively.
Here takers are the ones who take an already existing order from the order book, and the makers are the ones who add a trade to the order book. The fee is relatively low and below the industry average, which gives users another reason to prefer CoinDCX over other platforms. The current industry average is around 0.10% — 0.15%.
Based on your club, the trading fees are shown as below:
CoinDCX Withdrawal fees
The high withdrawal fees by CoinDCX overcome the lower trading fee. It charges around 0.001 BTC per BTC withdrawal. This withdrawal amount is high when compared to the industry average charges. According to the current industry average, the withdrawal amount is around 0.0006 BTC per BTC withdrawal. If we talk in percentage, the CoinDCX withdrawal fee is 60% above the industry average.
In CoinDCX, users can deposit INR instantly, while it takes around half an hour for the cryptocurrencies. The withdrawal of INR can take up to 6 hours to deposit in your bank account, and the withdrawals of cryptocurrencies take a few minutes to reach your wallet.
CoinDCX Review: Security & Privacy
The most secure crypto trading platform in India and across the globe is CoinDCX. This platform prioritizes the user’s private information and does not share the KYC details with any third party. It contains industry-leading security protocols regularly maintained and tested to check for violations.
It has two-factor authentication, which adds an extra level of security to a user’s account. Not only that, all cryptocurrency withdrawals undergo multiple verification processes before they are processed to avoid fraud withdrawal.
As the name suggests, crypto lending is an alternate form of investment. Lending in the context of cryptocurrencies means that investors lend cryptocurrencies to borrowers with an interest rate. CoinDCX lending services are safe and comfortable. You can lend for a maximum of 7 days with just one click. Also, the maximum annual interest rate is 16.25%.
Staking is an activity where a user locks cryptocurrencies to receive rewards. You can compare it with mining. The CoinDCX platform offers stake services to users for passive earning. To start staking, you must register, hold a minimum balance of the supported cryptocurrencies, and be eligible for earning rewards.
CoinDCX Review: Customer Support
According to CoinDCX, giving the best services to the users is the key to a business rising and flourishing. Therefore, they have exceptional customer service with 24 hours support. Due to this 24-hour support, users from different countries do not have to worry about the time zone.
Services like onboarding, INR management, and ticketing have 24-hour support assistance. Also, the current duration of the telegram and chatting time is from 06:00 AM to 11:00 PM.
Because of these facilities, the users can solve any queries without waiting for hours the next day. The CoinDCX customer care number is currently unavailable on their site, but for customer support, you can mail them at firstname.lastname@example.org.
CoinDCX Review: Pros and Cons
After looking at all factors, and crucial facts, let’s summarize them to get a clearer picture of CoinDCX.
- Availability of a wide range of coins for trading.
- It has adequate liquidity across a vast number of trading pairs.
- The trading charges are low, and the minimum amount for a trading amount is also low.
- You can buy and sell instantly with just one tap.
- It has a margin trading around six times the leverage on numerous assets.
- It accepts payment methods like UPI and IMPS.
- Continuous and live customers are also present to answer queries instantly.
- The futures trading is around 20 times the leverage.
- It is available for multiple platforms.
- INR is only FIAT currency, and no other options are available.
- You will need verification for higher FIAT values.
CoinDCX Review: Conclusion
With the points mentioned above, it will be easy for you to decide whether CoinDCX is worth your time and money. Also, you can easily compare these factors with the other crypto trading platforms to check which one will benefit you the most.
CoinDCX Review: Frequently Asked Questions
Yes, every fund invested in cryptocurrencies through the CoinDCX platform is safe. This platform assures the users that it backs every investment and ensures they don’t face any issues.
First, log in to your CoinDCX account. Select the Funds section from the DCXtrade page and click on the INR Wallet. Enter the amount you want to withdraw, and go through the verification process to remove the amount.
It is not compulsory to complete the CoinDCX KYC. Still, your account will be limited to INR 10,000 deposits and withdrawals or 4 BTC cryptocurrencies per day for deposit and withdrawal.
You can download the CoinDCX app from the play store for Android devices.
The Pan Card is not required to open an account on CoinDCX. However, you will need it for verification for KYC.