- Intuitive web UI and simple signup process
- A lot of crypto currencies are supported
- UPI and IMPS payments are enabled
- It has low trading charges
- The customer support offered is decent
- The company deploys adequate security protocols
- KYC process has been kept optional
- The only Fiat currency supported is INR
- Withdrawal fees are quite steep
The Indian govt is yet to come up with a concrete and well-planned policy for cryptocurrency transactions in the country. In fact, a proposed law to ban its usage has been shelved and this has created uncertainty among the crypto investors and users. However, you can still find several cryptocurrency exchanges and trading platforms flourishing. It is now possible to trade in cryptocurrencies using some Indian origin crypto exchange platforms and most of these have mobile apps too. One such contender is CoinDCX.
Getting the basics clear
CoinDCX is a popular cryptocurrency exchange platform that supports more than 200 types of cryptocurrencies. The company is actually headquartered in Singapore and it has been operating since 2018. It has a branch in Mumbai in India. The nice thing about CoinDCX is that different altcoin traders are able to use this platform without woes. It has decent trading and withdrawal fees and the UI is also intuitive. Apart from the website, there are apps for Android OS and iOS.
How to get started with CoinDCX?
Creating a profile in CoinDCX and getting started is simple and you do not need much time for that either.
- At first, you have to browse the CoinDCX web site and then register to initiate the signup process.
- Now, you will have to type in your details including phone number, name, email address and click on the signup button.
- Next, you will have to perform the Phone Number and email verification. It is an OTP based procedure.
- At the next step, verifying your bank account will be necessary.
- The KYC Verification comes up next and this is optional. It requires uploading copies of your Pan Card and a photo id proof. Voter id, Passport or Aadhar Card will do.
The deposit and withdrawal options
After you are done linking your CoinDCX profile with a valid bank account, withdrawal can be done.
- If you have not done KYC verification, you can withdraw from INR 500 to INR 10000. If KYC is complete, you can withdraw up to INR 500000 a day.
- Users with KYC verification can withdraw Crypto coins without capping imposed. If KYC verification is not done. Crypto withdrawal limit will be set at 4 BTC/day.
CoinDCX users can deposit INR without any processing time but cryptocurrency deposits takes some time. INR withdrawal may need up to 6 hours to get reflected in the bank account. Crypto withdrawals get reflected in your wallet within a few minutes. With CoinDCX, you can use fiat currency for depositing and wire transfer is what you need to use. It does not yet support debit or credit cards.
The fees for using CoinDCX
Much like most other crypto exchange platforms, CoinDCX has some charges. There are withdrawal and trading charges involved.
Trading fees- CoinDCX charges 0.06% and 0.04% for make and takers, respectively. It is actually lower than what you are charged by other platforms.
Withdrawal fees- CoinDCX has higher than average withdrawal fees. Per BTC withdrawal, it charges 0.001 BTC. It is almost 60% higher than the industry average.
What about the security?
Beginners in crypto sector are usually worried about the safety aspect. So, you need to pick a crypto exchange platform that score well on security ground. In this context, CoinDCX is a good contender. It keeps the KYC details of the customers secure. You also get two-factor authentication for enhanced safety. All cryptocurrency withdrawals done on the platform undergo multiple verification processes to rule out risks of fraud.
Customer support you can rely on
CoinDCX offers good customer support and you will not have to wait long for getting responses to your queries. They offer 24 hours customer services and so users from different time zones have nothing to fret about! For ticketing and INR management you get round the clock services. Email and chat based support is there too.
Apart from depositing and making withdrawals using crypto coins and fiat currency, CoinDCX allows users to lend crypto assets. You can lend your crypto currencies to other users and obtain interest for that. The lending tenure is a week and the annual interest rate has been capped at 16.25%.
CoinDCX also offers staking services. In it, you can lock your crypto currencies to obtain rewards. You have to be eligible for staking and for that you should have a certain amount of crypto coins in your account.
Summing it up
Overall, CoinDCX emerges as a worthy crypt exchange to trade in various crypto currencies. The platform is simple, to set up and use. Both the website and mobile app has intuitive, clean UI, with a minimal learning curve. You get support for plenty of crypto coins and the customer support is decent. It scores well on security and flexibility of operation is there too. The few glitches are limited fiat currency support and steep withdrawal charges.