CoinDCX Review
CoinDCX is a Singapore-based firm with a predominantly Indian customer base (in India, the CoinDCX office is located in Mumbai, Maharashtra). Despite Indian authorities’ distrust of cryptocurrencies, CoinDCX has thrived and continues to develop at a rapid pace. Despite the fact that its trading volume is significantly less than that of its competition.
CoinDCX was launched on April 7th, 2018 with the intent of giving a user-friendly environment where users can access a wide range of financial products and services, all of which are backed by industry-leading security and insurance protection. CoinDCX is an ISO-certified corporation that offers reasonable liquidity and a quick onboarding process. Binance (the world’s largest crypto exchange), Huobi, and Okex are also among CoinDCX’s exchange partners.
Coinbase Ventures (the investment arm of San Francisco, US-based cryptocurrency trading platform Coinbase), Polychain Capital, Bain Ventures, Bitmex, Mehta Ventures, and Alex Pack, among others, recently completed the exchange’s third round of funding in December 2020, with total funds raised worth USD 19.4 million.
With an average 24-hour transaction volume of USD 2.5 million, the exchange provides over 200 different cryptocurrencies, including Bitcoin, Ethereum, and other altcoins (approx.).
Founder of CoinDCX Exchange
Sumit Gupta (CEO) – Twitter
At CoinDCX, Sumit Gupta is the Chief Executive Officer (CEO) and co-founder. He joined Sony in Tokyo after completing his graduation and post-graduation at IIT Bombay in India. He created India’s first location-based online marketplace (ListUp), which grew into a multimillion-dollar business in less than a year. Sumit is a well-known figure in the Indian Crypto Community.
Neeraj Khandelwal (CTO) – Twitter
CoinDCX’s Chief Technology Officer (CTO) and co-founder is Neeraj Khandelwal. He is a professional engineer that manages the technological development of all CoinDCX products. In 2012, he received his Electrical Engineering diploma from India’s IIT Bombay. DCX is rapidly expanding around the world under his technological guidance, with a wide range of crypto instruments available for consumers to trade.
People from the IT industry and traditional financial markets make up the CoinDCX team. As a result, this group has a decent chance of taking this transaction to new heights.
Check This Also:- Bitcoin Private Keys- Wallets and Usage
Features of CoinDCX Exchange
CoinDCX has a number of features to offe:
Type of Traders Offered by CoinDCX
Users can engage in Spot Trading, Margin Trading, and Futures Trading on the exchange. On CoinDCX, a margin trade can be leveraged up to 6X. A futures contract, on the other hand, can have up to 20 times leverage.
Instant Deposit and Withdrawal of Fiat Currency
CoinDCX’s “Insta” feature allows users to purchase cryptocurrencies using Indian National Rupees (INR). Please note that CoinDCX only accepts the Indian rupee as a fiat currency. Each transaction has a minimum buy or sell limit of INR 1 and a maximum buy or sell limit of INR 1,000,000.
The Lending of Cryptocurrencies
“Lend” is a platform that allows users to earn interest on cryptocurrencies held in their CoinDCX account. The user will be paid interest in the same cryptocurrency as his or her initial deposit. If you lend BTC, you will receive interest in BTC.
To ensure cutting-edge security, all locked cryptocurrencies are stored in geographically distributed cold wallets with DDoS protection, frequent stress testing, and multi-signature authentications.
The exchange allows for the lending of a variety of cryptocurrencies. Click here for a complete list of such tokens.
Check This Also:- How to Buy Bitcoin in India
Coin Staking
Users of CoinDCX can stake their cryptocurrencies on the platform and earn staking incentives. The staking feature is currently available on 7 coins.
Sub Accounts- Manage Multiple Accounts from One Place
Sub-accounts on CoinDCX give you the option of splitting up your positions. You can create new sub-accounts, change which one you’re using, and move funds between them. As a result, you can separate your trading and investment activity into distinct accounts.
Check This Also:- How to Convert Bitcoins to Cash-(USD, EUR, INR)
User Interface and Mobile Application
The exchange’s trading view is incredibly interactive and user-friendly. The view will assist you in trading in a comfortable and hassle-free manner.
The exchange includes a mobile app for Android and iOS devices that keeps users up to date when they’re on the go. The app is entirely functional, and if you enjoy trading on your mobile, you’ll enjoy it. The app has over 100K downloads and a 4.6 average rating on the app store.
Check This Also:- List of Best Crypto Exchanges-Top Crypto Exchanges and Bitcoin Trading Platforms
Transaction Fees and Transaction Limit for CoinDCX
Deposits of fiat currency, such as INR, are free of charge. The deposit amount is limited to INR 10,000 for non-KYC customers.
Withdrawal limits in Fiat currency (INR) are as follows:
| Particulars | KYC user | KYC user |
|---|---|---|
| Minimum Value | INR 500 per transaction | INR 500 per transaction |
| Maximum Value | INR 500,000 per day | INR 10,000 per day |
Check This Also:- Satoshi to USD and BTC Converter
The following is the withdrawal limit in Cryptocurrency:
| Particulars | KYC user | Non-KYC user |
|---|---|---|
| Deposit | No Limit | The Maximum (deposit+withdraw) limit is 4 BTC per day |
| Withdrawal | No Limit | The Maximum (deposit+withdraw) limit is 4 BTC per day |
The fee for withdrawing bitcoins varies depending on the quantity and kind of cryptocurrency. Click here for additional information on the withdrawal charge.
The trading cost is also variable and is determined by the exchange’s club level allocation. Click here for additional information on the trading charge.
Check This Also:- 10 Best Cryptocurrency Exchanges To Buy Any Altcoin In The World
How secure is CoinDCX
CoinDCX is a relatively safe exchange, and the main staff adheres to the following guidelines:
To ensure enhanced security, the exchange uses geographically distributed cold wallets, DDoS protection, regular stress testing techniques, and multi-signature authentications.
The above-mentioned cold wallets are fully offline, and their multi-signature functionality eliminates a single point of failure and increases resistance against fund loss due to the loss of private keys.
Furthermore, BitGO insures all funds, including users’ cryptocurrencies held in MultiSignature cold wallets, to some extent.
Check This Also:- The 10 Best Bitcoin Earning App
CoinDCX KYC Requirements
On CoinDCX, a user can trade without giving his or her KYC documents. Deposits and withdrawals, however, are subject to the mentioned limitations.
The CoinDCX exchange’s KYC procedure is totally automated due to a cooperation with Onfido (a global leader in artificial intelligence for identity verification and authentication).
Check This Also:- How to get Bitcoins: Earn Free BTC
Social Media Presence
CoinDCX has a strong social media presence, as well as traditional and crypto media outlets (Mint, Times of India, CNBC, Medianama, Inc42, Financial Express, Economic Times, Nasdaq, and so on) (Cointelegraph, Coindesk, Coinpost, Blockchain News, etc.).
- Blog
- Twitter – 22,600 followers
- Facebook – 2,896 followers
- Youtube – 4,460 subscribers
- Telegram – 11,383 members
- Instagram – 16,200 followers
So, when it comes to features, this exchange is clearly on par with any larger exchange. Let us now summarize the advantages and disadvantages of adopting CoinDCX.
Check This Also:- 10 Top Cryptocurrencies-To Buy Long- Term Investment
Advantages OF CoinDCX Exchange
- The exchange offers a user-friendly interface and a mobile application that is completely functional.
- CoinDCX has a significant social media and community presence.
- The exchange has a well-known investment base, giving it a high level of reputation and user confidence.
- The exchange offers enough liquidity to users for Margin Trading and Futures Trading.
Disadvantages OF CoinDCX Exchange
- The exchange only supports the Indian National Rupee as a fiat currency (INR).
- In comparison to the top crypto exchanges, trade volume is relatively low.
- In India, the legal framework for cryptocurrency trading is unclear. The situation in India, on the other hand, is projected to improve as authorities consider the potential benefits of blockchain technology. Despite the fact that CoinDCX is registered outside of India, the majority of its users are Indian. As a result, the Indian jurisdictional risk could jeopardise CoinDCX Exchange’s operational continuity.
Thank you very much for reading this article. If you need any information related to this article, you can tell us through the comment box. Do share this article with your friends or relatives. Thanks once again.
What is CoinDCX?
CoinDCX is a Singapore-based firm with a predominantly Indian customer base (in India, the CoinDCX office is located in Mumbai, Maharashtra). Despite Indian authorities’ distrust of cryptocurrencies, CoinDCX has thrived and continues to develop at a rapid pace. Despite the fact that its trading volume is significantly less than that of its competition.
How secure is CoinDCX?
To ensure enhanced security, the exchange uses geographically distributed cold wallets, DDoS protection, regular stress testing techniques, and multi-signature authentications.
What is the advantages of CoinDCX?
The exchange offers a user-friendly interface and a mobile application that is completely functional. CoinDCX has a significant social media and community presence.
The exchange has a well-known investment base, giving it a high level of reputation and user confidence. The exchange offers enough liquidity to users for Margin Trading and Futures Trading.
What is the disadvantages of CoinDCX?
The exchange only supports the Indian National Rupee as a fiat currency (INR).
In comparison to the top crypto exchanges, trade volume is relatively low.
