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CoinDCX cryptocurrency exchange – December 2020 review

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Buy, sell and trade over 200 cryptocurrencies, earn interest and easily cash in or out with INR on this popular exchange.

  • Good for wide selection and low fees
  • Not so great for fiat currencies other than INR

See our full list of pros and cons below.

1

Fiat currencies

209

Cryptocurrencies

Details

Product Name CoinDCX Exchange
Fiat Currencies INR
Cryptocurrencies BTC, ETH, XRP, USDT, BCH, BSV, ALGO, ETC, ICX, EOS & 195+ more
Deposit Methods UPI
IMPS
Trading Fee 0.1%
Deposit Fees None
Withdrawal Fees Fees vary
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about CoinDCX

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: INR
  • Supported cryptocurrencies: Approximately 209 cryptocurrencies

Which payment methods are accepted?

  • UPI
  • IMPS

What’s it like to use CoinDCX?

Fees and limits

The fees below are accurate as of 28 May 2020.

Platform trading fees

Trade type Fees
Instant buy/sell None, although a spread applies

The spread for Bitcoin purchases is around 0.5% at the time of writing

Spot market 0.1% maker fee
0.1% taker fee
Futures market 0.02% maker fee
0.05% taker fee
Margin trading 0.05% interest charged after first 24 hours

Deposit and withdrawal fees

Deposit fees

CoinDCX does not charge any deposit fees, but you will have to pay any network fees associated with cryptocurrency deposits. These are the fees paid to the blockchain network itself.

Your bank or other payment providers might charge fees for INR deposits.

Withdrawal fees

CoinDCX charges network fees for cryptocurrency withdrawals. These vary depending on the cryptocurrency and the state of their network, and can range from completely free to the equivalent of ₹300 or more.

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Instant

INR deposits using UPS and IMPS are instant, while cryptocurrency deposits may take up to half an hour.

Withdrawals

Clock icon for transfer speed

Up to 6 hours

INR withdrawals may take up to 6 hours to arrive in your bank account, while cryptocurrency withdrawals will generally reach your wallet in a few minutes.

Is CoinDCX safe to use?

  • Regulation. DCX is registered and based in Singapore, but it’s focused primarily on the Indian market. It maintains an AML and privacy policy, and complies with regulatory requirements in both countries.
  • Verification process. Verification is required. To signup, Indian users need a PAN card, as well as either a passport, Aadhar card, driver’s license or voter ID. International users can provide equivalent government ID to complete verification.
  • Security features. CoinDCX requires users to activate two factor authentication. It says it keeps 95% of user funds in geographically distributed multi-signature cold wallets at any given time. All withdrawal requests are automatically matched against account email addresses, while large withdrawals are manually vetted by the CoinDCX security team.

CoinDCX is backed by some of the largest international names in blockchain, including Polychain Capital and Coinbase Ventures.

There are no known instances of CoinDCX ever being hacked or suffering any major security breaches.

How do I create an account at CoinDCX?

Step 1. Step 1. Go to the CoinDCX website and click the “Register” button in the top right.

Step 2. Enter your name, email address, country and mobile number and choose a password.

CoinDCX SignUp

Step 3. Check your email

You will have received a Welcome email. Follow the link provided in the email to verify your address.

Step 4. Complete ID verification (optional)

You can now sign into your account, make a deposit and start trading.

However, your account will be limited to a total of ₹10,000 of fiat currency deposits/withdrawals, or 4 BTC per day of cryptocurrency deposits/withdrawals, until you verify your identity.

To do this, you will need to upload a picture of your PAN card, as well as a picture of any one of the following:

  • Aadhar card
  • Driver’s license
  • Passport
  • Voter ID

International users can provide equivalent local government ID to complete verification.

If the photos are clear, you should be all verified and good to go in half an hour. If the photos are a bit blurry or if CoinDCX is especially busy, it may take longer.

Step 5. Make a deposit and start trading

You can now make INR or cryptocurrency deposits, start trading and using all the other CoinDCX services like lending.

What else do I need to know about CoinDCX?

CoinDCX was founded in 2017, launched in 2018 and quickly became one of the most prominent cryptocurrency exchanges in India.

Due to strict cryptocurrency-related banking regulations at the time, it initially only allowed crypto-to-crypto trading. As soon as regulations were relaxed, CoinDCX became one of the first cryptocurrency exchanges in India to allow bank account deposits and withdrawals.

In a nutshell

Pros

  • Wide range of coins
  • Good liquidity across most trading pairs
  • Low fees, low minimums
  • Has both instant buy/sell and a spot market
  • Lets you earn interest from lending crypto
  • Has margin trading with up to 6x leverage on hundreds of assets
  • Has futures trading with up to 20x leverage on a selection of assets
  • Mobile app available
  • Live customer support

Cons

  • Verification required for higher fiat limits
  • Only fiat currency available is INR

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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