CoinDCX cryptocurrency exchange – January 2020 review
CoinDCX is an Indian cryptocurrency exchange which operates exclusively as a crypto-to-crypto trading platform offering more than 30 crypto trading pairs.
CoinDCX was launched in April 2018 and operates out of Mumbai, India. Being a pure crypto exchange, it doesn’t deal with fiat currencies at all. The exchange allows Indian residents to legally trade more than 30 crypto trading pairs at a low trading fee. CoinDCX is not available to traders outside of India.
We’ve put together all the information you need to know about using CoinDCX to trade in crypto pairs, to help you decide whether this exchange is appropriate for your needs.
|Product Name||CoinDCX Exchange|
|Cryptocurrencies||BTC, ETH, LTC, XRP, EOS, OMG, SNT, TRX, REQ, BAT, KNC, SNT, DNT, MCO, ICX, CND, DGD, ZIL|
|Withdrawal Fees||Fees vary|
What is CoinDCX?
CoinDCX is a cryptocurrency exchange that lets Indian residents buy and sell over 30 crypto trading pairs. Even though CoinDCX does not handle fiat currencies like Indian rupees (INR), its users can place buy or sell orders, track their portfolio and check crypto asset prices in an INR equivalent. The only thing you can’t do is buy or sell crypto assets in INR.
Which cryptocurrencies can I buy/sell?
As of writing, CoinDCX lists the following cryptocurrencies:
|Bitcoin trading pairs||Ethereum trading pairs|
|Basic Attention Token/bitcoin (BAT/BTC)||Basic Attention Token/Ethereum (BAT/ETH)|
|Cindicator/bitcoin (CND/BTC)||Cindicator/Ethereum (CND/ETH)|
|DigixDAO/bitcoin (DGD/BTC)||DigixDao/Ethereum (DGD/ETH)|
|District0x/bitcoin (DNT/BTC)||EOS/Ethereum (EOS/ETH)|
|EOS/bitcoin (EOS/BTC)||ICON/Ethereum (ICX/ETH)|
|Ethereum/bitcoin (ETH/BTC)||Kyber Network/Ethereum (KNC/ETH)|
|ICON/bitcoin (ICX/BTC)||Litecoin/Ethereum (LTC/ETH)|
|Kyber Network/bitcoin (KNC/BTC)||Monaco/Ethereum (MCO/ETH)|
|Litecoin/bitcoin (LTC/BTC)||OmiseGO/Ethereum (OMG/ETH)|
|Monaco/bitcoin (MCO/BTC)||Request/Ethereum (REQ/ETH)|
|OmiseGo/bitcoin (OMG/BTC)||Ripple/Ethereum (XRP/ETH)|
|Request/bitcoin (REQ/BTC)||Status/Ethereum (SNT/ETH)|
|Ripple/bitcoin (XRP/BTC)||TRON/Ethereum (TRX/ETH)|
|Status/bitcoin (SNT/BTC)||Zilliqa/Ethereum (ZIL/ETH)|
At this point in time, CoinDCX is available in India only.
Which payment methods are accepted?
CoinDCX accepts payments in cryptocurrency assets only and not in fiat currency.
How much will it cost me to use CoinDCX?
- Trading fees: These are charged on a “per-trade” basis and are 0.10% for all buy orders and 0.10% for all sell orders.
- Withdrawal fees: On its pricing page, CoinDCX mentions that they may adjust their withdrawal fees regularly depending upon blockchain conditions. However, their withdrawal fees at the time of writing are listed below.
|Basic Attention Token (BAT)||6 BAT|
|Bitcoin (BTC)||0.0005 BTC|
|Cindicator (CND)||25 CND|
|DigixDAO (DGD)||0.01 DGD|
|district0x (DNT)||25 DNT|
|Ethereum (ETH)||0.003 ETH|
|EOS (EOS)||0.15 EOS|
|ICON (ICX)||0.8 ICX|
|Indian Rupee (INR)||INR0|
|Kyber Network (KNC)||1 KNC|
|Litecoin (LTC)||0.01 LTC|
|Monaco (MCO)||0.25 MCO|
|OmiseGO (OMG)||0.15 OMG|
|Request (REQ)||10 REQ|
|Ripple (XRP)||0.01 XRP|
|Status (SNT)||15 SNT|
|TRON (TRX)||30 TRX|
|Zilliqa (ZIL)||20 ZIL|
How fast will my funds be available?
Since CoinDCX carries out only crypto-to-crypto transactions, these are usually finalised quickly, typically in a matter of minutes. However, actual transaction processing times depend on the blockchain network capacity when you execute your trade.
Are there any transfer limits?
CoinDCX’s website does not mention any transfer limits, but claims to have high liquidity. It’s recommended that you contact customer service to get more clarity.
The following minimum withdrawal limits apply.
|Basic Attention Token (BAT)||12 BAT|
|Bitcoin (BTC)||0.001 BTC|
|Cindicator (CND)||50 CND|
|DigixDAO (DGD)||0.02 DGD|
|district0x (DNT)||40 DNT|
|Ethereum (ETH)||0.006 ETH|
|EOS (EOS)||0.3 EOS|
|ICON (ICX)||1.6 ICX|
|Indian Rupee (INR)||INR1,000|
|Kyber Network (KNC)||2 KNC|
|Litecoin (LTC)||0.02 LTC|
|Monaco (MCO)||0.5 MCO|
|OmiseGO (OMG)||0.3 OMG|
|Request (REQ)||20 REQ|
|Ripple (XRP)||20 XRP|
|Status (SNT)||30 SNT|
|TRON (TRX)||60 TRX|
|Zilliqa (ZIL)||40 ZIL|
Is it safe to use CoinDCX?
CoinDCX enforces two-factor authentication (2FA) to protect your account. So users have to verify that they actually are the account holder before they can log in. The use of 2FA means you get extra security against any hacking attempts. It also helps in decreasing the risk of identity theft.
You can get access to customer support at CoinDCX through a customised ticket system. To raise a query, enter your name, email address, write a brief description and one of the listed categories in a drop-down menu and submit the ticket.
There is also a frequently asked questions (FAQ) section which addresses most basic queries. In addition, you can send an email at firstname.lastname@example.org.
Pros and cons
- A very simple account opening and verification procedure.
- Indian residents can trade more than 30 crypto pairs
- Low trading fees
- Traders outside India cannot use the exchange
- No support for fiat currency such as INR, although CoinDCX lets you view your portfolio and cryptocurrency asset prices in an INR equivalent.
- No mobile app available as of now (May 2018)
To start trading with CoinDCX, Indian residents first have to sign up for an account by following the steps below.
Step 1. Click on the “Login/Signup” link on the top right hand corner of the CoinDCX website.
Step 2. In the form, fill in your first name, last name, mobile number, email ID and password.
Step 3. If you have a referral code, enter the code while creating your account.
Step 4. Submit the form and wait for an activation email to be sent to you.
Step 5. Click on the “confirm email” link in the activation email.
Step 6. After your account is activated, you’ll be sent a 6 digit one time password (OTP), which you have to enter after logging into your CoinDCX account
Step 7. The next step is to complete your Know Your Customer (KYC) verification, for which you need to upload soft copies of your Permanent Account Number (PAN) and your Aadhaar ID card.
Step 8. CoinDCX claims that they carry out KYC verification within the same day of the uploading soft copies of relevant documents.
After CoinDCX verifies your details, you can start trading on the exchange. The first step to start trading is to deposit either BTC or ETH into your CoinDCX wallet. After you do so, you can go ahead and buy or sell any of the cryptocurrency pairs that CoinDCX offers.