CoinDCX cryptocurrency exchange – September 2019 review

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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.

1

Fiat currencies

17

Cryptocurrencies

Details

Product Name CoinDCX Exchange
Fiat Currencies INR
Cryptocurrencies BTC, ETH, LTC, XRP, EOS, OMG, SNT, TRX, REQ, BAT, KNC, SNT, DNT, MCO, ICX, CND, DGD, ZIL
Deposit Methods Cryptocurrency
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. 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.

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 pairsEthereum 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)
TRON/bitcoin (TRX/BTC)
Zilliqa/bitcoin (ZIL/BTC)

Available countries

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.
TokenWithdrawal fees
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.

TokenWithdrawal limit
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.

Customer support

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 team@coindcx.com.

Pros and cons

Pros
  • A very simple account opening and verification procedure.
  • Indian residents can trade more than 30 crypto pairs
  • Low trading fees

Cons

  • 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)

Next steps

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.

FAQs

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