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CoinDCX cryptocurrency exchange – December 2020 review
Deb is a freelance writer whose passion for writing equals his obsession with reading. His aim is to educate readers through his articles and help them make better decisions. When he's not writing, Deb is either busy reading a novel or planning his next road trip.
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.
The spread for Bitcoin purchases is around 0.5% at the time of writing
0.1% maker fee 0.1% taker fee
0.02% maker fee 0.05% taker fee
0.05% interest charged after first 24 hours
The spread is the difference between the current official market price of a cryptocurrency and how much you can buy or sell it for.
For example, if the price of Bitcoin is US$10,000, a crypto broker might sell it for $10,050 and buy it at $9,950.
This would be equivalent to a spread of 0.5%.
Maker fees apply when you add a trade to the order books. For example, if you place a buy limit order at below market prices in the expectation of prices dropping. If prices drop and your order is filled, you will then be charged the maker fee.
Taker fees apply when you fill an existing order. For example if you place an order at market prices. Here you are potentially “taking” an order off the books.
The reason many exchanges charge higher taker fees than maker fees is to encourage traders to add more orders to the book, to create a better trading experience for everyone.
In the case of CoinDCX you only need to keep this in mind when trading futures, because fees on the “normal” spot market are 0.1% for both maker and takers.
CoinDCX does not charge any additional margin trading fees, but there is a 0.05% interest rate on borrowed funds, which applies after 24 hours.
When you are margin trading, you are trading with borrowed money. CoinDCX lets you borrow this money for free for 24 hours, but interest charges start applying if it’s held for longer than that.
Deposit and withdrawal 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.
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?
INR deposits using UPS and IMPS are instant, while cryptocurrency deposits may take up to half an hour.
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?
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.
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:
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
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
Verification required for higher fiat limits
Only fiat currency available is INR
Frequently asked questions
Because you need a PAN card to use it, CoinDCX can only be used by Indians and foreign nationals.
Yes. You can download the CoinDCX app for iPhone and Android to take your trading mobile.
To get verified on CoinDCX, you will need to provide proof of identity and address by uploading pictures of your documents to CoinDCX.
You can submit support tickets to CoinDCX through the support section of its website, find help in its Telegram group or get an answer from CoinDCX live chat support.
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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