CoinDCX Review – Security, Registration Process, Charges

Whether you are engaged in cryptocurrency trading or a beginner, you must have encountered CoinDCX. Especially if you read this article here, it means you are considering using this platform, right?

The cryptocurrency market is at its peak, which is why many investors around the world are trying to understand and invest in them, especially when it comes to traditional currencies like Bitcoin, Ethereum and others. But in order to invest in digital currency, you need to find a good platform or application that can make trading and investing easier for users. This is why it is so important to choose the right sharing app. However, the Indian office of this cryptocurrency exchange is located in Mumbai. 

Therefore, don’t waste a lot of time, let us learn more about CoinDCX. CoinDCX is a cryptocurrency exchange platform with more than 200 different types of cryptocurrencies. 

History  

Three years ago, Sumit Gupta, CEO and co-founder of CoinDCX, a Mumbai-based cryptocurrency exchange, was very happy to start her company. In April 2018, Gupta and his college friend Niraj Handelwal collected all of their cards, including pooling their savings to 90% of their startup’s total capital. By the end of May 2018, when the axe fell, the two had gathered all the investors they needed. 

“We were collecting a seed round and then the news came from the RBI [Reserve Bank of India] prospectus,” Gupta told Quartz by telephone to Zoom. The circular he refers to was a restriction by the Indian central bank for banks to facilitate transactions involving virtual currencies. “We almost signed the documents, but then the round was completely interrupted, and we had to use almost all of our savings to manage it for several more months,” recalls 30-year-old Gupta. 

The Central Bank’s notice on April 6, 2018 prohibits banks from providing any services to customers of cryptocurrency exchanges, which puts many cryptocurrency exchanges in the country in a precarious position. Due to the notice, Zebpay and other exchanges were forced to close their stores. 

Three months after this setback, investments by American global investment firm Bain Capital gave CoinDCX a respite to play in the cryptocurrency space. At the time, with no clarity regarding the future of cryptocurrency in India and no question mark regarding its legality, it was a gamble. And one that seems to be finally bearing fruit. 

On August 10, the exchange announced that it had raised $ 90 million (Rs 668 crore) in a Series C funding round from a number of international investors with a $ 1.1 billion valuation, making it the newest unicorn technology in India. Investors in the round included, among others, the B Capital group of Facebook co-founder Eduardo Saverin, Coinbase Ventures, Polychain Capital, Block.one and Jump Capital. 

This was also possible because the Indian government and RBI seem to have softened over the idea of ​​digital currencies. In March 2020, two years after the 2018 RBI circular, the Supreme Court lifted the ban and advised banks not to follow the circular to deny services to cryptocurrency platforms or investors. The announcement of the gradual introduction of the RBI of the central bank’s government-backed digital currency last month paved the way for wider adoption of cryptocurrencies in general. In addition, the Covid-19 pandemic has prompted many investors to invest in cryptocurrencies for attractive returns and a decentralized format.  

The combination of these factors has allowed CoinDCX to build a user base of over 35 lakhs since its inception. Gupta wants to raise it to 50 million. His dreams are born in a city where thousands of future Indian technicians are being trained. 

Overview

It is a Singaporean company that has been operating since 2018. In India, CoinDCX is headquartered in Mumbai. 

The unique advantage of CoinDCX is that they offer a variety of cryptocurrencies such as Bitcoin, Ethereum, and many other altcoins. This means that multiple altcoin traders can use this platform without having to wander elsewhere. However, this also comes at a price. The multiple cryptocurrencies mean there could be more fraudulent coins because the newly launched altcoin won’t have the same control. 

Current major investors for CoinDCX funding include Polychain, Bain Capital Ventures, and 100x Ventures. In addition to this top three, CoinDCX has ten investors who raised $ 5.5 million in three rounds. CoinDCX is the most secure cryptocurrency trading platform with adequate security features for both account data and user transactions.

It supports more than 200 cryptocurrencies. Instant trading, user-friendly interface, unlimited transactions and other functions make CoinDCX the platform of choice for thousands of users. CoinDCX also has lower transaction and withdrawal fees, which attracts users. It has 24/7 customer support. 

Founded in2018
Listed Cryptocurrenciesmore than 200
Supported Fiat CurrenciesINR
Supported CountriesIndia and Singapore
Minimum Deposit10 INR
Transaction FeesDepends on Club Level and Volume
Withdrawal FeesDepends on Amount
Deposit FeesFree

CoinDCX Review

CoinDCX Registration Process

Step 1: Open CoinDCX application.

To create an account on CoinDCX, open CoinDCX App and click on the register to start the signup process.

Step 2: Fill in basic details

You will have to fill in your basic details like name, email address, phone number, and others. After that, click on the signup option.

Step 3: Verify Phone Number and Email

You will receive email from CoinDCX to verify your email. To verify the phone number, you will receive an OTP on your registered mobile number.

Step 4: Verify Bank Account

Go to your profile section by clicking on the profile icon in the top right corner, and click on the Verify Bank Account. Then fill in all the bank details.

Step 5: KYC Verification (Optional)

CoinDCX uses Know Your Customer (KYC) authentication. KYC is a method of identifying and confirming the true identity of customers. This is a multi-step process that helps prevent the creation and use of fraudulent accounts. 

You can make deposits and withdrawals on CoinDCX without completing your KYC verification; however, there are certain limits. Please refer below for details.

For Crypto: Users can make deposits/withdrawals if their total portfolio balance value is less than 0.01 BTC.*

For INR: Users can make deposits/withdrawals for up to INR 10,000 per user.

How can I complete my KYC?

To complete the process, you will have to upload images of two documents:

  1. Pan Card: It is a mandatory document that you will have to upload.
  2. Identity Card: You can use any one document from Aadhar Card, Voter Id Card, and Passport. Upload both the front and back.

Open CoinDCX app and go to [ACCOUNT], then Click [Account Settings] and select [Complete Your KYC] and then [Continue]. Then Upload all required documents and click [Submit]. You’ll receive an email confirmation once your documents are successfully submitted and verified.

The KYC verification process by CoinDCX is automated and takes approximately 24-48 hours to get completed.

CoinDCX Charges

CoinDCX charges 0.04% and 0.06% trading fees on takers and makers, respectively.

Here takers are the ones who take an already existing order from the order book, and the makers are the ones who add a trade to the order books.

The fee is relatively low and below the industry average, which gives users another fact to prefer CoinDCX over other platforms. The current industry average of trading fees is around 0.10% — 0.15%.

CoinDCX charges around 0.001 BTC per BTC withdrawal. 

Security

All the funds invested in cryptocurrencies using CoinDCX’s platform are absolutely safeCoinDCX assures its users that it fully backs their investment and remains committed to ensure that users don’t face any issue in regard to the same.

Users’ funds are secured under BitGo’s USD 100 million dollars insurance policy.

Polychain, Bain capital, Bitmex, and Coinbase are their investors.

It has a two-factor authentication, which adds an extra level of security to a user’s account. Not only that, all cryptocurrency withdrawals go through multiple verification processes before they are processed to avoid any fraud withdrawal.

Customer Support

Their support and customer service team is brilliant. Go to social media and you will find hardly any user who is disappointed with their service. Certain cases might have taken time due to technicalities, but the cases are closed on a positive note leaving the customers happy.

CoinDCX PROS

  • Availability of a wide range of coins for trading.
  • Binance, Huobi, and HitBTC are their partners. Because of which users’ can enjoy the benefits of the highest liquidity.
  • The trading charges are low, and the minimum amount for a trading amount is also low.
  • You can buy and sell instantly with just one tap.
  • It has a margin trading around six times the leverage on numerous assets.
  • It accepts payment methods like UPI and IMPS.
  • The futures trading has around 20 times the leverage.

CoinDCX CONS

  • INR is only FIAT currency, and no other options are available.
  • You will need verification for higher FIAT values.

CoinDCX Coupon Code

Enter Coindcx Coupon code GET100 to get Rs.100 worth Bitcoin.

Conclusion

Based on what has been said in this CoinDCX Review, the customers can decide whether to invest their money and time, and effort in or not. They can compare this platform with other similar ones in the market and then come to a decision. 

FAQs

Is CoinDCX Legal?

Yes, CoinDCX is Legal.

How safe is CoinDCX?

CoinDCX is known to be one of the safest cryptocurrency exchanges in India. All the funds invested in cryptocurrencies using CoinDCX’s platform are absolutely safeCoinDCX assures its users that it fully backs their investment and remains committed to ensure that users don’t face any issue in regard to the same.

Is KYC necessary in CoinDCX?

It is not compulsory to complete the CoinDCX KYC. Still, then your account will be limited to a total of INR 10,000 deposits and withdrawals or 4 BTC cryptocurrencies per day for deposit and withdrawal.

Is PAN mandatory for opening an account on CoinDCX?

The PAN is not required to open an account on CoinDCX. However, you will need it for verification for KYC.

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