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CoinDCX Review 2023: Trading Fees, Pros & Cons
Swen Keller
- URL: https://coindcx.com/
- Headquarter: Mumbai, India
- Year Founded: 2018
- Platform App: Mobile
- No. of Cryptos: 200+
- Fiats Available: INR
- Withdraw Method: Bank Transfer, Crypto
- Payment Method: Bank transfer, Credit or debit card, crypto wallet
CoinDCX Review: Our Opinion
The CoinDCX crypto exchange is best for crypto traders looking for a sizable selection of altcoins and advanced trading features like margin trading and futures trading. The user-friendly interface and limitless trading makes CoinDCX one of the best centralized exchanges for Indians.
However, the cryptocurrency exchange falls through in supported regions as it only allows users in India and Singapore and the INR fiat currency. It also charges high trading fees though it offers options to reduce CoinDCX trading fees.
An Overview of CoinDCX
CoinDCX, founded by Sumit Gupta and Neeraj Khandelwal, is the largest cryptocurrency exchange in India.
The crypto exchange was launched in 2018 and is currently valued at $1.1 billion.
CoinDCX holds an ISO certification from the International Organization for Standards. It is also insured by BitGo.
Concerning services offered, CoinDCX offers several products including margin trading, futures trading, Earn, and spot trading.
Pros
- It offers advanced trading features like margin and features trading
- Large selection of altcoins
- Users can earn interest by lending out their crypto assets
- It supports the staking of 7 digital assets
- It offers crypto education via the Learn platform
- Users can withdraw money via bank account and crypto wallet
Cons
- INR is the only fiat currency supported
- High trading fees
- It is only available in 2 countries (India and Singapore)
CoinDCX Review: Unique Features
CoinDCX Lend
This is a lending service that allows CoinDCX users to lend deposits and earn interest annually on the crypto deposits made by the user in the CoinDCX exchange. Cryptocurrencies lent through CoinDCX Lend are used to provide leverage to users on DCX Margin.
Users can lend different cryptocurrencies including Binance Coin, Bitcoin, Ethereum, USD Coin, Polkadot, Tether, Litecoin, etc. The currency being lent is known as the Principal Cryptocurrency. CoinDCX allows users to add any cryptocurrency of their choice to the foregoing list. Once the cryptocurrency is added to the list, it will be updated on the exchange.
Users can access CoinDCX Lend from their account. Once the user is on the Lend platform, they will be able to select they preferred principal cryptocurrency as well as the lending duration and the minimum CoinDCX deposit amount of the principal cryptocurrency.
Once the user has gone through the Lending terms, they will be required to confirm the Lending terms and initiate the deposit of the principal cryptocurrency.
Every Lend on CoinDCX has a maximum threshold. Users are not allowed to deposit principal cryptocurrency that exceeds the maximum threshold specified in the Lend.
The interest rate per annum for the Lend program is calculated dynamically. The calculation is based on the market demand and supply. The interest rate is locked immediately after the user created a position to deposit the principal cryptocurrency. The interest and principal crypto is transferred to the user’s CoinDCX wallet when it reaches the maturity date of the deposit term or when the user closes or unlocks the deposit of the Principal cryptocurrency.
Users can withdraw their crypto deposit whenever they wish to. All they need to do is close the deposit and withdraw the principal cryptocurrency. However, if the user closes the deposit before the expiration of the lock-in period or minimum deposit term, the interest will be forfeited but the Principal cryptocurrency deposit will be refunded to the user.
There are currently no fees for using the Lend platform.
Cryptocurrencies Available on CoinDCX
CoinDCX users can buy and sell about 200 cryptocurrencies. The availability of many cryptocurrencies on the exchange is a unique selling point of the exchange. However, the downside of this is that it makes the exchange prone to more scam coins.
The cryptocurrencies available are selected based on their demand, use cases, and liquidity in the market. Available cryptocurrencies include Bitcoin, Ethereum, Litecoin, XRP, Monero, Qlink, Polygon, Binance Coin, Dogecoin, DyDx, Filecoin, Gala, etc.
CoinDCX Review: Fees
CoinDCX Trading Fees
CoinDCX trading fees are determined by CoinDCX traders’ previous 30-day cumulative trade volume across INR markets only.
In addition, your CoinDCX trading fees and level are determined by the platform’s Dynamic Fee Structure (DFS).
Your fees and level on the CoinDCX exchange for INR trading pair are updated daily based on the CoinDCX fee structure below:
Level 1
- 30d Trading Volume (INR): 0 – 5L
- Maker Fee (Spot/Margin): 0.500%
- Taker Fee (Spot/Margin): 0.500%
Level 2
- 30d Trading Volume (INR): 5L – 50L
- Maker Fee (Spot/Margin): 0.400%
- Taker Fee (Spot/Margin): 0.400%
Level 3
- 30d Trading Volume (INR): 50L – 1Cr
- Maker Fee (Spot/Margin): 0.350%
- Taker Fee (Spot/Margin): 0.350%
Level 4
- 30d Trading Volume (INR): 1Cr – 2.5Cr
- Maker Fee (Spot/Margin): 0.250%
- Taker Fee (Spot/Margin): 0.250%
Level 5
- 30d Trading Volume (INR): 2.5Cr – 5Cr
- Maker Fee (Spot/Margin): 0.200%
- Taker Fee (Spot/Margin): 0.200%
Level 6
- 30d Trading Volume (INR): 5Cr+
- Maker Fee (Spot/Margin): 0.150%
- Taker Fee (Spot/Margin): 0.150%
Here’s how the CoinDCX trading fee works, if your cumulative trading volume from the 2nd to 31st of January, 2023 for 30 days is INR 700,000 then the taker and maker fee applicable to you for the 1st of February will be 0.4%, which is Level 2 of the Dynamic trading Fee Structure.
That said, high-volume traders in the INR markets, market makers, and API traders have access to exclusive fee rebates.
CoinDCX Withdrawal Fees
For Indian Rupee (INR) CoinDCX withdrawal fees, CoinDCX for its minimum withdrawal limit of 100,000 INR does not charge withdrawal fees. It also does not charge deposit fees. The maximum INR withdrawal limit is 100% of the user’s balance.
CoinDCX withdrawal fees for cryptocurrency withdrawals are dynamic. And CoinDCX charges dynamic withdrawal fees based on the asset being withdrawn.
For example, CoinDCX charges 0.0005 BTC in withdrawal fees for the minimum withdrawal amount and 1.0000 USDT for USDT withdrawals.
CoinDCX Review: Payment Methods
There are 3 ways you can deposit funds on the CoinDCX crypto exchange: credit or debit card, bank transfer, or crypto wallet.
Fiat deposits on CoinDCX are facilitated by automated payment gateways as well as a manual processing channel.
The automated payment gateway is open 24/7 and offers 2 methods for depositing INR in your CoinDCX wallet, which include debit or credit card or UPI.
It’s important to note that you will be charged an extra processing fee if you opt to deposit cash using a debit or credit card in their payment gateway. Deposits via UPI are not susceptible to this fee.
INR deposits via the automatic payment gateway are processed instantly.
The manual deposit method is only operational from 6 AM to 12 AM. To use this method you will need to add your bank account details and then verify your bank account, which will be done within 24 hours. To verify your bank account, click on the ” Verify bank account” button on your profile.
After your bank account details verification has been done and the account added, input the amount you intend to deposit and agree to the terms of conditions.
You can then transfer your intended amount using UPI or IMPS and include the reference ID sent to you via SMS then Verify.
CoinDCX Review: Security
Like most centralized exchanges, CoinDCX ensures the security of users’ crypto holdings using proper security features. The exchange implements industry-leading security protocols to ensure that all assets and private information in its custody are secure.
The exchange stores 95% of all its funds in multi-signature cold storage wallets offline in geographically distributed hardware security modules. The remaining 5% are stored in hot wallets. No single person has access to multiple wallets at the same time and a single person cannot withdraw funds from the wallets.
All CoinDCX funds and customers’ cryptocurrencies held in cold storage are insured by BitGO. Also, all sensitive information like personal data, passwords, and any other sensitive information is encrypted in transit and at rest.
Users’ accounts are protected with two-factor authentication and all cryptocurrency withdrawals must be verified via multiple confirmations from the user before approval.
All of CoinDCX’s infrastructure is secured against DDOS attacks. This notwithstanding, the exchange conducts regular security audits. During the audit, regular stress, scenarios, and penetration testing’s are done to eliminate any form of vulnerability to attacks and keep CoinDCX safe.
CoinDCX Review: Staking Rewards
CoinDCX supports 7 digital assets for staking, which include QTUM, TRX, ONE, NEO, EOS, XTZ, and ETH2.
It offers up to 20% on staked assets. However, this is only on ETH2 and other assets offer just up to 3% APY.
CoinDCX also doesn’t require assets to be locked for a user to be eligible to earn rewards.
CoinDCX Review: Supported Countries
CoinDCX is only available to users in India and Singapore.
Opening a CoinDCX Account
To create an account, go to the CoinDCX app and press Create Account.
Next, pick Create Account with Google.
Select the Google profile you want to use to create your CoinDCX account.
Input your mobile number to link it to your CoinDCX profile.
Next, verify your phone number by inputting the OTP you receive.
Enter the 6-digit PIN to log in to your CoinDCX exchange account.
Input the 6-digit PIN again for verification.
That’s it! You’ve created a CoinDCX profile and are set to use the trading platform.
CoinDCX Review: Trading Experience
CoinDCX offers a mobile trading platform via its iOS and Android app, which can be downloaded from the Google Play Store or Apple App Store.
Using the trading platform is straightforward: all you need to do is signup using your Google account and mobile number and then proceed to perform one-click trades.
CoinDCX also offers an API for crypto investors.
CoinDCX Review: Customer Service
CoinDCX who wish to contact the customer support team can do so by raising a support ticket via the support page on the website. This is not accessible from the CoinDCX app. The customer support team can also be reached via email at support@coindcx.com. There is a FAQ page as well as a dedicated page with a guide on the steps to take to contact the customer support team.
The CoinDCX team can also be reached via their various social media handles on Twitter, Instagram, and Telegram.
Customer Satisfaction
CoinDCX reviews on third-party review platforms show that most users are not content with the quality of service rendered by the support team. The limited support channels and the slow response from the customer support team are one of the major complaints.
Does CoinDCX Offer Education?
Yes, CoinDCX offers education via the DCX Learn platform, which offers cryptocurrency resources on beginner information, trading, and security. There are also research articles on various recent happenings in the blockchain space.
Is CoinDCX Right for You?
CoinDCX is best for crypto traders in India who use INR as fiat currency and are searching for a cryptocurrency platform that supports a sizable selection of altcoins.
Final Thoughts
CoinDCX is the largest crypto exchange in India and it’s best for crypto traders in the nation looking for a safe platform to invest in a large selection of altcoins.
Our extensive analysis of Crypto Exchanges doesn’t stop here. You can also read about our BitMart review as an alternative to CoinDCX.
FAQ
Most frequent questions and answers
CoinDCX is good for beginners and intermediate users as it offers an easy-to-use trading platform and ample coin selection for intermediate users.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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