CoinDCX Exchange Review
CoinDCX is a centralized exchange that occupies #210 on Guru InvestingExchange Tracker. CoinDCX has trading volume US$6,987,443 in the last 24 hours and US$1,786,103,741 in the last 7 days.
CoinDCX currently has 450 cryptocurrencies, 1 paper currencies and 815 markets (cryptocurrency trading pairs). The most popular trading pair on CoinDCX is USDT/INR.
Compare CoinDCX next to other exchanges here: Exchange comparison tool.
CoinDCX cryptocurrency exchange is centralized exchange based in Mumbai, India. It was founded in 2018 by a duo of crypto and blockchain trading enthusiasts. This platform helps in various trading activities such as buying cryptocurrency, using wallet, futures and margin trading, as well as staking and lending. The platform has an active user base of over 2.1 million users in India.
KYC The process on the CoinDCX crypto exchange is quite simple. Users only need to enter their personal information, verify their phone numbers and email address, and then link their bank accounts. The platform currently supports users in India, but plans to expand to other countries and continents in the future.
Markets
There are three main markets on the platform − BTC, USDT and INR markets. INR meaning Indian Rupeeis the only fiat currency approved on the CoinDCX crypto exchange. Platform supports Crypto-crypto, cryptocurrency-fiat and fiat-crypto transactions. The number of CoinDCX trading pairs exceeds 200. In addition, the exchange also allows margin trading and trading using leverage. However, the CoinDCX spot trading option is the most commonly used option on the platform.
CoinDCX exchange fee for taker and maker trades are determined depending on which trading club users belong to. Eat 10 available clubs, and as your CoinDCX trading volume increases, so does your Club Level. The trading fee structure is designed to encourage trading growth and additional incentives. For manufacturer dealsThe commission for the CoinDCX cryptocurrency ranges from 0.04% to 0.1%, and for taker tradesThe commission varies from 0.06% to 0.1%. Club membership and upgrades are based on your trading volume over a 45-day period.
Users can make deposits in Indian Rupees without any platform fees.. However, deposits via wire transfers and bank drafts may incur a fee from the user’s bank. There are no restrictions on deposits if the user is fully verified on the platform. Crypto deposits, on the other hand, have minimal fees.
In terms of withdrawal of funds, users must pay a high CoinDCX cryptocurrency price of 0.001 BTC to withdraw Bitcoin. In terms of industry standards, this is approximately 60% more than the average BTC withdrawal fee. Other cryptocurrencies also have their own special withdrawal fees. When withdrawing fiat money, no commission is charged. attached to them, but it may take a couple of hours for them to reflect in the user’s bank account. Additionally, fiat withdrawals have limits of minimum INR 500 and maximum INR 500,000 in a single day.
other services
Sharing your cryptocurrency with other users is one of the services provided by the CoinDCX cryptocurrency exchange. You can earn passively using your crypto funds by lending a certain amount of your funds to margin traders on the platform. The loan term can range from 1 to 7 days. Most of the cryptocurrencies available on the CoinDCX platform can be borrowed and you can earn high interest rates. The maximum interest rate on loans can reach 16.25%.
CoinDCX also helps users earn passively through bid. All you have to do is lock up a certain amount of cryptocurrency and the exchange will do the rest. At the time of writing this article, the CoinDCX crypto platform allows staking of 7 tokens: ETH, NEO, XTZ, EOS, ONE, TRX and QTUM. You can earn interest of around 1-3% on each of the tokens listed above, with the exception of ETH, which provides the highest interest at 15% to 20%.
About company
The company was founded Sumit Gupta and Neeraj Khandelwal in 2018. CoinDCX is valued at $1.1 billion, making it one of India’s tech unicorns. The company also certified by ISO certificates The International Organization for Standardization is insured by BitGo.
On August 10, 2021, the company raised $90 million as part of its project. Series C funding roundwith the participation of several international investors, including Facebook co-founder Eduardo Saverin. Prior to this, the company raised $1,000,000,000. series B round from Alexander Pack, Coinbase Ventures, DG Incubation, Jump Capital, Mehta Ventures, Polychain Capital, Uncorrelated Ventures and Block.one.
Sumit and Neeraj were college friends who came together to start CoinDCX. Funding the company with their savings, they grew the company to a large size that currently employs over 100 employees. Both men are experienced software engineers with a passion for blockchain and cryptocurrency trading. Together, they have built a formidable team that is committed to continuing to expand the platform and attract more Indians to cryptocurrency trading. To achieve this goal they created DCX Learning Platformwhich aims to educate people about the benefits of blockchain and cryptocurrency.
Finally, from a security point of viewThe platform is protected by one of the most reputable digital asset trust management companies called BitGo. BitGo helps reduce any risks to your digital tokens and makes trading hassle-free for traders. In addition, the CoinDCX crypto exchange ensures that user funds are protected from any type of fraud. It is for this reason that 95% of funds are saved in cold wallets with multi-signature. As an additional layer of security, CoinDCX has deep encryption on a platform that protects all confidential user data. This protects personal information, passwords and payment information from any malicious intentions and intruders.
As of December 2022, CoinDCX’s 24-hour volume is 218 BTC or the equivalent of $3.4 million.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
