CoinDCX Review – Fees, Supported Coins & Countries, Payment Methods
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The regulatory situation regarding cryptocurrencies in India is complicated, to say the least. Turbulent times may be ahead in the Indian crypto market, let’s see how the popular exchange CoinDCX faces it all.
CoinDCX is a cryptocurrency exchange operating mainly in India with over 6 million traders.
CoinDCX is funded by some big names such as Polychain, Bain Capital Ventures, and 100x Ventures that have raised over $ 5.5M in three rounds.
CoinDCX Review: Summary
- CoinDCX is a platform for cryptocurrency trading, with proper security features for both user’s account details and transactions.
- It supports more than 200 varieties of cryptos.
- Features like an instant buy and sell, user-friendly experience, limitless trading makes CoinDCX a favorite platform for thousands of users.
- CoinDCX also has low trading which attracts users.
- It has 24 hours customer support.
How to Create an Account on CoinDCX?
Step 1: Visit the Website
The first step is of course to create an account. Visit the CoinDCX webpage and click on the register to start the signup process. The register button is in the top-right corner, as shown in the screenshot.
Step 2: Fill in the details to sign up
You will then have to insert details such as name, email address, phone number, and others. After filling them, click on the signup option.
Step 3: Email and Phone Number Verification
You will then have to complete email verification via the link sent to you by CoinDCX. To verify the phone number, you will receive an OTP.
Step 4: Verification of Bank Account
To verify your bank account, you will have to follow the following steps:
- Go to your profile section by clicking on the profile icon in the top right corner.
- Click on Verify Bank Account, this will redirect to a new screen.
- Now that you’re on the screen, fill in all the bank details necessary.
- Now to confirm the bank details, you will first receive a deposit and withdrawal of a small amount and complete the verification process.
- You will now have to enter a 12-digit UTR number that you will receive after bank account details verification.
Step 5: KYC Verification (Optional)
To use all the features available on CoinDCX you will first have to complete the mandatory KYC.
To do so, you will need 2 documents.
- Pan Card
- Identity Card: You can use any document such as the Aadhar Card, Voter Id Card, and Passport, both the sides are need.
International users can use the equivalent local government ID for verification.
CoinDCX Withdrawal
CoinDCX minimum withdrawals limit is INR change on whether or not the user has completed KYC. Similarly with a maximum INR withdrawal limit.
Accounts with KYC Verification
In this case, the minimum value is 500$, and the maximum value is 5,00,000$. Alternatively, there’s always the option to withdraw the amount manually if it is over the limit.
Accounts without KYC Verification
Account without KYC can withdraw a minimum of $500. However, the maximum value is only 10,000 as the Max. trade value is up to INR 10,000.
CoinDCX Crypto Withdrawal Limit
In this case, users with KYC verification have no withdrawal limits, you can withdrawal all the crypto you want. But if you haven’t completed KYC you can only withdrawal 4 BTC per day, which is not a small amount and should be enough for most users.
CoinDCX Fee: Trading and Withdrawal Fees
Trading, withdrawal, deposit, and other fees can make or break a platform, so let’s take a loo.
CoinDCX Trading fees
On CoinDCX traders are charged a 0.04% taker fee and 0.06% maker fee, respectively.
The trading fees on CoinDCX are very competitive and way below the industry average. To put that into perspective the current industry average is around 0.10% — 0.15%.
Based on your club, the trading fees is shown as below:
CoinDCX Withdrawal fees
Unfortunately, because CoinDCX charges so little for trading, it makes up with the high withdrawal fees, which are around 0.001 BTC per BTC withdrawal. The fixed price is higher than the industry average which is only around 0.0006 BTC per BTC withdrawal.
CoinDCX Deposit
On CoinDCX FIAT deposits are practically instant, and only take half an hour for cryptocurrencies.
CoinDCX Review: Security
CoinDCX excels at security. The platform integrates all the industry-leading security protocols and regularly completes audits and checks to make sure there are no issues.
The platform also includes two-factor authentication, to make it theft-proof. And to avoid fraud all crypto withdrawals go through multiple confirmations.
All of this of course comes with risks common to all centralized exchanges, abuse of power. You do not hold your coins, the institution does. Always keep that in mind.
CoinDCX Lending
CoinDCX also offers lending services, but in all honesty, it left me a bit perpless. The maximum lending period is of 7 days and it doesn’t seem to offer higher yields than 16%, which is a lot less than expected. Cryptocurrency lending services normally offer higher yield options for of course risk, be it longer time periods and higher risk.
CoinDCX Staking
Staking is a must for cryptocurrency exchange nowadays, and fortunately, Coin DCX delivers. The platform offers the following 7 cryptocurrencies for staking:
Not a very complete selection as only 7 cryptocurrencies of the whole 200 selection are available for staking.
CoinDCX Trading View
Trading views are a very subjective topic. Generally, you want to see all the necessary trading options on the same page, easily accessible and not chaotically designed. Other than that it’s all up to the taste of the individual to choose what works best for them. Below is the trading view at CoinDCX take a look and choose for yourself.
US-investors
CoinDEX is not officially available for US investors. But the platform does not explicitly prohibit US investors, as there’s no mention of them in the terms and conditions. Although a word of advice for any US trader, do your own research on this topic.
Many Different Supported Cryptocurrencies
CoinDCX’s strong point is offering a selection of over 200 cryptocurrencies. From the big fish like Bitcoin and Ethereum to the many smaller altcoins. This gives the ability for investors to look for both the diamond in the dirt to the bigger safer bets.
The Biggest Issues I found with CoinDCX
The Indian Supreme Court just repealed a 2-year ban on cryptocurrency imposed by the central bank, citing free speech violation. CoinDCX understandably celebrates the victory even citing it on their homepage.
But it is safe to say, Indian regulators are not fond of cryptocurrencies, and if one thing is certain, going against the government is usually a losing game.
In fact, the Indian government is attacking again, by talking about restricting the trading of cryptocurrencies. The central bank is about to release the digital Rupple, and as we all know, cryptocurrencies are their competitors.
So it is safe to assume that regulators will do everything necessary to pave the way for CBDC. If they cannot ban crypto directly they’ll just make it very hard to get, and unfortunately, that puts CoinDCX and your funds stored on the platform in a very bad spot indeed.
If CoinDCX bankrupts or is restricted by the government, there’s a real possibility that your crypto isn’t safe as you do not hold, the company. That’s always a risk with centralized exchanges, as they say, not your keys not your coin. But with CoinDCX being regulated by India that risk is amplified. So remember to keep that in mind.
Not Very Reliable – Poor Customer Reviews
CoinDCX is on paper a decent platform, but that’s not all we should look at. In fact, at a closer look CoinDCX has its fair share of extremely negative reviews on its Trustpilot page with an average of 2 stars. A and I mean a lot of people accuse CoinDCX of having no responding customer support that leaves investors without resolving their issues and even worse so, many more people calling Coin DCX a straight-up scam.
Here are some examples:
Fredy Elavia:
“Coindcx seems like a big scam to me
Coindcx seems like a big scam to me. This month someone from my home tries registering at this utterly and completely useless platform and gets stuck at the very last stage of the process, which involves linking the bank account to the coindcx wallet. So we raise a ticket and get an automated email saying that the issue will be addressed after 3 – 5 days due to heavy traffic on the site. 7 days go by and there is no word from them. So we send them an email at their customer service email that was specified in the auto-generated email we received the first time.
And almost 2 weeks later we have still not heard from them and I know we never will because this isn’t a genuine cryptocurrency platform, of which I’m pretty much sure based on my own terrible experience with these crooks, and reading the comments of many others who were cheated of their money when they transferred money from their bank account to their coindcx account, but the amount was never credited to their coindcx account despite it being deducted from their bank account and this is a big red flag.
I warn all people to stay away from this fraudulent crypto platform if they do not wish to loose their hard-earned money to these scamsters. It seems like it’s only a matter of time before they shut down this platform and disappear without a trace with everyone’s money. I just feel lucky to have not lost money, unlike so many others who unfortunately have.
Oso Dummy:
It is a fraud exchange. Duping money from investors. One of my friends has transferred 0.79 bnb worth of Rs. 25000 from trust wallet to coin Dcx. He noted the memo. But didn’t type it while doing the transaction as it showed that memo was optional. He was doing the transaction for the first time. He was unaware that the memo was a mandatory one while transferring funds.
His bnb was not at all credited. He has given all the details including transaction hash, memo number, login video to confirm that it was his account. One guy named abishek was communicating via mail.
Even after so many reply emails, they have closed the ticket by saying that there was no reply from our side.
But after continuing efforts followed by so many emails, he has got a reply that no need for further emails and his issue was transferred to the internal team’s review.
So far 15 days have gone by. Still, I don’t know whether the people in the Internal team are alive or not.
Total fraud. Don’t believe this cheap and money laundering exchange.
People pls guide me on where to complain against these beggars. At Least my friend can get his hard-earned money back.”
And many more similar stories. CoinDCX is not a reliable platform to trade on, it may seem from the outside but most certainly isn’t. Not only is it not reliable and very shady, but the company by some reviews is also a total scam.
CoinDCX Review: Customer Support
CoinDCX offers complete support 24 hours a day. These include services like onboarding, INR management, and ticketing. On the other hand, the Telegram and web- portal chatting time goes from 06:00 AM to 11:00 PM and can be used for bigger problems. Unfortunately, customer support is not available via a hotline which makes urgent issues harder to solve, which is common with a lot of smaller cryptocurrency exchanges.
CoinDCX Verdict
Stay away from CoinDCX. The company is involved with shady practices, I wouldn’t call it an outright scam but it certainly has some unethical business practices and some awful and incompetent customer service.
Yes, it has a large selection of cryptocurrencies, over 200, and an interesting fee structure but so do many other options. Add its awful customer reviews with the very crypto hostile Indian regulatory environment and you’re left with a mess.
The risk of CoinDCX being regulated and fined into bankruptcy by Indian authorities is even more so because of the way customers are treated. I said it and I’ll repeat it again, stay the hell away from CoinDCX.
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CoinDCX Review: Frequently Asked Questions
Is CoinDCX safe?
No, CoinDCX is not a safe or reliable platform. Many customer reviews talk about how they lost their money, got scammed, or got locked out of the account.
The post CoinDCX Review – Fees, Supported Coins & Countries, Payment Methods appeared first on CaptainAltcoin.
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