CoinDCX is one of India's largest cryptocurrency exchanges. It has backing from Coinbase, the third-largest digital currency exchange in the world. CoinDCX launched in 2018, and its growth has exceeded all expectations.
India is home to over 1.3 billion people, and only 0.5% of them hold crypto investments, partly due to India's strict regulatory stance on internet-based businesses such as cryptocurrency exchanges. Two million of these traders swap their crypto assets at CoinDCX.
The CoinDCX fees are 0.04% per trade, which makes it one of the cheapest options in India by a very wide margin. The industry average amongst the best cryptocurrency exchanges in India is around 0.25% per trade.
There are no fees to withdraw Indian Rupee (INR) from CoinDCX to your bank account. However, if you are looking to withdraw cryptocurrencies like Bitcoin, there is a withdrawal fee of 0.0005 BTC per withdrawal.
CoinDCX accepts INR account deposits via instant and standard bank transfers. They have also integrated UPI, debit card and Netbanking deposits using the Mobikwik wallet. Regular and instant bank transfers are free of charge, while Mobikwik wallet deposits and withdrawals have a 1 to 1.5% charge.
KYC verified accounts have a maximum deposit and withdrawals of 500,000 INR through bank transfers. Unverified accounts have a 10,000 INR maximum deposit limit. CoinDCX Quickbuy has a minimum crypto purchase spend of 1 INR and a maximum spend of 100,000 INR.
CoinDCX is the brainchild of friends Neeraj Khandelwal and Sumit Gupta. Khandelwal and Gupta are IT specialists that have an interest in cryptography. In their CoinDCX startup story on @officialhumansofbombay, Khandelwal and Gupta said they began their exchange operations in Khandelwal's flat.
Three months after their launch, the RBI (Reserve Bank of India) decided to restrict cryptocurrency exchange services. Consequently, exchanges such as Zebpay ran aground. The RBI's April 2018 direction that banks would no longer work with crypto companies immobilized centralized cryptocurrency exchanges that use banks as fiat on and off-ramps.
All of CoinDCX's investors pulled out. Khandelwal and Gupta then ran CoinDCX as a peer-to-peer exchange until India's Supreme Court ruling reversed the RBI's order in April 2020. After the ban, CoinDCX integrated bank transfers, growing its user base by a whopping 47%.
2020 turned CoinDCX's fortunes around, and today, they are a fully-fledged digital currency exchange with over 150 employees and a $1 billion daily turnover. In May 2020, CoinDCX received a strategic investment of $2.5 million from Coinbase Ventures and Polychain Capital.
These funds supported the exchange's #TryCrypto campaign to raise India's crypto investor to the 50 million mark. In addition, Polychain had, in March 2020, invested $3 million in CoinDCX's Series A funding round. In December 2020, the CoinDCX Series B funding round raised $13.9 million.
This funding round was led by EOS's parent company, Block.one. Speaking on CoinDCX's 2020 comeback year, Sumit Gupta said, “This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so.”
CoinDCX is registered in Singapore but is based in Mumbai. Some of CoinDCX's account opening security processes include bank verification and KYC. In addition, all CoinDCX accounts have Two Factor Authentication or 2FA security features.
CoinDCX stores 95% of all its platforms in cold wallets to keep its user's private keys safe from hackers. It also insures its users with BitGo’s exchange insurance package.
CoinDCX has spot, margin and futures crypto trading features. Its spot exchange supports the traditional order book system of trade. Professional traders have access to Trading View features. They include advanced trading features such as order books, market orders and limit orders.
CoinDCX Trade's order books integrate with other larger crypto exchanges such as Binance, HitBTC, or Binance, so they are limitless. For this reason, CoinDCX users enjoy massive liquidity and top trading features.
CoinDCX's margin trading feature offers 2x to 10x leverage to traders close to a 250-altcoin large market. In addition, this feature has useful tools such as bracket, stop-limit and trailing stop-loss orders for safer margin trading.
The futures trading platform offers up to 15x leverage on crypto futures products. In addition, CoinDCX futures traders integrate Bitmex and OKEx futures contracts to ensure that users enjoy fast order matching, excellent liquidity and access to a wide range of crypto assets.
The CoinDCX ‘Buy & Sell Crypto Instantly' feature is an ultra-easy and fast crypto purchase method. New users that want to make a quick swap can purchase mainstream crypto assets such as XRP, BTC and ETH using their INR. The CoinDCX Quickbuy feature has over 100 cryptocurrencies on offer.
All that you need to buy crypto assets via this feature is INR deposits in your account. CoinDCX Quickbuy interface is devoid of complex trading tools such as charts or order books since it targets beginner crypto investors with minimal cryptocurrency market trading knowledge.
CoinDCX Earn is a passive income generation feature that offers crypto holders returns of up to 16.25% APR on their cryptocurrency holdings. Use CoinDCX Earn decentralized finance feature to either lend, stake or borrow crypto assets.
CoinDCX Go places the Quickbuy feature in a mobile app. CoinDCX launched CoinDCX Go in early 2021 to sell top digital assets to upcoming crypto traders in India. It is, therefore, an easy to use and fast fiat in and out ramp. CoinDCX Go uses artificial intelligence algorithms to fight crimes such as money laundering to ensure the security of funds.
All CoinDCX Go user funds are also insured by BitGo insurance. New traders can trade using minimal amounts of INR and access assets such as BTC, ETH, BCH, LTC and BNB. CoinDCX says that they launched CoinDCX Go to cater to 60% of India's population that finds cryptocurrency investing and trading too difficult to grasp. Their app is, therefore, novice-friendly and has no charges on withdrawals and deposits.
CoinDCX has a FAQ section for all basic inquiries. It also has a ticketing system that has a long waiting time of three to five days. For this reason, their customers do not seem too pleased with their customer service department. As a result, CoinDCX has a poor rating of 2.6 on Trustpilot. However, this low rating is an average of 46 reviews, so it is too small a sample size to reveal CoinDCX true customer service prowess.
That said, CoinDCX and WazirX had platform outages during May's BTC crash. As a result, some users could not process their transactions, leading to negative social media reviews from users. "I am not able to Log-in into my account!! Wth is wrong with you guys! Where is your 24/7 customer support! @CoinDCX, @smtgpt, @nrjkhandelwal. I hope this is not a scam! These are all my savings. Plz help." says one user.
CoinDCX responded to outage claims from customers tweeting, "Due to high user traffic, we are aware some of our users like yourself might be experiencing issues related to services on our website and our Apps. We are thankful for your patience and regret any inconvenience this may cause to you."
CoinDCX is a high performing, secure and feature-packed cryptocurrency exchange that links India's crypto traders with massive liquidity and unlimited order books in larger exchanges. It has made beneficial business partnerships and acquired crucial development funding from investors. However, its customer support is on the slow side and needs improvement to keep up with India’s rising crypto-asset investment demand.
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