CoinDCX Review: Features, Benefits and More

22 mins read
CoinDCX Review: Features, Benefits and More

Cryptocurrency has slowly become a familiar topic, but there are many who are complete novices in this market. Many people want to try crypto trading, but are skeptical due to the complications and lack of knowledge. This is where the importance of a good trading platform becomes imminent. If you are looking to trade cryptocurrencies with a few easy clicks, then CoinDCX should be the first choice. Go ahead and read this CoinDCX review to have a better understanding of it. We will also answer questions like is CoinDCX safe and do a comparison of CoinDCX vs WazirX.

CoinDCX Review: Features, Benefits, Pricing and More

Buying crypto on phone
Photo by Austin Distel on Unsplash

A good crypto trading exchange with a simple user interface, hassle-free processes, and absolute safety can help beginners and experts alike. It is important to fully grasp the functions of a crypto exchange and how they work before you start using them. Let us begin our CoinDCX review by understanding what exactly CoinDCX is and some other essential information about it.

What is CoinDCX?

What is CoinDCX?

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is currently one of the most reputed and popular cryptocurrency trading exchange platforms. Based out of Mumbai, India, this platform has become a go-to for many Indians who are starting cryptocurrency trading.

CoinDCX has partnered with OKX, Binance etc. over these years to allow users to have a wider reach in the cryptocurrency market and services. They are investments backed by various big names in the industry like Coinbase, 100 X Ventures, Bain Ventures, Alex Pack, Mehta Ventures etc. Currently, the platform has an active user base of around 2 million in India.

This platform aids various trading activities like buying crypto, wallet facility, futures and margin trading along with staking and lending. There is a huge list of around 200 cryptocurrencies that are supported by this exchange.

Users can sign up with a few simple clicks, get KYC done instantly and then start buying and selling cryptocurrency at a drop of a hat. There are many other exchange platforms; however, it is better to read comparisons. It is the reason why we have done a detailed breakdown of CoinDCX vs WazirX in this CoinDCX review along with answering questions is CoinDCX safe and more.

Features of CoinDCX

Features of CoinDCX

CoinDCX is designed to make your cryptocurrency trading an easy and rewarding process. The platform is well-equipped with every feature that you can think of. This CoinDCX review will throw some light on these features.

  • Large Number of Assets: There are numerous cryptocurrencies listed on CoinDCX. You can buy, sell, and lend etc., various crypto assets like Bitcoin, Ethereum, Doge Coin, Litecoin, Ripple, Tron, Cardano etc.
  • Fast Sign Up and Trading: Signing up and starting your account is a super easy process. All you need to do is put in your KYC details and get the account verified. After verifying the KYC details, you can start trading almost immediately.
  • Intuitive Dashboard: Users can easily track their portfolio, check their current position, sell and buy with the help of a user-friendly dashboard. You can make changes and take action with a few clicks.
  • Safe Platform: This trading platform is highly secured to keep your funds safe from any type of hacking and fraud. There is usage of cold wallets for safe keeping cryptocurrencies and using deep encryption to keep passwords and other info safe.
  • Inclusive: CoinDCX is highly inclusive and that means it allows people with different risk appetites to trade on the platform. So, whether one is planning to invest INR 10,000 or INR 100, there will be no issues at CoinDCX. This makes the platform a highly inclusive one giving the beginners a good place to learn cryptocurrency trading without putting a lot at stake.

Products of CoinDCX

Products of CoinDCX

Expert traders tend to have different strategies when it comes to buying and selling cryptocurrency, some tend to hold their tokens and wait for the right time to sell them, others on the hand actively trade the tokens to take advantage of the volatile market. Regardless of what your trading fallacy is, CoinDCX has something for everyone. In the next section, we will learn is CoinDCX safe? For now, here are some products and services that you can enjoy while using CoinDCX as your trading platform choice:

Futures trading

CoinDCX provides third-party futures contracts on their platforms. They mostly provide contracts from BitMEX and OKX. The leverage on these contracts is pretty high as it can go up to 10 times the trading value.

Margin trading

Margin trading | CoinDCX review

Margin trading is a popular way of trading digital assets. CoinDCX allows trading 200 pairs of cryptocurrencies and provides leverage that ranges from 1 to 10 times the value of the traded cryptocurrency pair. The interface is simple and allows earning a good amount of money in a bearish market. Other than margin trading, CoinDCX also offers features like trailing stop loss orders, bracket orders, stop limit orders etc.

Lending

Lending

Lend is one of the services provided by CoinDCX. You can earn passively using your cryptocurrency funds. All you need to do is lend a certain amount of your crypto funds to margin traders. The lending period can be anywhere from 1 to 7 days. Most of the cryptocurrency under CoinDCX platform can be lent and one can earn high interest in the form of the same cryptocurrency as the deposits. Maximum interest on lending can go up to 16.25%.

Staking

Staking is one of the popular ways of earning from your cryptocurrency without actively trading it. You can lock up a portion of the tokens as a stake which will be used in the blockchain network. In return, the stakers will get an interest in the form of cryptocurrency tokens.

CoinDCX helps users earn passively using a staking strategy. All you need to do is lock an amount of crypto and the rest is done by the platform. CoinDCX allows staking of 7 tokens; ETH2.0, NEO, XTZ, EOS, ONE, TRX and QTUM. You can earn interest of around 1-3 percent on each type of token except ETH 2.0 which provides the highest interest of around 15 to 20 percent.

CoinDCX Go

Are you a constant mobile user? Then, CoinDCX Go is for you. It is the mobile version of the platform that you can download from any app store. There are both Android and iOS versions on the Play store and App store respectively. You can sign in and start instant trading using the app.

CoinDCX Insta

CoinDCX Insta | CoinDCX review

Lastly, you can use CoinDCX Insta feature to buy and sell cryptocurrencies using the wallet feature. You can choose from an expansive list of 100 cryptocurrencies that can be traded instantaneously using the platform.

You can use IMPS, UPI or debit/credit card to add money to the CoinDCX wallet in INR and then use the money to trade in an instant. There are certain features that are not available like order books, candlestick charts etc. that you will get on other platforms. Read CoinDCX vs WazirX to learn more. Now let us answer an important question is CoinDCX safe?

Also Read: Is Shiba Inu a good investment for long term?

Safety features of CoinDCX

Safety features

When it comes to cryptocurrency, it is pretty obvious that you are skeptical about the safety of your hard-earned funds. Most of the new users have one major question in their minds at all times; is CoinDCX safe?

Well, the answer is, yes! CoinDCX takes pride in its safety features and framework. These features together make the CoinDCX platform a safe place to deposit money, trade and exchange cryptocurrency without any imminent risk of fraud or scam.

From the very beginning of signing up to making purchases, there is a strict requirement of providing KYC details of the user. This will help cross-check the identification of the user to make the platform safe.

If you are still wondering is CoinDCX safe then check out these safety features of CoinDCX:

  • Secured by BitGo: The platform is secured by one of the most reputed digital asset trust company called BitGo. BitGo helps reduce any type of risk to your digital tokens and makes trading a smooth journey for traders.
  • Funds Kept In Cold Wallets: CoinDCX makes sure that your funds are safe from any type of fraud. This is the reason why 95% of the funds are saved in multi signature cold wallets.
  • Deep Encryption: CoinDCX has deep encryption on the platform which safeguards all the sensitive data of the users. This keeps the personal information, passwords, payment information safe from any type of malicious intent.

Charges and Fees of CoinDCX

Picking up coins | CoinDCX review
Photo by Towfiqu barbhuiya on Unsplash

Now you know the answer to the question is CoinDCX safe, let us understand its charges and fees. When it comes to cryptocurrency trading, there are several types of charges that you should be aware of as per this CoinDCX review. Two of the most common charges include trading fees and deposit/withdrawal fees.

Trading fees are something that is charged by a platform for every transaction that is made. Every time a user uses their fiat currency for buying cryptocurrency or is selling their cryptocurrency to get returns in fiat currency, the platform will charge a certain percentage of it.

CoinDCX also has a trading fee which is levied upon the transactions based on their trading volume a maker/taker position. Based on the trading volume, users are categorized into clubs. Each club has a different trading fee range. The minimum bar of the trading fee is 0.040% whereas the maximum can go up to 0.100%.

Deposit and withdrawal from the platform in the form of cryptocurrency will have fees but in the form of INR will have fees involved. If you deposit Bitcoin or any other cryptocurrency, it can take 30 to 40 minutes for them to show in the wallet. However, depositing INR will be instant and without any fees. Withdrawal of INR is also free but can take about 6 to 7 hours to reflect in the account. But, withdrawal of BTC can be pretty expensive as they charge 0.001 BTC per BTC. This is quite high when compared to other platforms.

Limits on Deposits and Withdrawals

The next thing that we will cover in this CoinDCX review is its limitations on deposits and withdrawals. Different types of deposits and withdrawals will have different limitations to abide by:

  • Deposits: If a person has completed their KYC, then there is no bar on minimum and maximum deposit amount in INR or BTC. But, if KYC is not done, then there is a limit on deposit. You can deposit INR 10,000 per day and 4 BTC per day without KYC.
  • Withdrawals: For crypto withdrawals, there is no limit on withdrawal if KYC is complete. But without KYC, one will have a limit of 4 BTC per day. However, on the other hand, INR withdrawals will have a limitation regardless of whether KYC is done or not. The minimum limit on fiat withdrawal is INR 500 and the maximum is INR 500,000 in a single day.

Signing Up in CoinDCX

Using laptop
Photo by Brooke Cagle on Unsplash

Here are steps to follow if you want to sign up after reading this CoinDCX review:

1. Go to the official Sign Up page of CoinDCX.

Sign Up page

2. Fill in the details like name, email ID, phone number etc. and click on Register button.

Register button

3. You will receive an OTP on your provided number which will help complete the first step of signing up.

4. Next, provide bank details, UTR number, ID proof etc. for KYC.

5. Only after your KYC gets verified, your account will get activated.

6. Add funds to the wallet.

7. Start trading.

Pros and Cons of CoinDCX

How can we do a CoinDCX review without telling you about its pros and cons. These pros and cons will help you analyze whether CoinDCX is suitable for you or not.

Pros

  • The minimum amount required to trade is comparatively low.
  • Trading fees and other charges are low.
  • Future trading provides leverage of 20x and margin trading has a leverage of 6x.
  • There are multiple types of crypto assets to trade in.
  • The Platform is deep encrypted to enhance safety.
  • Deposits and withdrawals are fast and hassle-free
  • Deposits can be made using a plethora of options like UPI, IMPS, NEFT etc.
  • There is 24×7 customer support.

Cons

  • Trading volume on the platform is quite low as compared to others.
  • For making higher amounts of deposits and withdrawals, verification is required.
  • They only accept Indian Rupees as currency.

Also Read: 20 Best Crypto Exchanges without KYC Verification

CoinDCX vs WazirX

WazirX | CoinDCX review

CoinDCX is one of the popular ones in the Indian market, but those who have scoured the market a bit must have heard about some of the other exchanges too. One such popular and trustworthy cryptocurrency exchange is WazirX. WazirX and CoinDCX are both cryptocurrency exchange systems that allow for buying, selling or trading in cryptocurrencies.

WazirX is headquartered in Mumbai and was launched in 2017. Binance Holdings, the biggest crypto exchange in the world, powers WazirX. Having Binance’s support is undoubtedly one of WazirX’s best points. Easy features, a trusted and safe platform, and hassle-free processes have helped WazirX gain around 15 million users. WazirX enables P2P exchange as well.

You can buy USDT from a trusted vendor who would also exchange USD for INR through a peer-to-peer exchange. There is just one wallet available: Mobikwik. If you don’t have this wallet, the safest and quickest way to make sure you have enough money to acquire cryptocurrency coins and tokens is through a P2P exchange.

Let’s compare CoinDCX vs WazirX in detail in the table below.

Category WazirX CoinDCX
Founders  

Nischal Shetty

  • Computer science graduate
  • Founded Twi5, Crowdfire, and WazirX
  • Featured on India’s 2014 Forbes 30 under 30 lists of entrepreneurs
Sumit Gupta

  • IIT Mumbai Graduate
  • Founded CoinDCX and List Up
  • Have a keen interest in cryptography and number theory
Year 2017 (HQ: Mumbai) 2018 (HQ: Mumbai)
Ease of trading
  • WazirX is straightforward to use even for novice traders thanks to its clear, uncluttered appearance and focus on essential functions.
  • Having bids and ask orders placed side by side on WazirX, is simple to understand.
  • Only ten orders are visible at once. WazirX does not offer a shorting window.
 

 

  • CoinDCX has the appearance and feel of a currency trading platform that is better suited to seasoned traders. You must locate the cryptocurrency pairs and market them.
  • The bids and ask rates are displayed one below the other in the order window on the CoinDCX, which can be a little confusing.
  • There are more than 80 orders in the book. On CoinDCX, users can short 50 cryptos at once using margins.
Deposits & withdrawals
Channel NEFT / RTGS / UPI / IMPS NEFT / RTGS / UPI / IMPS
Applications Mobikwik Mobikwik
Maximum time required 72 Hours 72 hours
Minimum amount INR 100 INR 100
Maximum amount No Limit Up to 5 Lakhs INR (complete KYC)

Up to 10,000 INR (pending KYC)

Charges
Deposit fees IMPS / NEFT / RTGS – INR 5.90 / transaction

UPI – INR 4 / transaction

No charges
Makers fee (spot exchange) 0.20% 0.11% to 0.001%. (based on the 45-day total trading volume)
Takers fee (spot exchange) 0.20% 0.11% to 0.001%. (based on the 45-day total trading volume)
DeFi Applications No access to DeFi applications Have access to staking and lending DeFi applications
Market place
  • Smart token marketplace
  • Spot exchange
  • P2P market place
  • Futures trading
  • Margin trading
  • CoinDCX spot exchange
Security features When opening an account, WazirX uses KYC and bank verification. To access the trading account and receive notifications in form of emails and SMS, you must provide 2FA. WazirX protects your cryptocurrency from hacking attempts by storing nearly 95% of it in offline cold storage. If you want to open a CoinDCX account, you must go through KYC and bank verification. You can access your trading account securely by using 2-factor authentication. 5% of tokens are kept in hot wallets, while 95% are kept in cold wallets. Additionally, BitGo insures all of the cryptocurrencies offered by CoinDCX.

This ends our CoinDCX review, a platform that is taking the cryptocurrency trading market in India by storm. CoinDCX is without any doubt a reliable and safe platform for traders to take part in various cryptocurrency-related transactions. They have a long list of cryptocurrencies that you can choose from while trading.

Hopefully, this review has shown some of the best features of the platform and also has quelled your queries like is CoinDCX safe? and how it fares in the comparison of CoinDCX vs WazirX. Be smart and invest in crypto only when you are fully aware of its risks.

Sushma Singh

Sushma is a full-time blogger and financial expert. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely.