Is CoinDCX one of the best Crypto exchanges in India ?
Cryptocurrency was introduced in 2008 after the unfortunate financial crisis. The world soon became familiar with digital currency. But people in India were only introduced to this in 2013 after the first cryptocurrency exchange platform launched in India. Soon after that, people who realised the unnecessity of a middleman while holding and exchanging their currency started investing in Crypto. This could be possible due to the various exchange platforms emerging and flourishing in India. CoinDCX is one such trustworthy and reliable exchange platform.
CoinDCX is one ofthe largest cryptocurrency exchange platforms. A Singapore based platform which majorly serves the Indian market and it’s Crypto needs. CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal in 2018 and currently has its headquarters in Mumbai. If you’re interested in Crypto, you must have come across CoinDCX very often. It is because the platform is one of most reliable trading places and therefore has gained huge popularity in the Indian as well as the global market.
DCX claims to be “ Your gateway to Crypto” as it specialises in crypto based services. CoinDCX aims to provide a user-friendly platform that can help the traders to easily access the variety of services offered by the same. The platform is An ISO certified company which declares to have the highest liquidity. The platform is designed to make crypto exchange swifter and easier. One can buy, sell, exchange, trade or even stake their crypto using this platform. CoinDCX offers 200 different cryptocurrency to choose from, which makes it flexible and one of the largest exchange platforms. CoinDCX has currently gained 1 lakh+ monthly users, and 40 million+ trading volume.
The CoinDCX partners are Bain Capital, Coinbase, BitMEX and Polychain capital. It is backed up by exchange partners which include Huobi, Binance and OKEX. CoinDCX has several investors and has managed to raise around $5.5 Millions in all three rounds.
CoinDCX is your one stop platform for all your crypto needs. With over 200 cryptocurrencies available for trade on the platform, it really leaves you no choice to go elsewhere. Creating an account on DCX has been made easier and user friendly for both investors as well as Beginners.
2. Click on “Register” from the left corner of the webpage
3. Enter your details ( Name, email address, phone number)
4. Verify your email and phone number
5. You are registered as a member of CoinDCX
6. Click on your profile
7. Click on “verify your bank account”
8. Enter your bank details
9. Enter the 12 digit number to verify your bank account.
10. Provide your Pan card and identity card for KYC verification (KYC verification is optional).
You can also create your CoinDCX account using the Mobile app. Install the app and follow the above process to sign up on DCX.
But before you do, if you would like to read the complete review of CoinDCX, refer to this post: Click here
CoinDCX offers a wide range of services with a variety of cryptocurrencies. The platform is your one stop shop for all your crypto related needs. Let’s have a look at what CoinDCX has to offer
CoinDCX crypto exchange is mainly based in the Indian market and hence allows trading against INR. One can deposit the INR instantly in the digital wallet, while it takes some time to deposit cryptocurrency. You can trade and exchange freely once your wallet is loaded. The withdrawal of INR from your wallet takes upto 6 hours to deposit in your bank account, while the withdrawal of cryptocurrency is instantly deposited.
KYC verification plays an important role in deciding your withdrawal limit. The minimum amount that can be withdrawn is 500 for both verified and unverified users. But the users who are verified can draw upto 5,00,000 per day whereas unverified users can only withdraw 10,000 per day. In the case of crypto, verified users have no withdrawal limit, unlike unverified users who can only withdraw up to 4 BTC per day. The withdrawal fees charged by CoinDCX are substantially high.
The major purpose for the establishment of this platform was to enable the users to trade crypto. CoinDCX offers 200 varieties of cryptocurrency to trade from. Everytime a user places an order, a trading fee is charged. The trading fees however are very low and affordable. It charges 0.04% and 0.06% on takers and makers. The fee is below the industry average which makes it preferable over other platforms. One can easily trade the cryptocurrency on this platform.
Lending of cryptocurrency is one of the notable features of the CoinDCX which differentiates it from the other exchange platforms. It is similar to investment, where investors lend cryptocurrency to borrowers and charge interest for the same. The platform allows you to lend crypto for a maximum of 7 days with an annual interest rate at 16.25%. The lending services offered by the platform are under the watch of experts and are completely secured.
Did you know you can earn from your cryptos without selling them ? Yes, CoinDCX allows you to stake your cryptos in order to earn interest. You can lock your cryptocurrency with DCX to earn rewards. This can be your source of passive earning. You don’t need to worry about holding and selling crypto every minute in order to earn from them. Staking is made comfortable and user friendly with CoinDCX.
Buying and selling of cryptocurrency has been made easier with CoinDCX. Your trading experience is just a click away from you.
The wide range of cryptocurrencies offered by CoinDCX is really an advantage. The users can choose from a variety of crypto and trade with them on the same platform.
The company claims to have the highest liquidity and is also certified with ISO.
The extremely low trading charges really add up to the benefits of the CoinDCX. It has also resulted in a huge customer base.
CoinDCX offers Spot trading, margin trading and future trading as well.
The mode of payment is convenient and the platform accepts UPIs and IMPS as well.
The customer support offered by the platform is highly responsive and satisfactory.
- The withdrawal fees can be a big spoiler for the platform, because it is relevant and unattractive.
- The INR is only FIAT currency, no other options are available.
- KYC verification plays a major role while trading and withdrawing on the platform.
It is no doubt that CoinDCX has acquired the finance crypto market in India. Along with its other competitors, it is rising and growing every passing day. It is worth you time and your money. All your crypto services are fulfilled at a single platform but it is always advisable to choose what suits the users. One can compare between the other crypto trading platforms and see what is best for them.
Originally published at https://cryptobullsclub.medium.com on July 6, 2021.