India’s first cryptocurrency exchange and India’s first crypto unicorn, COINDCX is one of the biggest players in Indian Finance. But is CoinDCX safe? CoinDCX is arguably the safest cryptocurrency exchange in India and our experts are here to tell you why.
More than 50 vetted cryptocurrencies, over 4 million users, and trading volumes in excess of $40 million means CoinDCX is a powerful crypto exchange. So, what about the features? Our experts have all the details on all the exciting offerings at one of the safest cryptocurrency exchanges in the world in our ultimate CoinDCX review.
When we began our CoinDCX review, we found a bonus offer to new customers straight away. All traders at CoinDCX can join the referral program. This program sees traders rewarded with $25 for every person who signs up via the trader’s referral code and trades a minimum of 5 BTC or more. Refer-a-friend bonuses aren’t rare, and we see them across a range of brokers and exchanges.
Signing up to the platform during our CoinDCX reviews was incredibly simple and we confirmed that you can open an account via the mobile apps. Using a referral code will help a trader earn a bonus and you will instantly see the level of security on offer – during our CoinDCX review we needed to input a One-Time Code from both our email and mobile number. The KYC during our CoinDCX review was nothing new – basic ID and proof of address that can be uploaded digitally.
During our CoinDCX review, we rigorously tested every inch of the CoinDCX trading platform. Straight off the bat, we loved the dark theme which will surely make beginners feel like pros instantly. The charting and historical data is clearly visible in the centre of the trading window and one click sends your chart into full screen mode. Supported assets can easily be searched for and, unlike some platforms, you can search for assets by name rather than just ticker.
Your portfolio is also clearly visible below the charting and historical data. During our CoinDCX review, we really had no problem finding anything as every aspect of the platform is visible on a single screen. You can place orders quickly and receive an email notification. The trading platform was wonderfully responsive during our CoinDCX review and mobile trading is perfectly snappy.
Our CoinDCX review dug into the types of accounts you can open at this cryptocurrency exchange. We found two account types that can be opened – a CoinDCX account and a CoinDCX Pro account. There was a lot to unpack when conducting a CoinDCX review of the Pro account. Firstly, traders can apply up to 10x leverage on more than 400 altcoins and there is an allowance for sub-accounts. The sub-account system is interesting to say the least. A master account holder must pass a KYC, but then they can open several sub-accounts that can be given to friends to trade, KYC-free. The master account holder has sole control over the sub accounts, but the sub account users can freely open and close their own orders.
We noted the differences between the two accounts in our CoinDCX review. The standard account also allows for margin trading but is limited to up to 6x leverage and on only more than 250 altcoins. Both accounts support cryptocurrency futures trading with up to 20x leverage – not too dissimilar to what we saw in our IQ Option review. Our CoinDCX review noted that high volume traders can apply to access the CoinDCX OTC desk. CoinDCX is for crypto orders of $40,000 or more, and prices are locked to minimise your risk.
Our CoinCDX review revealed just one trading platform at CoinDCX. The platform is available as a WebTrader and as a mobile trader for Android and iOS devices. The trading window may seem overwhelming for beginners at first, but the learning curve is quick. During our CoinDCX review, we quickly noted 7 different chart forms, including candlestick and Heikin Ashi, and a huge selection of indicators.
CoinDCX users can download the PRO version for mobile devices as a separate app and enjoy the benefits of the pro account. Our CoinDCX review was very impressed by the number of charting and technical tools available, some large operators like in our Forex.com review are weak in this regard, but we were disappointed with the available order types available – we could only input a stop loss and that was all. We did, however, like how easy it is to switch to margin trading where you can choose to go long or short on over 250 cryptocurrencies – or 400 in the pro account.
You can’t trade cryptocurrencies unless your account is funded. During our CoinDCX review, we confirmed two ways to deposit funds into your CoinDCX account. The first way is to transfer cryptocurrency from another wallet or exchange like in our Coinbase review. If you want to deposit using a FIAT currency like Indian Rupees you can make a deposit via the automated payment gateways or a manual processing channel.
The two methods available for FIAT transfers are a debit or credit card and UPI payments – UPI can only be used in India. Debit and Credit card transfers will incur a processing fee, but UPI payments are entirely free. These payments are instant and should be in your account no later than 24-hours.
We also checked withdrawals for our CoinDCX review and found that you can withdraw in both cryptocurrencies and FIAT currency. FIAT currencies during our CoinDCX review are withdrawn directly to a bank account. The process should clear and appear in your account within 6 hours. The minimum FIAT deposit is 100 INR up to a maximum of 5 Lakh while withdrawals can be made at a minimum of 500 INR up to a maximum 10,000 INR.
Fees – No Crypto CoinDCX Commissions and Low Fees
No CoinDCX review would be complete without a review of the trading fees. During our CoinDCX review we noted that every transaction on the exchange saw a division between the taker and maker, just like in our Binance review. CoinDCX charges an average maker fee of 0.06% and a taker fee of 0.06% but the charges are varied between the different cryptocurrencies. These are quite low fees considering the industry average can sometimes be in the realm of 0.10 – 0.25%.
INR markets are charged a maker fee of 0.100% and a taker of 0.100% too. Futures trading is affordable too. During our CoinDCX review, Futures trading on the BitMEX exchange had no maker fees and a taker fee of 0.075%. On the OKEK exchange, futures fees are a 0.020% maker charge and a taker fee of 0.050%. Making a cryptocurrency withdrawal will incur different fees, depending on your choice of cryptocurrency – for example, during our CoinDCX review, a Ripple (XRP) withdrawal cost 0.2500 XRP.
Certainly not! CoinDCX offers 24/7 support which we didn’t see in our XM.com review at all. The main channel of serious customer support is via the website’s email web form. Available 24/7 – so it doesn’t matter what country you are in – traders can reach a helpful agent. We were disappointed during our CoinDCX review to not see any phone support. Like many Indian finance services, CoinDCX makes good use of social media platforms.
It’s not unusual to be able to reach a broker or bank in India via WhatsApp. In the case of this exchange, we noted during our CoinDCX review that traders’ can reach support via the Telegram Messenger app. You can only reach assistance during 06:00 – 23:00 Indian Standard Time – so international clients may want to consider that limitation.
Cryptocurrencies have been rather controversial in India. For a time, they were banned entirely with the Reserve Bank of India barring Indian banks from serving cryptocurrency exchanges. However, in 2020 that ban was overturned and Indian exchanges have begun to flourish. What this all means is that regulation of cryptocurrency exchanges in India is exceedingly hard to come by.
Our CoinDCX review leads us to believe that CoinDCX is the safest cryptocurrency exchange in India. With some digging, our CoinDCX review uncovered that user funds at CoinDCX are insured up by a $100 million BitGo insurance. Cryptocurrencies are geographically distributed around the world in cold wallet storage, the exchange leverages multi-signature authentications, and the website is regularly tested for security weaknesses.
During our CoinDCX review, we discovered that the exchange has joined a group of top Indian exchanges in creating a self-regulating body to ensure high standards are met.
As one of the biggest cryptocurrency exchanges in India, CoinDCX is truly feature packed. The DCXLearn platform is the CoinDCX education platform. We spent quite a bit of time on the DCXLearn during our CoinDCX review. The platform is full of free courses across a range of topics covering topics like the blockchain and understanding cryptocurrencies. The courses are structured in a simple fashion for all to understand and the courses are provided by industry experts. We uncovered during our CoinDCX review that some of the course lecturers have provided courses for Stanford and appeared as TEDx speakers.
A recent trend has emerged in several online exchanges in the form of cryptocurrency staking. Staking is a way to make a passive income for simply holding tokens in your CoinDCX wallet and we have seen this in our eToro review. Our CoinDCX revealed 7 supported cryptocurrencies for staking and rewards were between 1 – 3% per year, but Ethereum staking could net up to 20% a year in rewards. To earn even more passive income, traders at CoinDCX can lend their cryptocurrencies and earn up to 16.25% APR. Our CoinDCX review confirmed that this feature is automated and covered by the BitGo insurance policy. We noted no transaction fees during our CoinDCX review.
During our CoinDCX review, we spent some time discovering the Futures trading options. Traders can use up to 20x leverage on 4 pairs: BTC/USDT, BTC/USD, ETH/USD and SOL/USD. Our CoinDCX review saw huge liquidity, instant order matching, and a variety of contracts such as Vanilla, Inverse, and Perpetuals.
Our CoinDCX review has revealed one of the safest cryptocurrency trading platforms in the world and there are plenty of reasons to trade at CoinDCX. There are more than 50 cryptocurrencies that can be traded on a spot market with hundreds more available for leveraged margin trading. Beginners will feel more than comfortable with a single easy trading platform and very low trading fees, including zero commissions.
The educational tools will also teach new traders everything they need to know how to succeed at CoinDCX. This crypto exchange is feature packed with the ability to stake Ethereum blockchain based cryptocurrencies and loaning cryptocurrencies for a reward. One of the biggest draws of this crypto exchange is the insurance arranged with BitGo and the additional rewarding features. We would recommend CoinDCX for both beginners and experienced traders.