CoinDCX cryptocurrency exchange is a centralized exchange based in Mumbai, India. It was founded in 2018 by a duo of crypto and blockchain trading enthusiasts. This platform aids various trading activities like buying crypto, wallet facility, futures, and margin trading along with staking and lending. The platform has an active user base of over 2.1 million users in India.
The KYC process on the CoinDCX crypto exchange is quite easy. Users only need to enter their personal information, verify their phone numbers and email address, and then link their bank accounts. The platform currently supports users from India, but there are plans in motion to expand to other countries and continents in the future.
There are three major markets on the platform – BTC, USDT, and INR markets. The INR, which stands for the Indian Rupee, is the only fiat currency approved on the CoinDCX crypto exchange. The platform supports crypto-to-crypto, crypto-to-fiat, and fiat-to-crypto trades. CoinDCX trading pairs exceed 200. Besides, the exchange also allows margin and leveraged trading. However, the CoinDCX spot trading option is the most used option on the platform.
CoinDCX exchange fees for taker and maker trades are determined by the trading club users belong to. There are 10 clubs available, and as your CoinDCX trade volume increases, so does your club level. The trading fee structure is set up this way to encourage more trading for more incentives. For maker trades, CoinDCX crypto fees range between 0.04% and 0.1%, while for taker trades, the fees range between 0.06% and 0.1%. Club memberships and upgrades are based on your trading volume over a 45-day period.
Users can make fiat deposits of INR without charges from the platform. However, deposits through e-transfers and bank drafts may incur charges from the user’s bank. There are no limits to deposits as long as the user is fully verified on the platform. Crypto deposits, on the other hand, have minimal fees attached to them.
In terms of withdrawals, users have to pay a steep CoinDCX crypto price of 0.001 BTC per Bitcoin withdrawal. In terms of industry standards, this is about 60% more than the average BTC withdrawal fee. Other cryptocurrencies have their specific withdrawal charges as well. For fiat withdrawals, there are no charges attached to them but they may take a couple of hours to reflect in the user’s bank account. Furthermore, fiat withdrawals come with limits – the minimum being 500 INR and the maximum being 500,000 INR in a single day.
Lending your crypto to other users is one of the services provided by the CoinDCX cryptocurrency exchange. You can earn passively using your cryptocurrency funds by lending a certain amount of your funds to margin traders on the platform. The lending duration can last between 1 to 7 days. Most of the cryptos listed on the CoinDCX platform can be lent and you can earn high interest. Maximum interest on lending can go up to 16.25%.
CoinDCX also helps users earn passively through staking. All you need to do is lock a certain amount of crypto and the rest is done by the exchange. As of writing this article, the CoinDCX crypto platform allows the staking of 7 tokens: ETH, NEO, XTZ, EOS, ONE, TRX, and QTUM. You can earn interest of around 1-3% on each of the tokens listed above, except ETH which provides the highest interest of around 15% to 20%.
About the Company
The company was founded by Sumit Gupta and Neeraj Khandelwal in 2018. CoinDCX is valued at $1.1 billion, making it one of India's tech unicorns. The company is also certified with ISO certifications by the International Organization for Standards and is insured by BitGo.
On 10 August 2021, it raised $90 million in its Series C funding round, with the involvement of several international investors including Facebook co-founder Eduardo Saverin. Before that, it had raised a $1,000,000,000 series B round from Alexander Pack, Coinbase Ventures, DG Incubation, Jump Capital, Mehta Ventures, Polychain Capital, Uncorrelated Ventures, and block.one.
Sumit and Neeraj were college friends who came together to kickstart CoinDCX. From funding the company themselves from their savings, they have grown the company to a large size, currently employing more than 100 staff. Both men are experienced software engineers with a strong passion for blockchain and cryptocurrency trading. Together, they have built a formidable team that aims to keep expanding the platform and bring more Indians on board for crypto trading. To achieve this, they have created the DCX learn platform, with the mission to educate people about the benefits of blockchain and cryptocurrency.
Finally, in terms of security, the platform is secured by one of the most reputable digital asset trust companies called BitGo. BitGo helps reduce any type of risk to your digital tokens and makes trading a smooth journey for traders. Additionally, the CoinDCX crypto exchange makes sure that user funds are safe from any type of fraud. This is the reason why 95% of the funds are saved in multi-signature cold wallets. As an added layer of security, CoinDCX has deep encryption on the platform which safeguards all the sensitive data of the users. This keeps personal information, passwords, and payment information safe from any type of malicious intent and bad actors.
The 24-hour CoinDCX volume stands at 218 BTC or a fiat equivalent of $3.4 million dollars as of December 2022.