CoinDCX Review 2023: Is CoinDCX Safe?

 

CoinDCX is a name that, with more and more individuals entering the world of cryptocurrency trading, you’ve probably heard of. The Singapore-based cryptocurrency exchange only launched in 2018, making it a relative newcomer to the market.

 

The best cryptocurrency exchange has an office in Mumbai, though, serving customers in India. This analysis will focus on the features, benefits, and drawbacks of the reviewed cryptocurrency trading platform. This review of CoinDCX will help you learn more about the exchange and make an informed decision about whether or not it will meet your needs.

 

 

 

 

 

 

How Does CoinDCX Work?

 

 

The process of trading on CoinDCX is easy to understand. Compared to other big exchanges like Binance, its straightforward interface stands out.In order to begin trading on CoinDCX, a new account must be created by giving the necessary information. After completing the signup process and having their details validated, users will be granted access to the site’s cryptocurrency trading features.

 

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CoinDCX Features

 

• The bitcoin trading platform is loaded with features that improve the trading experience for users. Some of the most crucial aspects are outlined here.
• CoinDCX, a new cryptocurrency exchange in India, boasts the industry’s highest standard of security. This platform prioritizes user safety and provides a straightforward control panel.
• The helpful staff is available around the clock to answer questions and address concerns, guaranteeing a trouble-free visit to the site.
• You may use the platform to invest in over 200 different cryptocurrencies and watch your wealth grow over time.
• When compared to similar cryptocurrency marketplaces, CoinDCX’s fees remain competitively low. Investors with a wide variety of disposable incomes are attracted by the low fees.

 

 

 

CoinDCX Pros & Cons

 

 

Pros

• It provides sophisticated trading capabilities such as margin and trading features
• Numerous altcoins available
• Users can earn interest by leasing their crypto assets to third parties.
• It allows for the staking of seven digital assets
• It provides crypto education through its Learn platform.
• Users can withdraw funds using a bank account or a cryptocurrency wallet.

 

 

Cons

• INR is the only supported fiat currency.
• High transaction fees
• Only two countries (India and Singapore) offer it.

 

 

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CoinDCX Fees

 

 

Trading fees

 

The trading cost is assessed by the exchange each time an order is placed. The commission is often a fixed percentage of the total order amount. There is typically a givers and takers divide in many transactions. To “take” an existing order from the order book is the action of a taker.

 

Takers and creators each pay 0.20% fees on CoinDCX. The most recent and comprehensive empirical analysis of trading fees on cryptocurrency exchanges found that taker fees average 0.2294% and maker fees average 0.1854% for spot trades. Maker fees on CoinDCX are significantly lower than averages, however taker trading fees are higher than averages.

 

 

Withdrawal fees

 

Each Bitcoin withdrawal from CoinDCX costs 0.0005 Bitcoin. The cost is reasonable relative to similar services. Withdrawal costs on CoinDCX are nearly 6% more than the global industry average for Q2 2022 (approximately 0.0004723 BTC every BTC-withdrawal).

 

 

 

 

 

 

The Cryptocurrencies You Can Trade With CoinDCX

 

On CoinDCX, there are ten base trading pairs, providing you more options. The fundamental trading combinations are:

 

INR / Crypto pair
BTC / Crypto pair
USDT / Crypto pair
BNB / Crypto pair
DAI / Crypto pair
USDC / Crypto pair
ETH / Crypto pair
TRX / Crypto pair
BUSD / Crypto pair
XRP / Crypto pair

 

 

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Is CoinDCX Safe?

 

 

CoinDCX, like other centralized exchanges, takes precautions to protect its users’ cryptocurrency assets. All assets and confidential information entrusted to the exchange’s care are safeguarded using state-of-the-art security methods.

 

Ninety-five percent of customers’ assets are kept in cold storage wallets that require multiple signatories and are kept in geographically dispersed hardware security modules. Only 5% are kept in cold storage. There is no way for a single user to access or withdraw from numerous wallets at the same time.

 

BitGO insures all CoinDCX cold storage funds and customer cryptocurrency. Furthermore, all sensitive information, including personal data, passwords, and other sensitive information, is encrypted both while in transit and while stored.

 

Two-factor authentication is used to safeguard user accounts, and several confirmations are required for any cryptocurrency withdrawals.

 

CoinDCX’s entire network is protected from DoS attacks. Despite this, the market still undergoes regular security checks. The audit includes frequent stress, scenario, and penetration testing to make sure CoinDCX is always secure.

 

 

 

 

FAQs

 

 

1.Is CoinDCX Legal?

According to available data, the CoinDCX Legit team guarantees that their business is lawful. However, there are users who have reported having their credit declined.

 

2.Is CoinDCX Reputable?

It is absolutely safe. Customers can rely on the platform because every exchange is backed up and there will be no problems. However, complaints have been made that their interface is not secure. Overall, it has outstanding security features that can be relied upon by crypto traders.

 

3.How do I withdraw funds from the CoinDCX exchange?

CoinDCX withdrawals are straightforward. Users must access their CoinDCX account and click Funds. The user must then select the CoinDCX Wallet and enter the exact quantity they wish to withdraw. Now, all that remains is to complete the verification and withdraw the funds. Therefore, CoinDCX Withdrawal is effortless.

 

 

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Download App for iOS

Conclusion

 

To help you decide whether or not to utilize the CoinDCX app, we’ve defined all of the key concepts you need to know. If you’re a trader or investor, you can choose the best exchange for you by comparing this one to others like it and then making your decision based on your personal preferences and concerns about safety.

 

In addition, it is a prominent, recently released cryptocurrency trading platform that provides low-cost trading and investment capabilities. If you’re interested in starting to amass wealth through crypto investments, you may also give this platform a shot.