Amid the chaos surrounding RBI’s move to ring fence the banks and payment services from dealing with Crypto exchanges, a new exchange goes live for trading today. CoinDCX, India’s first ‘only crypto-crypto’ trading exchange will allow users to begin trading at 6:00 PM today. CoinDCX is an abbreviation for Coin Digital Cryptocurrency Exchange.
The exchange offers several BTC/ETH pairs like Tron (TRX), Monaco (MCO), Litecoin (LTC), Basic attention token (BAT) and many more. A lot of users in India currently trade on international exchanges like Binance or Bittrex to buy several coins using BTC or ETH. CoinDCX’s move to go crypto-crypto can enhance the trading experience of Indian traders without having to move their crypto out of India.
A Feeling of Trading in INR
In a medium post today, co-founder Neeraj Khandelwal explains how the traders can also have the feel of trading with INR fiat itself.
“Even though our users will be trading in Crypto pairs, they can still check equivalent coin prices, place buy or sell orders and even track your portfolio — all in Indian Rupees (INR). At CoinDCX, we are aiming to give our users as much comfort as possible, even with pure crypto pairs.”
Said Neeraj Khandelwal (Co-Founder & CTO, CoinDCX).
The current trade fees for CoinDCX is 0.1% for buyer and seller. That is quite low compared to majority of Indian exchanges. The withdrawal fees for crypto is more or less on par with other exchanges. Bitcoin withdrawal fees is 0.0005 BTC and ETH is at 0.004 ETH.
KYC and AML
Like any other Indian exchange, CoinDCX is self regulated. You cannot trade on the exchange without completing KYC. Upload PAN, Aadhaar to verify your identity, address respectively. You cannot trade if your profile is not verified. It takes about half an hour for your KYC to be verified.
CoinDCX has a referral program to get more users onboard. A limit time offer, the exchange is offering 50% trading fee as commission for every trade made by your referred trader.
What do you think of CoinDCX? Let us know in the comments below