- CoinDCX exchange recently launched an Android app.
- The UI stays true to the website’s graphics and colours.
- Both DCXInsta and CoinDCX exchange available on the app.
- Trading is simple, intuitive and so far flawless.
- CoinDCX has packed a bundle of things into one app, so it might take an hour of your time trying to get to every single page on the app.
- Overall great design, pretty easy to use and does the job well.
Every once in a while when I think there are too many exchanges for crypto trading, I get reminded that it is what truly makes crypto trading decentralised and to be honest, keeps the industry innovating. Now, I know exchanges are centralised, but to have the option to buy Bitcoin from over 500 different places, that requires the merit.
CoinDCX is a cryptocurrency exchange that initially launched as a liquidity pooling crypto to crypto exchange, but now offers INR deposits and withdrawals, an instant P2P exchange for multiple coins and tokens and most importantly, it still offers the orderbooks of Binance, HitBTC, Huobi to provide better liquidity.
While every one of those features are debated heavily for being good or bad, there is one more to be added to the list – An Android app. CoinDCX made the app public on Friday this week and we thought of reviewing it.
The Look and the Feel
Aesthetics are important. You wouldn’t like using an app if it isn’t pretty. CoinDCX delivers in those terms. The app features a dark, in some cases even a pure black background with bright colours to highlight the text on the app. Mostly white for the text, but the reds for the sell and greens for the buy are also very complimenting.
Most of the things you need are on the homepage. The bottom menu includes buttons to directly check the markets, start trading, access your wallets and check out your profile, which by the way is much more than just profile, we will get to that in a bit.
You can also access DCXinsta from the homepage. Dedicated buttons to navigate to deposit and withdrawals and a list of top gainers and losers. Incidentally, you can access DCXinsta also from the top right corner. That’s where the real dough lies.
Markets and Trading
Moving to the most important bang on the buck feature for every trading app – “Trading” (ignore the pun). It is safe to say that at this point, CoinDCX has a very high number of trading pairs because the markets are BTC, ETH, USDT and INR based.
On the markets page, All markets are lined up but you cannot swipe to move from left to right or vice versa based on your needs. You either click on the market or just search for a coin.
The trading experience is the same as multiple other trading apps, you can place limit or market orders in the market of your choice. in many selected markets you can also place Stop limit orders. You get to also see the trading value with fees at the bottom to know how much you will be spending for the trade.
The notifications work flawlessly as well, if the order is executed immediately, the notifications are segregated as they should be.
All open orders show up at the bottom irrespective to the trading page of any asset you are on, which is a good thing because for a person like me, I might just forget my open orders.
On the markets, you can also see the charts, the orderbook, trading history and open orders before you navigate to the trading page by clicking on Buy or sell.
Funds and History
Speaking about funds, obviously it means this is where you see your portfolio, you history of deposits and withdrawals and also bring in or take out crypto assets and INR.
Your order history is available in the funds section as well. I would have preferred to have a direct link on markets to see the order history. It took me a while to figure this one out. Nevertheless the order history is available and that is important.
Deposits and withdrawals work the same way they work on the website. No Surprises there. All of history shares both completed as well as cancelled transactions. The funds section does what its supposed to do.
As I said before, the profile section is not just account details. Here you can create your API keys, leave feedback for the app, get your referral links, create support tickets, read the CoinDCX blog and also check out DCXinsta.
CoinDCX introduced DCXinsta with a goal to allow traders to buy cryptocurrency with INR within a minute. More than 30 cryptocurrencies can be traded on DCXinsta. Eventually DCXinsta begun to allow selling cryptocurrencies as well. The money was directly sent to your bank account.
Now, DCXinsta allows you to trade crypto with INR from your INR wallet. It is closed orderbook exchange with fixed price. But you can deposit or withdraw INR on the INR just as quickly and either trade on DCXinsta or buy Bitcoin, Ethereum or USDT on the INR market (open orderbook).
I like it how CoinDCX has put both the exchanges on the single app. Users can prefer to choose whichever suits their purpose.
Alright, we spoke about how the app is, if it is working properly, what seems to be good and what is not. Now, let me list out some of the important stuff that do not fit into other categories. Such as what is app asking for from your phone.
CoinDCX app asks for one important permission, that is to read the SMS messages on your phone. This enables the app to read the OTP and log you on in quickly. However, I would strongly recommend to activate the 2FA using google authenticator from the Account Security tab in Profile.
If you do not want CoinDCX to read your OTP messages, revoke the permission from your phone settings.
Other than that CoinDCX seems to be asking for lesser permissions than many other trading apps. Mostly, it surprises me that the app do not ask for permission for camera or accessing files. Both important for KYC of new users. KYC is optional on CoinDCX, so maybe that is why.
You will be logged out of the app if you do not use it for 10 days. That is the session duration. A PIN or Fingerprint based login which will be coming in the next release according to CoinDCX.
So that is our review. The app is working very well. The possibility to use both the open orderbook exchange CoinDCX and the closed book exchange DCXInsta is very well integrated. Deposits and withdrawals work just like the website, even the INR transactions. Overall I have no serious complaints about the app.
The CoinDCX app can be downloaded from here