Colodax Crypto exchange offers zero fee INR deposits and withdrawals, payment gateway for credit cards and free deposits with Rupay cards. The BTCINR market has good liquidity. The exchange offers both Android and iOS apps.
The team behind Mumbai based Colodax exchange is the same that launched Crypdates, an arbitrage indicator app back in 2018. Even before the RBI banking ban was quashed by the Supreme Court, Colodax was guaranteeing quick INR deposits and withdrawals with a dedicated team to handle P2P deposits.
Now the exchange offers quick direct INR deposits and withdrawals, pretty much like many other exchanges in India.
Colodax retains the yellow and white colour scheme from Crypdates and the UI on website, mobile apps is definitely easy to use. Let us dive deeper into this exchange.
Colodaxan iOS, Android app and a responsive site for mobile users.
Signing up, KYC and getting started on Colodax
Anyone can sign up on Colodax with your name and email address. However, you will have no access to the exchange without completing the KYC.
For KYC, user needs to submit phone number, address, PAN card, address proof, bank account and its proof, and setup 2FA. KYC is verified in 30-60 minutes.
INR Deposits and Withdrawals
User can deposit INR using IMPS, NEFT/RTGS or even use Mobikwik for UPI, wallet transfer and using credit/debit cards for deposits. The fees for deposits are as follows
- NEFT/IMPS – NIL
- Rupay Cards – NIL
- UPI – NIL
- Debit Cards – 0.90%
- MobiKwik Wallet – 1.50%
- Credit Cards & Netbanking – 1.50% to 1.60% depending on banks.
I tried to deposit 50000 INR by IMPS at 02:00 AM deliberately. Most of the times, the biggest test of an exchange is when their team is sleeping. The deposit is approved in one minute and I know just how they are doing it.
User can only transfer the money from the registered bank account, once the deposit is made, user must enter the payment reference number and amount to submit the request. Once the system receives an SMS on their site, it can automatically validated bank account number, amount and reference number.
INR withdrawals are processed within five minutes as well, even at 2:30 AM. User do not need to approve INR withdrawal over email, but crypto withdrawals must be approved by email.
Crypto Deposits and Withdrawals
Crypto withdrawals and deposits are fast even at midnight. For crypto withdrawals users have to approve the request also via email. In my experience to withdraw XRP, it was processed in 5 min after creating the request.
The deposit of XRP was lightning fast. I transferred the XRP from my wallet and before I could look at the screen, the history showed the deposit transaction on Colodax.
Liquidity and Markets on Colodax
Colodax has great liquidity in the BTC-INR market. The liquidity is competitive in other coins and tokens, but BTCINR wins the crown. A user can buy upto 3 BTC within a slippage of less than 0.5% at press time. Can’t say the same about selling though, but not bad.
The exchange has no Crypto to Crypto markets. All the coins listed on colodax are trading with INR. The listed coins and tokens are BTC, ETH, XRP, LTC, BCH, NPXS, XLM, USDT, ZRX, TRX, OMG and KNC.
Trading and Withdrawal Fees
The exchange charges a fixed 0.15% trading fee for both buyers and sellers.
Recently, a huge debate spruced up in the crypto space when users started criticising exchanges for having high USDT withdrawal fees which forced exchanges to reduce the withdrawal fee drastically. WazirX reduced it from 10 USDT to 1.5 USDT.
Currently the withdrawal fee for USDT on Colodax is one USDT, which is not the lowest, that title is reserved for Pocketbits – at 0.64 USDT, but it is significantly lower than other mainstream exchanges.
The same way, the withdrawal fees for other coins is also competitive.
|Bitcoin Cash||0.001 BCHABC|
|0x Protocol||6 ZRX|
|Pundi X|| 6000 NPXS|
|Kyber Network|| 1.5 KNC|
|Indian Rupee||0 INR|
Team behind Colodax
The CEO of the company is Nitesh Agarwal, who comes from a family with a stock market background, and hence launched Colodax in May 2018 putting in his expertise. Nitesh completed his graduation in Computer Science at SUNY, worked for a financial company and launch Crypdates back in April 2017.
The two year old exchange proves its mettle in our experience, it is definitely worth a try.
What do you think about Colodax, let us know in the comments below.
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