CoinDCX Exchange Review : Is CoinDCX safe and legit?
In our CoinDCX exchange review, we will provide all legit and unbiased information about coinDCX trading platform.CoinDCX has a specialization in crypto-enabled finance services. CoinDCX is a Singapore bases company. CoinDCX aims for an uninterrupted, faster, and simpler flow of investment.
Features : CoinDCX Exchange Review
| About | Establish in 2018. |
| Crypto Supported | More than 500 cryptocurrencies are listed. |
| Trading Supprted | Margin, Future, Staking. |
| User Volume | Having More than 4 million users. |
| Daily Trading volume | More than 40 million daily tradings. |
| Margin | Up to 6x crypto margin. |
| CoinDCX partner | BitMex, Coinbase, Braincapital Venture, Polychan capital. |
| CoinDCX Exchange partner | Binance, Okex, Huobi. |
| Customer Support | via Email or Ticket for complaint. |
About CoinDCX Exchange
Launched on April 8th, 2018, CoinDCX is built with an aim to provide a user-friendly experience where users can access a wide range of financial products and services backed by industry-leading security processes and insurance protection. CoinDCX is an ISO certified company that provides the highest liquidity with the fastest onboarding process in the industry.
CoinDCX Exchange trading option :
CoinDCX have more than 4 million users with daily trading of more than 40 million it also supports more than 500 cryptocurrencies on its platform.
CoinDCX support various types of trading on its platform. Some of the most popular trading on coinDCX platform are :
- Marginal trading
- Futures trading
- Staking trading
- Spot trading
Click here to check the leading cryptocurrencies in the market.
CoinDCX exchange review of Margin trading
Margin Trading is a strategy that allows you to trade more tokens than you would be able to do normally and can yield a huge profit if executed correctly.
It’s like a loan from your broker or exchange. For example: with a 0.10 BTC balance in your account, you can take a position of 0.30 BTC (with 3x leverage).
CoinDCX trades with more than 250 cryptos and up to 10x leverage.
Margin Position Types:
Long Position: In this position, funds are bought by the trader and then sold at the Target Price. Traders open a long position in the hope that the price will go up in the future.
Short Position: In this position, funds (that the trader doesn’t own) are sold first and then bought at a later time. So when you open a short position, the exchange sells the crypto on your behalf and you owe the quantity of crypto involved in the trade, to the exchange. At a later point, you return this obligation by buying the coin at a lower price.
Available Order Types:
Limit Margin Order: This is a limit order with leverage. Elements of this order like Stop Loss Price, and Target Price are the same as Market Order. Leverage can be selected by toggling between 1x to 4x.
Market Margin Order: This is a market order with leverage. Elements of this order are – leverage, Target Price and Stop Price.
Fees for Trading
Total fee = Entry fee + Exit Fee
Entry fee = (Quantity * Avg entry price) * (fee percent)/100
Exit fee = (Quantity * Avg exit price) * (fee percent)/100
CoinDCX Exchange review of Future trading
What is Futures: Futures are contracts that facilitate the buying or selling of an underlying asset at a predetermined price at a future point in time. Counterparties are obligated to fulfill the terms of the contract, either buying or selling the asset at the decided price on the date of expiry. There are special types of futures that come with no expiration date.
Benefits :
- Hedging and better risk management
- Low Transaction costs
- Exposure: Traders can bet against an asset’s performance without owning it
- Leverage: Traders can enter positions that are larger than their account balance
Future contracts allow much higher leverage than the maximum leverage allowed in Margin trading. On CoinDCX, Cryptocurrency futures can be leveraged to as high as 15x whereas margin trading is capped to 5x.
Future Trading on CoinDCX –
CoinDCX has future trading on Bitcoin and 8 leading Altcoins. These are Ether (ETH), XRP (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Eos (EOS), Cardano (ADA), and Tron (TRX). Users can also trade perpetual future contracts with Bitcoin and Ethereum perpetual futures.
Check all the cryptocurrencies prices Live here
CoinDCX Exchange review of CoinDCX Staking :
Cryptocurrency staking is a great way for our users to earn rewards on idle lying cryptocurrencies in their wallets by simply staking them on CoinDCX platform.
Benefits of Staking –
Staking eliminates the need to purchase expensive hardware to increase the chances of winning. Since competition is less in staking, energy consumed by the entire network for adding a new block reduces significantly.
The system offers guaranteed returns and a predictable source of income, unlike the PoW system where coins are rewarded through a random process with low probability.
PoS is considered to be safer than PoW as it reduces the chances of a 51% attack. Even when someone owns 51% stake in the network, they would not want to attack the network as this would decrease the value of their tokens as well.
SUPPORTED CRYPTOCURRENCIES
CoinDCX supports the following coins which provide an estimated return based on the given table. Please ensure you have the minimum balance required to get rewarded with Staking benefits.
| Coin | Estimated Annual Yield % | Minimum Balance Required |
|---|---|---|
| ONE | 1 – 2 | 100 |
| EOS | 1 – 2 | 0.25 |
| NEO | 1 – 2 | 0.001 |
| XTZ | 1.5 – 3 | 1 |
| QTUM | 1 – 1.5 | 1 |
| TRX | 1 – 3 | 5 |
Rewards for the above-mentioned cryptocurrencies are calculated by the network itself. CoinDCX receives the rewards from the network and transfers them to your trading account directly.
What is Proof of Work (PoW) and Proof of Stake (PoS) :
- In PoW mechanism, all miners compete with each other to find the next block to be placed in the blockchain. This process is called mining and the process involves solving a complex mathematical puzzle. The miner who mines the next block gets rewarded for the resources spent in doing so.
While everyone participates to decode the puzzle and get the reward, the miners who have specialized hardware for mining or who collaborate with other miners to form mining pools usually end up getting more rewards. The mining process as done in the PoW mechanism requires high computational energy, infrastructure cost and aggressive competition. - In PoS mechanism each member of the company has certain shares of the company and that determines their voting rights. The more the number of shares held, the more is the voice heard. In case of PoS mechanism, the stake is defined by the digital currency operating in the blockchain. Although the block is created randomly, the proportion of blocks created by a particular stakeholder is determined by his ownership of the stake in comparison to the other stakeholders in the system. In a PoS , one node is elected to validate a particular block. This reduces the competition as well. Another difference between PoS and PoW is that in a PoS mechanism, there are no Miners or Mining. Instead, there are Validators and they either Mint or Forge. Although this mechanism is less secure than PoW, the energy consumed to provide consensus is surely very low.
Similar to mining pools, staking pools are also formed to increase their chances of validating blocks and receiving rewards. Staking systems allow delegation in which each individual delegates their voting rights to a trusted party. Those delegates then earn all the rewards for the block validation and later reward their supporters in the form of returns. Staking is one of the easiest ways of earning passive income.
CoinDCX Exchange review of Tarding fee
As CoinDCX supports 3 different exchanges, which are Binance, HitBTC, Houbi. So there is a different fee for each exchange and each type of trade.
Screenshot for each exchange trading fee is shared below.
Binance Trading fee : Spot and Margin trading Fee
Interest rate on Margin = 0.0028% per the hour (No interest for first 1 hour)
Huobi Trading fee : Spot and Margin trading Fee
HitBTC Trading fee : Spot and Margin trading fee.
CoinDCX INR trading fee :
CoinDCX charges the same fee from the maker and taker for INR trading. They charge 0.100%.
CoinDCX Exchange Review of future Trading fee :
CoinDCX support two exchange OKEX and Bitmex for Futures trading.
CoinDCX Exchange review of Withdrawal Fee :
CoinDCX Exchange review of Customer Support
CoinDCX has a very supportive and knowledgeable customer care team. They have 24/7 customer support for their valuable customers.
Customers can raise complaints by two different methods either by Email or by raising tickets to its website.
Below is a screenshot of how to raise a ticket to coinDCX website. This link is available in the bottom part of the coinDCX website.
Another way to raise a complaint is by Email . You can write to them at team@coindcx.com
CoinDCX exchange review : Conclusion
In this review we have tried our best to cover every aspect of coinDCX, we have tried to cover factors like trading fee, trading option, customer support.
As you have already checked all the various options available on coinDCX platform. You have read about all the features so we can that CoinDCX is not a scam and it is legit. As this site provides various trading platforms for its customer to choose from.
