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New crypto exchange opens in India, despite new RBI regulations

CoinDCX is a new digital cryptocurrency exchange that lets you trade between all major altcoins and cryptocurrencies. Find out how it works today in our review.

What Is CoinDCX?

CoinDCX is an India-based cryptocurrency exchange. The exchange promises to be an exchange “like India has never witnessed”, giving the country the first exchange “built with cutting edge technology and a customer centric approach.”

The exchange launched online on April 9, 2018.

CoinDCX is a purely crypto-to-crypto exchange. The exchange does not handle fiat currencies. This allows it to operate with minimal regulations.

Last Thursday, the Reserve Bank of India made headlines for “banning cryptocurrencies”. In reality, the RBI barred entities regulated by the bank from providing services to entities dealing in cryptocurrencies. That means Indian banks cannot allow customers to acquire bitcoin in exchange for INR. Fortunately, because CoinDCX is a crypto-to-crypto exchange, the platform is unaffected by these regulations.

How Does CoinDCX Work?

CoinDCX is a cryptocurrency-to-cryptocurrency exchange that includes approximately 30 different crypto pairs. Because users are only trading cryptocurrencies for cryptocurrencies, CoinDCX can avoid regulations from the Reserve Bank of India (RBI). These regulations would typically be required when launching a cryptocurrency exchange using fiat currencies like the India Rupee (INR).

Although CoinDCX doesn’t support fiat currency trading, the exchange does allow customers to view their cryptocurrency holdings in terms of INR. You can check coin prices in INR, place buy and sell orders in INR, and track your portfolio in INR. You just can’t actually buy, sell, or use INR on the platform.

Customers can also access unique education programs, including training programs catered to beginner cryptocurrency investors.

CoinDCX Fees

CoinDCX charges a fee of 0.10% for buy orders and 0.10% for sell orders.

The company does not charge anything to deposit cryptocurrency into the platform. However, you’ll pay a fee when you withdraw cryptocurrencies. There are also minimum withdrawal limits. You’ll pay a fee of 0.0005 BTC when withdrawing BTC, for example, and you’ll need to have a minimum of 0.001 BTC.

CoinDCX’s full fee structure can be viewed here.

CoinDCX Features

CoinDCX emphasizes all of the following features:

Trusted and Secured: CoinDCX uses multi-signature authentication and “best in-class security” to keep your funds secure 24 hours a day. Funds are kept in secure offline cold storage wallets to prevent hacking.

30+ Pairs: Traders can trade 30+ cryptocurrency-to-cryptocurrency pairs over the CoinDCX platform.

Fast Customer Service: CoinDCX puts a big emphasis on customer service, claiming they offer 24 hour response times and fast resolutions to your requests.

Low Trading Fees: CoinDCX charges a flat trading fee of 0.10% to makers and takers. That’s relatively low compared to other cryptocurrency exchanges.

Referral Program: CoinDCX has a referral program that allows you to invite friends to CoinDCX and get a flat 50% cut of their trading fees instantly.

Fast KYC Verification: CoinDCX claims to offer fast KYC verification that allows traders to get started today. No more waiting several days for your KYC verification to be complete.

Who’s Behind CoinDCX?

CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal.

Sumit Gupta is a 27 year old serial entrepreneur and supporter of blockchain and cryptocurrencies. He completed his bachelors and masters degree from IIT Bombay in 2014 before joining Sony headquarters in Tokyo as a software engineer. Sumit also founded a multi-million dollar company called ListUp, leading a team of 30+ people with more than a million active users. Sumit is the CEO of CoinDCX.

Neeraj Khandelwal, meanwhile, is the CTO of CoinDCX. Neeraj has attained key positions at multi-million dollar startups like VP Engineering at Holachef and CTO at Doormint.

The company describes itself as a team of passionate blockchain enthusiasts based in India. CoinDCX was founded with the goal of creating “the most transparent, secured and trusted exchange so that our users can trade peacefully while we do the work.”

CoinDCX is based in Mumbai, India.

CoinDCX Conclusion

CoinDCX is a new cryptocurrency exchange serving the Indian marketplace. The goal of the exchange is to offer cheap (0.10% trading fee), fast, and secure crypto-to-crypto tradingacross 30 popular pairs. The exchange was launched in April 2018 and is ready to accept traders.

To learn more about CoinDCX or to signup today, visit online at CoinDCX.com.

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