Is CoinDCX a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether CoinDCX is a good crypto exchange to start trading with. In this article you will learn whether CoinDCX is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker CoinDCX
The CoinDCX exchange is a platform for spot, margin, and futures trading using cryptocurrencies and tokens. CoinDCX’s clients have access to Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Ripple, AAVE, NEO, PAX, and many other assets. Only Indian rupees are represented as fiat currency. The leverage for the spot is x6 and x20 for margin trading. Fees for trades are determined by the volume of trades. The largest fee is 0.1% for taker/maker. The exchange offers several options for investing in cryptocurrencies, including staking and lending in addition to cryptocurrency trading. There is a referral program with fixed payments for each partner. An exchange feature is its proprietary academy with an extensive database and guides, including video courses on cryptocurrency trading.
| 💰 Account currency: | Cryptocurrencies, INR |
| 🚀 Minimum deposit: | INR 100 |
| ⚖️ Leverage: | Up to х6 (spot), up to х20 (margin) |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, INR |
| 💹 Margin Call / Stop Out: | No |
CoinDCX Pros and Cons
👍 Advantages of trading with CoinDCX:
•the most popular cryptocurrencies and coins are present;
•significant leverage for spot and margin;
•simple and functional TradingView terminal;
•proprietary applications for mobile trading;
•low commission fees (up to 0.04/0.06% for maker/taker);
•several options for investing in cryptocurrency;
•Bug Bounty program with cash bonuses;
•high levels of security;
•funds kept in cold storage;
•referral program with fixed payments;
•an extensive database;
•lots of training materials.
👎 Disadvantages of CoinDCX:
•only Indian rupees are represented in the range of fiats;
•demo accounts are not available;
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for CoinDCX Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. CoinDCX offers traders the following conditions.
| 💻 Trading platform: | TradeView |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, INR |
| 💵 Replenishment / Withdrawal: | Bank accounts, cryptocurrency, and e-wallets |
| 🚀 Minimum deposit: | INR 100 |
| ⚖️ Leverage: | Up to х6 (spot), up to х20 (margin) |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, INR |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | n/a |
| ⭐ Trading features: | Only Indian rupees are among fiats, low commissions, investment programs with deposit protection, a referral program with one-time payments, moderate leverage |
| 🎁 Contests and bonuses: | Yes |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of CoinDCX commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
A commission is charged for each trade. By default, commissions are calculated as a percentage of the volume of the transaction currency quoted. Some pairs allow the commission to be calculated based on the base currency of the transaction, which can be specified at checkout using the "commission currency" option.
Its value depends on your trading level. The level, in turn, is determined by the total trading volume for the previous 45 calendar days. The more you trade, the higher your trading level and the lower the commissions on your transactions. There are 10 levels in total. The taker and maker commissions are equal only on the first level (up to ₿5 traded in 45 days), and it is 0.1%.
Further, the commissions are reduced, for the maker it is faster. For example, at the fifth level, with a trading volume of ₿100-500 in 45 days, the maker's commission is 0.08%, and the taker's commission is still 0.1%. At the highest (tenth) level, with a trading volume of over ₿250,000 in 45 days, the commissions are 0.04%, and 0.06% for the maker and taker, respectively.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0.1% per application | Yes |
Investment programs of CoinDCX
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. CoinDCX offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The CoinDCX cryptocurrency exchange offers two investment options. The first option is lending. As a client of the exchange, you can provide your funds on credit to the platform to provide margin to other users. Since the funds don’t leave the site, they are completely safe, and you can withdraw your deposit at any time.
The minimum loan term is 7 days. The interest rate depends on the asset. Several dozen of the most popular assets are available for deposits, such as Bitcoin, Ethereum, Ripple, etc. Each asset has its own minimum deposit. For example, you cannot invest less than ₿3.05 into the program. The average interest rate is 1-10%.
It is not possible to withdraw the deposit for 7 days. Later, it can be withdrawn at any time along with the interest accrued. The deposit period is not limited, as well as the deposit itself. You don’t need to go through KYC verification to participate in the program (but it will be required if you want to withdraw more than ₿4).
Staking is the second investment option available to CoinDCX users. You make a deposit in the selected asset, which the cryptocurrency exchange directs to the development of a third-party blockchain project acting as the official partner of the site. All partners undergo a multi-level verification. The exchange has a reserve fund as an extra guarantee.
The estimated staking rate is 1-2% on average, but some programs can yield up to 20%. Each program has its minimum deposit, and there is no upper limit. The contribution period varies by program. Deposits are not blocked. The funds remain in your account; you can trade them and withdraw them. However, if the deposit reserved for staking on the account begins to decrease, payments will also naturally decrease.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
CoinDCX’s affiliate programs:
CoinDCX offers a fixed payout referral program. After registration, you get a partner link. You can copy it to your personal account and publish it on any site. Each user who follows this link and actively trades on the exchange will bring you ₮25 (USDT).
Neither the trader nor his invitee needs to undergo KYC verification. It doesn’t matter how much the referral will trade, immediately after the first transaction, he will provide you with an income of ₮25. However, this will not happen if the client of the exchange who invited the referral made transactions for less than ₿5 in total (transactions can be carried out in any cryptocurrency).
The number of referrals is not limited, the exchange client can invite any number of users to the site and get a reward for each of them.
Conclusion. Is CoinDCX good for beginners?
The CoinDCX cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, CoinDCX could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.