How to withdraw funds from CoinDCX Crypto Investment App

Introduction

Ever since billionaire Elon Musk’s electric vehicle company Tesla Inc invested in the world’s largest crypto- Bitcoin, leading crypto coins such as Ethereum, Dogecoin, and Bitcoin have caught the attention of the bigger investors as well as the common man. That along with the mass adoption of the crypto space in 2018 has been a journey for the sector and investors alike.

With the continuous growth of interest in the crypto asset class, and the extensive number of projects that are being worked upon by the crypto community, the Indian Government finally took a stand to look into the ‘digital asset class’. As the crypto ecosystem has been a subject of interest for the institutions and the Indian Government, there have been a lot of procedures that are being set. A huge part of it is the different modes of fees that users have to pay along with the recent development on 1% TDS that is applied to transactions on digital assets since July 2022.

Moreover, the bear trends in the crypto space has also created a lot of FOMO among investors. With the crypto market crash and Celsius, then Genesis halting their withdrawal services, users are leaning more on transferring their assets to fiat.

CoinDCX, being the consumer first brand, has worked around offering a very transparent fee structure, making it a favorite among traders. To understand the different forms of fees you might face, read CoinDCX fees structure to explain everything in detail.

How to withdraw funds from CoinDCX Crypto Investment App

Deposit and Withdrawal Fee

Deposits of INR into your CoinDCX wallet can be done viaIMPS or NEFT / RTGS by using the Bank Transfer option. CoinDCX, as an exchange, does not charge any deposit fees on INR deposits. However, it is mandatory for users to complete their KYC and BAV in order to avail INR deposit or withdrawal facilities.

On the other hand, there is no withdrawal fee in CoinDCX for withdrawing INR amounts. 

For more guides on INR deposits on CoinDCX, here is a detailed FAQ.

Dynamic Fee Structure

A new offering from CoinDCX, Dynamic Fee Structure is a tier-based transaction fee module wherein an individual’s transaction fee will depend on their previous 30-day INR transaction volume.

For example, if your total INR trading volume from 2nd to 31st August, 2022, i.e. for 30 days, is INR 7,00,000, then the transaction fees applicable for you on 1st September 2022, will be 0.4%, i.e., Level 2 of the Dynamic Fee Structure.

You can check more segregations on fees, here.

Crypto to INR Withdrawal from CoinDCX

Any transactions that are being made to transfer Crypto into INR will be applicable for the 30% tax, as per the revised Government rules during the Union Budget 2022. However, the tax is levied on the profits made in any asset investments.

Please Note: CoinDCX and CoinDCX Pro apps will not be deducting the taxed amount from your withdrawals. They will be coming under the individual’s taxed income.

Know more on deduction of 1%TDS on Crypto – CoinDCX App. 

Know more on deduction of 1% TDS on Crypto – CoinDCX Pro App.

As per Government regulation, a 30% tax is applicable on your Crypto gains. But this tax along with the overall income tax payable based on your other sources of income can be adjusted with the TDS deducted.

You can also file for a TDS refund based on your income slabs, for more detailed information visit Income Tax India – File TDS Return.

1% TDS on Crypto – Simply explained with Infographics

Can I withdraw ₹100 from CoinDCX? 

Yes, CoinDCX allows withdrawal of ₹100. Withdrawal limits on CoinDCX are as per the following.

Minimum: INR 100

Maximum: 100% of the User’s balance

Crypto to Crypto Withdrawal from CoinDCX

As a compliant community, to negate all possibilities of a hindrance to the customers, CoinDCX has put a hold on their services of withdrawing crypto assets. The team at CoinDCX are working dedicatedly with relevant authorities to get regulatory clarity in order to enable crypto transfers in the most compliant way.

Once the service is ready to work without any possible blockers, CoinDCX will be lightning-fast in sending you the news! For further information, you can reach out to your CoinDCX Relationship Manager or raise a ticket at Support.

Debunking Myths around CoinDCX Withdrawals

The crypto community is very understandably confused with so many institutions halting their withdrawal activities. However, being able to serve the crypto community of India with a customer-first approach, CoinDCX will not take a decision without keeping the customer’s experience in mind.

• CoinDCX will never stop any of their services without giving the customer enough time to understand what the step is and why they are being taken.
• CoinDCX is very transparent with all its activities. Be it funding or new fee offerings.
• CoinDCX has NOT stopped their withdrawal services. The crypto to crypto withdrawals are on hold to negate any complications that may or may not come post the government’s decisions. This is also to safeguard customer funds from transactions that are not KYC verified.

@CoinDCX Impressed by the withdrawal process amidst all the ruckus going around FTX. Received funds within 2 mins of withdrawal request placed👍🏻

— Harsh Rathod (@harshrathod07) November 17, 2022

• CoinDCX has zero exposure in all the incidences that have been taking place in the crypto community. Rest assured, the safety of the users’ funds is the most important aspect.

Read more about the conversation: Live Crypto AMA with Sumit Gupta, CoinDCX

Proof of reserves initiatives

A Proof of Reserve audit is nothing but at an exchange employing the services of a third-party crypto auditor to ensure that it has assets on its balance sheet and balances the customer holdings. This is carried out in a cryptographic manner in a process called ‘Merkle tree’ technique.

Ever since the post by Binance’s Chanpeng Zhao calling for crypto exchanges to publish audited reports of their Proof-of-Reserves – crypto exchanges all across the world have been hurrying to do their own due diligence and create their reports. Several exchanges have even published their own reports to stay ahead of the curve and align to the trend.

Click here to read Sumit’s opinion on Proof of Reserves.

For the last few days, @CoinDCX team has been working with @nansen_ai to publish our proof of reserves. It’ll have all the details including the addresses that the community is asking for. Be assured that we’re on top of this and is planned to be published early next week.

— Sumit Gupta (CoinDCX) (@smtgpt) November 19, 2022

FAQs