CoinDCX is one of the best platforms in India to buy, sell and trade cryptocurrencies while engaging in other services offered by the platform. This article will see what Binance and CoinDCX are and how to withdraw from CoinDCX to Binance. We will also understand the pros and cons of transferring the funds and why many traders would like to go for Binance over CoinDCX.
Table of Contents
- Binance is the largest exchange in terms of the daily trading volume of cryptocurrencies globally. It has many features that contribute to its popularity.
- CoinDCX is an Indian cryptocurrency exchange platform that is the first Indian exchange to join the crypto unicorn club. It has low trading fees and high liquidity.
- Withdrawing funds from CoinDCX to Binance is an easy process.
- Binance is good for global trading and eliminates the possibility of the slow interface while in peak hours.
What Is Binance?
Binance is a popular cryptocurrency exchange platform founded by Changpeng Zhao in July 2017. It is the largest exchange in terms of the daily trading volume of cryptocurrencies globally. In addition, it is primarily known for its crypto-to-crypto trading, i.e., trading between two cryptos.
Read our Binance Review to know more.
Several of its features are:
- It is among the exchanges with the lowest transaction fees and offers one of the highest liquidity in the market.
- It offers traders a certain discount who opt to pay in the native BNB cryptocurrency tokens.
- Binance has many tokens to trade with.
- It has more than 500 coins to start trading, including coins and tokens such as Bitcoin, Litecoin, Ethereum and its own BNB tokens.
- It offers several other advanced services like listing, fundraising and delisting or withdrawal of cryptocurrencies.
- It is pretty fast and can process around 1.4 million orders per second.
- Efficient and faster Interface.
What is CoinDCX?
CoinDCX is an Indian cryptocurrency exchange platform. After the recent rounding of funds, it became the first Indian cryptocurrency exchange to be valued at over $1 billion, making it join the crypto unicorn club.
CoinDCX allows users to buy/sell and trade in digital currencies such as Bitcoin, Litecoin, Ripple, Ethereum, and many other altcoins. Features such as low trading fees of 0.1%, unlimited liquidity, and a powerful wallet system make CoinDCX one of India’s most popular exchange platforms. It is also the safest exchange platform in India, where the coins are stored in cold wallets with two-factor authentication and withdrawal confirmation.
For the ease of trading, CoinDCX has launched a mobile application called CoinDCX Go, where traders can buy and invest in crypto at zero fees. The app is specifically designed for new traders.
Read our CoinDCX Review to learn more.
How to withdraw funds from CoinDCX to Binance
Follow these steps to withdraw money from CoinDCX to Binance effortlessly.
Step 1: Go to the fund’s page on Binance.
Step 2: Look for the crypto you want to deposit.
Step 3: Select the cryptocurrency.
Step 4: Click on the DEPOSIT button beside it. A screen will appear with the address of your Crypto wallet.
Step 5: Copy the address of your crypto wallet on Binance and paste it into the destination address field in CoinDCX.
Step 6: For the destination address field in CoinDCX, go to the portfolio page of CoinDCX.
Step 7: Select the coin you want to withdraw or transfer, click on the send button. After clicking, a window will appear.
Step 8: Paste the cryptocurrency’s wallet address that you copied from Binance.
NOTE: Make sure you cross-check the network you’re using, if you send funds to a different network you might lose your funds forever,
Step 9: Then, enter the number of coins you want to send.
Step 10: Click on SEND to receive an OTP on your phone.
Step 11: Enter the OTP for the first verification. After this, you will receive another confirmation mail on your mail ID that is registered with CoinDCX.
Step 12: Go to your mail and verify the transaction by checking the amount and the address.
Step 13: Click on the ‘Confirm Withdrawal Request’ option after verifying the amount and address.
Step 14: After this, you will initiate the request, and once the confirmations are completed, your Binance wallet will be credited with the coins you have transferred.
Why Choose Binance?
Binance is a centralized exchange platform that offers a wide variety of coins. For example, Bitcoin, Bitcoin Cash, Bitcoin Gold, EOS, Litecoin, Ethereum, Ethereum Classic, Dash, NEO, GAS, Ripple, Zcash, and many more. Hence, Binance is the better option for traders wanting to do high-volume trading.
In addition, Binance is made for traders who are relatively familiar with the crypto world and are ready for advanced trading. Binance has positive reviews regarding the efficiency of rush hour working. In addition, it has fast servers with low transaction fees. One of the main reasons traders switch to Binance is that the Indian bank refuses services to exchanges due to legality issues.
Pros and Cons of transferring funds from CoinDCX to Binance
|Binance is a much better option for carrying out worldwide trading as it is a global platform.||Their withdrawal charges are higher.|
|Multiple cryptocurrencies to exchange and trade.||The platform is for experienced traders.|
|Low crypto transaction fees.||Sometimes slow customer service.|
|Advanced trading and other services.|
|A practical framework for peak hours.|
|Provides benefits by using its native token.|
|No worries about the bank.|
Conclusion: Withdraw from CoinDCX to Binance
Transferring or withdrawing funds is a straightforward process, but traders should consider their needs first. Binance gains its traffic through advanced services for experienced users. The users curious about high volume trading and low transaction fees want to transfer their funds to Binance because Binance is among the exchanges with all-time low transaction fees.
Additionally, it provides a good array of advanced services aside from trading but is a global exchange platform and charges higher withdrawal fees. Therefore, users should see to their needs then transfer their funds accordingly.
Frequently Asked Questions
Q. Can I start transferring funds to Binance from CoinDCX if I’m a beginner?
A. You can easily perform trading but if you don’t have experience in this field, you might lose a bigger amount of your money. Therefore, it is advised to first gain experience to be safe from any predictable losses.
Q. Can I transfer funds from CoinDCX without KYC?
A. Yes, you can perform trading without KYC verification on CoinDCX. However, there are a few limitations. For example, users can withdraw or deposit an amount of INR 10,000 without KYC. However, any further growth in the amount will need KYC.
Q. Is CoinDCX a genuinely safe platform?
A. Yes, every transaction of withdrawals and deposits is safely executed. The transfers are done with complete transparency. The platform makes sure there is no hassle or issues during the trade.
Q. Does CoinDCX apply any hidden charges?
A. The hidden charges are 0.1% of what you are trading; this fee is called the takers’ fee or makers’ fee.