Colodax Review 2021 | Scam or Legit?

Estimated reading time: 8 minutes

In this article, we will review Colodax, an Indian exchange founded in 2017 by the team of CrypDates. It is the premier INDIA-based crypto trading platform, offering the fastest trade execution as well as reliable digital wallets. This exchange provides quick and direct INR deposits and withdrawals. Additionally, it also provides industry-leading security practices. This exchange aims to improve the blockchain industry through its innovative technology. Nitesh Agarwal is the CEO of the company.

Colodax Review: Summary

  • Colodax is the premier INDIA- based crypto trading platform, offering the fastest trade execution as well as reliable digital wallets. 
  • This exchange provides quick and direct INR deposits and withdrawals.
  • You can’t begin trading on Colodax without KYC verification. 
  • Deposit and Withdraw INR easily on Colodax.
  • The Limit order is available on Colodax. You have to set a limit price in this type of order.
  • Every trade is charged on the basis of your Tier.
  • Colodax does not charge any fees for deposits, but you will be charged a standard transaction fee for certain coins.
  • Colodax does charge a withdrawal fee, which is competitive. 
  • There are no fees for INR deposits and withdrawals.
  • The listed coins and tokens are as follows: BAT, BTC, ETH, XRP, LTC, BCH, NPXS, XLM, USDT, ZRX, TRX, OMG, and KNC.
  • You can optimize your trading experience with Colodax’s mobile app.
  • CrypDates has made it effortless to keep a tab on your entire portfolio across multiple exchanges. It also lets you compare the prices of cryptocurrencies. 
  • Colodax leverages a flexible, multi-stage wallet strategy to make sure that most of the funds are stored in the cold storage.
  • Connect with Colodax by emailing them at [email protected] or submitting a ticket at their support.

How to get started on Colodax? 

Get started with Colodax
Get started with Colodax

Step 1: Create an account on Colodax

  1. Visit the Colodax website.
  2. Press the ‘Sign Up’ button. 
  3. Enter your email address and set a strong password.
  4. After this, you will receive an email containing the verification code. Enter this verification code for verifying your email address.
  5. You can utilize these new credentials to log in on Colodax.

Step 2: KYC on Colodax

You can’t begin trading on Colodax without KYC verification. You need to submit the following: 

  1. Phone number
  2. PAN card details
  3. AADHAR card details
  4. Bank proof
  5. A selfie that consists of the written message ‘Colodax KYC’

Colodax: INR Deposit (Using IMPS/NEFT/RTGS)

  1. Visit the ‘Deposit’ page after you have logged in. There you will find Colodax bank details.
  2. After this, you have to add a beneficiary into your bank account with Colodax’s bank account details. 
  3. The next step is transferring money to Colodax’s bank account from your banking app or portal. Simultaneously, you also have to enter your mobile number in the remarks while you make the transfer.
  4. When the transfer is completed, you must note down the payment reference ID or transaction ID received from the bank.
  5. The reference ID for IMPS starts with 0 and is a 12 digit number. 
  6. The reference ID for NEFT/RTGS is a 16 digit alphanumeric like <5 character bankinitials><11 digits>.
  7. Lastly, you have to create a Deposit INR request on Colodax with the payment reference ID and amount. You must enter the correct payment reference ID and amount.
  8. This is all it takes. After this, you should have the INR deposit into your wallet. 

Minimum Deposit on Colodax (Crypto and INR)

Colodax Minimum Deposit
Colodax review: Minimum Deposit

Colodax INR Withdrawal

To withdraw INR from Colodax, follow these steps given below:

  1. Begin by logging into your Colodax account
  2. Proceed to the ‘Withdrawal’ page. 
  3. After this, select the INR tab.
  4. Fill in the amount that you intend to withdraw and click on the ‘Withdraw’ button.
  5. Your money is on its way.   

Colodax Fees

The following image shows the Colodax fee structure.

Colodax Fees
Colodax Fees

Colodax Trading Fee

Colodax charges trading fee on the Tier basis. The default tier for all the users is Tier0. Fees are only applied to the filled trades. The fee is calculated in the following way: trade amount * trade price * <fee% based on Tier>.

Colodax Review: Trading Fee
Colodax Review: Trading Fee

Colodax Deposits Fees

Colodax does not charge any fees for deposits. However, you will need to pay the standard blockchain transaction fee.

Colodax Withdrawals Fees

Colodax aims to provide the lowest withdrawal fees and fastest transactions. Despite this, every coin has a network transfer fee that is built into it. Sometimes, these fees can be extremely high due to network congestion. Hence, Colodax has to charge a fee so that your transaction isn’t pending on the blockchain. Check out the table given below for the withdrawal fee per transaction.

Colodax Review: Withdrawal Fee
Colodax Review: Withdrawal Fee

The fees given above are subject to changes based on network congestion regularly. 

Colodax Fiat deposits and withdrawals Fee

There are no fees for INR deposits and withdrawals. You must check with your bank as it may charge a fee for sending IMPS/UPI. 

Colodax Review: Supported Cryptocurrencies

Colodax only has INR markets. This means every coin listed on Colodax is traded against INR. The listed coins and tokens are as follows: BAT, BTC, ETH, XRP, LTC, BCH, NPXS, XLM, USDT, ZRX, TRX, OMG, and KNC.

Colodax Supported Cryptocurrencies
Colodax Supported Cryptocurrencies

Colodax Mobile app

You can optimize your trading experience with Colodax’s mobile app. It provides numerous trading tools and features which helps you trade crypto on mobile. You can go ahead download the app by clicking on the links given below: 

Use IFO102589090270 referral code to get a discount on the fee.

Colodax mobile app
Colodax mobile app

CrypDates mobile app

Don’t miss your price ever again, and stop being disappointed for not trading at the right time. Now, get all the data in one place. CrypDates (The parent company of Colodax) has made it effortless to keep a tab on your entire portfolio across multiple exchanges. It also lets you compare the prices of cryptocurrencies. 

You can compare the prices of 1000+ cryptocurrencies here. CrypDates gets you connected with more than 120+ top cryptocurrency exchanges. Every 30 seconds, live currency data gets updated. 

Download the CrypDates mobile app by clicking on the following links:

CrypDates mobile app
CrypDates mobile app

Colodax Review: Security

Colodax exchange applies the most effective and reliable security technologies available. Colodax leverages a flexible, multi-stage wallet strategy to make sure that most of the funds are stored in the cold storage. Additionally, it also enables two-factor-authentication and offers a host of security features. Colodax intends to protect the users at every step. 

Colodax Review: Customer support

Connect with Colodax by emailing them at [email protected] Additionally, you can also submit a ticket at their support.

Colodax Review: Conclusion

Colodax is a secure platform with bank-like security. The fees here are relatively lower. Colodax offers liquidity and a simple user interface. New and intermediate trades are able to indulge and enjoy several aspects of this platform. 

Frequently Asked Questions

Which fiat currencies does Colodax accept?

Colodax only accepts INR as of now. It may accept other fiat currencies in the future.

Is trading without KYC registration allowed on Colodax?

No, you can’t begin trading on Colodax without KYC verification. You will have to give relevant information to complete the basic KYC verification. 

Which cryptocurrencies are supported by Colodax?

The listed coins and tokens are as follows: BAT, BTC, ETH, XRP, LTC, BCH, NPXS, XLM, USDT, ZRX, TRX, OMG, and KNC. There are no Crypto to Crypto markets on this exchange. Every coin listed on Colodax is traded against INR.

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