We are announcing a long standing update to our INR Deposit/ Withdrawal system system.
Since we launched INR Deposits and Withdrawals on CoinDCX, the Indian cryptocurrency community has responded with much love and enthusiasm. We have witnessed a steady rise in trade volumes and new user sign-ups.
Your support and love kept the momentum rising at CoinDCX.
For the past few weeks, we have been rolling out one update after another. Charging a fee on INR deposits/withdrawals is among one of the long standing updates to the system.
Considering that there is a cost that is incurred on depositing/withdrawing INR between peers' bank accounts, we are introducing a fee on INR withdrawals.
On account of this,
INR deposits to CoinDCX continue to be completely FREE OF COST and we are introducing 0.20% or ₹10 flat fee (whichever is higher) on INR withdrawals. This update goes live on December 14, 2018.
CoinDCX has been constantly at the forefront among Indian cryptocurrency exchanges when it comes to processing INR deposits and withdrawals. We are working to constantly improve and simplify the process, making it faster and more effective.
How does it work?
If you place a withdrawal request for ₹2000, the withdrawal fee charged will be a flat fee of ₹10. If you calculate 0.20% it comes to ₹4 and comparing it with the flat fee, the flat fee is higher.
So you will receive ₹1990 in your linked bank account on withdrawing ₹2000.
If you place a withdrawal request for ₹5000, the withdrawal fee charged will be a flat fee of ₹10. If you calculate 0.20% it comes to ₹10 and comparing it with the flat fee, both are the same.
So you will receive ₹4990 in your linked bank account on withdrawing ₹5000.
This example shows us that, placing an INR withdrawal request of ₹5000 would be a better option rather than placing multiple INR withdrawal requests of smaller amount.
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