Review on Colodax by Pedro O. Alvino M.
Centralized exchange for Indian residents with admission to Fiat currency (INR)
Developed to provide cryptocurrency trading services for residents of India, it has a high processing engine in the transactions on the exchange, in conjunction with daily monitoring on the exchange, to ensure the central system of the exchange is secure.
Its design is basic, where anyone can understand the operation of the exchange interface, in addition, it allows customizing various interface tools in a way that is more comfortable for the operator, where all orders are processed in seconds and without delays.
One of the few exchanges that Fiat supports, in this case INR, with the possibility of exchanging with cryptocurrencies such as bitcoin and Ethereum, the exchange's bank transfer system allows deposit and withdrawal mechanisms to be carried out quickly with a lower cost. , facilitating the trading mechanisms of crypto assets with Fiat currency.
In terms of accessibility, this is a negative point since it requires an identity verification to be able to access the platform, so that it limits some users since most of the operators limit themselves to proceeding with said verification.
Pros
- Offers a customizable trading system with high execution of buy and sell orders.
- Supports both crypto assets and Fiat currency (INR).
- It has a mobile version for android and iOS.
- It has an excellent affiliate program.
- Applies two-factor authentication and cold storage for the wallet section.
Cons
- KYC verification is required to use the platform.
- Very few currencies listed.
- High withdrawal fee costs on some listed crypto assets.
- The intervention of a third party is required to transfer INR currency from the mobile application.
