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About Defyclub

What is Defyclub?

Defyclub is a Cryptocurrency exchange with an advanced trading interface and features to Buy & Sell. It's an exchange with a Live Open Order Book system that lets you trade digital assets like Bitcoin, Ethereum, XRP, TUSD & many more.

You can Buy/Sell cryptocurrencies with amazing ease and speed, as well as securely store your digital assets in your Defy app.

Is Defyclub safe?

At Defyclub, we consider security the most important aspect of our platform as well as our organization. All your information is completely safe with us. We use the same security software for both our Crypto-Wallets and Identity Management.

We provide a seamless experience to trade and convert cryptocurrency, digital currency, by integrating with reliable and secure buying & selling in the cryptocurrency market and helping our customers get the best rates while ensuring their security.

How is Defyclub useful to me?

Defyclub lets you Buy and Sell cryptocurrencies at, anytime, anywhere in seconds with a minimal transaction fee, one of the lowest in the market.

What is the time taken for an order to be executed on Defy?

Buy/Sell transactions are executed almost instantly on confirmation. But in case the transaction does not reflect in your order book, we suggest you wait for at least 30 minutes.

Getting started with Defy

How can I get Defy?

The first thing you head over to google play-store, search for Defyclub & hit the download button.

What is the minimum age requirement to sign up & trade on Defyclub?

Any person above the age of 18, having documents and details such as PAN Card, Aadhar Card, and Bank account is eligible to create an account and trade on Defyclub.

How do I sign up on Defyclub?

The first step in the sign-up process is to enter your Phone number, after which you will receive an OTP, enter OTP & hit Next.

The second step in the sign-up process is to set a 4-digit PIN for your Defy app & re-confirm the same and voila!

Can I have multiple accounts on Defyclub?

No, you can create only one account with the registered email and mobile number.

Can I create a new account with the same set of KYC documents?

No, you can only have one registered Defyclub account with a set of KYC documents.

KYC and Verification

What is KYC? Why is it required?

KYC stands for Know Your Customer. Here we ask you for a few details like your relevant identity documents to know you better.

1. It is the means through which ensures that each individual on our platform is a genuine user. This enables us to identify & verify each user to protect the interest of our entire user base.

2. This is done to prevent money laundering, fraudulent transactions, and criminal activity.

3. Money laundering typically happens unbeknownst to the financial authority whose platform is being used for such activities. With KYC online verification and offline KYC authentication in place, banks can catch any potential money laundering rings.

What is the complete list of documents required for KYC Verification?

You will need to submit the following documents to complete your KYC.

1. Tax ID Verification: PAN Card

2. National ID Verification (Front and Back) *: Aadhaar Card / Passport

How much time will it take to complete my KYC process?

Your KYC can be completed in less than 5 minutes, provided the shared images are of higher quality for us to verify.

Also, please ensure the name on the Defyclub account should be the same as the name on the provided KYC documents.

Can I complete KYC process without PAN?

Unfortunately, NO. PAN Card is a mandatory document for completing your KYC process with Defyclub.

How to complete KYC on Defyclub?

Kindly click on the Profile icon at the bottom of the screen, click on User verification to start your KYC process.

Why cannot I upload documents from phone gallerias OR folders?

We at Defyclub believe in maintaining utmost security and transparency on our platform and, because these images can be forged, we do not allow to upload documents from the galleries OR folders.

Hence, we request you to click an image of the hardcopy of your document & upload them to complete your KYC.

How long does it take to modify KYC details?

An account once made with Defy cannot be edited OR modified, because we do not allow modification of the KYC details if your KYC is partially complete OR completely approved.

My KYC is in pending state

If all your KCY documents are in compliance with the given instructions on the app then they should be processed in a few minutes. And if there happens to be any lack of information, your KYC will be rejected and you will receive a message explaining the rejection reason.

So, we suggest you wait for at least 24 hours to know the clear status of your KYC, if it is still in a pending state, you can raise a ticket OR chat with our customer success team.

Why was my KYC rejected? How can I know the reason?

Some reasons as to why your KYC may have been rejected are:

1. You are uploading the softcopy of the documents which are not allowed. Hence please click a picture of your document on the spot and upload the same.

2. The images uploaded may be blurry, so try uploading a clear photo of the documents.

3. The name on your Defy account does not match the name on your KYC documents that you've uploaded.

4. The selfie uploaded might be a live picture OR not clear OR might not match the image on the documents.

5. Name and Date of Birth (DOB) entered do not match with the documents submitted/uploaded.

So, please make sure you follow all of the above guidelines to get your KYC completed. You will receive a message from us explaining the KYC rejection reason.

Bank Accounts and Verification

How do I add a Bank account on Defy?

You will have the option of Adding a Bank account on Defy during the sign-up process, if you choose to SKIP then, you can go to the Profile button on the bottom of the screen & click on Bank details to add a new bank account.

How to complete my bank account verification?

The Bank Verification on Defy is a completely automated process. Enter the Bank Account number > Re-confirm > Enter ISFC Code > Choose account type and hit submit.

Your Bank Details will be verified instantaneously on the app.
If any of these details are missing, the Bank Verification fails and we will notify you of the reasons for the failure. You have to reinitiate the process.

Deposits and Withdrawals

How can I deposit INR to my Defy account?

Important update: Bank Transfer or Net Banking is currently unavailable due to an issue at the partner's end. Please use the UPI feature to deposit funds into Defy.

You can deposit INR on Defy account by clicking on the Portfolio tab, you see the option "Add Funds" below your profile page.

You can directly deposit your funds using the net banking feature OR you can use the UPI feature to deposit funds to your Defy account.
{UPI ID must be verified by Defy before you make a deposit, any deposits via non-verified UPI/VPA will move to pending status, contact our support team for assistance}

Note - Deposits using the Normal standard payment method might take as long as 6 hours to be processed and reflected on your Defy wallet.

Can I deposit using a debit/credit card?

As of now, we do not accept deposits via debit/credit cards

Are there deposit fees?

Good News! Nope, we do not charge any deposit fees.

How can I withdraw INR?

Follow the steps below to withdraw INR from your Defy account :
Log in to the Defy app
Go to Profile
Select Withdraw Funds
Enter the preferred amount to withdraw
Confirm withdrawal process

What is the maximum/minimum INR withdrawal limit?

Withdrawal limits on Defy are as per the following.
Minimum: INR 100
Maximum: INR 1,00,000 per day

Is there any fee for INR withdrawal?

No, we DO NOT charge any fee for INR withdrawals.

Cryptocurrency, Blockchain, and Exchange

What is a Cryptocurrency?

Cryptocurrencies are decentralized digital assets operating on blockchain technology. There are more than 5000 cryptocurrencies out there today, but Bitcoin was the first-ever cryptocurrency launched.

What is Blockchain?

A blockchain is a database i.e., a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in a way that is decentralized so that everyone can access all the information from anywhere. This makes it tamper-proof and distributes control over everyone.

What is an exchange?

Cryptocurrency exchanges work as platforms to connect buyers and sellers of cryptocurrency-based assets. Just as with stock exchanges, they include listings of the price of various cryptocurrencies. But in contrast to stocks, cryptocurrencies may be priced both with respect to fiat currencies as well as other cryptocurrencies.

Is cryptocurrency legal in India?

There are no laws that prohibit (or allow) trading in crypto since they can be traded online within the country, cryptocurrencies are digital currencies and are valid as an asset class in India.

Is Cryptocurrency an investment or a currency?

Cryptocurrencies such as Bitcoin are digital currencies not backed by real assets or tangible securities. They are traded between consenting parties with no broker and tracked on digital ledgers. Due to the increasing value created by market forces, certain cryptocurrencies are perceived to be potential investments.

What is cryptocurrency mining?

Mining is the process by which new cryptocurrencies are entered into circulation; it is also the way that new transactions are confirmed by the network and a critical component of the maintenance and development of the blockchain ledger.

Why should I get involved with cryptocurrencies?

A common reason to invest in cryptocurrency is the desire for a reliable, long-term store of value. Unlike fiat money, most cryptocurrencies have a limited supply, capped by mathematical algorithms. This makes it impossible for any political body or government agency to dilute its value through inflation.

How is the price of Cryptocurrency determined?

The most effective way the price of a cryptocurrency coin is determined is by its demand. Heavy demand from buyers will push the value of a digital coin upwards. Conversely, if a coin has a high token supply with little demand, then its value will drop.

How secure is cryptocurrency?

Cryptocurrencies are usually built using blockchain technology. Blockchain describes the way transactions are recorded into "blocks" and time-stamped. It's a fairly complex, technical process, but the result is a digital ledger of cryptocurrency transactions that is hard for hackers to tamper with. In addition, transactions require a two-factor authentication process. For instance, you might be asked to enter your PIN to start a transaction. Then, you might have to enter an authentication code that is sent via text to your personal cell phone OR via email.

Is crypto dangerous?

Investments are always risky, but some experts say cryptocurrency is one of the riskier investment choices out there, according to Consumer Reports. However, digital currencies are also some of the hottest commodities.

Buy/Sell Crypto

What is the minimum amount with which I can start investing in Defy?

The minimum investment amount on Defy Club is 100 INR.

How to cancel my buy/sell order?

After the trade has been confirmed & executed, there is no option to cancel the transaction.

Does Defy charge a transaction fee?

Defy charges a service/transaction trading fee of a flat 0.25% when you sell or buy coins and baskets. The fixed trading fee of 0.25% is one of the lowest in the market.

TDS on Crypto Trading

What is TDS?

TDS stands for Tax Deducted at Source, as per the Income Tax Act, it is a tax paid by an individual or entity to the central government for certain payments like salary, commission, transaction, etc...

TDS has to be deducted at the rates prescribed by the tax department. The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deducted.

What is 1% TDS on virtual digital assets?

As per revised Income Tax regulations, Effective 1 July 2022, 1% TDS is applicable on the sale/transfer of virtual digital assets (VDA/crypto) as per Section 194S of the Finance Act 2022.
Personal selling of crypto-assets will be subjected to 1% TDS, which will be deducted from the sell value of their crypto asset.

If you sell Bitcoin for INR 10,000, a TDS of 1% is deducted and paid on your behalf to the government. TDS is deducted after charging a transaction fee.

Here's a quick example for you to understand:

Sell value INR 10,000
Defy fees (0.25% of 10,000) = INR 25
TDS applicable (1% of (10,000 - 25)) = INR 99.75
You'll receive INR 10,000 - (25 + 99.75) = INR 9,875.25

When will the 1% TDS be applicable on Defy?

1% TDS will be applicable Effective starting 1 July 2022 on Defy.

Is 1% TDS compulsory on virtual digital assets?

Yes, as per revised Income Tax regulations, 1% TDS is compulsory on all sell transactions of cryptocurrencies.

To whom is 1% TDS paid too?

Your 1% TDS is paid to the Government of India on behalf of you in adherence to the new crypto taxation rules for 2022.

Who will be accountable to deduct 1% TDS?

Defy shall deduct the 1% TDS amount when the transaction is executed. The remaining amount will be deposited into your bank account after deducting the applicable exchange transaction fees.

Where and when will the 1% TDS be applicable?

1% TDS is applicable only on the sale transaction of a cryptocurrency on the Defy platform.

Is 1% TDS applicable on all sell transactions?

1% TDS treatment applies for selling individual tokens/coins and baskets of cryptocurrencies, TDS is separately deducted for each sell order executed on our platform.

Where can I see my TDS deductions?

Before executing the sale of a crypto asset, you will see the details below:
1. Selling price of the token
2. Order value
3. TDS(%)
4. Exchange fees
5. Final receivable amount

To view transaction details on individual orders:
1. Go to “Orderbook” on your Defy App
2. Click the order you'd like to view

Will Defy issue any invoice/certificates on TDS deductions?

Defy will provide its users a detailed invoice with a break-up of amounts deducted, that includes TDS and fees for each sell order that is executed on our platform.

What happens to the deducted TDS?

Defy will remit any amount collected as TDS at the time of trade execution with the tax authorities on behalf of the user.

Is 30% Tax applicable if I've paid 1% TDS on virtual digital assets?

Yes, you will have to pay the 30% tax on gains that have resulted from selling crypto assets along with the 1% TDS.

How do I claim a TDS refund?

The deducted TDS amount may be claimed as a refund while filing ITR for the financial year if income tax payable is less than the TDS deducted.

Please contact your CA or a tax expert to know more. You can also refer to this link to learn more: Income Tax Dept.-File TDS Return

Where can I learn more about TDS on crypto/ virtual digital assets?

You can refer to the Financial Bill 2022 For all other queries on taxes, please refer to the official website Income Tax Department of India

Contact Us

Get In Touch

Via our in-app `Talk to us` option listed under Profile
Write to us at support@defy.club
Call us at +91 80507 35081