Why is PAN and Aadhaar required for KYC verification?
As a regulated financial platform operating in India, FirstDex is mandated by the Government of India’s Financial Intelligence Unit (FIU) and other relevant authorities to perform Know Your Customer (KYC) checks. This process is essential for:
Compliance: Adhering to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Security: Protecting your account from fraud and unauthorized activities.
Taxation: Ensuring proper reporting of transactions as required by tax laws (e.g., TDS).
Your PAN card is primarily used for identity verification and tax compliance, while Aadhaar is often used for address verification.
Data Security:
All your personal data, including your Aadhaar and PAN details, are encrypted and stored securely with the highest industry standards. We do not share your information with any third parties except as required by law. Your privacy and data security are our top priorities.
My KYC was rejected. What are the common reasons?
If your recent KYC submission or re-submission has failed, common reasons include:
Name Mismatch: The name on your submitted documents (PAN/Aadhaar) does not exactly match the name associated with your bank account or what you entered.
Document Clarity: Blurry or unreadable images of your documents.
Invalid ID: Expired or unrecognized ID document.
PAN Card Not Recognized: Your PAN card may not be recognized in the central database.
Bank Account Name Mismatch: The bank account linked is not in your name.
What to do:
If all the details you provided are correct, please re-initiate your KYC with clear photos of your ID documents.
Our team will manually review your documents and provide an update within 2-4 business hours, guiding you through any further steps required to complete your verification successfully.
Why is TDS (Tax Deducted at Source) applied to my transactions?
As per the Government of India’s regulations (specifically Section 194S of the Income Tax Act), a 1% TDS is applicable on all crypto transactions that involve buying or selling of crypto assets.
How it works:
This deduction is mandatory and is collected at the source of the transaction.
The deducted TDS is reported to the Income Tax Department under your PAN.
And You can claim it while filing your income tax returns.
We understand this might be new for many users, but it’s a necessary compliance measure for all crypto platforms operating in India.
How can I view my TDS reports or statements?
Currently, there isn’t an option within the FirstDex app to view a detailed breakdown of your TDS deductions directly.
How you’ll receive your TDS statements:
To ensure you have all the necessary information for tax purposes, we will be directly sharing your TDS statements with you via email to your registered email address every three months. This statement will provide a comprehensive summary of all applicable TDS deductions on your transactions.
Please ensure your registered email address is up-to-date to receive these timely statements.
How do I change my registered email address?
For the security of your FirstDex account, changing the primary registered email address requires a verification process to prevent unauthorized changes.
How to request a change:
To proceed with your request, please send an email to our official support email (support@mg.firstdex.in) from your current registered email ID.
In the email, please include:
Your current registered email address.
The new email address you want to set.
Once we receive and verify this information, we will process the email update, which usually takes up to 24 working hours.
Why are crypto withdrawals or peer-to-peer transfers not available?
The “Send” or peer-to-peer transfer functionality is currently restricted due to regulatory requirements in India.
Reasons for restriction:
As a registered platform, FirstDex operates under the guidelines of the Financial Intelligence Unit (FIU) and adheres to compliance policies laid out by the Government of India.
Enabling wallet-to-wallet transfers without full traceability could potentially violate these norms and expose users to risk.
Future updates:
If there are any regulatory updates in the future from the Government that allow us to enable this feature, we’ll notify you immediately through our official channels.
Does FirstDex have a referral program?
Currently, FirstDex does not have an active referral program or a “Refer & Earn” option available in the app.
Future updates:
We appreciate your enthusiasm and are always exploring ways to enhance our platform and offer new features. Should a referral program be launched in the future, we will certainly notify our users through official announcements.
Why does my wallet’s INR value change unexpectedly (Market Volatility)?
Your wallet’s INR value reflects the real-time market prices of your crypto holdings, which are subject to high market volatility. This means token prices can fluctuate rapidly, causing your INR value to go up or down even if your token quantity remains unchanged.
These fluctuations are a normal characteristic of cryptocurrency markets. Your funds remain secure, and no one can move your tokens from your wallet without your authorization
Why did my deposit fail or get stuck?
A deposit attempt might encounter temporary issues such as a payment gateway timeout or a stuck UPI transaction.
What to do:
Please try initiating the deposit again.
Ensure your internet connection is stable.
Use a supported UPI app.
Verify your bank account has sufficient funds.
If the problem persists, please raise a support ticket with payment gateway.
My deposit was successful, but the amount isn't reflected in my FirstDex wallet. What should I do?
If the amount was debited from your bank account but isn’t yet reflected in your FirstDex wallet, the payment gateway might be experiencing temporary server-side delays.
What to expect:
Amounts not instantly credited to your FirstDex wallet are typically refunded by payment gateway within 1–3 business days and should reflect in your bank account.
If the issue persists:
If the amount has not been refunded after 3 business days, please raise a support ticket with the payment gateway(Phone Pe, Paytm, and etc,.)
Why are there charges when I deposit funds?
The difference in the credited amount is due to standard payment gateway fees and a 1% platform fee applied on all deposits by FirstDex. These fees are charged by our payment partners and FirstDex to process your deposit.
Where to find details:
You can view the exact breakdown of the transaction, including any applicable fees, within your FirstDex app.
My withdrawal is delayed. When will I receive my funds?
Withdrawals typically take 24-48 working hours to process and reflect in your bank account. This timeline can vary slightly depending on your bank’s processing procedures and national banking holidays.
If the issue persists:
If it has been more than 48 working hours and the amount is still not credited, please reach us at support@mg.firstdex.in
Can I withdraw funds using UPI?
Currently, UPI functionality is supported for deposits only on FirstDex. Due to ongoing regulatory guidelines and compliance requirements in India, direct UPI withdrawals are not available at this time.
How withdrawals are processed ?
All withdrawals from FirstDex are processed directly to your linked bank account via standard bank transfers (NEFT/IMPS), which typically take 24-48 hours to reflect.
Future updates:
We are constantly evaluating new payment methods in line with regulatory frameworks and will inform our users immediately if UPI withdrawal becomes available in the future.
Why was less than the withdrawn amount credited to my bank account?
If the received amount is slightly less than expected, it’s typically due to the following:
Transaction Processing Fee and Platform Fee: A small transaction processing fee and platform fee might be applied by our payment gateway partners or your bank for certain types of withdrawals.
1% TDS (Tax Deducted at Source): As per Government of India regulations, a 1% TDS is applicable on all crypto to INR withdrawals. This is a mandatory deduction.
Where to find details:
You can view a detailed breakdown of your withdrawal, including any applicable fees or TDS, within your FirstDex app’s transaction history.
Are there any limits on withdrawal transactions?
No, FirstDex does not impose any daily or per-transaction withdrawal limits.
How it works:
You can convert your available crypto balance to INR and withdraw the full amount at any time.
Withdrawals are processed promptly, and the funds are typically transferred to your linked bank account within 24–48 working hours, depending on banking hours and reconciliation timelines.
There’s no need to split your withdrawal or request a limit increase — simply initiate the withdrawal from the FirstDex app, and we’ll handle the rest.
How do I change my linked bank account for withdrawals?
Currently, there is no direct option within the FirstDex app to change your linked bank account. For security and compliance reasons, this process requires a manual update.
How to request a change:
To change your registered bank account for withdrawals, please send a request to our official support email (support@mg.firstdex.in) from your registered email address, including:
Your current registered bank account number, IFSC code, and Branch.
Your new bank account number, IFSC code, and Branch you wish to link.
Our support team will review your request and process the bank account update within 24-48 working hours after successful verification. We may reach out for further details if necessary.
My deposit failed, but the amount was debited from my bank account?
Deposit failures can occur for various reasons, including issues with your bank’s server, incorrect UPI details, daily transaction limits, or network issues.
What to expect:
If the amount was debited despite the failure, such amounts are typically auto-refunded by your bank within 1-3 business days.
If the issue persists:
If you don’t receive the amount after 3 business days, please raise a support ticket at payment gateway and also you can reach us at support@mg.firstdex.in
What does "Insufficient Liquidity" mean during a swap, and why does it occur?
The “Insufficient Liquidity” message you encountered during your CrossSwaps and Swaps indicates that at the exact moment of your swap attempt, there wasn’t enough of the desired cryptocurrency available in the liquidity pools to complete your transaction at the quoted price.
This can happen due to several reasons:
Insufficient Funds for Gas Fees: This is a common reason, especially on networks like Ethereum or BNB Chain. When you attempt to swap your entire available balance of a token, the system might fail because there isn’t enough of the native currency (e.g., ETH for Ethereum, BNB for BNB Chain) left in your wallet to cover the necessary gas fees required to process the transaction on the blockchain. Swaps, like any blockchain transaction, require a small amount of the native network token to be paid as a fee.
High Demand: Many users trying to swap the same asset simultaneously, depleting the available supply in the pool.
Large Order Size: Your requested swap amount might be too large for the current depth of the liquidity pool.
Network Congestion: Temporary delays in data fetching from liquidity sources or the blockchain itself can cause the available liquidity to not be accurately reflected in real-time.
Recommendations:
Always ensure you leave a small amount of the native network token in your wallet to cover gas fees, especially when swapping a large portion or your entire balance of other tokens.
We recommend trying your swap again after a few minutes, as liquidity in these pools can fluctuate rapidly.
Consider splitting your larger swap into smaller transactions.
If the issue persists, please reach us at support.
My cross-chain swap is delayed. What are the potential causes and how can I track it?
Cross-chain swaps inherently involve interactions across distinct blockchain networks. While we aim for rapid processing, delays can occur due to factors such as:
Network Congestion: High traffic on either the source or destination blockchain (e.g., Ethereum, BNB Chain, and Solana).
Bridge Delays: The underlying bridging technology facilitating the inter-chain swap may experience temporary high load.
Validator Confirmations: Transactions necessitate multiple confirmations on both chains, which can extend processing time.
Transaction tracking:
You can typically monitor the transaction status on relevant blockchain explorers (e.g., SolScan for Solana, Etherscan for Ethereum, BscScan for BNB) by inputting the transaction hash obtained from your FirstDex app.
How do I perform a CrossSwap on FirstDex?
CrossSwaps enable the exchange of tokens across different blockchain networks, such as Ethereum, BNB Chain, and Solana, within FirstDex.
CrossSwap procedure:
Access the FirstDex App and navigate to the home screen.
Select “CrossSwap”: Tap the designated CrossSwap option on the dashboard.
Choose Native Tokens to Swap: Select the source token (ETH, BNB, or SOL), then choose the destination native token among the supported networks (e.g., SOL → ETH).
Enter Amount: Input the desired amount of the source token for the swap.
Review Swap Details: The application will display the estimated received amount and applicable network (gas) fees, based on the selected chain.
Confirm the Swap: Upon agreement with the displayed details, confirm to complete the CrossSwap.
Additional resources:
For visual guidance on using CrossSwap or for assistance with any difficulties, please refer to our Tutorial Videos on the FirstDex Official website.
While CrossSwap currently supports only native tokens (ETH, BNB, SOL), once a native token is received on a supported chain, it can be utilized to acquire over 300+ listed tokens across trending narratives (e.g., AI, DePIN, RWA, Meme Coins) within FirstDex.
Explore all listed tokens and narratives at https://firstdex.in → “Tokens” section.
How do I perform a Swap on FirstDex?
Swaps facilitate the exchange of one token for another within the same blockchain network on FirstDex.
Swap procedure:
Access the FirstDex App and navigate to the home screen.
Select “Swap”: Tap the designated Swap option on the dashboard.
Choose Tokens to Swap: Select the source token (e.g., SOL), then choose the destination token (e.g., Bonk) within the same network.
Enter Amount: Input the desired amount of the source token for the swap.
Review Swap Details: The application will display the estimated received amount and applicable network (gas) fees, based on the selected chain.
Confirm the Swap: Upon agreement with the displayed details, confirm to complete the Swap.
Additional resources:
For assistance with using Swap or any encountered difficulties, please refer to our Tutorial Videos on the FirstDex Official website.
Once you possess a native token on a supported chain, it can be utilized to acquire over 300+ listed tokens across trending narratives (e.g., AI, DePIN, RWA, Meme Coins) within FirstDex.
Explore all listed tokens and narratives at https://firstdex.in → “Tokens” section.
My swap failed, funds were deducted, but tokens were not received. What information is required?
We understand the concern when a swap fails and funds are deducted without corresponding token receipt.
Expected outcomes:
If your swap was successful, the destination tokens will be credited to your wallet. If the swap failed, your original (source) tokens will be automatically returned to your wallet. A scenario where both are missing does not occur.
Verification steps:
You can verify this by checking your wallet on Solscan.io: Simply enter your wallet address to view all your available tokens and a comprehensive list of recent transactions, including any amounts debited or credited during the swap attempt.
You can also verify the transaction status on the blockchain using a public explorer by entering the transaction hash — such as SolScan (https://solscan.io) for Solana, Etherscan (https://etherscan.io) for Ethereum, or BscScan (https://bscscan.com) for BNB.
How can I view my swap history?
You can conveniently access the status and details of all your past swaps directly within your FirstDex app.
Accessing swap history:
Navigate to your “Transaction History” for all tokens, located on the Home screen under the “Activities” Section. This section provides a comprehensive record of all your deposits, withdrawals, swaps and CrossSwaps.
Verifying cross-chain swaps:
If your cross-chain swap does not immediately reflect, it may be due to network delays (as these involve multiple blockchains). You can also independently verify the transaction on the respective public blockchain explorers by entering your wallet address:
Solana: solscan.io, Ethereum: etherscan.io, and BNB Chain: bscscan.com
For further assistance:
If you are still unable to locate your swap details or confirm the transaction, please provide your wallet address, approximate date and time of the swap, and the tokens involved, and we will assist in locating it