Quick Verdict
Our review finds Mudrex registered with FIU-IND for anti-money-laundering reporting through RPFAS Technologies Private Limited (VA00031079). Mudrex states that registration is on its own compliance page, and the page does not show whether Mudrex is safe or not. It suits India-resident traders who hold rupees and want Coin Sets or base-tier futures. Look elsewhere if you often send crypto out or live somewhere Mudrex restricts, such as the US.
At a glance (Mudrex’s pages, 25 October 2026): FIU-IND registration · 0.45% base INR spot fee plus GST · 2% crypto withdrawal fee, $0.5 minimum, without a maximum shown.
Key Takeaways
- Treat Mudrex’s Indian registration as an anti-money-laundering reporting duty, because it is neither a license nor protection for your balance.
- Before moving funds, price one coin on Mudrex and on your present platform, trading fees included.
- Choose Mudrex if you keep money in rupees and seldom withdraw crypto, which costs a percentage fee.
- Send a small test withdrawal before you fund the account fully, so any hold ties up a small amount.
Pros
- Coin Sets: Mudrex lists no fee to invest, 1% to redeem within a month, and 0.25% to 1% monthly rebalancing.
- Rupee funding: Mudrex charges no fee for UPI or IMPS deposits.
- Futures fees: Below ₹5 crore of 30-day volume, futures cost 0.02% maker and 0.05% taker before 18% GST.
- INR margin: FOW reported on 12 March 2026 that Mudrex launched INR-margined crypto futures.
- Asset range: Mudrex’s homepage advertises Bitcoin and 650+ assets.
Cons
- Withdrawal reports: Trustpilot reviewers report withdrawal problems; see Reputation and User Feedback.
- Withdrawal fee: Mudrex charges 2% on crypto withdrawals, $0.5 minimum, GST included. Moving $500 USDT costs $10.
- January 2025 pause: Mudrex suspended crypto withdrawals from 12 to 28 January 2025 to upgrade its compliance framework.
- Restricted locations: Mudrex’s terms may restrict use from the United States, Canada, Belgium, Malta, Japan, Singapore, Hong Kong, Malaysia, and others.
- Proof of reserves: No Mudrex proof-of-reserves page was found.
Mudrex Overview
| Parameter | Details |
|---|---|
| Exchange Name | Mudrex |
| Year Established | 2018 |
| Headquarters Location | San Francisco, California, USA and Bengaluru, Karnataka, India |
| Regulatory Compliance | RPFAS Technologies with FIU-IND for anti-money-laundering reporting; Mudrex INC with Italy’s OAM; Mudrex TR Holdings UAB with the Bank of Lithuania; no FinCEN entry |
| Available Cryptocurrencies | Bitcoin and 650+ assets |
| Fiat Currency Support | INR |
| Native Token (if any) | No |
| Maker Fees | Futures 0.02% (under ₹5 crore 30-day volume); spot 0.45% (under ₹2 lakh) without a maker and taker split; both before 18% GST |
| Taker Fees | Futures 0.05% (under ₹5 crore); spot the same 0.45% |
| KYC Required | Yes |
| Deposit Methods | INR by UPI or bank transfer |
| Withdrawal Methods | INR by UPI or bank transfer |
| Mobile App Availability | Android and iOS |
| Support Channels | Email: [email protected] |
| Support Availability | 24×7 |
Introduction
Mudrex’s About page says it launched in early 2018. The same page names Y Combinator, Village Global, Arkham Ventures, and Nexus Venture Partners as backers, without amounts or round dates.
Use Mudrex as an investing app for Coin Sets and SIPs, or as a trading venue for futures. Before you move one lakh rupees, check which authorities list Mudrex, what a trade costs against rivals, what a withdrawal costs and whether withdrawals go through.
Is Mudrex Safe?
Mudrex’s compliance page names RPFAS Technologies Private Limited as registered with FIU-IND for anti-money-laundering reporting under VA00031079 (read 25 October 2026). This registration sets reporting duties and protects no balance. We judge Mudrex safe enough for your futures and Coin Sets money, but nothing shows that anyone guarantees that money.
Regulatory Compliance: The compliance page lists three entries and no FinCEN registration.
| JURISDICTION | REGULATOR AND ENTITY | NUMBER | PROTECTION |
|---|---|---|---|
| India | Financial Intelligence Unit-India (FIU-IND), RPFAS Technologies | VA00031079 (Mudrex’s statement) | None for balances |
| Italy | Organismo Agenti e Mediatori (OAM), Mudrex INC | Shown on Mudrex’s compliance page | Not stated |
| Lithuania | Bank of Lithuania, Mudrex TR Holdings UAB | 306070243 (Mudrex’s statement) | Not stated |
| United States | None listed | None | None |
| ENTITY CHECK
OAM’s 1 July 2025 notice let firms on Italy’s VASP register operate until their MiCA application was decided, no later than 30 June 2026 (OAM, 2025). That date has passed, and Consob said on 4 December 2025 that registered firms without a MiCA application had to stop operating in Italy by 30 December 2025, so check whether Mudrex INC holds a MiCA authorisation. FIU-IND’s Downloads page lists no providers registered for anti-money-laundering reporting, so you cannot check VA00031079 there. Mudrex’s statement of that registration does not, on its own, settle whether Mudrex is legal in India. Indian residents sign up with RPFAS Technologies. |
Security Features: Mudrex’s help center says it partnered with Lloyd’s of London for insurance cover, without naming a policy, amount, or scope. Its compliance page says unnamed institutional custodians hold user funds. Our search on 25 October 2026 found neither a reported hack of Mudrex nor a proof-of-reserves page.
Privacy Practices: Mudrex requires KYC, as your current Indian exchange does.
Keep only your futures and Coin Sets money on Mudrex. Hold larger balances where reserves are published. Move long-term coins to your own wallet; see where to store crypto after buying.
Reputation and User Feedback
Trustpilot reviewers rate Mudrex low, and App Store users rate its app high, with complaints centered on withdrawals.
Trustpilot and Community Reviews
On 25 October 2026, Trustpilot showed Mudrex a TrustScore of 1.5 out of 5 from 200 reviews. Of those reviews, 12 came in the last 12 months. Trustpilot says Mudrex has not invited customers recently or replied to negative reviews, and those reviews may not be representative. The same day, Apple’s India App Store showed the iPhone app at 4.5 out of 5 from 5.7k ratings.
Common Complaints and Praise
Complaints
- Rejected form: One anonymous Trustpilot reviewer says Mudrex rejected their due-diligence form after three days without a reason. They say the rejection kept their USDT on Mudrex and left a rupee bank withdrawal as the only route open.
- January 2025 pause: YourStory reported on 28 January 2025 that Mudrex resumed withdrawals paused on 12 January. YourStory quoted a statement from co-founder and CTO Alankar Saxena: “This latest upgrade is designed to fortify our compliance infrastructure and safeguard against bad actors.”
Praise
- Resolved hold: One App Store reviewer wrote on 4 August, year not shown: “I recently went through a compliance review that temporarily affected my INR withdrawals.” They say support resolved it.
Supported Cryptocurrencies
Mudrex’s homepage advertises “Bitcoin and 650+ assets”. The page does not give a pair count or say whether Web3 tokens are included.
- Popular Cryptocurrencies: The homepage names BTC, ETH, BNB, and XRP among its advertised coins.
- Unique Tokens and Coins: Mudrex’s homepage does not split the 650+ count by type. Its themed baskets, called Coin Sets, are listed in this review’s Mudrex Features and Products section.
- Trading Pairs: Mudrex’s fee page lists INR spot pairs and USDT to buy and sell, without USD pairs.
The count is Mudrex’s own advertising, so search Mudrex’s app for the coins and pairs you trade before you move funds. Rely on the 650+ count only if the range of assets alone decides whether you move to Mudrex.
Account Types and Limits
Mudrex shows no account types or tiers on its pages. Every user has one account, and it needs KYC before you can trade or withdraw.
Mudrex’s policy and help pages give no deposit or withdrawal limit. Check the app for any limit that applies to your account before a large deposit, because there is no published figure to plan against.
Mudrex can hold a withdrawal while it runs verification checks. Mudrex Help says withdrawals now go through a Video KYC step to enhance security and speed up verification. A KYC/AML policy written for Mudrex TR Holdings UAB in Lithuania says funds traced to tainted or high-risk sources or wallets are held until the user sends more documents. Indian users sign up with RPFAS Technologies, so that policy may not match what you see in the app.
Move a small amount first. If a document request comes, it then falls on a small sum.
Mudrex Fees
Mudrex fees sit close to CoinDCX’s on INR spot, and Mudrex’s base-tier futures rates equal those in Delta Exchange’s Help Center. Its crypto withdrawal fee is a percentage, so the cost grows with the amount you send.
| FEE | MUDREX (TRADING FEES BEFORE 18% GST) |
|---|---|
| Spot Maker | 0.45% below ₹2 lakh, one rate |
| Spot Taker | Same 0.45% |
| Futures Maker | 0.02% under ₹5 crore |
| Futures Taker | 0.05% under ₹5 crore |
| Token discount | Not disclosed |
| Fiat Deposit | 0% by UPI or IMPS |
| Crypto Deposit | 0% |
| Crypto Withdrawal | 2%, minimum $0.5, GST included |
| Fiat Withdrawal | Not stated |
| Inactivity Fee | None listed |
Trading Fees: Mudrex’s undated page shows no spot maker and taker split. It shows no figure for the spread in Mudrex’s quoted price.
| EXCHANGE | SPOT | FUTURES MAKER / TAKER | GST | SOURCE AND DATE |
|---|---|---|---|---|
| Mudrex | 0.45% INR | 0.02% / 0.05% | 18% on the fee | Fee page |
| CoinDCX | 0.50% INR | Not stated | 18% on the fee | Fee page |
| Delta Exchange | Not stated | 0.02% / 0.05% | Not stated | Help Center |
| CoinSwitch Pro | 0% / 0.1% | 0.024% / 0.065% to 0.075% | Not stated | Blog, May 2026 figures |
Mudrex vs CoinDCX on a ₹100,000 spot buy: Mudrex’s 0.45% comes to ₹450, and 18% GST on that fee adds ₹81, ₹531 in all. CoinDCX’s 0.50% comes to ₹500, and the same GST adds ₹90, ₹590 in all. Mudrex’s terms say Mudrex IN sets the price and execution of INR trades, so compare its quote with your exchange’s for the same coin at the same moment. CoinDCX’s full schedule is in our CoinDCX exchange review.
Deposit and Withdrawal Fees
Crypto deposits are free, at 0%, as shown on Mudrex’s fee page. At 2%, a $500 USDT withdrawal costs $10. Read the fiat withdrawal charge on the withdrawal screen before moving rupees out.
TDS (tax deducted at source) of 1% applies to crypto sales, never to INR withdrawals. Section 194S of India’s Income-tax Act, as the Income Tax Department’s page shows it, deducts it above ₹50,000 a financial year for a specified payer and above ₹10,000 for any other payer. That tax is not a Mudrex fee.
Other Fees
Mudrex’s fee page lists no account-maintenance or inactivity charge, and its FAQ says there are no undisclosed maintenance charges. Coin Sets carry the fees listed in the Pros, and futures funding rates are dynamic, without a published rate. Network fees or slippage can add indirect costs during conversions, such as Mudrex’s dynamic gas fee on Web3 trades.
Mudrex trading fees suit you if you trade and hold in rupees and its INR quote matches your exchange’s.
Mudrex Features and Products
Mudrex’s footer “Invest” menu lists seven products: Coin Sets, Spot, Web3, Mudrex Prime, Crypto SIP, Crypto Futures and Tokenized US Stocks. Vault and Earn are absent, though a footer menu is no proof that either has closed.
- Coin Sets: The homepage shows curated, theme-based baskets, such as blue-chip and DeFi sets.
- Spot Trading: The Supported Cryptocurrencies section above gives the coin count.
- Futures Trading: Mudrex’s futures page advertises up to 100x leverage on INR or USDT margin. A small adverse move can liquidate a high-leverage position, so commit only margin you can afford to lose.
- Mobile App: Apps run on Android and iOS.
- Fiat Integration: Mudrex lists UPI and bank transfer for rupee deposits and withdrawals.
- Recurring SIPs: Crypto SIP covers recurring investing.
Coin Sets and base-tier futures justify switching when they replace dearer products on your current exchange.
Customer Support
Mudrex’s homepage advertises 24×7 support without naming a channel or a response time.
Support Channels
Mudrex’s fee page gives [email protected] as its contact address, but no phone line or chat hours. When a USDT withdrawal is held, keep screenshots and ticket numbers of every request, so the record is ready if you escalate. Ignore any outside “recovery” offer.
Educational Resources
For how-to questions, start with Mudrex’s own help articles, which are the company’s statements and not independent advice.
How to Use Mudrex: Step-by-Step Guide
- Sign up on Mudrex’s website or app.
- Complete KYC with ID documents, proof of address, and a selfie or video, plus Video KYC for withdrawals.
- Turn on 2FA in settings, as Mudrex’s security page advises; that page names no address whitelisting.
- Deposit rupees by UPI or bank transfer, or transfer crypto in.
- Pick Coin Sets, spot or futures.
- Invest or start trading.
- Track your holdings.
- Withdraw a small USDT amount to your own wallet first; Mudrex Help (undated) says requests usually process within 60 minutes, up to 48 hours if flagged.
- Set up a Crypto SIP.
- Use the Help Center or blog for tutorials and support.
Test a withdrawal before your full Mudrex deposit, in step 8 of these ten.
Who Is Mudrex Best For?
Mudrex’s fit depends on how you move money more than on your trading level. It suits India-resident users who want a platform that reports to FIU-IND, but that registration is a reporting duty and not a protection for your balance.
Suits:
- Rupee holders: because Mudrex charges no fee of its own on UPI and IMPS deposits (see Mudrex Fees).
- Coin Sets and SIP investors: because Mudrex offers both (see Mudrex Features and Products).
- Base-tier futures traders: because Mudrex’s base-tier futures rates match Delta Exchange’s (see Mudrex Fees).
Look elsewhere:
- Fast or frequent crypto withdrawers: because of the 2% crypto withdrawal fee (see Mudrex Fees) and the January 2025 withdrawal pause (see Reputation and User Feedback); compare the Delta Exchange review.
- US and other restricted residents: because Mudrex’s terms let it restrict them (see the restricted locations in the cons above); keep your current exchange.
For Mudrex vs CoinDCX, which is better depends on your INR quote and how often you withdraw crypto. The ₹59 gap worked out under Mudrex Fees for a ₹1,00,000 spot buy is small beside the quote and the 2% withdrawal fee.
Final Verdict
Our Mudrex review finds Mudrex viable for India-resident traders who hold rupees, once a small test withdrawal goes through. Before you deposit, check two costs: Mudrex’s INR quote against your current exchanges, and its crypto withdrawal fee.
Compare other exchanges first when you withdraw crypto often or live outside India.
Compare fees and withdrawal terms in Tradelize’s crypto exchange reviews before you open a Mudrex account.
Frequently Asked Questions
Is Mudrex safe to use?
Mudrex is safe enough for a trading balance, but nothing shows that anyone guarantees the money. Its compliance page says RPFAS Technologies is registered with FIU-IND for anti-money-laundering reporting (VA00031079), a duty that protects no balance. Our search on 25 October 2026 found neither a reported Mudrex hack nor a proof-of-reserves page. Hold larger balances where reserves are published.
How do I get started with Mudrex?
Sign up on Mudrex’s website or app, then complete KYC with ID documents, proof of address, and a selfie or video, plus Video KYC for withdrawals. Turn on 2FA, then deposit rupees by UPI or bank transfer, or transfer crypto in. Send a small USDT withdrawal first; Mudrex Help says requests usually process within 60 minutes, up to 48 hours if flagged.
What are Mudrex Coin Sets?
Coin Sets are Mudrex’s curated crypto baskets, grouped by themes such as DeFi. Mudrex lists no fee to invest, 1% to redeem within a month, and 0.25% to 1% for monthly rebalancing. Compare those fees with your current exchange’s basket products.
Why do users complain about Mudrex withdrawals?
One anonymous Trustpilot reviewer says Mudrex rejected their due diligence form, which left their USDT stuck with only bank withdrawal open. YourStory reported that Mudrex paused crypto withdrawals from 12 to 28 January 2025. Coin360 reported on 13 January 2025 that INR withdrawals were unaffected during the crypto-withdrawal suspension. No later pause, named frozen-account case, or enforcement action was found in our web searches as of 25 October 2026, so test a small withdrawal before moving larger sums.
Does Mudrex support fiat deposits and withdrawals?
Yes, Mudrex moves Indian rupees in and out by UPI or bank transfer. It charges no fee for UPI or IMPS deposits and shows any gateway or bank fee before you confirm. The fee page states no fiat withdrawal charge, so check the withdrawal screen first. The 1% TDS applies to crypto sales, never to INR withdrawals.
Is Mudrex legal in India?
Whether Mudrex is legal in India rests on its own statement that its Indian entity, RPFAS Technologies, is registered with FIU-IND for anti-money-laundering reporting. That registration is not a license to operate or investor protection. FIU-IND’s Downloads page lists no providers registered for anti-money-laundering reporting, so you cannot check VA00031079 there. India’s wider crypto rules are in our guide to legality of cryptocurrency in India.
Is Mudrex SEBI registered?
Mudrex names no SEBI registration: “SEBI” appears on none of the Mudrex pages read on 25 October 2026. Its terms say nothing from Mudrex is financial advice and no Mudrex employee is a financial advisor. For India, its compliance page lists only RPFAS Technologies with FIU-IND.
Our Review Methodology
At Tradelize, we follow strict editorial standards to ensure all content is accurate, unbiased, and thoroughly researched. Our reviews, guides, and articles are fact-checked by a team of experienced cryptocurrency and finance professionals, and are not influenced by advertisers or affiliate relationships. Our Trust Score methodology combines direct data scraping from official broker, exchange, and wallet websites with sentiment analysis of up to 1000 verified user reviews. This dual-source approach enables us to objectively evaluate platform features, fees, regulations, security, and customer satisfaction. We then compile comprehensive, specification-based reviews that reflect both technical details and real user experience.
Disclaimer
Trading cryptocurrencies, forex, CFDs, and other derivatives involves significant risk and may not be suitable for all investors. Leverage can amplify both gains and losses. Past performance is not indicative of future results. The content on Tradelize is for informational purposes only and does not constitute financial or investment advice. Always seek professional guidance before making financial decisions. For full risk disclosures, click here.
