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INDIA – the next Cryptocurrency hotspot!

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Trading in Cryptocurrencies and trading in the stock markets are two varied different things. The similarity of both the trading ventures only lies in their ‘trading’ characteristics. To take a deep dive into the differences, below are some of the major points you should know:

Cryptocurrency India Trading versus Stock Market Trading 

Crypto trading involves trading currency pairs on the market, just like the forex market, allowing traders to purchase cryptocurrency with fiat currency like INR or USD. As with forex, cryptocurrency traders can trade using various mainstream strategies like buy-and-hold or trade daily or weekly.  

But the primary difference between crypto trading and trading in forex or stocks is that you don’t always trade against INR or USD or any other regular (fiat) currency. Cryptocurrencies are typically traded against other cryptocurrencies using trading pairs, with Bitcoin being the most common trading pair. Another major difference between traditional stocks and cryptocurrencies is ownership. Even though a unit of stock provides its holder with a piece of a company, cryptocurrency usually does not.

Also read: TCS Launches solutions to Help Institutions Offer Crypto Trading.

Cryptocurrency Exchanges in India

Cryptocurrency exchanges are online platforms that facilitate the exchange of one cryptocurrency for another cryptocurrency or fiat currency. There are various Digital Currency Exchanges (DCE) that exist in India, each as a different market, offering its own price for the coins available to be traded on it. Like a traditional stock exchange, these exchanges match buyers and sellers. Market and limit orders work as usual when traders want to trade cryptos.

When a market order is placed, it signifies that the trader has authorized the exchange to trade his/her coins in the marketplace for the best available price. When a limit order is initiated, it means that the trader has directed the exchange to trade coins for a price above the current bid, when selling or below the current ask, when buying. All coins apart from Bitcoin, called altcoins are measured against BTC. Hence, BTC is considered the default cryptocurrency by many.

One such exchange where you can trade cryptocurrencies in India is CoinDCX. It is one of the most versatile cryptocurrency exchanges in the world, providing a fast, safe, and secure platform that makes trading effortless. With spot, margin, futures, and fiat-to-crypto trades, it is an all-inclusive cryptocurrency ecosystem that offers a professional trading experience to all types of traders. Let’s dig a little deeper into how trading takes place on cryptocurrency exchanges. 

Also read: Sudden rise of Bitcoin investment in India.

How to buy Bitcoin and convert Bitcoin into INR?

Cryptocurrency trading is very similar to trading on the stock market: you buy and sell currencies and hope to profit from the volatility of rates. It is fairly simple to start trading. You buy a base cryptocurrency with a credit card and fiat money and store it in an electronic wallet. It is important to note that not all exchanges allow for the initial crypto purchase to be done using fiat currency, INRto BTC, for instance. CoinDCX, however, does provide this functionality to its users through a powerful INR wallet but one needs to register and link a bank account to the wallet before using it to perform any trading activity on the platform.  

Currencies that have a direct rupee trade are primarily BTC and ETH. While there are some more altcoins available, these two make up a majority of the trade volume. 

CoinDCX gives its users the option of buying and selling over 100 cryptocurrencies with INR using DCXinsta which is the easiest Bitcoin exchange to buy cryptocurrencies instantly. One can also choose to sell out, ie. get the value of BTC in INR (rupees) transferred to the linked bank account.

CoinDCX Go, the simplest Bitcoin investment app is another option for investors who are new to the Crypto space. This is a marketplace app, which will help Indians to buy the top 14 cryptocurrencies at the click of a button!

Cryptocurrency for expert traders: CoinDCX

Similar to stocks, choosing an ideal cryptocurrency exchange for your specific needs is a tedious process. Several parameters like trading fees, the company’s reputation, security and support services, etc. should be analyzed thoroughly before making the decision. With 57,000+ monthly active traders, $10M+ daily trading volume, and a variety of crypto instruments available to trade, CoinDCX is one of the most trusted and reliable crypto exchanges in India.

So if you want to start trading in crypto, sign up on www.coindcx.com today!

Cryptocurrency for beginners: CoinDCX Go

CoinDCX Go is the simplest Bitcoin app from the CoinDCX staple. The app has been architectured to build a path without hindrance for your crypto investment journey. The app has been made to make investing in crypto as easy as ordering food online. Even if the recent Budget session 2021 was the first time to bring up cryptocurrency to you; CoinDCX Go is the perfect app for you to get a glimpse into the next financial evolution. The app has studied the Indian market and has taken numerous surveys from crypto novices to choose the best 14 coins for you. The smooth and simple user interface lets you invest without much thought. We are here to do the thinking for you. All you have to do is:

  • Download the app.
  • Sign up or Log in.
  • Transfer funds to your INR wallet.
  • Start investing!

Download Now! 

Step-by-Step guide on CoinDCX Go:

For all the new users who want to join CoinDCX Go, follow the steps below –

Step 1Download the CoinDCX Go app. Next, click on the SIGN-UP button and continue.

Step 2 – You will be asked to fill out your name, email address, password and mobile number.

Step 3 – You will be asked to enter the OTP you receive on the email address and via SMS on the mobile number, you entered during signup. As soon as the OTPs get verified, you will be logged in and taken to your account.

To start trading on CoinDCX Go, you are advised to complete your KYC, add your bank details and improve your account’s security. Existing users can skip the steps for completing their KYC, adding their bank details and managing to improve the security of their account. 

Completing Your KYC

As soon as you enter your account on CoinDCX Go, you will be taken to your account where you have to click on the blue tab to complete your KYC. Completing your KYC means that you can now increase your deposit and withdrawal limits above INR 10,000.

     
Keep your Aadhar Card or Passport ready along with your Pan Card while completing your KYC. You will also be required to verify yourself by clicking your selfie. * You will be notified via email when the KYC is complete. The next step for you is to set up your bank account details.

*CoinDCX has partnered with Onfido, a global leader in artificial intelligence for identity verification and authentication to initiate the automated KYC process.

Linking Your Bank Account

Click on the Account Settings tab on the screen below to start adding your bank account details for the first time. Click on Add Bank Account and follow the steps shown on the screen to complete the procedure. Also, make sure that the bank account belongs to you and is in your CoinDCX registered full name.

Your account will soon be integrated with our system to ensure the smooth transfer of funds into and outside your CoinDCX wallet. We can now continue with adding more levels of security to your account.

Security

Your funds on CoinDCX are insured by globally-renowned insurers and protected by industry-best security practices. Improving the security of your account only helps to secure your funds from your end.

Click on Account at the bottom of the screen and click on Security. You will get the following three options.

You are advised to always keep a withdrawal password that is different from your account password. Moreover, you must keep updating your passwords every 90 days or even earlier in case you feel that your account has been compromised. Your password must contain at least 1 lowercase, 1 uppercase, 1 number and have a minimum length of 8 characters.

Lastly, click on the 2 Step Verification option which is commonly known as 2FA. For existing users on CoinDCX who have their 2FA enabled, this feature cannot be disabled and will be the same for them when they login to CoinDCX Go.

Download the Google Authenticator mobile application on your device and click on 2 Step Verification and follow the steps. Once 2FA is activated, you will be asked to enter the 6 digit OTP every time you log in to your CoinDCX or CoinDCX Go account. This OTP will be available on the Authenticator app.

You have now successfully created an account on CoinDCX Go, verified yourself, added your bank account details and enhanced the security of your account. What next?

Let us now learn how to deposit funds into your account. By the time you have set up your security, your bank account should be already connected to your CoinDCX Go account. You will now learn how to deposit funds into your CoinDCX Go account.

Existing users of CoinDCX and new users on CoinDCX Go can now follow the tutorial below.

Depositing funds on CoinDCX Go

Step 1 – Click on the Available to Invest (+Add Funds) option under Account. This is your wallet which gives you a history of your past deposits and withdrawals. You can add or withdraw funds from here as and when required. Click on Add Funds to add INR into your account.

Step 2 – You will be asked to enter the amount you wish to deposit and also accept the condition that you will be depositing from the bank account that is connected with CoinDCX. Select the payment method to get the bank account details where the money needs to be deposited.

Step 3 – For users selecting IMPS / NEFT / RTGS (Instant), the transaction fee is 0% and is instant. It is therefore recommended you use this method. Clicking on this button will take you to the next step where you will get the account details of CoinDCX where you can deposit the funds. The details mentioned on the screen will be used when you transfer funds from your CoinDCX / CoinDCX Go registered bank account. Your wallet will be updated as soon as the funds get transferred from your bank account.

Step 4 –  Users on CoinDCX can also use Mobikwik Wallet (Instant).  While users are charged 1-1.5% + GST as transaction fees, they can use this method for cases where they want to use Netbanking, UPI or Debit Card. Clicking on the option will take you to the page as shown below.

You will be asked to make the payment using the payment options mentioned in the dropdown list. Click on Make Payment to complete the transaction.

You can click on Account on the bottom right side of the screen. The tab on top shows the amount that is available to invest. Click on it to know whether your funds have been deposited or not.

If you are using UPI for the transfer/transaction:

Click on Continue’

Cancelling a Deposit

Let us assume that you tried to deposit 10,000 INR into your CoinDCX Go wallet using UPI, IMPS / NEFT / RTGS (Instant) method and now you do not want to continue with the deposit.

All you need to do is go to Available Balance under Account and look at the last pending transaction. Click on it and you will get an option to cancel the deposit.

Clicking on Cancel Deposit takes you to another page where you can swipe right to confirm your cancellation. Your wallet, therefore, shows whether your transactions have been completed, are pending, or have been cancelled.

Congratulations! You can now successfully start trading and holding cryptocurrencies on CoinDCX Go. Before we do that it is imperative you understand the different features of the platform.

Buy Crypto using CoinDCX Go

CoinDCX Go is a simpler version of CoinDCX and an extension of Insta on CoinDCX where users do not have to wait for the execution of their orders in the market. All they need to do is enter the desired amount they wish to invest in a particular token, to add it to their portfolio. Another difference is that CoinDCX has 200+ tokens listed on its platform whereas users can only trade 14 tokens in CoinDCX Go, at the moment. These tokens have been selected based on their used cases, demand and liquidity in the market.

Existing users on CoinDCX can click on My Investments to look at the various cryptocurrencies available in their portfolio. The size of your portfolio could be different on CoinDCX and CoinDCX Go but this is only because CoinDCX has 200+ tokens listed on its platform as compared to 14 tokens on CoinDCX Go. All the tokens not listed on CoinDCX Go will not be visible on your portfolio, thus, reducing the value in your portfolio on CoinDCX Go. Only those tokens that can be bought, sold, sent, received and stored on CoinDCX Go will be visible on the portfolio in CoinDCX Go. You can always go back to CoinDCX to trade the tokens not available on CoinDCX Go.

To start trading on CoinDCX Go, click on Prices. The list of all coins with the price and the 24-hour change will be displayed on the screen.

To buy or sell a particular coin, click on it. You will be allowed to choose from options like Buy, Sell and view the price chart. Clicking on the Price chart helps you to view the price chart and see the coin’s performance over different time periods.

You can also add the token to your watchlist by clicking on the eye symbol, set a price alert at which you would like to sell or buy the token, or long-press on the chart to see how the price has changed over time.

Once you have viewed the chart and done your analysis, you can then click on buy or sell according to your choice. Clicking on Buy allows you to select the quantity of the coin you would like to purchase. You can instead choose to enter the amount of INR worth of the coin you want to buy. Click Buy to execute the order.

Notice carefully, CoinDCX does not charge any additional transaction fees for any transactions. All costs have been included in the Buy and Sell price. That is the reason why there is a difference in the prices when you buy and sell a cryptocurrency. Another advantage of trading on CoinDCX Go is that all transactions are instant, meaning you do not have to enter your orders in the order book. The price at which you buy will not depend on any factor other than the price displayed on the screen, You do not even have to worry about the liquidity of the token.

You can view your trade history details by clicking on My Orders. It tells you the exact rate at which the token was bought. The date and time of purchase and the quantity of the specified token.

To know more about your investments and portfolio, all you need to do is, click on My Investments. You will get all the information regarding the deposit and withdrawal of the tokens from your wallet.

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