Introduction
Futures trading is rapidly gaining traction as a dynamic way to profit from market movements. Unlike traditional investing, it lets traders speculate on the future price of the cryptos rather than holding the actual ones. With the power of leverage and the ability to profit in rising or falling markets, futures offer high reward potential for those who master the game. More people have become versed in futures than spot, and CoinDCX INR Margin Futures trading crypto is simpler for Indian users.
Read: CoinDCX Launches INR Margin Futures
Getting Started With Margin Trading-Basic Requirements
The first and foremost part before beginning your journey with margin trading is to choose a suitable crypto trading platform that offers this facility. Choosing the right platform is extremely important, as the available tools and features can directly impact your trading experience. CoinDCX offers a secure platform to buy, sell, store, or swap crypto and also offers funds to trade against other cryptos with a leverage ratio of up to 5:1.
Once you have selected the platform, create an account, which is usually effortless. Like many other exchanges, including CoinDCX, the users are required to complete a verification process, which involves submitting identification documents. With the completion of verification, one can easily deposit INR into the wallet and begin to trade.
Fund Your CoinDCX Wallet
Usually, the exchanges require the users to convert their fiat into USDT and later transfer it to the Futures wallet. With CoinDCX, one can directly transfer INR into the Futures wallet without converting it into USDT. Below is a step-by-step procedure to fund your futures wallet with CoinDCX.
Step 1: Transfer the required funds from the INR wallet to the Future wallet.
Step 2: Enter the amount of INR you want to transfer from your INR Wallet to the Futures Wallet. Make sure you choose the right asset.
Step 3: Confirm the details and then tap on the ‘Transfer to Futures Wallet’ button at the bottom.
Take Your First INR Margin Futures Trade on CoinDCX!
Once your INR is in the Futures Wallet, you are ready to make your first INR Margin Futures trade. To place a trade using INR Margin mode, follow these steps:
Step 1: Select the trading pair you want to trade, such as BTCUSDT.
Step 2: Now, on the order form, select ‘INR Margin’ mode on the top left corner.
Ensure you check and take note of the fixed conversion rate at the bottom of the watchlist on the CoinDCX App.
Step 3: In futures trading, you have the option of taking long or short positions in the market, depending upon your analysis and market view. You can also choose to use a limit order or a market order to create a position in the market immediately.
Step 4: Enter the amount of INR you want to trade in the ‘Position Size Field’ on the order form in the market of your choice. After you confirm the details of your trade, place your first trade in the INR Margin Futures markets on CoinDCX.
After creating a position, you can place a take profit or stop loss order, which helps to ensure good risk management. You can also adjust positions, having an open position by using the ‘Adjust Position’ button and tweaking either the amount of leverage by adjusting the liquidation price or modifying the margin used on the trade.
The Bottom Line
Margin trading offers attractive profits but also comes with heightened risks, and hence CoinDCX’s new INR Margin Futures feature makes trading more accessible and convenient. The platform has eased the complexities by allowing direct INR deposits into Future wallets. However, understanding the essence of margin trading right from setting up the account and managing leverage to opening a position before making an entry.
By undertaking a cautious approach, one can make the most of this powerful tool, and when you’re ready to get started, choose wisely, choose CoinDCX Futures!
