Complete Guide to Trading INR Margin Futures on CoinDCX

Introduction

With CoinDCX introducing INR Margin Futures, trading crypto has never been simpler for Indian users. You can now use INR directly to trade in the futures market without the need to convert it into USDT. In this guide, we’ll walk you through the steps to start trading INR Margin Futures on CoinDCX.

Read: CoinDCX Launches INR Margin Futures

Transfer INR to Futures Wallet

CoinDCX allows you to transfer INR directly to your Futures Wallet, removing the need for any USDT conversions. To get started, simply deposit INR into your CoinDCX account from your bank account as usual. Once the funds are in your account, all you need to do is transfer the INR you wish to use for trading into your Futures Wallet.

Step 1: Once you have deposited some amount into your INR wallet, you will have to transfer that INR into the Futures 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: Now, in the Position Size field on the order form, enter the amount of INR you want to trade in the market of your choice.

Once you confirm the details of your trade, place your first trade in the INR Margin Futures markets on the CoinDCX platform. 

Step 5: Once you have created a position in the market, you can place a take profit and stop loss order. This helps you ensure that good risk management is in place, to book your profits at your desired level and exit at the target stop-loss level, at one go!

Step 6: You can also choose to adjust positions while you have an open position in the market, with changing market scenarios. On the CoinDCX App, you can easily do that by using the “Adjust Position” button. You can adjust your position by tweaking either the amount of leverage you are taking on the trade, by adjusting the liquidation price, or by modifying the margin used on the trade. 

Conclusion

CoinDCX’s new INR Margin Futures feature makes futures trading more accessible and convenient for crypto futures traders. By allowing direct INR deposits into the Futures Wallet and simplifying the trading process, CoinDCX has removed the complexities and costs associated with USDT conversions. You can now focus on trading efficiently with INR.