What is cryptocurrency trading?
Cryptocurrency trading is very similar to a stock market: you buy and sell currencies and hope to profit from the volatility of the rates. But the primary difference between crypto trading and trading in 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. Each exchange is its own market with a difference in local demand and supply, hence it is normal to encounter a subtle difference in prices across them.
Bitcoin is considered the gold standard among all crypto assets. The price of all altcoins mentioned on an exchange is their bitcoin value ie. price of different coins against the BTC. All other coins apart from bitcoin are referred to as altcoins.
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, INR to BTC, for instance. CoinDCX, however, does provide this functionality to its users through a powerful INR wallet, as shown in the illustration below. Of course, one needs to register and link a bank account to the wallet before using it to perform any trading activity on the platform.
Required Documents to register to a trading platform
Visit the CoinDCX webpage here and sign up to register as a new user. You will be prompted to create an account using some basic personal details, as shown in the screenshot.
Following an OTP verification via a mobile phone SMS, you will be logged into your account and a dashboard will appear. Notice in the screenshot below the 4-step procedure to start trading.
In order to complete the verification, you will be required to upload a few documents in different stages, so having them handy will help you hasten the process. Here is a list for your reference.
CoinDCX has automated the KYC verification process which has brought down the KYC verification time from 24 hours to 6 mins.
You need to submit two documents to complete your KYC:
- Tax ID
- PAN Card (mandatory)
- Identity Card (Front and Back)
- Aadhaar Card
- Voter Id Card
*(Driver’s License is not acceptable now)
Bank Account verification
The Bank Verification on CoinDCX is a completely automated process. Please follow the following steps to complete the verification:
- Click on the profile icon on the top right corner of the screen.
- Click on ‘Verify Bank Details’.
- You will be redirected to a new screen where you have to enter your name and other bank details.
- You will be asked to confirm your bank details with a penny drop. A small unit of currency will be deposited and withdrawn from your bank account to test and verify the bank account.
- A 12 digit UTR number will be sent to your mobile. Enter the UTR number and click on submit.
Your Bank Details will be verified instantaneously on the portal.
In case the automated process doesn’t work, you need to follow the manual bank verification process. In order to complete manual Bank Verification, you need to upload his / her self-attested bank details as listed below, Latest Bank Statement with clear Name, IFSC Code and Bank Account Number or
- A canceled cheque or
- Bank Passbook
If any of these details are missed; the Bank Verification fails, we will notify you with the reasons for the failure. You have to reinitiate the process. Please make sure the mentioned shortcoming with other requirements are fulfilled in your attempt. Your bank details will be verified within 24 hours.
Once that is done, you are all set!
Which cryptocurrencies can be traded in India?
An exchange is a service on the web that allows cryptocurrency token holders to trade with other cryptos or fiats. Hence, there is a fiat-to-crypto trade as well as a crypto-to-crypto trade.
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 150 cryptocurrencies with INR using DCXinsta instantly. One can also choose to sell out, ie. get the value of BTC in INR (rupees) transferred to the linked bank account. The process is instantaneous and the fee is negligible.
As for crypto-to-crypto trade, one can trade with 200+ with the highest liquidity on DCXtrade. On DCXmarkets, you can view all the tokens available to trade on CoinDCX. The trading price on the platform is defined by buyer and seller activities. Current Asset Price is the price at which the asset was last traded.
Choosing the right exchange: How to get the best bitcoin value?
With 57,000+ monthly active traders, $10M+ daily trading volume and a variety of crypto instruments available to trade, CoinDCX is the largest exchange in India, hence its users can rest assured that they will get the most competitive prices for their crypto assets. CoinDCX is an all-inclusive cryptocurrency ecosystem offering a bouquet of industry-first products, eliminating the need for switching to different platforms. Reputed to be the world’s most versatile exchange, it is an extensive marketplace of 200+ coins and 500+ markets. CoinDCX has empowered its traders to trade better by bringing to a single exchange platform the liquidity from Binance, Huobi and HitBTC — the largest in the world among cryptocurrency and bitcoin exchanges. India needs to look no further than this one-stop-shop exchange that is now the most secure and trustworthy cryptocurrency exchange in the country.
So if you want to go crypto, sign up on www.coindcx.com today!
CIP are here to simplify your crypto investments!
A limit order is a type of order where you decide a price limit or parameters for buying and selling crypto assets of your choice. Click here to read more.