Snapshot:
- CoinDCX launches the simplest cryptocurrency app to help Indians invest in Bitcoin legally and easily.
- Step-by-Step guide to buy Bitcoin.
- Security measures, customer support and feedback on the App.
Buying Bitcoin in India
The momentum that the cryptocurrency exchanges have seen in 2020 and new coins being launched on a regular basis has led the crypto space to be constantly developed. While Bitcoin and Ethereum are the most popular cryptocurrencies, there are thousands of other coins that are being introduced to the market. There are a large number of media outlets and individuals who are continuously writing articles or blogs and discussing cryptocurrency prices; one being CoinDCX.
There are many new-age investors who are not well versed with the concept of cryptocurrencies and end up buying Bitcoins or Ethereum (only popular coins) based on recommendations or simply due to FOMO (Fear of Missing Out). India is facing a lack in knowledge, when it comes to alternatives to Bitcoin or altcoins. This mainly happens because they do not know where to look for the required information or how to purchase them. In fact, not all cryptocurrencies are listed on one particular exchange. It is crucial you research as much as you can about the asset you would like to invest in. Picking coins for investing is also a highly subjective matter. To ease your burden, this guide aims to give you a step by step transparent pathway to you acquiring your first Bitcoin!
Also Read: How to Buy Bitcoin in India?
What is CoinDCX?
CoinDCX, India’s largest and safest cryptocurrency exchange has launched CoinDCX- an app that simplifies the process of buying, selling, and holding cryptocurrencies with a Zero Fee policy. CoinDCX is specially made to provide you the swiftest and easiest path to start investing legally in cryptocurrencies like Bitcoin, Ethereum and many other altcoins. Buying Bitcoin and other cryptocurrencies could not have been easier! To start investing, all you need to do is:
- Download the CoinDCX App.
- Sign Up for free on CoinDCX.
- Deposit the INR amount you are comfortable with to your wallet.
- Buy the first cryptocurrency of your choice.
If you are wondering why CoinDCX is your Go-to-app for cryptocurrencies – Here’s why.
- Users can easily and effortlessly buy, sell, send, receive and store a range of cryptocurrencies like Bitcoin, Ethereum, Ripple, etc. all using a single app. It is exceptionally customer friendly and is curated to provide comfortable usage.
- CoinDCX is a one-stop platform for everyone who have been considering to invest in cryptocurrencies but are dicey about using cryptocurrency exchanges because of the user flow.
- While using CoinDCX, users can sign up, update their KYC and start taking their first steps in cryptocurrencies for an amount as low as INR 100.
- You do not have to go through the hassle of entering your trades in the order book anymore. All your orders are automatically executed. Keep following all the necessary steps needed, for you to start your crypto journey on a Go-to-app for cryptocurrencies.
Signing Up on CoinDCX
For all the new users who wants to join CoinDCX, follow the steps below –
Step 1 – Download the CoinDCX 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, 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, 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.
*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 on 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 Pro who have their 2FA enabled, this feature cannot be disabled and will be the same for them when they login to CoinDCX.
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 account. This OTP will be available on the Authenticator app.
You have now successfully created an account on CoinDCX, 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 account. You will now learn how to deposit funds into your CoinDCX account.
Existing users of CoinDCX Pro and new users on CoinDCX can now follow the tutorial below.
Depositing funds on CoinDCX
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 Pro / CoinDCX 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 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 canceled.
Congratulations! You can now successfully start trading and holding cryptocurrencies on CoinDCX. Before we do that it is imperative you understand the different features of the platform.
Buy Crypto using CoinDCX
CoinDCX 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, 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. It might happen that the size of your portfolio is different on CoinDCX Pro and CoinDCX but this is only because CoinDCX has 200+ tokens listed on its platform as compared to 14 tokens on CoinDCX. All the tokens not listed on CoinDCX will not be visible on your portfolio, thus, reducing the value in your portfolio on CoinDCX. Only those tokens that can be bought, sold, sent, received and stored on CoinDCX will be visible on the portfolio in CoinDCX. You can always go back to CoinDCX Pro to trade the tokens not available on CoinDCX.
To start trading on CoinDCX, 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 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.
Sending and Receiving Cryptocurrencies
You cannot send cryptocurrencies to someone else if you do not own them yourself.
If you hold cryptocurrencies and wish to send some or all of them to another wallet, click on that cryptocurrency under My Investments and click on the Send button.
You can now either manually enter the public address of the receiver, paste it from your clipboard or click a picture of the QR code of the wallet to add the destination address where you wish to send the cryptocurrency. Make sure that the address is correct as cryptocurrencies once transferred will not be recovered.
Based on the quantity of cryptocurrency available in your portfolio, enter the amount you wish to send. The withdrawal fee will be deducted from this amount. Once you agree with the final withdrawal amount, enter your Withdrawal Password and click on Continue to complete the process.
In order to receive any cryptocurrency, you do not have to specifically own that cryptocurrency.
All you need to do is click on the specific cryptocurrency under My Investments. Make sure you have selected the right cryptocurrency as the wallets for each cryptocurrency is different and cannot be retraced if sent to a wallet for a different cryptocurrency. Make sure you only deposit the specific token in the wallet.
Copy your wallet address and share it with the required person. You can also use it to send that cryptocurrency from another wallet that you own. Once the amount gets deposited in your wallet, you will be notified.
You can also check the progress of your crypto deposit in the wallet history section.
Customer Support and Feedback
As much as we value your feedback, we also work hard to ensure that your trading experience is as smooth as possible.
In case you face any difficulties while trading, you can click on Help & Support and navigate through the page to find the right issue you are concerned about.
In case you feel the app needs improvement and this could improve your trading experience, we would like to hear from you in App Feedback.
Please Note – You are advised not to create a new account on CoinDCX if you already have an account on CoinDCX Pro. This is done to ensure that your account is synced when you buy and sell cryptocurrencies on CoinDCX Pro and CoinDCX. In case where you use same credentials on CoinDCX Pro and CoinDCX, you will be able to buy and sell the same cryptocurrencies mentioned on both the products. Moreover, this step has been taken to help you manage your portfolio in an efficient way.
About CoinDCX:
CoinDCX is the largest cryptocurrency exchange platform with more than 150,000 users worldwide. CoinDCX is the largest and safest cryptocurrency exchange. Our exchange is built with user experience and security in mind. The KYC and Bank Account verifications are done within a few minutes and provides the users a smooth onboarding process and a hassle-free experience. We provide users single-point access to a diverse suite of crypto-based financial products and services that are backed by security processes and insurance. We have the highest number of cryptos listed in India and give instant fiat to crypto conversions free of charge. We also give instant deposit and withdrawal facilities. We charge the lowest trading and crypto withdrawal fees. The wallet structure is versatile and provides the best fee structure in the industry.
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