CoinDCX is a popular cryptocurrency trading application that is recommended to those who are new to cryptocurrencies and want to start investing. The layout of the application is simple and contains all the prominent cryptocurrencies. However, this could be overwhelming for some users, so in this article we will learn and understand most of the basics and some other useful features of this app to help you better understand its functionality.
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CoinDCX basics for mobile application
The CoinDCX mobile app is easy to set up and use when you know the look. You can quickly start trading Bitcoin and other cryptocurrencies. You can also check prices, set alerts and do much more in the app.
Download the app
Before we begin, we should let you know where you can download this app from.
This app is available for download on both Android i iOS mobile platforms.
Now that you know how to download the app, let’s take a look at all the features and basics of the app. We will also answer some of the most common queries related to the app.
To set up your account, you’ll need the following:
- Name (according to PAN card)
- Valid email ID
- Cell phone number
- Bank account number
- IFSC code
You can follow these steps to set up your account:
1. Open the application and click Sign in by email. Remember to use a working email ID as OTP will be sent to verify your account.
2. After that, you will have to enter your name (according to the PAN card), email and password.
3. Click Go on and enter a valid mobile phone number.
4. Great! You have set up your profile, but to add funds for any type of trading, you will need to enter your bank account information
5. To deposit or withdraw any amount in excess of INR 10,000, you will need to complete your KYC.
The following documents are required for KYC:
- Your photo
- Aadhar card / passport
- PAN card
Your bank details are required to make any type of deposit to your CoinDCX wallet. You can transfer money to your Coin DCX wallet via the UPI or Mobikwik app. Please note that you will need to pay a minimum of INR 500 if you choose UPI. To add funds:
1. Go to the Account section
2. At the top you will see your wallet and wallet status
3. Click Add Funds
You can check the amount in your wallet in Account section.
- To buy cryptocurrencies like Bitcoin, go to Prices section.
2. Select Bitcoin. You will be able to see its price, with the option to purchase.
3. Tap buy, then enter the amount you want to buy in rupees or the amount you want to buy in bitcoins and you will be shown the conversion in rupees.
And from there you can buy it. This amount will be deducted from your wallet.
Note: You must make a purchase of at least 10 ₹
Transfer bitcoins to CoinDCX
If you already have a Bitcoin wallet, you can also transfer your bitcoins to CoinDCX. To do this, you will need to enter the address of your wallet when setting up.
How to trade?
Let’s talk about cryptocurrency trading. But remember that there is always a risk of losing money because the value of cryptocurrencies is very variable and changes often.
The amount to buy or sell on CoinDCX must be a minimum of Rs 10, and since cryptocurrency prices are volatile and constantly changing, you can buy cryptocurrencies for Rs 10, but in the end you will get more or less than that amount. You also cannot sell cryptocurrencies at a price of Rs 10 due to its fluctuating prices.
You should be on the lookout for news and other cryptocurrency developments as these factors also have an impact on the value of currencies in the crypto market. A few good outlets for tracking news and new crypto market developments are
CoinDCX has its own telegram channel for better insight into upcoming events and coins.
Withdrawal of money from CoinDCX
You can withdraw your money from the Coin DCX wallet to your bank account, but the minimum amount you can withdraw is ₹ 500 and the maximum without KYC is 10,000 ₹.
- To raise money go to Profile section> Wallet. From here, you can add or withdraw funds to your bank account.
- You can choose to pick up a different percentage of your current wallet balance or enter the correct amount, but it must be greater than 500 ₹.
Also, read | 5 ways to buy things using Bitcoin and other cryptocurrencies India
Key features of the CoinDCX application
Let’s talk more about some key features of the application.
You can always check the current trading prices of different cryptocurrencies in Prices section.
You can click on the cryptocurrency and go to the price charts and details to see its effect in the past hour, 24 hours, week and so on.
Set a price alert
You can also set a Price warning so you can be notified when a cryptocurrency reaches a certain price or add it to your watchlist to make it easier to track its performance.
Create a watch list
You can track some of your favorite cryptocurrencies on a separate less crowded list called Watch list. Just tap the eye icon and it will be added to your watchlist.
Check your investments
U My investments section, you can see the coins you bought, the amount you invested and your profits. Here you can also sell the cryptocurrency you own by clicking on the crypto you want to sell.
Recommend and earn cryptocurrencies
- You can refer and invite your friends by going to Profile> Invite and Earn.
Here you can send a link to your friends. If they install the app using your links and create an account, you and your friend will be rewarded with 100 ₹ Ethereum.
2. You can also take advantage of free cryptocurrencies if you have a referral or any promo code such as XYZ100.
You will be able to find the Use the code section directly on the home page.
How to Disable a CoinDCX Account
- To disable your Coin DCX account. Visit coindcx.com/login, now enter your details. OTP will be sent to both your email and number.
- When you sign in, go to Profile> Security> Account Activity> Disable Account. You can always activate it whenever you want.
The CoinDCX app contains a set of intuitive features that will be enjoyed by both new and experienced investors, and its ease of use is something to be appreciated. We hope we have helped you better understand this app and general knowledge of how to trade cryptocurrencies using the app. For more Crypto tips, stay with us!
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