Introduction
Ever since the successful launch of Bitcoin on 3rd January, 2009, more and more cryptocurrencies/altcoins have entered the market. The term altcoin means an alternative coin to Bitcoin. Some of the most common altcoins are the ERC-20 tokens that are built on the Ethereum network. Even the hard forks of Bitcoin, for example Bitcoin Cash (BCH), Bitcoin SV (BSV) and Bitcoin Gold (BTG) are also considered to be altcoins. An article by Bitcoin.com suggests that there are more than 5000 altcoins present in the market. While the consensus mechanism for Bitcoin is the Proof of Work algorithm, there are many altcoins that use other algorithms. The most popular one among those is the Proof of Stake consensus mechanism. Some other consensus mechanisms include Delegated Proof of Stake, Proof of Authority and many more. Each altcoin has been developed for a different purpose and with different characteristics.
CoinDCX is one of the leading cryptocurrency exchanges in India that provides traders access to more than 200 cryptocurrencies on one single platform. We are known for providing our users with a well secured platform with a near-limitless order book, a well-informed team of researchers that provides reports on the current market scenario and much more. A step by step guide has been prepared for the existing and potential users on how to trade altcoins on CoinDCX’s platform.
Spot Market Guide
Step 1.
First time users must open CoinDCX’s website and click on the register button. The signup page asks for all your necessary information before providing you with access to the trading platform. You will be asked for some identity verification for security purposes only. Once you have created your account, we recommend you to secure it by using 2FA and by following certain guidelines. Read the article on How To Secure Your Accounts On Exchanges? to learn more.
To secure your account with 2FA, click on account security after clicking on the profile option from the top right corner dropdown menu. Click on the Bind Google Authentication button and follow the steps to secure your account.
In case you already have an account on our platform, login to your account to start trading.
Step 2.
Most altcoins on the trading platform have multiple trading pairs to choose from. To start trading on CoinDCX’s platform you need to transfer some cryptocurrencies that are supported by CoinDCX or buy them using INR. The cryptocurrencies supported in Spot by CoinDCX are BTC, ETH, USDT, BNB, TUSD, USDC and XRP. Simply click on Funds on the top right side of the website and then click on the Deposit drop down option to deposit some INR or other cryptocurrencies.
For traders who wish to trade in INR, you will be asked to verify your bank account for deposit and withdrawal purposes. Once the process is complete, you can go to DCXtrade under the Trade dropdown on the top left side of the page.
For those who wish to transfer their cryptos from other wallets and exchanges, all you need to do is click on one of the 25+ cryptocurrency you wish to transfer.
You may copy the wallet address by clicking on the copy button or transfer the respective cryptocurrency into your wallet by using the QR Code.
Please note that cryptocurrency transactions are irreversible. So, be careful while transferring your cryptos. Double check the wallet address as many times till you are 100% sure before confirming the transaction. Also remember that your cryptocurrency transaction will get confirmed depending on the traffic in the network. It might happen that the cryptos take a little longer than expected to get transferred from one wallet to another. CoinDCX has got no role to play in such delays.
If you already have funds in your wallet and do not wish to deposit more, you may directly go to Spot to start trading.
Step 3.
The Spot trade page has got many features. Let us have a look at it to get you familiarised with the platform.
The left-hand side of the screen consists of all the crypto pairs that a trader can buy or sell. For your ease, you may use the search button in case you know which altcoin you wish to trade. The live price chart in the center is used by many traders to perform technical analysis and predict the price at which they must enter or leave the markets. The right-hand side consists of the order book for the given crypto pair.
Now let us assume that you have deposited some Bitcoins (BTC) that will be used to trade altcoins. You may either search for the altcoin pair, for example, search ADABTC to get the ADA/BTC pair or click on the BTC button to get all the available altcoins that can be bought using Bitcoins.
In the example given below, I clicked on BTC to scroll through the various options before selecting the ETH/BTC pair. The list of all cryptos that are available on our platform is listed here.
I wish to purchase ETH for the Bitcoins that I hold. Clicking on the Buy ETH button gives the following dialog box.
Before we move further, we would like to remind you that trading in cryptocurrencies can be risky and demotivating (if you face losses) if you are not careful while investing in any coin/token. You must conduct your own research and analysis before taking any decisions. CoinDCX is happy to provide free reports and resources on cryptocurrencies and technical analysis on the DCX Learn platform. Beginners may view the following resources to learn more about a few basic indicators — Candle Sticks, Bollinger Bands, RSI, Support and Resistance, Fibonacci Retracement and Moving Averages. It will also be useful for users to read the blog on the different orders i.e Limit Order, Market Order, and the Stop Limit Order.
Traders must enter the quantity of Ethereum they wish to buy or the quantity of BTC they wish to use in order to buy an equivalent amount of Ethereum for that quantity of BTC. The fee for the transaction is instantly calculated. CoinDCX provides traders with various options for orders. These include Market order, Limit order and Stop Limit order. Select one of them appropriately — depending on your need and preference. Click on the Buy ETH button to confirm the transaction. Once the order has been confirmed, you may click on the Order History option below the live price charts to look at your order book history.
You may also click on Funds on the top right side of the webpage and then click on Portfolio. This page is your portfolio which consists of all the tokens that you hold, its quantity, its value and other information.
Step 4.
After you have made your trades and are happy to withdraw your funds, click on the Withdraw dropdown from the Fund option on the top right side of the page. Select the altcoin you wish to withdraw i.e. send to another wallet. In this example we take Ethereum. Click on Ethereum to get the following box on the next page.
All you need to do now is enter the wallet address where you want to send the Ethereum and select the amount you wish to send. As a reminder, please be sure that the address is the right one. Cryptocurrency transactions are irreversible. Click on Send and wait for the confirmation.
Congratulations! You can now seamlessly trade altcoins on CoinDCX’s platform . The entire process might look a little overwhelming at first but do not worry. Practice it a couple of times and we are sure you will be comfortable very soon.
In case you need help, you may get in touch with us on Telegram or Twitter!
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