Hey folks, it was my first experience only with this platform that I earned some crypto and of course I am pleased after I withdrew my first income in lifetime. Since I was not sure how to get BCH earned into fiat currency, I searched various platforms and with a dear friend's suggestion about a website, I finally got the BCH reflected in my bank account in INR(Indian National Rupees). Since many of you might be wondering to do so, therefor I decided to write an article about the same.
Disclaimer : Neither am I promoting any online crypto trading platform nor am I associated with it in any way. Also, I am not encouraging anyone to choose the platform I chose and not ensuring any safe transaction or something. Bef0re proceeding, you may yourself check the risks included in online trading and in case you share any personal details on any platform as per they might ask, you yourself are responsible for it.
As per the news sources online, Indian government recently lifted ban on crypto trading and since then many companies related to crypto trading are working round the clock to provide us various crypto services. Some of them are UnoCoin, Coinbase, Coindcx, wazirX along with many other names. I chose coindcx for trading. It was favourable for me as BCH/INR trade was easily possible over there.
To set up an account with coindcx :
You need to get to their website and sign up to set up an account with them.
They support more than 30 different coins along with BCH and you can check those details on their website.
After signing up, it provides you a crypto wallet as well as an INR wallet.
I had my crypto in bitcoin.com app wallet other than read.cash wallet and I had to deposit it to the wallet address provided in the deposit section so as to carry on with exchange.
To deposit your crypto with them, all you need is to go to the Funds on the top right part of your screen and under it, you will find deposit. After selecting deposit, you need to choose the coin you want to deposit and then it will give you a wallet address both in barcode and text format.
(path : Funds->Deposit->select the coin you want to deposit.)
You can use the address provided to get your money from any wallet to coindcx wallet. Just head to your current wallet. In case of read.cash, you just need to select the send money option and then enter the address of coindcx wallet. In case of bitcoin.com app wallet on your phones, choose setting on bottom right then go to Sweep Paper Wallet and then either scan the barcode provided on coindcx website or enter the address manually. In both the cases, the next option would be to select the amount you need to transfer and along with that a nominal transaction fee will be there.
Now you have your assets in coindcx wallet and you can trade them for INR or whichever currency you want or maybe some other cypto. You can either sell your assets or use dcx insta.
If you chose to sell your assset, it will take time from 30 mins to hours to find a match and then exchange but in case you instantly want to exchange(INR in my case), you can use dcx insta. Its really fast and the money got reflected in my account within a minute.
There are 2 steps to set yourself up for restriction free trading. You need to upload KYC documents on their website and other thing is to add your bank details in which you want fiat currency amount(your local bank).
Even if you are not done with KYC, you can do trade under restrictions. There is some amount of 5000 INR which you can still trade without even completing your KYC. All these things are clearly mentioned on their website.
Things to keep in mind while in process:
When you transfer crypto from your current wallet to coindcx wallet as it will take some time to register your crypto on new block and 3 confirmations will be needed to register the amount in your coindcx wallet. As you might already be knowing, whenever a transaction in crypto takes places and it is put into some block, it is with the confirmation of some percent of people already owning that block.
While the transaction takes place, you need not to panic as it will take some time. In my case, crypto transfer from bitcoin.com wallet to coindcx wallet took more than 30 minutes. You can also download the pdf document of your transaction while its going on and when its done.
Read all the things on the website carefully before proceeding with anything and also read them on their privacy policies.
You can only trade the crypto once the deposit in coindcx wallet has been completed and for that, you need to keep an eye while the deposit is going on.
Keep your wallet password safe with yourself. Avoid sharing it on any cost.
A good internet connection is recommended as its a matter of transaction and not just any other transaction but crypto.
These guys also have a coindcx android app. You can use it for all the things I mentioned above or their website, whichever way suits you.
Do comment your queries if you have any and I will try to answer them with my latest experience of first crypto withdrawal using coindcx.
Thankyou<3
Good Post