Cofinex is a world leading one stop platform to trade. It supports spot, margin and advanced derivative market of futures trading, perpetuals trading and options trading along with fiat to crypto services through peer-to-peer (P2P) service for Indian users to trade bitcoin and other crypto currencies in India.
Here is the step by step guide to start trading on Cofinex for new users –
Step 1 : Signing-up on Cofinex :
To begin with trading, users must create an account for themselves on Cofinex. To create an account visit :
Account can be created using an Email id or a phone number on Cofinex. Fill in the details and enter the 6 digit OTP (one time password) sent to the email address or phone number to verify.
Step 2 : Securing your account :
To access security settings of your Cofinex account, click on Security on the overview tab.
Perform the following tasks to secure your account :
A. Set up a Fund password : Fund password is required during trading including P2P trading, withdrawing funds from Cofinex exchange to an external wallet or exchange and internal transfer to other Cofinex exchange.
B. Mobile Verification : Required for receiving verification codes to withdraw funds, change password, or confirm changes to your security settings. Click on settings, select your country from the drop down list, enter your mobile number that you want to bind to your Cofinex account. Next click on get code to receive one time password.
C. Enable Google Authenticator : Google authentication provides an extra layer of security to your Cofinex account. Make sure to write down your GA code and keep it safe.
D. Enable 2 Factor Authentication : Add an extra security to your account by requiring a code during login or funds withdrawal.
Step 4 : Setting preferences
Before proceeding, it’s important to set your language and currency preferences. Simply, click on the Preference in the overview profile tab to set that. There are 12 languages available and 9 currency options to choose from.
Step 5 : Deposit or Buy :
Cofinex provides P2P options for Indian users to buy BTC from INR on Cofinex besides depositing the crypto option. Choose your preferred method to proceed further. Note that all the deposits to your Cofinex account are credited to the funding account by default.
A. Buy Crypto :
Cofinex supports bank transfer, UPI and IMPS methods to enable users to buy crypto on Cofinex with INR. There are 15 options available to choose from including USDT, BTC, ETH, CNX , XRP
- Adding Bank Account :
Before placing an ad on the orderbook, add your bank details. Click on the 3 vertical dots beside management on the top, and select settings.
Now Scroll down to payment settings and click on + Add payment method to add your details. Users can add multiple methods – UPI/IMPS/Bank transfer individually and can manage the same from here. - Placing an order :
Click on Buy/Sell on the home screen of Cofinex website, click on P2P next to quick trade to begin. Following interface will appear on the screen.
Click on the Create an ad button on the right side to place create your own ad.
Select the token that you want to buy, enter the price at which you are willing to make the purchase and enter the quantity of token that you are interested in buying. Click on the submit button to confirm your ad.
Now your ad will be visible on the orderbook, wait for the seller to pick up your ad. Alternatively , you can also pick up the seller’s order.
B. Deposit Crypto :
To deposit crypto from another exchange or wallet, hover on Asset at the top bar of the Cofinex home page and click on deposit from the options visible.
Select crypto currency that you want to deposit.
Next, you will be shown your deposit address. Copy the address or scan the QR code of the address to the exchange or wallet from where you want to withdraw. Enter the quantity and follow the instructions on screen.
Step 6 : Trading on Cofinex :
Once you have deposited or made a purchase on Cofinex P2P, transfer the funds to a trading account to start trading. All deposits are credited to the funding account by default.
To transfer funds hover to Asset at the top bar and click on transfer. Following tab will open:
Now select the token you wish to transfer from the drop down list. Enter the quantity of that crypto, and select the trading account to transfer funds from the funding account as shown in the image above to confirm the transfer.
After the transfer is complete, select the Trade on the top menu, and choose the basic or advance trading depending on your experience. A pop up will appear, mark your experience and click on continue. Spot trading page will open as shown in the image below.
Choose the trading pair from the left side, you can also use the search bar to find the token pair.
Chart will be displayed at the right side, Order book will be visible beside the chart and order can be placed from the left side. All the open orders and executed orders can be seen at the bottom.
Buy default the order type is Limit order, select or change the order type as per your convenience before placing the order. Enter the price and quantity of purchase and click on Buy BTC to confirm the order.
