FAQs

Digital Currency is a virtual exchange medium that uses cryptography to secure its transactions and control the creation of units. In simpler words, it is digital cash. Based on an open-source software, cryptography and peer-to-peer networking, it lets people transact pseudonymously and securely at fees far lower than the regular bank charges.
In history, cryptography was born during the Second World War in order to secure communication. It has evolved in the digital era with elements of computer science and mathematical theory to secure online exchange of money, information and communication.
For most people, the concept of Digital Currency is difficult to grasp and they find its key management mechanics confusing. This leads to cases where people buy cryptocurrencies, but then leave them in charge of someone else, as the holder. The worst case scenario is when the balance is lost to insider theft or hacking.
Cryptocurrencies are subject to pump and dump which is normal, just like in case of penny stocks. As no one knows what will be the scale of the currencies and how the community will maximize them, it makes cryptocurrencies more volatile as compared to traditional fiat currencies.
Cryptocurrencies are known for their highest level of security and pseudonymity. Transactions made in this system cannot be reversed or faked. Even the transaction fees are far lower than what local banks charge. Its decentralized nature makes it available to everyone, while banks are only accessible to those who are permitted to open accounts. This makes cryptocurrencies more reliable and accessible than the conventional currency in the marketplace.
The number of cryptocurrencies that exist in the ecosystem is not definite. Reason being, the Digital Currency code is an open source and anyone can create their own Digital Currency by using the code. However, only some of the cryptocurrencies carry offerings of value which make them sought after in the Digital Currency marketplace.
A list of such cryptocurrencies is maintained and updated by various data aggregators. But the total number of such cryptocurrencies as published by different aggregators vary widely. As per CoinMarketCap, one of the most followed aggregators, there were 5,760 cryptocurrencies listed with it as on 22nd July 2020 with a total market capitalisation of US$278 billion.
The first Digital Currency to be created and circulated was Bitcoin. Created in 2009, it is still the best known Digital Currency. As per the information on CoinMarketCap, Bitcoin dominance was 62.2% in July 2020. In other words, the market capitalisation of Bitcoin was 62.2% of the total market capitalisation of the 5,760 cryptocurrencies listed with the aggregator. With 18.4 million Bitcoins in circulation priced at US$ 9,830.89 per Bitcoin, its market capitalisation was US$ 173 billion.
From the over 5,760 cryptocurrencies available as on 22nd July 2020, some of them are more traded than the others:
Bitcoin (BTC): First to be introduced in the ecosystem, BTC is still the most commonly traded Digital Currency. It was developed in 2009 by Satoshi Nakamoto, and its market capitalisation was US$ 173 billion as on 22nd July2020.
Ethereum (ETH): In 2015, ETH came into existence as a token based currency used on the Ethereum blockchain. It ranks second as the most valuable and popular Digital Currency in the marketplace. Ethereum had a market capitalisation of US$ 27.5 billion as on 22nd July 2020. Its journey has been very turbulent. After a major hole led to its hacking in 2016, it split into two currencies. Its value had once crashed to as low as 10 cents and then climbed to reach a record high of US$ 1,427.05 as on 14th January 2018.
Ripple (XRP): Created in 2012, XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger - an open-source, permission-less and decentralized blockchain technology that can settle transactions in 3-5 seconds.
XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently. Ripple’s market capitalisation was US$ 8.8 billion as on 22nd July 2020, and it has been used by over 300 financial institutions across 40 countries.
Cryptocurrencies are an alternative means of exchange, in addition to the national and international fiat currencies. While it is usually developed by individuals or organisations, it can even be created by national, state or even local governments. Cryptocurrencies can even arise naturally, when people agree to use them as their common currency in the marketplace.
Not at all! There are various ways in which you can acquire Digital Currency coins:
  • Accept it as a payment for goods and services
  • Purchase specific coins on legitimate exchanges online
  • Exchange coins with someone you know
  • Earn it by mining it
Mining is the process of validating the transactions to be recorded in the publicly distributed ledger of that particular Digital Currency. In order to prove the effort of this honest work done, the validator needs to solve a complex mathematical puzzle and send the solution to the network. Once it is accepted by the network, the validated transactions get recorded in the ledger and the validator is rewarded with freshly minted coins. This generation of new coins by the validator is known as mining, and the validator who gets the reward is called the miner. To mine cryptocurrencies, you need powerful hardware and the right software.
Cryptocurrencies have proven to be a profitable investment for many. Whether you mine coins or simply invest in them, the expanding ecosystem provides multiple opportunities to increase your portfolio value, riding on the volatility exhibited by this particular asset class.
Cryptocurrencies are very easy to use. As they are digital in nature, they define the borderless payment system, and their transfer fee is far lesser than other fiat currencies, especially in case of cross-border remittances. The usage scope of cryptocurrencies extends to every area that has internet access. As there are many countries where the banking network penetration is not that deep yet, the excluded areas could benefit tremendously from digital cryptocurrencies.
In just over a decade, cryptocurrencies have become a global digital phenomenon. Various applications like smart contracts and smart governance powered by automated, condition-based escrow payments using cryptocurrencies is all set to revolutionise the financial market.
Decentralized, distributed ledger over a peer-to-peer network clearly scores over the age-old ledger in our offices.
This system clearly heralds the future economy, and we should all try to adopt it as soon as possible.
The cryptocurrencies you acquire have to be stored somewhere. And for that, you need a wallet. There are two main types of wallets available, from which you can choose as per your requirement:
  • Software-based wallets, also known as hot wallets (desktop, online or mobile)
  • Hardware-based wallets and paper wallets, also known as cold wallets
Hot and cold wallets are classified as per the level of their internet connectivity. Hot wallets are actively connected to the internet, which makes spending easy. However, such wallets are vulnerable to cyber attacks. On the other hand, hardware and paper wallets are not actively connected to the internet, and are considered as cold storage. A cold storage is safe from cyber crime, but the owner has to ensure it doesn’t get misplaced or isn’t lost.
Wallets don’t store cryptocurrencies directly; what they store are the private keys. The cryptography process uses specific algorithms to generate pairs of keys - the public key and the private key. The public key is the address to which anyone can send their Digital Currency balance. The private key allows its owners to spend cryptocurrencies from a specified address. Without the private key, the cryptocurrencies are lost.
A Digital Currency exchange is an institution which facilitates the buying, selling or exchange of various cryptocurrencies against fiat currencies or other cryptocurrencies.
Digital Currency exchanges are broadly classified into two categories – Spot and Derivatives. A Spot exchange deals in tokens and coins at the current rate at which they can be bought and sold against instant handing over or delivery of the asset. On a Derivatives exchange, on the other hand, derivative contracts are made with the Digital Currency as the underlying asset and then, such contracts are traded. The most common contracts are the futures contracts and options contracts.
As per the listing of exchanges by the data aggregator, CoinMarketCap, there were 313 spot exchanges as on 22nd July 2020 and the top amongst them were Binance, Huobi Global and Coinbase Pro. The derivatives contracts being a recent offering in the crypto ecosystem has only 14 exchanges as of July 2020, with Binance, BitMex and Huobi Global being the notable exchanges.
The value of cryptocurrencies is determined through their market capitalisation. Market capitalisation is a metric which shows how much money in terms of a standard fiat currency in circulation equals to the Digital Currency worth.
For example, let’s find out the value of the Bitcoin network as on 22nd July 2020:
Total Bitcoin Supply: 18,438,731 BTC
Price of Bitcoin in US$: 9,377.94
Total value of the Bitcoin network = Total Supply X Current Price = 18,428,731 X 9377.94 = US$ 172,917,312,994 or US$ 173 billion (approx.)
If you have cryptocurrencies, you can transfer cash in a matter of seconds to anyone around the globe from the wallet, minus any fees or at the lowest fees. Cryptocurrencies make spending and receiving money 20 times easier as compared to the traditional systems like wire transfer, Western Union and Paypal.
Cryptocurrencies are like real cash and can be used to pay merchants who accept them. Many merchants prefer cryptocurrencies, as once the payment is done, there is no way to reverse it. In case of PayPal and Strip, the customer can do a chargeback, in which case, the merchant stands to lose the funds.
Although the ledger used to keep the Digital Currency transactions is shared over the network and is available to all, it does not compromise your privacy. The transactions happen between the public keys of the participants and that is what is recorded in the ledgers. As such, your personal data is never stored on the network and is not accessible to anyone. Unless you disclose your public key to someone, there is no way to determine if that public key belongs to you. This ensures data security of the participant.
Cryptocurrencies can be used for various real life applications which use the internet extensively. One such example is smart contracts. This particular application lends a great amount of efficiency to the work process that otherwise requires using physical centralized ledgers individually by all central agencies involved in a particular transaction.
There is a high possibility that in the near future, all transactions would be done in a user-to-user system through cryptocurrencies.
Since cryptocurrencies operate in the digital world, you need to be extremely cautious about certain aspects. Like, keeping your password safe. Losing your password or making a mistake in your transaction can result in you losing your funds or the account itself forever, with no chance of retrieving them.
Cryptocurrencies are serious business, so operate your wallet with care. Once it gets locked, then all you can do is bid your account goodbye. To make things worse, your Digital Currency wallet is easy to rob. For instance, if your wallet is open on your computer, anyone can access it and wipe away your entire balance without leaving any trace. Even law enforcement agencies of less than NSA level will not able to help, unless the thief is sloppy beyond belief. Access to the real-time worldwide electronic monitoring system is needed to track such thefts. Hence, it is important to be very alert while handling cryptocurrencies.
The best Digital Currency to purchase is the one that you would want to hold, whether its value goes up or down. Bitcoin is believed to be the type of Digital Currency that investors are willing to hold, even if its value totally crashes. Investors would, in fact, look at buying more Bitcoins when its value falls. It is one Digital Currency that can be invested in for the long term.
Ethereum, on the other hand, represents real world utility brought on the blockchain. So, with increasing number of applications being developed to deal with real life processes, adoption and use of Ethereum is expected to increase manifold. Under such a situation, Ethereum is expected to be of great value to society and hence is expected to be priced much higher than it is today. So, it can also be a good investment.
Ripple is another Digital Currency which has applications in the remittance of money involving financial institutions as well as individuals. It is also a Digital Currency with a significant social impact and hence has the potential to grow manifold in value and exhibit a subsequent price appreciation. However, as majority of the stake is being closely held by the Ripple labs either directly or indirectly, the investor interest in this Digital Currency is still rather lukewarm.
It’s important to focus on an established Digital Currency to reduce the risk. And only invest what you can afford to lose.
Currently, Bitcoin is experiencing extreme volatility that may cause the SEC barrier to formulate the first ever BTC exchange traded fund or ETF. Most members of the crypto community strongly believe that the United States SEC (Securities and Exchange Commission) will drive the BTC price, allowing it to reach a record high level.
However, after the SEC rejected the Winklevoss Bitcoin ETF proposal, Bitcoin and other cryptocurrencies in the market got impacted. After an initial drop in price, most cryptocurrencies recovered and have touched ultra-high price levels in the ecosystem.
Bitcoin or BTC, the first every Digital Currency, has gone from being a media sensation to quiet in the last few years. But in its wake, more than 800 new cryptocurrencies are estimated to have sprung up, just like mushrooms after a strong thunderstorm. Only a few Bitcoin alternatives can be considered as legit. All others can be thought of as mushrooms, which can be used mainly as food!
The evolution and proliferation of cryptocurrencies has been very rapid. Aided by a borderless technology and involving a small community of extremely tech savvy individuals across the world, cryptocurrencies have burst into social relevance in the last decade only. The regulations have lagged behind. Firstly, because highly technical cryptography is used in order to secure cryptocurrencies, only a few understand it completely or even can verify its technical strengths or weaknesses. Secondly, the way it is accessed and used, there is no need for a central third party to be involved at all.
As cryptocurrencies aren’t governed by the traditional regulatory authorities who control fiat currencies, their legality is always questioned by the people who severely depend on the trusted third party system. BTC, however, isn’t like counterfeit, illegal money. It is totally different, and operates in an ostensibly grey area when it comes to regulation. But, all these issues boil down to the lack of rules that govern cryptocurrencies like Bitcoin, Ethereum, etc. rather than a blatant violation of law.
All questions regarding cryptocurrencies and their legality depend on how these digital currencies are being utilised in the marketplace. For instance, Bitcoin regulators have been concerned by its semi-anonymity (pseudonymity) and decentralised nature in the digital marketplace. Not just in the United States, authorities of most countries fear that this system could be used or is already being used for money laundering and the purchase of prohibited goods, without being traced. Such activities aren’t helping Bitcoin’s reputation. Whether people use Bitcoin or any other form of payment, as long as one is involved in illegal activities, it’ll remain illegal. The issue is the nature of the activity and not the mode of payment. For argument’s sake, money laundering before Bitcoin used to happen with Government issued banknotes. That doesn’t make the banknotes illegal.
According to a statement by the U.S. Treasury Department Network in 2013, purchasing legal goods and services using cryptocurrencies like Bitcoin wouldn’t be deemed as illegal. But people or organisations who mine Bitcoins and then trade them for traditional currencies or establish an exchange on which Bitcoins are bought and sold, which makes them money transmitters, could be subject to special laws that govern such activities.
The legality of cryptocurrencies is viewed differently by different experts. But one thing is for sure, if it isn’t connected with any illicit activities, there is no cause for concern. As cryptocurrencies do not feature on the list of sanctioned currencies, its status may place a user at risk if there are violation of any laws.
The decentralised nature of cryptocurrencies, transparency in transactions and the use of non-duplicable hash-algorithm based cryptography helps make cryptocurrencies safe. Precisely why, an increasing number of people are trusting it.
More than 3 million Bitcoin users are estimated to be active in the Bitcoin peer-to-peer network, with most of them investing in the said currency. Even though the risk is high due to the excessive volatility, more than 6,000 organisations are accepting Bitcoin payments.
One of the reasons why cryptocurrencies are considered as safe is that the wallet holder or buyer doesn’t need to give unnecessary personal information like credit card number, etc., ensuring that their identity isn’t revealed to anyone. It is expected that cryptocurrencies like Bitcoin will be largely accepted as a means of secure payments and will grow more in the future.
Digital Currency is a decentralised system which is executed over a peer-to-peer network connected through internet, which allows you to exchange value between participating peers over the network without the involvement of any trusted third party to confirm the transaction. Validation and confirmation of the transaction is carried out by the participating community. It has a superb authentication system and unique design to transfer values between participants in an instant at the lowest cost irrespective of their geographical location. So, yes! You can transfer cryptocurrencies across all borders.
Making a Digital Currency transfer is simple and fast. You just need to log in to your wallet on a computer with internet connection and immediately send funds to whoever you want to.
Once the transaction is done from your end, the receiver can check their wallet. It takes around 3 seconds to 50 minutes for the transaction to be confirmed depending on the process involved in verification and validation of the transactions to be appended in the ledger. Different blockchains have different algorithmic systems to confirm transactions and hence the difference in confirmation time.
All cryptocurrencies are computer generated currencies. They come into existence through the process of mining. Coins are given to those miners who have successfully completed a task, like confirming the records of currency movement.
Once a Digital Currency is generated, it is stored in a secure wallet that is difficult to hack. The coins can then be sent to another wallet. Every transaction gets appended on the blockchain and is verified by the mining activity in the ecosystem.
The production of these coins is limited, and the speed of its generation is variable. At first, the coins are produced at a faster rate and in the long run, the creation process slows down. In the case of Bitcoin, its value is now at a record high as its network has expanded. When more and more users compete for a similar coin, its price goes up.
If one wants to add value and efficiency to a process or system with the use of cryptocurrencies, instead of its present way of functioning, surely it is worth the effort. However, its success would depend entirely on its adoption by the users in the community. A Digital Currency thrives in a peer-to-peer network. Incentives and benefits need to be offered to peers to join and remain in the network for driving it forward.
While most of the cryptocurrencies in the marketplace are relatively new, the potential opportunities for more players to join in and make good money are still high.
A Digital Currency or a coin is the digital representation of money, just like the notes or coins in our pockets. It is a means of payment, unit of account, medium of exchange and store of value. A token, on the other hand, can have wider functionality – depending on the purpose of its creation and usage. For e.g., a token could be used only for rewarding validators of a particular blockchain transaction, and for nothing else. Or, it can be issued as a dividend to investors in an DeFi environment or rewarded to consumers paying electricity bills on time to redeem discounts at a future date and more. Most tokens exist to be used with decentralised applications, and once created, they can be used to activate features on the application they were designed for. In some cases, they can be used in the operation of smart contracts in the network that accepts the specific tokens. For instance, BAT or the Basic Attention Tokens are used for advertising related services. This means that BAT value are useful for those who want to increase their engagement and will buy this type of token.
Apart from the functional difference, there’s another fundamental difference between cryptocurrencies and tokens. And that lies in their genesis. Cryptocurrencies are mostly coins generated in their individual blockchains, while tokens are created on existing blockchains. They are issued by passionate developers and then circulated in the community.
To sum up, cryptocurrencies help in the transfer of value in the community that accepts it and function as physical money would. On the other hand, tokens can be used for some specific uses in the blockchain on which they are created.
However, in case of such new and fast evolving segment like cryptocurrencies, aspects like regulation and definition of terms tends to lag behind the technical evolution and adoption. Terms are created and evolve as they are needed and sometimes, there is no clear agreement on what they mean. Quite often, the terms coins and tokens are used interchangeably.
No, Digital Currency and digital currency aren’t synonymous.
Digital currency is the digital representation of a fiat currency. As we evolve into a cashless society, we use the digital form of money more extensively. So essentially, it is the same fiat currency, but it is transferred and received electronically. The accounting of the digital currency still lies with the banks in a country. On the other hand, although a Digital Currency is a cash system in the digital space, it differs from the digital form of fiat currency. It is a type of an asset. It derives its value from social demand and technical supply. Its value is secured by cryptography.
Let us break down the core differences of the two and understand them better.
Structure:Digital currencies are centralised; there is a group of people and computers that regulates the transactions in the network. Cryptocurrencies are decentralised, and the regulations are made by the majority of the community.
Pseudonymity:Digital currencies require user identification. One needs to upload their photo and documents issued by the public authorities. The information so shared is kept in a centralised server protected by the protocols laid down by the banking authorities. However, such information is not only vulnerable to cyber attacks, but also is at the risk of being changed. A violation of protocol by the trusted authorities could also occur. In certain cases, information holders use the information to analyse user habits, and such analytics help various purposes, like influencing purchase decisions based on browsing history. Also, there are a few cases where aggregators of such information have been found to sell the information to corporations, compromising the privacy of the information providers.
Cryptocurrencies, on the other hand, are public ledgers. As transactions and activities are recorded in a ledger, which is shared publicly, no comprisable information is asked for. A pseudonym is assigned to the user in the form of an alphanumeric public key or account number, and all transactions are recorded against it. Each transaction is registered, and the senders and the receivers are publicly known. Thus, all the transactions are properly tracked.
Transparency: Digital currencies are not transparent. You cannot choose the address of the wallet and see all the money transfers. This information is confidential. Cryptocurrencies are transparent. Everyone can see any transaction of any user, since all the revenue streams are placed in the public domain.
Transaction Manipulation:Digital currencies have a central authority that deals with problems or disputes. It can cancel or freeze transactions upon the request of the participant or on the suspicion of a fraud or money laundering. Cryptocurrencies are regulated by the community. It’s very unlikely that the users will approve the changes in the blockchain, although there are some precedents such as the hack of The DAO. However, the amount of money was significant, and the decision was uncertain.
Legal Framework: Most countries have laws to regulate digital currencies, i.e., Directive 2009/110/EC in the European Union or Article 4A of the Uniform Commercial Code in the US. However, that’s’ not the case for cryptocurrencies. Their official status remains undefined in most countries. The establishment of the legal framework is only in the process.
All cryptocurrencies are computer generated currencies. They come into existence through the process of mining. Coins are given to those miners who have successfully completed a task, like confirming the records of currency movement.
Once a Digital Currency is generated, it is stored in a secure wallet that is difficult to hack. The coins can then be sent to another wallet. Every transaction gets appended on the blockchain and is verified by the mining activity in the ecosystem.
The production of these coins is limited, and the speed of its generation is variable. At first, the coins are produced at a faster rate and in the long run, the creation process slows down. In the case of Bitcoin, its value is now at a record high as its network has expanded. When more and more users compete for a similar coin, its price goes up.
If one wants to add value and efficiency to a process or system with the use of cryptocurrencies, instead of its present way of functioning, surely it is worth the effort. However, its success would depend entirely on its adoption by the users in the community. A Digital Currency thrives in a peer-to-peer network. Incentives and benefits need to be offered to peers to join and remain in the network for driving it forward.
While most of the cryptocurrencies in the marketplace are relatively new, the potential opportunities for more players to join in and make good money are still high.
A Digital Currency or a coin is the digital representation of money, just like the notes or coins in our pockets. It is a means of payment, unit of account, medium of exchange and store of value. A token, on the other hand, can have wider functionality – depending on the purpose of its creation and usage. For e.g., a token could be used only for rewarding validators of a particular blockchain transaction, and for nothing else. Or, it can be issued as a dividend to investors in an DeFi environment or rewarded to consumers paying electricity bills on time to redeem discounts at a future date and more. Most tokens exist to be used with decentralised applications, and once created, they can be used to activate features on the application they were designed for. In some cases, they can be used in the operation of smart contracts in the network that accepts the specific tokens. For instance, BAT or the Basic Attention Tokens are used for advertising related services. This means that BAT value are useful for those who want to increase their engagement and will buy this type of token.
Apart from the functional difference, there’s another fundamental difference between cryptocurrencies and tokens. And that lies in their genesis. Cryptocurrencies are mostly coins generated in their individual blockchains, while tokens are created on existing blockchains. They are issued by passionate developers and then circulated in the community.
To sum up, cryptocurrencies help in the transfer of value in the community that accepts it and function as physical money would. On the other hand, tokens can be used for some specific uses in the blockchain on which they are created.
However, in case of such new and fast evolving segment like cryptocurrencies, aspects like regulation and definition of terms tends to lag behind the technical evolution and adoption. Terms are created and evolve as they are needed and sometimes, there is no clear agreement on what they mean. Quite often, the terms coins and tokens are used interchangeably.

The price of cryptocurrencies is not determined by a central authority like a bank or any international authority. The fundamental demand and supply price quoted by the participants of the network determined the price of the cryptocurrencies. This means users must reach a consensus about the Digital Currency's value and use it as an exchange medium.

The wallet address represents a randomly generated combination of digits and letters. Each wallet has its unique address or a tag with a private key that is required to restore your wallet, if you lose it. To keep your digital cash secure, do not share the details with anyone. If your private keys are stolen, your wallet and all your coins will be lost forever. We, at DigitX, will never ask for your private keys.

Cryptocurrencies are known for their extreme security and anonymity to the highest level. Transactions made by this system cannot be reversed nor faked. In cryptocurrencies, the fees are to the lowest level, making it cost effective than the conventional currency in the marketplace. Its decentralized nature means they can be available to everyone, whereas banks are only available to those they permit to open accounts. Cryptocurrencies are growing, empowering, and provide an alternate asset class to investors to make profits.

On-boarding

  1. Please visit DigitX’s official website: https://www.trade.digitxindia.com, and click the Register button.
  2. On the registration page, please follow the on-screen instructions and insert the email address and password that you’ll use for your account. If you’ve been referred to register on DigitX by a friend, please make sure to fill in the Referral ID (optional). (NOTE: The password must be of minimum 8 characters, and include a combination of at least 1 uppercase, 1 lowercase and1 number. )
  3. After filling in your data, click on the【Create account】button.
  4. You will then receive a confirmation email from us on the address you’ve specified. Please check your inbox to confirm your registration.
  5. Once you receive the confirmation email, please click on the 【Confirm Email button to confirm your registration.
  6. Note: For your own account’s security, make sure you enable 2Factor Authentication (2FA) after your first login. (Google 2FA or SMS 2FA)
  7. On the Login page, please fill in the login details. You will receive an OTP on your registered mobile number.
  8. Note – You will not receive the OTP by email, if you are logging in for the first time. The OTP form on your first login attempt is used to verify your mobile number.
  9. Please enter the OTP and click on [Sign In].
  • If it is your first login attempt, kindly wait for some time, as the delay can be due to network congestion. Try logging in again or try restarting your device. The first OTP is sent to verify your mobile no. and the subsequent OTPs will be sent to both your email address and mobile number
  • We strongly recommend the Google 2 Factor Authentication to avoid network delays in the OTP delivery and also further secure your account.
  • If none of the above steps work, please contact Customer Support.

If you haven’t received the email, please try the following

  1. Please make sure the email ID you have provided is correct.
  2. Check your spam and junk folders.
  3. Add DigitX to your mailbox whitelist.

If none of the above steps work, please use an alternate email address.

KYC & Bank Account Verification

  • To start your KYC process, follow the following steps:
  • 1. Login using the button on the top right-hand side of the home screen or directly at https://trade.digitxindia.com/login
  • Click on the top right profile icon on the screen and click on ‘Profile’ (does profile need to come before icon?) (yes it fine)
  • Click on ‘UPLOAD KYC DOCUMENT’ to start the process.
  • For Indian customers, the process starts with uploading your national ID. Click on ‘VERIFY IDENTITY’ to start the process.
  • DigitX wants users to upload the latest images of their documents for KYC. Ready your National IDs and click on the button ‘CONTINUE ON PHONE’.
  • You will be directed to the next screen which will provide you a secure link to take pictures and directly upload from your phone. To proceed, click on ‘GET SECURE LINK’.
  • You can scan a QR code from your camera, demand the link on SMS, or directly copy the link and paste it into your browser.
  • On your phone, submit the front and back of your ID.
  • Next, you need to upload your selfie.
  • Click on the confirm button once the selfie is successfully uploaded.
  • You will receive a confirmation on your mobile prompting the success of your uploads.
  • You will also receive a confirmation on your device from where you have logged in to your DigitX account.
  • The next step is to verify your Tax ID.
  • Follow similar steps as the national ID uploading, from migrating the process to your phone, uploading pictures to confirming after uploading the selfie.
  • Once all the images are uploaded, you will again receive a prompt on your device to ‘SUBMIT VERIFICATION’.
  • Once all the required images are uploaded, you will be informed about the email notification you will receive on the verification of your KYC.
  • We use the same security software for both our Crypto Wallets and Identity Management. Rest assured, your KYC documents are extremely safe with us.
  • Note: DigitX will never share any of your personal details, personal documents or trading history with Private Third Parties.
  • In order to complete the verification, we request you upload an image of the printout of your most recent bank statement, self-attested with your signature and date. The bank statement should clearly show your Name, IFSC code and Bank Account Number. You can also upload an image of a cancelled cheque or your passbook with the aforementioned details.
  • You will receive an email specifying the reason for your bank account verification failure. Please check the email and fulfill the requirements mentioned in the email.
  • Your PAN Card is not required to open your account on DigitX.
  • However, your PAN Card is required to complete your KYC and surpass the withdrawal/deposit limit of 5,000 INR.
  • For PAN Card verification, a user has to upload a selfie holding PAN Card and Aadhaar Card along with a handwritten note "DIGITX, Current Date and Signature".
  • Note: In the selfie, the user’s face, the handwritten note, the PAN Card and Aadhaar Card (with Name, Card No. and Date of Birth) should be clearly visible.

DigitX has automated the KYC verification process which has brought down the KYC verification time from 24 hours to 6 mins.

The possible reasons for the failure of your KYC verification could be one of the following:

  1. Details you entered didn’t match with the image details.
  2. Images were blurred or with too much glare.
  3. A required detail was missing in the images.
  4. Name entered in the box and the field doesn’t match. (box and field? Or name entered in the box/fields and in the documents doesn’t match?)

To prevent these errors, please make sure the following guidelines are followed:

For Selfies:

  • Please make sure the lighting is proper
  • Avoid using any filters or image editing software on the image
  • Do not crop your selfie. Align your face in the oval visible on the screen and click the picture
  • Selfie should not be older than 24 hours of uploading
  • Avoid wearing spectacles or sunglasses in the picture

For Documents:

  • All required sides of the document should be visible
  • Only submit original documents. Photocopies, scanned documents, or Digilocker documents are not accepted
  • Please upload a high-quality image with clear text and without any glare or blur.
  • The name entered should match the name on the document. The order, abbreviations (if any), and spellings of the first name and the last name you entered in the fields should be the same as the documents you have uploaded.

If you need any further assistance, please contact Customer Support. We will assist you with your verification directly.

The bank verification on DigitX is a completely automated process. Please follow the following steps to complete the verification:

  1. Click on the profile icon on the top right corner of the screen.
  2. Click on ‘Verify Bank Details’.
  3. You will be redirected to a new screen where you have to enter your name and other bank details.
  4. You will be asked to confirm your bank details with a penny drop. A small unit of currency will be deposited and withdrawn from your bank account to test and verify the bank account.
  5. A 12-digit UTR number will be sent to your mobile. Enter the UTR number and click on submit.

Your Bank Details will be verified instantaneously on the portal.

In case the automated process doesn’t work, you need to follow the manual bank verification process. In order to complete manual bank verification, you need to upload your self-attested bank details as listed below:

  • Latest Bank Statement with Name, IFSC Code and Bank Account Number clearly visible or A cancelled cheque or
  • Bank Passbook

If any of these details are missed and the bank verification fails, we will notify you with the reasons for the failure. You have to re-initiate the process. Please make sure the mentioned shortcoming along with the other requirements are fulfilled in your attempt. Your bank details will be verified within 24 hours.

You need to submit two documents to complete your KYC:

  1. Tax ID
  2. PAN Card (mandatory)
  3. Identity Card (Front and Back)
  4. Aadhaar Card.
  5. Voter ID Card
  6. Passport

*(Driver’s License is not acceptable now)

For a user living outside India, you can submit valid government issued identification and address proof to complete the KYC.

(What is the difference between Tax ID and PAN Card? Do we need to give any examples of Tax ID?)

Account Management

In case you have forgotten your password, click on ‘Forgot Password’ in the bottom right corner of the login form

Enter your email ID , and click on [Submit]

Please enter the 6 digit OTP sent to your mobile or on your Google Authenticator App.

An email will be sent to you immediately with a link to reset your password. Click on RESET PASSWORD.

We use your email ID as a unique identifier. You can’t change your email ID, once it has been registered on DigitX.

Please submit a request to the Customer Support team and they will guide you through the process.

You can change your name or phone number by reaching out to our Customer Support team. However, you can’t change your personal details like email ID once it is registered on DigitX.

No. You can create only one account on DigitX.

No. You can only have one account with a set of KYC documents.

Markets

On Markets, you can view all the tokens available to trade on DigitX. Newly listed tokens will be added to Markets as soon as they become live to trade. (tokens or coins or cryptocurrencies?).

On Markets, you can view all the tokens available to trade on DigitX. Newly listed tokens will be added to Markets as soon as they become live to trade. (tokens or coins or cryptocurrencies?).

Security

DigitX will never call you personally . If you find a phone number claiming to be for DigitX support, it's a scam. Do not call it. Instead, please send us a Support Ticket with information about the scam.

In a phishing scam, an attacker tries to disguise themselves as a trustworthy entity in order to trick you into giving them sensitive information that can be used to gain access to your devices and accounts to steal your money.

Therefore, it is important that you be very alert and practice discretion to avoid falling victim to these scams.

Listed below are important tips to adhere to that can help protect you from phishing scams DiditX will:

  • Never ask you for your passwords. Never give your passwords to anyone.
  • Never ask you to remove or change your security settings.
  • Never request access to your devices via remote desktop access software.

On the Login page, please fill the login credentials and click on [Sign In].

Enter the 6-digit password displayed on the Google Authenticator App on your mobile .

Please follow the guidelines to secure your DigitX account:

1. Select the 2 Factor Authentication

Setting. The 2Factor Authentication will ensure that no one can access your DigitX account without obtaining both your password and the second factor of your security , whether it’s the OTP or Google Authenticator.

2. Always check your browser

Every time, make sure the browser you’re visiting is: https://digitxindia.com/. If the website you’re on looks exactly like ours but is even slightly different, you could be a victim of phishing and could lose control of your account. Remain vigilant!

3. Do not share sensitive information

While our Community Managers on Telegram and our Support Teams regularly converse with users over chat or call, no single DigitX employee will ask for sensitive information. The most any employee will ask is your email, phone number and Support Ticket ID.

4. Use a strong password

We recommend that you use a strong password for your DigitX account. While we have the highest levels of security for our platform, using an easy-to-guess password leaves you liable to guess-hackers.

Two-factor Authentication (2FA) is an extra layer of security for your DigitX account that can be utilized to ensure that you are the only person who can access your account and deposit, withraw or trade on it. Are my funds safe on DigitX?

Yes, your funds are extremely safe. DigitX is built with industry-leading security. Our team is constantly auditing and building upon existing protocols to ensure that our security is up-to-date and impenetrable.

  • Individuals /Sole Proprietors
  • Registered Partnership Firms / Limited Liability Partnerships (LLP)
  • Corporates
  • Banks
  • Professional Clearing Member
  • Trading Member

Foreign entities can take membership through their Indian subsidiary registered under India’s Companies Act, 2013.

The latest Corporate Identification Number (CIN) should be mentioned.

While providing infrastructure details in the application form, the applicant needs to provide:

  1. Details of the office from where the business of the applicant is going to be conducted (in case of a single place of business)
  2. An Annexure with details of all places of business (in case the applicant wishes to conduct business from more than one place)

Yes, it is possible to open an account with the bank before getting the DigitX registration. There is no prescribed format for the letter by the exchange. However, the letter should contain account details and the facilities availed by you from such banks.

If the applicant intends to clear and settle his trades through a clearing member, the applicant is required to furnish the name and details of the clearing member along with a copy of MoU/ agreement/ contract with them for the same.

The net worth as mentioned in the Net Worth Certificate needs to be specified.

Minimum age of designated director(s): 21 years.

Education: Should be at least HSC or equivalent qualification

Experience: Should have a minimum experience of 2 years in an activity related to dealing in securities or as a portfolio manager or investment consultant or merchant banker or in financial services or treasury, broker, sub broker, authorized agent or authorized clerk or authorized representative or remisier or apprentice to a member of a recognized stock exchange, dealer, jobber, market maker, or in any other manner in dealing in securities or clearing and settlement thereof.

Minimum 2 designated Partners/ Directors fulfilling the above eligibility criteria should be identified.

In sole proprietorship the document should be attested by the CA.

Yes, the Board Resolution is required for each appointment or resignation of a Director.

Yes, the ember has to intimate the exchange about the change of address along with the supporting documents

Members can forward their queries via email to support@digitxindia.com. Member Name, Member ID, Name of the Person to be contacted and the Contact Number needs to be mentioned along with the nature of query in the body of the email.

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