So, you’ve decided to dip your toes into the murky waters of crypto investing. If you feel overwhelmed by the complexity of the crypto market or unsure about where to begin, you’re in the right place. Mudrex simplifies the investment process, opening the door to crypto for everyone.
This step-by-step guide will walk you through the seamless process of starting your crypto investment journey on Mudrex. By the end, you’ll be able to navigate the platform and make your first crypto investment confidently. Let’s dive in.
Getting Started with Mudrex
Before you can start investing with Mudrex, you’ll need an account. Opening an account on Mudrex is a simple, straightforward process. Here are the steps:
Step 1: Download and install the mobile app
Mudrex is available for both Android and iOS. Click [here] to download the app to your phone or search for “Mudrex” on your phone’s app store.
Step 2: Enter and verify your mobile number
When you first open the app, you’ll be asked to enter your phone number to sign up. All cryptocurrency exchanges operating in India must comply with Know Your Customer (KYC) norms, so your phone number is required during the signup process.
On Android, your phone number will be automatically detected. If you have a dual-SIM setup, you’ll be asked to choose the number you want to sign up with. On iOS, you have to manually enter your phone number and click on Continue to proceed.
Next, enter the One-Time Password (OTP) you received via SMS to proceed.
Your phone number is now verified.
Step 3: Enter and verify your email address
On the next screen, enter your email address and click on Continue to proceed.
Step 3: Set up a secure way to log in
In this step, you can either provide your fingerprint or use your device’s PIN so the app can authenticate your identity the next time you open it. This step is critical for security; you don’t want anyone other than yourself to have access to your funds.
Step 4: Complete KYC verification
As mentioned earlier, cryptocurrency exchanges operating in India are required to have their users undergo KYC verification mandatorily.
Click on Complete Verification to start your KYC verification process.
Next, choose your country of residence and click Continue.
Enter your email address for verification on the next screen and click Continue.
Mudrex will send you a verification code to your email address. Enter it and click Continue to proceed.
Next, you’ll verify your Permanent Account Number (PAN). Enter the required details and click Continue to proceed.
Now, you’ll verify your Aadhaar Number. Fill in the required details and click Continue to proceed.
Enter the Aadhaar OTP sent to your phone and click Confirm.
For the next step, you’ll have to take a selfie to verify that it is indeed you who’s signing up with Mudrex.
After taking the selfie, enter your income and occupation information to proceed.
Next, enter your bank details for the account where you’d like to withdraw your funds.
And with that, the KYC verification process is complete. You’re now ready to make your first investment in crypto.
Making Your First Investment
Now, let’s look at how you can invest in crypto on the Mudrex app.
Step 1. Add money to your Mudrex wallet
Before you go about investing in your favorite cryptocurrency, you first need to load up your Mudrex wallet. To do so, go to the home screen and click on Add Funds.
Enter the amount you want to invest in INR. Mudrex stores your funds in Tether (USDT), a stablecoin pegged to the US dollar. Click on Continue to Pay to proceed.
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Next, choose your payment method and click on Continue. Mudrex is one of those rare crypto apps in India that supports payments via UPI. You can pay via IMPS too.
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After the payment is complete, you’ll see a message confirming your payment.
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You can now use your Mudrex wallet to buy cryptocurrencies. You can either buy individual coins or expert-curated portfolios of coins on Mudrex. These readymade portfolios are called Coin Sets. They allow you to invest in crypto systematically without making impulsive decisions based on market fluctuations.
If you want to buy individual cryptocurrencies, proceed to Step 2a. If you prefer Coin Sets, go to Step 2b instead.
Step 2a. Invest in a coin
Click on Coins in the bar at the bottom.
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Search for the coin you want to invest in using the search bar. For the purpose of this demonstration, I chose Bitcoin (BTC). On the Bitcoin page, click on Invest.
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You’ll be given the option to either make a one-time investment or a recurring one via a systematic investment plan (SIP). Choose one and click on Continue to proceed. For this example, I chose to make a one-time investment.
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On the next screen, enter your amount and click on Preview & continue payment to continue.
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Click on Confirm Investment to continue.
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And that’s it! With that, you’ve made your first investment in crypto.
Step 2b. Invest in a Coin Set
Click on Coin Sets in the bar at the bottom.
On the next screen, find the Coin Set you want to invest in, then click on it to visit its dedicated page. For this example, I’ve chosen the Crypto Blue Chip – 5 Coin Set, a collection of the top 5 cryptocurrencies by market capitalization.
On this page, you can get all the information about the Coin Set, including its constituents, current market cap, growth rate, and more. Click on Invest to proceed.
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You’ll be given the option to either make a one-time investment or a recurring one via a systematic investment plan (SIP). Choose one and click on Continue to proceed. For this example, I chose to make a recurring investment.
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Next, enter the investment amount, the investing frequency, and the day of the month when your investment will take place, then click on the button at the bottom to proceed.
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Confirm your investment details on the next screen, then click Continue to proceed.
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Click on Confirm Investment to continue.
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And that’s it! With that, you’ve made your first investment in crypto.
Monitoring Your Investments
Just investing isn’t enough. To ensure your investment is on the right track, you must also monitor it. Thankfully, Mudrex has features that allow you to track the performance of your investment. Let’s take a look.
On the Home page, you’ll see the current value of your portfolio and your returns over the past day. Click on View Portfolio.
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Scroll down to the Investments section and then click on Vault, Coin Sets, or Coins, depending on the investment you want to track. For the purpose of this article, let’s assume you want to track the performance of your Crypto Blue Clip – 5 Coin Set investment. So, click on Coin Sets.
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Next, under “Investments,” click on Crypto Blue Chip – 5 (CBC-5).
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By default, you’ll see how the investment has performed over the last week. Here, you can see the CBC-5 Coin Set has risen by 7.21% in value in the past week.
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Similarly, you can see how your investment has performed over the last month, three months, six months, one year, and since its inception.
Cashing Out
You can freely cash out your investments once you feel they’ve made enough money or anticipate a bear market. Mudrex has no restrictions on the withdrawal of funds. You are free to withdraw them at any time.
You first need to redeem your investments to withdraw your funds to your bank account. Let’s say you want to cash out your Bitcoin holdings.
On the Home page, click on View Portfolio. Next, under Investments, click on Coins.
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Under “Investments,” click on Bitcoin.
Click More, then choose Redeem to Mudrex Wallet from the list of options, and click Continue.
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Enter the amount you want to redeem you your Mudrex Wallet, and then click Redeem.
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Check the details of the redeemed amount, then click Confirm to confirm the transaction.
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You’ll see a message confirming that you’ve successfully redeemed your Bitcoin. Click on Go to USDT Wallet.
On the wallet screen, click on Sell.
Next, enter the amount you want to withdraw to your bank account, then click Continue.
After checking the details of the transaction, click Confirm to proceed.
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Enter the OTP sent to your email address and click Continue to proceed.
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Mudrex will start transferring the funds to your bank account. On successful completion, you’ll see the following screen:
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Conclusion
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