Guide for Indian Users: How to purchase USDC or USDT on CoinDCX and deposit to your Pillow account

Pillow: Dollar Savings App
4 min readDec 30, 2021

💡 Confused about USDC? Read our detailed guide to USDC here.

Step 1: Sign-up for CoinDCX

  • Visit the CoinDCX webpage here from a desktop browser of your choice. Sign up to register as a new user. You will be prompted to create an account using some basic personal details, as shown in the screenshot below.
  • Following an OTP verification via a mobile phone SMS and via email-id, you will be logged into your account and a dashboard will appear.

Step 2: KYC Verification

  • In order to complete the verification, you need to click [Complete KYC]. You will be required to take a live selfie and upload a few documents in different stages:
    1. Tax ID — PAN Card
    2. Identity Card (Front & Back) — Aadhaar Card, Voter ID, Passport

Note: KYC Verification can take up to 2 hours. Upon successful verification, you will receive an email.

Step 3: Adding Bank Account

  • To add and verify your bank account, you need to click [Add Bank] in the [Bank Details] section and fill in your bank details. Upon proceeding, an OTP will be sent to your registered mobile number with the bank.

Step 4: Setup Withdrawal Password

  • Visit this page to set up your withdrawal password. This password is for withdrawing your crypto assets like $BTC, $USDC to other wallets. Once set, it will take 24 hours to activate any withdrawal from your account.

Step 5: Deposit INR

  • On your profile page, visit [Deposit INR to the Wallet] and click [Deposit Now].
  • Enter the amount you want to deposit and continue further.
  • Using the IMPS/NEFT/RTGS method, you can directly deposit your funds using net banking.
  • After selecting the above option, the following screen appears:
  • If you place deposit orders using the standard Net Banking services like IMPS, RTGS, and NEFT, you will not have the option of editing the order. However, you can cancel the order at any time. All the funds will be refunded back to your original source of transfer in case they have been deducted from your account. The details about the time taken for the transfer to complete and the timings when you can avail of this service are mentioned in the image above.

Note — Deposits using the standard payment method might take as long as 6 hours to be processed and reflected on your CoinDCX wallet.

Step 6: Buying USDC or USDT

  • After successfully depositing INR into your CoinDCX wallet, visit the page to buy USDC and for USD.
  • After clicking on [Buy USDC], enter the quantity of the USDC that you would like to buy and the price at which you want to buy. Along with the total USDC, you should be buying an extra 20 USDC which shall be used as a withdrawal fee while transferring to another wallet. Don’t worry, your 100 USDC reward is waiting for you in your Pillow wallet!
  • Once the order gets executed, the USDC funds will be immediately reflected in your CoinDCX wallet.

Step 7: Withdrawing USDC/USDT

  • On your page, please visit the [Funds] tab and click [Withdraw].
  • Select the [USDC] or [USDT] cryptocurrency to withdraw.
  • Make sure you select the ERC20 network.
  • Enter the Pillow wallet address and amount to be withdrawn.
  • Enter your withdrawal password as set earlier in Step 4 and click on [Send].
  • Fill in the 6-digit OTP or Google 2FA and click on [Verify] to validate the withdrawal request.
  • Once the email confirmation is verified, the withdrawal is confirmed. The balance is deducted from the wallet and the token will be sent to your Pillow address. Voila!