Beginner’s guide on how to buy cryptocurrency in India: Follow the five simple steps

India being the second-most populous country in the world, has attracted a lot of attention in the business world, and there is no exception, even in the case of cryptocurrency and other similar assets. Right now, cryptocurrency has become one of the fastest-growing investment opportunities all over the world. 

According to a survey conducted last year in the United States, around 36 percent of small and medium-sized companies and businesses have started accepting cryptocurrency as an alternative method of payment. 59 percent of these companies have invested and purchased cryptocurrencies for their own benefit and usage. This tremendous shift towards crypto coins is because of the numerous advantages it has been providing over fiat currencies.

The advantages of using cryptocurrency include mobile payments, low transaction fees for international payment, user anatomy and confidential transactions. But despite its rapid progression, there are people in India who have severe doubts about investing in the crypto industry. The reason behind doubts among people is that the whole crypto market is still very much volatile, and it is human nature to be afraid of losing money.

If you are someone who is interested in spending some money on crypto as an opportunity to make an investment, then this article is for you. In this article, we will discuss how someone from India can make an investment or buy cryptocurrency in the most simplified and secured way possible.

What is the current stance of cryptocurrency in India? 

The Indian government, still in the year 2022, has a controversial attitude towards cryptocurrency and other such assets. But the crypto market is not in India is not stagnant at all; instead, it is rising or, to be more specific, booming at a rapid pace. The crypto exchange platforms are introducing new concepts such as DeFi, NFT (non-fungible tokens), etc. The paradigm shift such as soaring real estate prices, low internet costs and increased taxation on gold has contributed to the rise of crypto coins in India.

Basics of buying and selling cryptocurrencies in India

1. How to find suitable cryptocurrencies for investment?

It is important to study, research and consider all the possibilities before making an investment in any industry, and cryptocurrency is not an exception. Before opting for investment in this volatile market, you need to research crypto coins, their types (yes, there are multiple types of crypto coins), which one is doing well in the market, get information on the team behind the coin, find out about the legitimacy of the project, the coin should also have a real-life use case, not to mention the future prospect of the coin. With all of these features, you can find out which coin has the potential to work well in the crypto market and can bring you a handsome ROI (return on investment).

2. Choose one or multiple cryptocurrencies (depending on your budget) 

As disclosed earlier, the crypto market is a lot more volatile than the stock market. Therefore, you have to think and examine properly before embarking on an investment. Choose your coin properly with a lot of research and start small if you don’t have much funds to invest. You can choose one or more than one cryptocurrency to invest in, and it is always good to diversify your portfolio to get better results.

3. Look for an exchange platform

After you have made your decision regarding which coin you want to buy, you need to look for exchange platforms. Cryptocurrency exchange platforms are the place where you will be able to buy your desired cryptocurrency. 

There are a lot of different crypto exchange platforms available in India, and some of them are WazirX, BitBns, Unocoin, CoinSwitch Kuber, ZebPay. These platforms take the lowest amount of exchange fees, and each one specializes in providing certain features. But there are other platforms too, so you can research them and choose the best one for you.

4. Pick out the best crypto exchange platform and create an account

After you are done selecting the crypto exchange platform you are willing to opt for now, you can focus on creating an account on the chosen platform with your credentials. After you are done with creating a new account, you have to go through a KYC (Know Your Customer) process and verify your identity.

5. Transfer your money and buy the cryptocurrency of your choice with it

After you are done with creating an account and verification, you will be eligible to deposit the fund you want to invest in cryptocurrency through UPI and bank transfer. When the money transfer is successful, you will receive a confirmation, and the amount will be reflected in your account. Then you can easily buy the crypto-coins from the exchange platform. 

This exchange platform will also help you monitor the current value of the cryptocurrencies available in the market, and with that information, you can also decide whether you want to hold it for longer or sell it and buy another cryptocurrency.

If taken seriously as an investment option rather than using it as a fluke, crypto can prove to be the future of finance and technology. Even though the industry is hard to understand and get a grasp of nevertheless, it can offer you great profits if you understand the market and the technology behind it. Don’t be discouraged because of the market volatility and lose the potential profits you can earn from this industry solely by investing in cryptocurrencies. 

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