Cryptocurrency is, as Bill Gates puts it - "a technical tour de force" or simply a masterpiece. Needless to say, you'd not want to miss this tech train! So, why not learn how to invest in cryptos in India, eh?
Cryptocurrencies have definitely become a craze! No surprise why it's inching up in the investment avenues ladder, despite stiff competition from traditional asset classes like equities, debt, gold, etc.
Let's face it... while we sit on the sofa preparing our financial portfolio, cryptos frequently cross our thoughts, isn't it? But we let the notion pass, either because we believe cryptos are unlawful or have no clue how to invest!
First thing first, cryptos aren't technically illegal, not in India at least. So, you can really invest in and keep cryptocurrencies as assets, but you can't use them as legal currency for purchasing things. Anyway, you may still grow your money with it, right?
And now that you know that you can really invest in cryptos in India let's check out how to go with it.
Investing in Cryptocurrency in India
For the novice, there are really two main ways you may join the crypto realm. The first one is the difficult and intellectual technique - Mining. Let's take bitcoins, for instance. So, if you try your hand at bitcoin mining, you'll have to enforce the bitcoin rules by adding blocks of transactions to the blockchain network, and that'll reward you bitcoins. Or so to speak, miners are paid with bitcoins for working in and for the bitcoin system.
But here's the catch, you'll have to dive into all kinds of sophisticated mathematical formulas and other over-complicated things to mine these bitcoins. Moreover, it will need you some special purpose equipment as well. And clearly, it isn't everyone's cup of tea, right?
This leads us to a more easy and easiest way of accessing the crypto markets - via Crypto exchanges. A Cryptocurrency exchange is a site that lets you purchase and trade cryptocurrencies such as Bitcoins, ethereum, etc. Unlike the stock market, crypto exchanges are self-regulated, and they operate 24/7 round the year.
Irrefutably, crypto exchanges are the go-to for ordinary investors who don't want to dive into the intricacies and yet be able to add a portion of cryptos to their portfolio.
And how to do it, you ask? Well, read on to know.
Procedure to invest using Crypto-exchanges
Here's a step-by-step tutorial on investing in cryptos through exchanges:
1. Choosing a suitable Crypto-exchange
Often the first move you take in investing is the most essential - to select a platform. You'll have to have your account established with the crypto exchange most suited for you. There are a lot of crypto exchanges in India, including WazirX, CoinDCX Go, and BuyUCoin, etc.
Going by the simplicity, convenience, and safety precautions, CoinDCX Go comes out to be a clear winner. The greatest part about it is that it supports INR as fiat money, and you can really buy in cryptos with as little as Rs 10! It features a really smooth user interface that makes the whole process all the more comfortable.
2. Setting up KYC and payment alternatives
Once you've chosen a good crypto exchange, the next step would be to have your KYC done. Basically, you'll have to submit different papers like PAN card, picture identification proof, address proof, etc., with the exchange. This is to verify that your account is genuine and to avoid fraudulent activities.
Further, you need to select a payment option(s) that'll be utilized for deposits and withdrawals when trading cryptos. But you've to be extremely careful of the fees imposed by certain crypto exchanges on transactions since it makes no sense to allow them earn a bit every time you trade!
And that's where CoinDCX Go has the advantage over others. Here, you'll not have to pay any transaction fees for deposits, withdrawals, and trading cryptos, like absolutely zero costs! And yes, you can put in and take out money 24/7. It features this 2-factor authentication and withdrawal password system, which guarantees safety in all transactions. Moreover, your money are fully secure and guaranteed by BitGo, its custodian. Adherence to all KYC/AML processes and the ISO accreditation makes CoinDCX Go an even more trustworthy medium.
3. Placing the trade order
Now that you're done setting up your credit card, you're all prepared to trade in cryptos. Well, unlike stock markets, you can trade cryptos 24/7. Moreover, the crypto exchange platforms have, indeed, gone a long way to be close at par with the stock exchanges and now allow different kinds of orders like Market Order, Cover Order, Limit Order, etc.
Post the trade order; you may store the cryptos in wallets and/or withdraw your money.
Crypto investment at your fingertips
Many individual investors utilize smartphone apps to invest in the stock markets. Ever wondered if you could really do it in cryptos too! And what if we claimed you really could? Hmm?
You may now invest in cryptos from your mobile phone using India's easiest Bitcoin software, CoinDCX Go. It features a very stylish and user-friendly UI that makes the investing process extremely smooth. Bitcoin live charts, crypto price notifications, and cryptocurrency calculations allow you to make strategic investment choices.
Buying Crypto currency on CoinDCX Go is as simple as touching on your smartphone! If you are new to cryptocurrencies, it is certainly a go-to app for you. It helps make the investing procedure an easy one. You cannot find an app that is as simple to use and makes buying Bitcoin & other cryptocurrencies this straightforward.