Cryptocurrency transactions have gained popularity in the recent past due to their increasing demand and returns. So, How to Transact Cryptocurrency in India?
Cryptocurrencies can be traded and transacted via certain exchange platforms which may charge a fraction of it as commission. The process is similar to that of buying stocks on various exchanges. Some popular cryptocurrency transacting platforms include CoinDCX, Zerodha, Unocoin etc.
Many platforms are available in the present market on which you can transact cryptocurrency in India. However, each of these platforms has certain pros and cons that make you decide what to choose from.
How to buy
Cryptocurrency in India
India is a democratic country, and it allows
its citizens with freedom to do what they want. Cryptocurrency has been gaining
importance in India since 2020 when the economy was slowing down. In a short
span of one year, the number of investors has increased to millions. The robust
security mechanism has made the demand for cryptocurrencies rise even in
countries like India.
As depicted in the previous lines, you have to choose one exchange (platform) among the those available on which you have to transact cryptocurrencies from India. Some of these exchanges have an excellent user interface in their mobile applications, while some have become popular for the lower commission they charge. Hence, you need to choose one among them as per your taste and requirement.
Cryptocurrency exchanges in India:
Some of the popular cryptocurrency exchanges
in India are:
- CoinSwitch
Kuber
- Coinbase
- Binance
- Bisq
How to buy
Cryptocurrency in India Legally?
India is a democratic country that gives
freedom to its citizens to do ethical virtues. As of now, there are no
restrictions for transacting cryptocurrency in India. No Laws have been
enforced to take strict measures to ban Cryptocurrency transactions. Therefore
any cryptocurrency transaction done in India is not illegal (as of now).
Since no law bans the use of cryptocurrency, you can transact them in any exchange available in India legally. No special measures or needs are to be taken for the transaction. Just log in to your exchange site and transact freely.
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| PC: bitcoinist.com |
Today, Cryptocurrencies are the same as other
assets like Gold and stocks. Thus you can invest in cryptocurrencies at your
wish and will
What are the
requirements for transacting cryptocurrency?
You must definitely have certain requirements
before you can transact cryptocurrencies, they are:
Step 1: Choose your Crypto Exchange
There are a large number of cryptocurrency
exchanges available in India. You may choose the right one you feel about
investing from. Many factors may lead to your decision.
Click here to check How to Choose Right Crypto Currency In India
Once you have chosen the exchange that suits
you the most, you are ready to start.
Step 2: Create an account in it
Once you choose the right crypto exchange, you
can create an account in it. Doing this will make you a registered member of
the exchange. Take care while you choose the plan and other options while you
register yourself. In a few cases, changing these settings is not possible.
Thus taking care at this level is recommended.
Step 3: Make necessary setups for trading.
You cannot buy cryptocurrencies if you don’t
have money. For this, you have to have sufficient funds linked to or in the
exchange account. You can link your bank account with your exchange account for
smooth and hassle-free transactions.
Step 4: Start making investments.
Once you have funds for investing, you are now
ready to invest. It would help if you chose the currency in which you want to
invest in.
Insights
Some important points you need to know:
- Now
bank account is not mandatory in crypto transactions (especially bitcoin).
- Check
the exchange you choose to deal in the currency you want to invest in
before registering in it.
- You
need not buy the whole coin; you have the option to buy and sell fractions
of coins. Thus you can invest in low amounts. You can invest as low as 100
Indian rupees in crypto.
- Check
the wallet fees and transaction charges before you choose the exchange.
Verdict
By now, you must be aware of how to transact
cryptocurrencies in India. Note that crypto transactions are not illegal as of
now. Thus you are free to invest. Moreover, the process of registering and
investing in exchanges is not tough if you are acquainted with stock exchanges
and bank transactions.
Let us see how to choose the right exchange in the next episode.
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