Cryptocurrency is, as Bill Gates calls it - "a technological tour de force" or simply a masterpiece. Needless to say, you'd not want to miss this tech train! So, why not discover how to invest in cryptos in India, eh?
Cryptocurrencies have indeed become a fad! No wonder why it's inching up in the investment avenues ladder, despite tough competition from traditional asset classes like equity, debt, gold, etc.
Let's face it... whenever we sit on the couch planning our investment portfolio, cryptos often cross our mind, isn't it? But we let the thought pass, either because we feel cryptos are illegal or have no idea how to invest!
First thing first, cryptos aren't exactly illegal, not in India at least. So, you can actually invest in and hold cryptocurrencies as assets, though you can't use them as legal tender for buying stuff. Anyway, you can still build your wealth with it, right?
And now that you know that you can actually invest in cryptos in India let's check out how to proceed with that.
Investing in Cryptocurrency in India
For the neophyte, there are actually two broad ways you can enter the crypto world. The first one is the complex and intellectual method - Mining. Let's take bitcoins, for instance. So, if you try your stint at bitcoin mining, you'll have to enforce the bitcoin policies by adding blocks of transactions to the blockchain network, and that'll earn you bitcoins. Or so to say, miners get rewarded with bitcoins for working in and for the bitcoin system.
But here's the catch, you'll have to delve into all sorts of complex mathematical algorithms and other over-complicated stuff to mine these bitcoins. Moreover, it will require you some special purpose equipment as well. And naturally, that isn't everyone's cup of tea, right?
This brings us to a more convenient and simplest method of entering the crypto markets - through Crypto exchanges. A Cryptocurrency exchange is a platform that helps you buy and sell cryptocurrencies such as Bitcoins, ethereum, etc. Unlike the stock exchange, crypto exchanges are self-regulated, and they operate 24/7 round the year.
Irrefutably, crypto exchanges are the go-to for retail investors who don't want to delve into the technicalities and still be able to add a fraction of cryptos to their portfolio.
And how to do that, you ask? Well, read on to know.
Procedure to invest using Crypto-exchanges
Here's a step-by-step guide to investing in cryptos thorough exchanges:
1. Choosing a suitable Crypto-exchange
Often the first step you take in investing is the most important - to choose a platform. You'll have to get your account opened with the crypto exchange best suited for you. There are a number of crypto exchanges in India, like WazirX, CoinDCX Go, and BuyUCoin, etc.
Going by the simplicity, convenience, and safety measures, CoinDCX Go stands out to be a clear winner. The best thing about it is that it supports INR as fiat currency, and you can actually invest in cryptos with as low as Rs 10! It has a very seamless user interface that makes the entire procedure all the more convenient.
2. Setting up KYC and payment options
Once you've selected a suitable crypto exchange, the next step would be to get your KYC done. Basically, you'll have to upload various documents like PAN card, photo identity proof, address proof, etc., with the exchange. This is to ensure that your account is legitimate and to prevent fraudulent practices.
Further, you need to specify a payment option(s) that'll be used for deposits and withdrawals while trading cryptos. But you've to be very mindful of the fees charged by some crypto exchanges on transactions as it makes no sense to let them get a bit every time you transact!
And that's where CoinDCX Go has the edge over others. Here, you'll not have to pay any transaction fees for deposits, withdrawals, and trading cryptos, like literally zero fees! And yeah, you can put in and take out money 24/7. It has this 2-factor authentication and withdrawal password mechanism, which ensures safety in all transactions. Moreover, your funds are completely safe and insured by BitGo, its custodian. Adherence to all KYC/AML procedures and the ISO certification makes CoinDCX Go an even more reliable medium.
3. Placing the trade order
Now that you're done setting up your account, you're all set to trade in cryptos. Well, unlike stock markets, you can trade cryptos 24/7. Moreover, the crypto exchange platforms have, indeed, come a long way to be near at par with the stock exchanges and now enable various types of orders like Market Order, Cover Order, Limit Order, etc.
Post the trade order; you can store the cryptos in wallets and/or withdraw your money.
Crypto investing at your fingertips
Many retail investors use smartphone applications to invest in the stock markets. Ever wondered if you could actually do that in cryptos too! And what if we said you actually could? Hmm?
You can now invest in cryptos from your mobile phone with India's simplest Bitcoin app, CoinDCX Go. It has a super cool and user-friendly UI that makes the investment procedure very smooth. Bitcoin live charts, crypto price alerts, and cryptocurrency calculations enable you to make planned investment decisions.
Buying Bitcoin on CoinDCX Go is as easy as tapping on your smartphone! If you are new to cryptocurrency, it is definitely a go-to app for you. It helps make the investment process an effortless one. You cannot find an app that is this simple to use and makes buying Bitcoin & other cryptocurrencies this easy.
With a perfect blend of simplicity, convenience and safety, CoinDCX Go is, undoubtedly, the best crypto investment app in India.
The bottom line
Cryptocurrencies are new to us all. And hence, like a new trend in the markets, it will tempt you to jump in. However, be mindful not to get blindly influenced by this bitcoin frenzy. This ain't something you can absolutely nail at, especially as a newbie. Instead, first, acquire knowledge, get trained, and only then proceed with the investment. You can use resources like the DCX Learn platform provided by CoinDCX Go, which will help you get your basics straight before testing the waters.
Last but not least, remember what we always say -
Invest in what you know