India may not have regulations in place for cryptocurrency yet, but there is an increase in interest and activity around it. There has been a significant number of people investing in it in the past few years. Those who rode the wave and invested have seen an unparalleled return. Check the 1 BTC to INR price to know what returns you expect. Do you also want to invest but are not sure how to do it safely? Read below.
Cryptos booming in India
The government is yet to fully legalize cryptocurrencies in India, but Indians are investing in not just reputed ones like Bitcoin and Ethereum but are showing keen interest in altcoins investment like Ripple. Given the ripple price and the other digital currencies rise, there is an increase in the number of cryptocurrency platforms. What is the reason behind this growth? The decreased returns of traditional assets like gold, silver, rising real-estate costs, digitization, the slowdown in the economy, etc have contributed to shifting in investment choices. Also, there is a great degree of latitude for young people to grow their portfolios.
Choosing a cryptocurrency exchange
To make your investment journey smooth, you must conduct thorough research on the platform you would use for trading. You should consider many factors, foremost being security and reputation. Only register on platforms that do KYC to ensure there are no scams or frauds. Other factors to consider are the support for trading pairs, for example, 1 BTC to INR, 1 ripple to INR, etc. The platform you are using should have a smooth interface and be easy to use. Also, it should have low trading fees so that you can get the maximum from your trades.
The exchange service you opt for should be transparent. For this, check if the order book is released. An order book is a list of sell and buy orders that is available on the platform. It is also a validation that investors have enough liquidity to back out when needed.
Steps to invest in Cryptocurrencies
Trading in cryptos like Bitcoin, Dogecoin, Ripple, etc. is currently trending in India. Due to this, there is an increase in the number of cryptocurrency platforms that help you trade them. However, before you start buying or selling, the foremost thing is to understand the risks and then invest. Here are the steps to follow to invest in them safely:
The foremost thing to do when trading crypto is to create storage for it. This is an online wallet that can be used to store currencies through a third party.
An exchange service has to be chosen as it is the easiest way to trade. Choose a reputed exchange platform with advanced security features so that there are no theft or security breaches. While signing up for the account, a KYC will be done mandatorily to verify your account. Once your account is set up, an existing bank account will have to be linked to manage transactions.
How to buy/sell cryptocurrencies in India?
After creating an account with an exchange, you can buy/sell easily. First, sign in to the trading account. You will have Buy/Sell options. If you want to buy, click on but and the asset you want to invest. Enter the amount in local currency, choose the payment method, check if the details are correct, and complete the purchase. Similarly, you can also sell your options.
In India, inflation is high and cryptocurrency provides a golden opportunity for investors to reap profits.