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How to invest in Cryptocurrency in India?

Crypto investment in India is booming rapidly, the market has been thriving, and most of the retail investors are entering the crypto space with their interest. India has been estimated to possess immeasurable crypto investors, and this number is growing each day. But most of the novice investors in India lack knowledge about Cryptocurrency and the way to take a position in it.

Cryptocurrencies aren't illegal, anybody can purchase, sell and trade cryptocurrencies. It’s unregulated; we don't have a regulatory framework to manipulate its functioning for now. However, the Indian government is exploring crypto regulation. Majority of crypto exchanges in India are key in supporting the govt and helping investors join the invest-club by self-regulating and obliging a radical KYC check for all their investors.


Crypto investment in India


India's take on Cryptocurrency :

When Crypto started to gain attention in India back in 2017, few investors started showing interest in it. But many started using it for illicit activities. Since at that point Crypto was unaccustomed many and organization were yet to decipher their adoption. To curb the growing illicit activities through Crypto, government took action that they thought best at that point.

So in 2018 RBI imposed restriction on banks from facilitating cryptocurrency transaction, this circular made whole Indian Crypto community go wild. Two years later, in 2020 March The Supreme court of India ruled against the RBI ban citing that there have been no clear grounds for imposing such ban. 

Recently major banks in India like HDFC, ICICI etc. warned their customer against dealing in Cryptocurrencies. back to the present RBI recently released circular "In view of the order of the Supreme Court, the circular isn't any longer valid from the date of the Supreme Court judgement, and thus can't be cited or quoted from" RBI said. This clarification from the RBI, which is developing its own virtual currency, is predicted to present some relief to customers who have invested in cryptocurrencies. As many Indians have invested in cryptocurrencies like Bitcoin and Ethereum, the RBI move are going to be a giant relief for them and their money.


Crypto investment in India :

1) Choose a suitable Crypto exchange 

So as trade or invest in Cryptos, one must select convenient platform to shop for or sell it. you'll need to urge your account opened with the crypto exchange best suited to you. There are variety of crypto exchanges in India, like WazirX, CoinDCX and BuyUCoin etc. 

There many other foreign exchanges which allows you to trade Cryptos, but you have to think about the fees related to it. Like charges for depositing funds ( Since it's an overseas exchange you wish to deposit it into foreign checking account through wire transfer which is charged ) and trading fees is additionally bit high compared to Indian exchanges, so keeping all this in mind you ought to select a exchange that suits your requirement (Indian exchange is recommended).

2) Creating a account and setting up KYC :

Once you have got selected a exchange, next step is to make a account in this. Creating a account is incredibly easy, just by providing basic details you'll be able to create your account. Next step is to urge your KYC done to confirm that your account is legitimate and to stop illicit practices. KYC requires documents like PAN card, Aadhar card and Photo Identification process to verify your appearance in Government ID's. Within each day or in few hours your KYC are going to be completed, now you're able to trade Crypto's.

3)  Start trading with Crypto :

Now that you simply have created your account you begin buying Crypto's. Unlike stock exchange, Crypto market is out there 24/7 for trading. After funding your account you'll buy Crypto with one click from your mobile phone, most of the Crypto exchange platforms now support limit, market orders a bit like the stock brokering platforms. Once you get Crypto it'll be stored in secured wallets and if you sell any Crypto, money are deposited into your wallet from there you'll be able to withdraw it to your checking account.

One important thing to stay in mind while funding your account is you would like to fund your wallet with the checking account you register with the exchange platform, if you transfer fund from different checking account it'll not be reflected in your wallet balance. this is applicable to UPI transfer yetyou would like to use UPI id of your registered bank for fund transfer.

Selecting Crypto exchange is another challenge, each platform has its own unique features and methods, is also we will discuss that in upcoming posts.


The bottom line :

Cryptocurrency is new all, it's the new trend that's making buzz round the world. it's easy to induce influenced by the very fact that Bitcoin was trading at $12,900, but today it's priced at $37,500. Most of the new investors get hyped about this pitched battle getting in the market and that they invest an enormous chunk in it stupidly much. Crypto market is so volatile, occasionally it can offer you high return but in same way it can offer you a return -50% of your investment. 



Instead first acquire some knowledge about these Cryptocurrencies and learn what's the perception crypto globally, then only start investing in it. There are lot of learning videos provided by the a number of the Crypto exchanges like the DCX Learn platform provided by CoinDCX Go. At the tip investing in any asset totally depends on your risk profile, your understanding about the market and asset. Invest in an exceedingly responsible and matured manner, don't take hasty calls.

- "Happy Investing".





 





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