How to Invest in Cryptocurrency in India?

Table of Content

1. Invest in cryptocurrency in India

2. Decide a crypto coin to invest

3. Choose a crypto exchange

4. Choose a payment option

5. Buy cryptocurrency

6. Store securely

7. Why is Crypto booming in India?

8. Be aware of the risks

Invest in Cryptocurrency in India

People all over the world are slowly becoming more aware of cryptocurrencies as a way to trade and invest. Even though prices on the crypto market as a whole are known for being very volatile, CoinMarketCap data shows that the global market cap is currently $934.32 billion. If you want to invest in Cryptocurrency in India, you need to think about how prices can change.

For example, the price of your crypto asset could go up by 1,000% one day, as it does with many altcoins like Metaverse Pay and Squid Game 2.0, and then it could go down by the same amount or even more the next day. Even the biggest cryptocurrencies, like Bitcoin and Ethereum, have seen both very high and very low points in the past.

So, all crypto investors should look at this as a long-term opportunity that requires doing a lot of research and making decisions based on that research. If you still want to invest in Cryptocurrency in India, here are some simple steps you can take to get started:

Step 1: Decide a crypto coin to invest

Do a good job of researching. Check out how the prices of different Cryptocurrency change on sites like CoinMarketCap and others that track them. You can also talk to experts you can trust to help you decide. Once you’ve made an informed choice about which Cryptocurrency in India to invest in, the rest is pretty easy.

Step 2: Choose a crypto exchange

Cryptocurrency in India exchanges are places where you can buy and sell crypto coins online. As a beginner, it’s best to invest through a trading platform because it’s safer than buying from an individual. After picking an exchange, all you have to do is get a deposit address from the platform. When you do, you will be ready to invest standalone trader.

In India, you can choose from a number of crypto exchanges, such as Coinswitch Kuber, and WazirX. Each platform will have its own benefits, such as a lower minimum investment amount, a larger number of cryptocurrencies, low fees for both makers and takers, etc.

Read More: How to purchase cryptocurrency through Binance App in India?

Step 3: Choose a payment option

You need to add money to your fund before you can buy a crypto coin. You can add money through UPI, net banking, bank transfers, or even a cryptocurrency wallet. Depending on how you want to pay, different Cryptocurrency in India exchanges will charge different transaction fees. So, you should do a lot of research before moving forward.

Step 4: Buy cryptocurrency

This step is pretty easy to do. After you log in to a crypto platform and add money, you will be able to see all the cryptocurrencies it has to offer. Each cryptocurrency should have a “Buy” button on your screen. You just need to click on that and buy what you want.

Step 5: Store securely

This is probably the most important thing you can do to protect your crypto assets. Most exchanges will let you use an online wallet, but some investors think it’s too risky because it leaves your account open to being hacked if you’re always connected to the Internet. It is highly recommended that you use cold storage, which lets you store your coins offline, to keep your assets safe. Remember that if you store your assets in a third-party cold wallet, you may have to pay a small fee to move your crypto coins to a wallet of your choice.

Here are the easy steps you need to take to invest in crypto. When you’re ready to sell your Cryptocurrencies, all you have to do is go back to the crypto exchange and click on the Sell button. You can decide to sell all of your assets at once, or you can choose to sell only some of them. Before deciding whether to sell or hold, it’s best to know a lot about the market.

Why is Crypto booming in India?

Even though the Indian government’s position on crypto assets isn’t clear, more and more Indians are investing in crypto assets. Even newer ideas like Non-Fungible Tokens (NFTs) are being used by start-ups like WazirX. What are the causes of this rise?

Low prices for the internet, rising prices for real estate, and higher taxes on metals like Gold and Silver all seem to have contributed to the shift toward investing in tangible assets.

Also, the introduction of Cryptocurrency in India made it possible for people as young as 18 to invest and grow their portfolios in ways that had never been possible before.

Be aware of the risks

Keep in mind that the new government bill says that anyone in India who owns Cryptocurrency in India will have to pay a 30% tax on it. This is something you should think about when making your plan. Also, the volatility of the cryptocurrency market comes with its own risks.

To Read more Blogs visit our Website: Dyor Crypto World

FAQs

Q1. Is investing in cryptocurrency legal in India?

They are not regulated, but in the Union Budget 2022, the government of India said that gains from Cryptocurrency in India will be taxed at 30% and a 1% tax will be taken out at the source.