With so much buzz around, cryptocurrency has managed to attract the attention of almost every individual around the globe. It all started years back in 2009, when Bitcoin, the first cryptocurrency, was launched in the market. As the concept of blockchain-backed digital currency was new to many, people didn’t take it seriously back in time. But it isn’t the case anymore. Despite being a highly unregulated sector, people are willingly joining the bandwagon of being cryptocurrency holders.
Investors are viewing it as a distinct asset class that is highly volatile yet has the potential to bring massive capital appreciation. Those who invested in Bitcoin in its initial market years got a great return on their investment. That being said, cryptocurrencies are highly volatile, and people should invest in them after taking into account their pros and cons for good. If you’re pretty new to the crypto space and are willing to buy cryptocurrency in India, the following steps will help.
1. Know the Different Crypto Buying Options
A good thing about buying cryptocurrency is the ease of getting one. There are plenty of ways to purchase cryptocurrency, so you have to pick the one that best suits your needs.
As a potential investor, you can buy cryptocurrency using a cryptocurrency exchange, stockbroker, or a payment app. Let’s know more about these options:
Cryptocurrency Exchange Platform
The most popular, reliable, and common of these options is the cryptocurrency exchange platform. These platforms facilitate the easy, quick, and safe trading of various cryptocurrencies worldwide. They even have the largest pool of digital currencies, making it easier for investors to buy a diverse range of digital currencies. Coinswitch, for example, is a great crypto exchange platform that is intuitive and loaded with features to help individuals buy and sell cryptocurrency with ease.
Of late, stockbrokers have started branching out with cryptocurrency, offering an added avenue to purchase these digital currencies. Active investors who hold accounts with brokers that provide this service can buy cryptocurrencies through them. However, with stockbrokers, you get lesser features and fewer cryptocurrency options to purchase from. You can also not transfer the purchased cryptocurrencies off the brokerage itself, which can be a downside for many. Yet you can find people picking this method for the convenience it offers.
Not many know, but payment apps like PayPal and Venmo also facilitate the easy purchase of cryptocurrencies like Bitcoin and others. In terms of features, it is similar to the previous option, and it doesn’t let users transfer crypto off the app. But still, some people have been using these options to get cryptocurrency owing to the ease and convenience it offers.
If you’re serious about cryptocurrency, go ahead with a reputed crypto exchange platform. They are safe, reliable, and offer tons of features for users’ convenience. You can also use these crypto exchanges to convert eth to inr or any other cryptocurrency into a fiat currency of your choice. You can start your cryptocurrency buying journey from Coinswitch for maximum benefits.
2. Create a KYC-Verified Account
Once you’ve finalized the crypto buying method, you will have to create a KYC-verified account on its platform. If you’re going to purchase crypto using your stock brokers or any payment apps where you already have a verified account, you can simply proceed with the purchase.
But if you’ve decided to make the purchase via a reputable crypto exchange, you should start by creating an account and get it KYC-verified to begin trading. Creating an account on cryptocurrency exchange platforms is simple. You will have to provide your details like name, email address, contact number, date of birth, ID card, etc., and their team will activate your account after verifying your documents.
Most exchanges are quick in verifying accounts, so you have to be a little patient. While most verify accounts within 24 hours, some may complete it within a few hours itself.
3. Proceed to Make Your First Crypto Purchase
Once your verified account is ready and active, you can begin purchasing cryptocurrency from the platform’s dashboard. You can see a list of cryptocurrencies the platform supports and make the purchase accordingly. Just pick the currency you want to purchase, and hit the buy button. Once the purchase transaction is successful, you can see the cryptocurrency in your digital wallet.
Keep in mind that transaction speed is not the same for all cryptocurrencies and exchange platforms, so you will have to wait a little before the transaction can be approved. You can learn more about the transaction speed of different exchange platforms by visiting the websites of the respective platforms.
After the transaction is approved and the purchased cryptocurrency is transferred to your wallet, you can choose to keep it in its original form for further trading or request withdrawal for immediate use. Every exchange platform has some set limits for withdrawals, so make sure you read the terms and conditions before trading. Buying and selling cryptocurrency is not difficult in today’s age, but identifying the right time to trade and assessing its volatility is. Take the necessary precautions before entering the crypto space, and you’ll be good to go.