Thursday, 21 June 2018

How to Trade Cryptocurrencies in India

Cryptocurrency is the new trending and as of now, we all know what cryptocurrency is, so we are not going to talk about that. Knowing cryptocurrency is not enough if you want to make money out of it. Let me tell you how you can trade cryptocurrencies in India.

To trade in cryptocurrencies, you need two things

1.    A cryptocurrency exchanges


To buy or sell any digital currency you need a platform. Cryptocurrency exchange is a platform which allows users to trade in crypto-currencies. So first of all, you need to choose an exchange to create an account.

How to choose a cryptocurrency exchange

1. Currency pair availability

Many exchanges will offer you bunch of coins mainly Ethereum or bitcoins however you need to select the exchange based on the availability of coins you need to trade in as well as the variety.

2. Trading Fee

The only reason you are risking your money is, you want profits. So before using any exchange, it is very important to check the trading fees to prevent your profits to be swallowed.

3. Security

You are investing your money and of course, your money should be secure. The exchange should provide multiple security layers with email and password encryption for every login or transaction, 2-factor Authentication. Multiple security layers increase the security of your account.

4. Minimum/maximum investment

You surely should check what is the minimum/maximum investment and whether it falls in your requirement criteria.

5. Customer support

As this is digital world and everything is actually virtual there are chances of issues in transactions, deposit, withdrawal, etc etc and so we need a dedicated and responsive support team. A good customer support can save a lot of your time.

Choose your exchange platform wisely and open your account. Once your account will be open, the first thing you need to do is complete your KYC.

How to Complete KYC (Know your customer)

To complete the KYC, you need scanned copies of your documents to verify your identity. Remember in any Indian exchange it is important to complete KYC first, however, you do not need it in foreign exchanges.

1.  Aadhar card (front and back)
2. PAN card
3. Bank Account statement with the account number and your name clearly visible
4. Your scanned photograph

After your KYC is done you are all set to start trading. Deposit your INR(money) and once your deposit is credited buy the coins you want to trade in like Bitcoin, Ethereum, ripple, etc.