Nowadays Cryptocurrency is the fastest, easiest and safest payment method on the internet. If you are from India and want to buy telegram members you need cryptos like Bitcoin, Ethereum, Binance Coin, Tether, etc. But how to buy cryptocurrency in India?
What is a cryptocurrency?
To answer that, one needs to understand what cryptocurrency is. It is nothing but a digital finance or digital currency secured by cryptography, that you can stock in virtual storage. The value of a cryptocurrency will depend on the supply and demand factors. Crypto can only be bought online, and one should have a virtual account in a crypto exchange. Crypto will be decentralized, unlike a fiat currency like INR or USD. The units of a cryptocurrency are made via crypto mining, which involves complex mathematical algorithms. Each cryptocurrency needs unique models of mining, distribution, and economic principles.
To buy cryptocurrency in India, you should have a virtual account, like a bank account or a Demat account, as mentioned above. It will be your blockchain wallet to make safe and legal exchanges and payments. It can be considered as a replica of other available digital wallets like PayPal, Paytm, that you can use only for cryptocurrency. To create a digital crypto wallet you should select a crypto exchange like Unocoin, CoinDCX, Zebpay, WazirX, etc. Some top exchanges are also integrated with global exchanges. There are above 10,000 cryptocurrencies across 384 exchanges, according to reports.
How to buy cryptocurrency
On your mobile phone, you can download the application (app) of the selected exchange, or can log in to the official website. Here you can create your digital crypto wallet and have a unique wallet ID.
Just like a bank account, you need to complete your KYC in the app or on the website, with accurate details for the digital wallet. Your Aadhaar card, Pan Card, and other related documents will be required here. It is one of the most important steps to keep the digital currency and your money safe and secure. After completing the KYC norms, you can set up the crypto account and add funds in INR.
Then comes the most important part to invest in crypto. You need to select the particular crypto you want to invest in. There can be hundreds of cryptocurrencies available, like Bitcoin. You can use NEFT, debit card, credit card, or digital payment options for the transaction.
As you select and buy the particular crypto, you will be able to see it in your wallet. In the case of WazirX, you can check your purchased crypto under the ‘Funds’ window. Following the same way, you can buy multiple cryptocurrencies from the exchange.
Top Cryptocurrency Exchanges in India
Launched in 2018, this Mumbai-based start-up has emerged as one of the most popular exchanges to buy cryptocurrency in India. with more than 3.5 million (35 lakh) investors. Some of the major attractions of the exchange are that the trading fee is minimal, the deposits and withdrawals are free, an especially useful feature for those who want to trade directly between the Indian rupee and a particular cryptocurrency. The exchange gives investors access to more than 200 cryptocurrencies. Click here to go to CoinDCX
Zebpay has also emerged as a popular cryptocurrency exchange, mostly because users say it has a clean, light and simple user interface. Further, it offers users a particular security feature where users can disable all outgoing transactions with the click of a button. The exchange, however, has a more limited variety of cryptocurrencies on offer. Click here to go to Zebpay
This exchange has been making quite a buzz on social media. It allows users to invest in INR, USD, Bitcoin, and even make peer-to-peer transactions. The exchange also features its own cryptocurrency WRX, which can be bought using INR, and then exchanged for other cryptocurrencies. A popular feature of the app is that users can earn tokens through various contests featured on the app. Click here to go to WazirX
This exchange received a lot of attention due to its marketing efforts during the Indian Premier League. Launched in 2017, it has now risen to become one of the top-5 exchanges in India. One of its most attractive features is that it allows users to trade with as small a sum as ₹100. This appeals to a lot of new users looking to understand how the crypto market works without having to sink larger sums into it in the beginning. Click here to go to CoinSwitch Kuber
Unocoin is one of the oldest cryptocurrency exchanges in India, having been established in 2013, well before cryptocurrencies were big in India. The platform at the moment boasts about 1.5 million (15 lakh) registered investors. An interesting feature of the app is that it allows users to schedule sales, which allows users to automatically sell a certain amount of their cryptocurrencies on a certain date and time. Click here to go to Unocoin