Cryptocurrency topic is absolutely on fire these days and many investors are looking to make a profit on its meteoric rise. Well-known cryptos such as Bitcoin, Ethereum have surged again, and other popular digital currencies are rallying, too. Experienced traders have been speculating on crypto for years, but what if you are new to the market and looking to get a piece of the action?
Cryptocurrency is a highly speculative area of the market, and many smart investors have decided to put their money. For beginners who want to get started trading crypto, however, the best advice is to start small and only use money that you can afford to lose.
In this article, we will discuss how to invest in crypto in India, how do you get started investing in cryptocurrencies, and lots more!
Choose An Exchange
Let’s take one of India’s largest cryptocurrency exchanges, WazirX. This is exchange is available on Android, iOS, Web, Mac, and Windows, has over 6.5 million registered investors. In June 2021, the exchange processed crypto transactions worth $6.2 billion.
• Download the WazirX app or visit the WazirX website. After that, hit the sign-up button.
• Enter your e-mail address (which you use) and a password.
• Click on the account activation link in the e-mail.
• Click on the terms and conditions of the checkbox, but read it once before checking.
• Lastly, press the Sign Up
A verification E-mail will be sent to you after pressing the sign-up button. If you received any e-mail, click on the Verify E-mail to complete the process. If you have not checked your spam folder, then press resend button.
Enable 2-factor authentication (2FA) for security purposes. You can do this by downloading the Google Authentication app and connect your account.
To deposit money in INR or crypto form, you have to complete your KYC process. Follow the steps to complete the entire KYC process:
• Click on your Profile tab, and after that, click on the Complete Verification.
• Enter all the details and government-approved ID cards.
• After that, enter your bank details. WazirX uses a bank account for all future withdrawals.
• Upload images of PAN, Aadhar, and a picture in JPG or PNG form.
• Once the details are verified, you can deposit the funds.
Withdrawal Fees and Charges
WazirX's fees are called flat fees, where the manufacturers are charged the same fee. WazirX's fees are 0.20% for the borrower. Today, we see more exchanges moving towards lower trading fees such as 0.10%. So in comparison, 0.20% is probably slightly above the industry average. Withdrawal fees depend on the crypto asset which you are withdrawing. Nevertheless, they are usually a fixed amount of relevant crypto assets and not a percentage-based trading fee. WazirX charges a withdrawal fee in line with the global industry average, i.e., 0.0006 BTC per BTC clearance.
WazirX allows wire transfer deposits but not credit card deposits when it comes to depositing methods. WazirX announced the payment service provider and making it possible for Indonesian investors to deposit Indonesian rupiah from the trading platform.
Methods To Buy Different Cryptocurrencies Of Your Choice By WazirX
Using Spot Exchange
You can use a WazirX account to access the spot exchange market and search for the cryptocurrency you wish to purchase. There are 100+ cryptocurrencies available for trading on the WazirX platform.
You have to check the currency pairs before buying. There are two possibilities.
1. Currency is combined with INR - You can place a purchase order using the purchase form and get the cryptocurrency of your choice. For instance, if you want to buy Ethereum, you have to fill in the purchase order and Ethereum because it has an INR pair.
2. The currency does not have an INR pair - In these cases, you have to look for the currency pair. Most cryptocurrencies have a USDT pair. You first buy USDT. Once you receive USDT in your account, you can use it to purchase your required currency coin. For instance, if you want to buy Aion Coin (AION). The coin does not have any INR pair but a USDT pair.
Using P2P Market
P2P is a Wazirx auto-order matching engine where you can buy USDT by using INR Wazirx Acts and serves as an escrow in the entire transaction so that the transaction is safe and honored. To purchase USDT on the P2P market, you can place an order from your WazirX account, which will be matched with the seller of a particular currency. You have to transfer money to the seller. When the seller confirms the receipt, WazirX issues currency to you. After acquiring USDT, you can use it to purchase any cryptocurrency.
Deposit And Start Trading On WazirX
You can start investing in cryptocurrency to deposit INR by any accepted payment option. You can deposit cryptocurrencies (if you have any).
WazirX Accepted Payment Methods.
WazirX allows you to deposit INR as well as for cryptocurrency. In Crypto Assets, select the cryptocurrency you wish to deposit and transfer it to the WazirX wallet address.
You can use any of the below payment methods to deposit INR:
• Net Banking
• Bank Transfer
• NEFT/ RTGS/ IMPS
Deposit INR Or Crypto In WazirX
The deposit of INR is simple. You can follow the below steps to make any deposit:
• Click on the 'Funds' tab on the header of the website.
• On the next screen, click on the deposit button which you want to deposit.
• In INR, you can choose to deposit any payment method.
• And in the case of cryptocurrency, copy the destination address or scan the QR code and deposit the money.
You can withdraw INR and crypto-assets on WazirX. You can follow the steps to make any withdrawal:
• Click on the 'Funds' tab from the header.
• Click on the 'Withdrawal' button in front of the property from which you want to withdraw.
• In the case of INR, you can choose between 'Instant Withdrawal' and 'NEFT Withdrawal.'
• In the case of crypto assets, you can send coins to the address of your wallet or scan the QR code to transfer.
To signup, please click here: https://wazirx.com/invite/j48mc