How Do I Invest In a Chainlink Defi Token In India?

Have you heard about Chainlink’s cryptocurrency Link? 

It’s one of the hottest cryptocurrency tokens on the market due to essentially powering the DeFi ecosystem. Many experts have wondered if it has the potential to become the next Ethereum.

However, if you’re in India, then it can be a little difficult to figure out how to invest in cryptocurrencies. It’s especially difficult to invest in relatively unknown cryptocurrencies such as Link. 

This is where this article will help. We will cover the different methods to invest in Chainlink’s DeFi token Link while in India. . 

Don’t worry, we’ll cover all that in this article.

Best Cryptocurrency Exchanges to Buy Chainlink’s Link in India

Here are the best cryptocurrency exchanges to purchase Link in India.

WazirX

WazirX is our top pick for where you should purchase Link in India.

Unfortunately, WazirX does not have a LINK/INR trading pair. You must first purchase bitcoin and then use that to purchase Link.

It’s not too difficult of a process because WazirX has a LINK/BTC trading pair on the exchange.

The fees on WazirX are low at 0.25% for the transaction, which is why WazirX is the most popular exchange in India. It’s also one of the older exchanges in India, so you can trust that your bank details will be safe with them.

Final Verdict

Low fees, trust, and ease of use are three reasons why WazirX is our top recommendation for purchasing Link in India.

BuyUcoin

BuyUcoin is an Indian cryptocurrency that sells Link. Again, they don’t have a LNK/INR trading pair, but it’s simple enough to purchase bitcoin on the exchange and use that bitcoin to purchase Link. 

The only reason BuyUcoin isn’t higher is because they have slightly higher fees than other Indian cryptocurrency exchanges. The fees vary, but you can expect to pay around 0.5% for your transaction.

That isn’t a high fee by any means. And BuyUcoin does offer a fairly comprehensive trading platform.

However, for investing in cryptocurrency you generally want to use the exchange with the lowest fees. 

Final Verdict

BuyUcoin is our second choice for purchasing Link in India because of how easy it is to use. It’s as easy to use as WazirX. 

The only difference is that BuyUcoin charges a slightly higher fee than WazirX.

We recommend BuyUcoin if you already have an account, can’t use WazirX, or plan on trading cryptocurrency. 

For investment purposes, there are better choices than BuyUcoin.

CoinDCX

Finally, CoinDCX is a cryptocurrency exchange with multiple trading pairs for Link. Most notably, they have LINK/ETH and LINK/BTC trading pairs.

Other LINK/stablecoin trading pairs are also availab, but we recommend purchasing Link with cryptocurrency.

Anyway, the fees on CoinDCX are low at 0.1% for maker and taker fees. 

That fee is lower than WazirX.

The downside is that CoinDCX charges a withdrawal fee. The exact fee varies on the currency, but a withdrawal fee does exist.

CoinDCX is similar to BuyUcoin in that the platform is aimed at cryptocurrency traders more than investors. 

Final Verdict

The trading fees on CoinDCX are extremely competitive, but they do have a withdrawal fee. The withdrawal fee is a flat fee, which is bad for investment purposes. 

With those factors in mind, CoinDCX isn’t that bad of a choice for investing in cryptocurrency. And it’s an especially great choice if you plan on trading cryptocurrency. 

Investing in Chainlink’s DeFi token Link in India – FAQ

Here are some of the most frequently asked questions about investing in Link tokens in India.

Are there any LINK/INR trading pairs?

Not at the moment. Link simply isn’t popular enough for any cryptocurrency exchange to offer a LINK/INR trading pair. 

This will likely change in 2021 as Link, and DeFi in general, are set to become much more popular.

What I can do with Link?

You can hold it on the cryptocurrency exchange or your own wallet (our recommendation). The interesting thing with Link is that you can stake the coin. 

Now, staking cryptocurrency goes beyond the scope of this article, but it’s a similar concept to mining. However, you lock your cryptocurrency to a node rather than locking a computer to a node. 

The reason to stake Link is that you can earn interest on all the coins that you stake. 

Is Chainlink’s Link token a safe investment?

In terms of the security of your tokens, Chainlink is perfectly safe. There haven’t been any hacks of the blockchain and the network itself is secure. 

It’s open-source, and has been audited by a security firm. 

As an investment, Chainlink is as risky as any other investment. This means that it could drop to zero tomorrow – just like any other investment. 

However, we Chainlink appears to be a promising financial investment. The price is so low that it will likely go up in the future if DeFi gains enough popularity. 

We have no reason to doubt that DeFi will only get more popular over time.

Is now a good time to invest in Chainlink’s Link DeFi token?

Yes. DeFi has just slumped at the time of writing, which means that it has the potential to return to its previous high. 

Of course, there are risks involved and nothing in this article should be construed as financial advice. 

Link just looks like a promising cryptocurrency. Mostly because the price is so low that even small increases of $1 translate to a huge percentage increase.

Closing Thoughts

That’s all you need to know about investing in Chainlink’s DeFi token Link in India. 

As you can see, it’s about as easy as investing in Bitcoin or Ethereum. All it involves is a few extra mouse clicks to convert the bitcoin or Ethereum that you purchase to Link. 

For those wondering, we do believe that now is a good time to purchase Link. The window on when it is a good time to purchase Link is quickly closing, though. So make sure to invest in it sooner rather than later.