Bitcoin, and all cryptocurrencies, has increased in value over the past few years. And now is the best time to purchase some cryptocurrency.
Unfortunately, purchasing cryptocurrency can be a little difficult due to complicated financial regulations, the confusion of cryptocurrency, and the occasional cryptocurrency scam.
Fear not, it’s still possible to buy cryptocurrency in India. This article will cover absolutely everything you need to know about purchasing cryptocurrency in India. We will cover the best crypto exchanges, what to look for in a crypto exchange, and even how you can turn a profit trading cryptocurrency.
Best Cryptocurrency Exchanges in India
If you want to trade cryptocurrency in India, then you must know the best places to buy it. Here are our top crypto exchanges in the country.
WazirX is the most well-known cryptocurrency trading platform in India. In fact, it’s an Indian subsidiary of Binance, so you don’t have to worry about paying foreign currency fees.
Anyway, WazirX is a trustworthy, secure platform that has 86 different cryptocurrencies available to trade. The fees are relatively low at 0.2% for each transaction along with a small deposit fee that varies depending on the amount of money you deposit.
We recommend WazirX if you are interested in funding your cryptocurrency with rupees because you don’t have to worry about exchange fees – WazirX accepts rupees.
Bitbns is another Indian cryptocurrency exchange, which means they accept rupee deposits. They also accept USD deposits.
The trading fees are extremely low at 0.02%-0.25% per trade. Deposit and withdraw fees vary depending on the amount and cryptocurrency.
Bitbns has 77 cryptocurrencies available to trade, so you should always find a cryptocurrency to trade.
We also recommend Bitbns for trading in India. The deposit and withdraw fees are usually slightly higher than WazirX, but the ease-of-use makes up for the extra fees. Compatibility with fiat currencies other than the Indian rupee is also a huge positive.
BitMEX is a little different than Bitbns and WazirX for one reason:
Fiat currency is not accepted. All deposits are done in cryptocurrency, which greatly reduces the fees.
However, you must already have bitcoin to use BitMEX.
Anyway, we like BitMEX because it’s a trader focused platform that offers 20x leverage, which allows you to trade a large amount of money without depositing all that much on the platform.
The only problem with BitMEX is that they only have six cryptocurrencies on the exchange. Other than that, it’s an excellent platform for traders.
eToro is the most well-known cryptocurrency trading platform. However, it does not support deposits of Indian rupees.
It’s still worth mentioning because of the unique social aspect of this platform – it allows you to follow the trades that successful cryptocurrency traders make.
The fees are high and the minimum withdrawal amount is $50, though. eToro also has extra fees for withdraws on the weekends and at night. But the trading focus of this platform makes it a cryptocurrency platform worth looking into if you’re serious about trading cryptocurrency.
How to Pick a CryptocurrencyTrading Platform
Here are some of the most important features to look for in a cryptocurrency exchange if you want to do a lot of trading.
The most important feature to search for is the types of cryptocurrencies available to trade on the exchange. All exchanges will have Bitcoin, Ethereum, and Litecoin at a minimum.
However, there is a lot of opportunity to turn a profit on the lesser known cryptocurrencies, which is why we recommend choosing a platform that has a large amount of cryptocurrencies available for purchase.
Fiat Currency Compatibility
Most exchanges require deposits in a fiat currency. The accepted fiat currencies almost always include US dollars.
If you’re trading cryptocurrency in India, then you want a cryptocurrency platform that accepts Indian rupees – this will eliminate a lot of fees and just make things easier.
We recommend only trading on a platform that accepts a fiat currency that you have. It’s also important to check what fiat currencies the platform pays for withdrawals.
Do you only want to deposit a small amount of money for cryptocurrency trading?
If that’s the case, then make sure to check the minimum deposit of the cryptocurrency trading platform that you want to use. Most of the trader focused platforms will have a minimum deposit.
Fortunately, minimum deposits tend to be low when they are in place. Most minimum deposits don’t exceed $50.
Leverage is another factor to consider if you really want to get into trading cryptocurrency. Most trader focused platforms offer 20x leverage on trades. Some even offer up to 100x leverage on trades.
The trading features on each platform are what make them unique. We recommend a platform with more trading features rather than less features.
Just expect to pay more fees for the features.
What features do we recommend looking for?
A good cryptocurrency trading platform will have a detailed price chart (to the minute), volume chart, and historical data.
All this allows you to build a trading model, which is how you can earn a large amount of money.
How to Turn a Profit Trading Cryptocurrency in India
Here are three quick tips for profitable cryptocurrency trading.
Don’t Use Too Much Leverage
The most important tip for profitable cryptocurrency trading is to not use too much leverage when trading.
If the price falls to less than the amount of money in your account, then the exchange can make a margin call. A margin call sells your position to recover the funds.
More leverage means that a smaller price drop will result in a margin call, which gives you less room for error.
Look at Historic Data
History has a tendency to repeat itself, and this certainly applies to cryptocurrency trading. We recommend looking at price patterns for the past week to determine when to buy and sell your cryptocurrency.
In fact, this is the difference between making money trading cryptocurrency and losing all your money.
Don’t Hold Too Long
Cut your cryptocurrency losses and gains early. You can always repurchase later. But the price changes so frequently that you can actually turn a profit simply trading multiple times per day rather than holding for weeks at a time.
We recommend closing your positions before you go to sleep.
Well, that covers it for everything you need to know about cryptocurrency trading in India. It really comes down to finding a cryptocurrency that accepts rupees for deposit. And the best choice in that case is either WazirX or Bitbns.
The harder part about trading cryptocurrency is turning a profit. Unfortunately, that mostly comes down to experience and a little luck.