And, it’s not just Bitcoin leading the charge. Other cryptocurrencies like Ether, Matic, and Doge are also a part of the hype despite the Indian Government and the central bank treading caution.
With countries like El Salvador legalising Bitcoin, more countries could join the bandwagon.
Trading cryptocurrencies
If you want to invest in cryptocurrencies in India, but don’t know where to begin, then understanding the basics, like opening a cryptocurrency trading account on India’s largest crypto exchange
WazirX, is probably a
good place to start.
The easy way to dip your toe in the market is by buying Bitcoin from a crypto exchange like WazirX, which is backed by Binance – the world’s largest crypto exchange. Crypto exchanges are similar to stock exchanges in the sense that they let you buy or sell tokens in real-time.
However, unlike a stock exchange, crypto exchanges are self-regulated, and they operate 24×7, throughout the year. And, you don’t need to buy a full
Bitcoin in order to trade in india. You can buy or sell fractional shares of Bitcoins. WazirX offers a minimum capital requirement as low as ₹100.
How to open a crypto trading account on WazirX
- Download the WazirX app from the Play Store (Android) or App Store (iOS) or sign up directly from the website to create an account on wazirx.
- Open the app and you’ll be asked to log in or sign-up. Tap the sign-up option.
- Enter your email address and desired password.
- A confirmation email will be sent to your email ID. Go to your email inbox and tap on the link to verify your email.
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- The app will now prompt you to select your desired security options. One can choose the proven method of using your mobile number, where a one-time password (OTPs) will be sent to you via SMS. WazirX does give you the option to skip this step altogether, but that will leave your account without any added security.
- Additionally, the app has an inbuilt passcode system that can add a layer of protection against snooping eyes.
How to complete your account’s KYC on WazirX
- Now you will be prompted to select your country of residence. WazirX currently serves only the Indian market and its official currency is the Indian Rupee.
- Here, you can then select whether to skip KYC or continue with it. However, withdrawals or peer-to-peer transactions are not available without an approved KYC.
- To complete KYC, just enter your name, address, date of birth, and a copy of your identity card – government-issued Aadhaar Card and PAN card are necessary. You will be able to just take a picture of the document within the app.
- Once the credentials are uploaded, you’ll hear back from the exchange in the next few days with a confirmation. Once received, you’re all set and the account is fully ready for your first transaction.
How to buy cryptocurrencies on WazirX
- Once your account is all set up, you will be able to trade and invest in cryptocurrencies.
- You can visit the ‘’Quick Buy’ menu to instantly purchase new tokens like Bitcoin, Ethereum, and more.
- Within the ‘Exchange’ menu, you can see the price of different cryptocurrencies against different bases. In addition to the Indian rupee, you can see the available exchange rates against the USD dollar, Tether — a stable coin based on the dollar — and against WazirX’s own token, the WRX.
How to add money to your cryptocurrency account on WazirX
- In order to actually purchase any cryptocurrency, you will need to deposit funds within the exchange. You can transfer Indian Rupee (INR) from your bank account to WazirX via UPI, which is directly from your bank account.
- To do so, tap the “Funds” tab, then select INR. You’ll see a statement of your deposits or withdrawals.
- Simply select “Deposit” and select how you’d like to fill up the wallet.
- The UPI option prompts you to enter the desired amount, followed by your UPI VPA address. You need to go back to your payments app to authenticate the transaction.
- It will take a few hours for WazirX to verify your account and get it ready to transfer funds.
- The minimum amount that a user can deposit is ₹100.
- Deposits will be charged a fee of 0.2%. So, if you transfer ₹100 — you will be charged ₹2 as fees for that transaction.
- And, it may take up to 72 hours for the funds to reflect in your account once the transaction has gone through.
- A total balance of all your holdings is visible in the ‘funds’ tab, on the bottom right corner of the screen.
WazirX has a host of cryptocurrencies, each having its own unique selling point. Investing in cryptocurrencies is easier than ever and barely takes a couple of minutes to
open an account. There are no charges for signing up.
Disclaimer: This is a sponsored article in partnership with WazirX
For a more in-depth discussion, come on over to Business Insider Cryptosphere
— a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
SEE ALSO:
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The World Bank, IMF and BIS push for central bank cryptocurrencies to improve cross-border payments