How to Purchase Cryptocurrencies in India

Many countries have declared that cryptocurrencies are banned, and no one will be able to trade or invest. But, for India, it is different; India has had many debates on how to treat cryptocurrencies and has taken significant steps. Since many people were already trading in crypto, the government declared that it would be treated under the existing asset taxation rules.

The income tax department has taken steps to detect who has been using blockchains and are trading in online cash. Suppose the government suspects anything mysterious, such as if someone is using a fake id or name to conduct unlawful business. The government then will take steps as critical as seizing the money by converting it to Indian rupees. However, it is safe to trade cryptocurrencies in India for now, as long as you declare your income and use a proper identification and bank account.

If you are interested, you can visit the Prime Advantage to find out about the rates and market value. It will help you determine where to invest, how much to, and most importantly when to invest. Now that you are in India, you have to keep in mind a few things that will help you make wise transactions.

Purchasing Cryptocurrencies

When you are preparing to buy cryptocurrencies, you will have to keep five things in mind before investing in them.

1. Where are you? - When you purchase a cryptocurrency, you will have to check if the exchange that you choose is legal in your country or not. There are a few exchanges that only serve in a few given countries; hence this is one of the most critical steps.

2. Cryptocurrencies- There are over 1600 cryptocurrencies that you can purchase. Conduct research to find out which one is best for you. Then check the exchange if they offer that currency or not. 

3. The Value- Before you purchase a cryptocurrency, you will have to check the value and find out if it has a steady profit curve or not. The research on the amount will determine your profit later. There are cryptocurrencies like bitcoins, Etherium, and Litecoin that offer you the best prices yet. But there also are other options to choose from.

4. Method of Payment- While investing in cryptocurrencies, the other thing that you have to look into is the method of payment; this will include bank transfers, credit and debit cards along with cash at times. 

5. Fees payable- When you choose a website, you have to make sure that you are checking the charges they ask from you to begin trading. Some of the exchanges have very high fees. You have to look for transactions that request standard fees so that you can earn more profit. 

Where will you buy cryptocurrencies?

If you are interested in purchasing cryptocurrencies, you can visit the cryptocurrency exchanges, just like the one I shared earlier. These websites or applications will allow you to buy online cash or virtual money with a given amount of fees for the trade. You can make the purchase using Indian rupees via debit/credit cards, or other means possible. Before you use such a platform, you will have to register yourself following the two-step verification for a secure trading.

After the account is set up, you can use the payment method you selected to make payments and buy a cryptocurrency in that exchange.

These might help you

Here are a few ways you can connect yourself to cryptocurrency purchase.

1. Unocoin- The customers will be allowed to buy using any Indian bank account. It can be done using online banking or RTGS and NEFT.

2. Other Bitcoin exchanges- The other biotin exchanges that are present online can help you make trades easy. These exchanges charge a percentage or amount of fees on the deal you are doing.

3. LocalBitcoins- Cash deposit is one of the most used methods. While using the LocalBitcoins, you will be able to access the in-person meeting for cash exchange.

4. Bitcoin ATMs- These will allow you to buy Bitcoin using cash. Although they are reassuring about safety and convenience, you end up paying a 5 to 10% fee on your trade.