A cryptocurrency is a non-physical, decentralized, and digital currency issued by a private system, and the government has no role in its regulations. It is a person-to-person system that allows anyone, anywhere, to send and receive payments.
Cryptocurrency works on blockchain technology. It is a structure built on itself. The transactions are being recorded in blocks, verified, and can’t be erased or rewritten. This complex technical process forms a digital ledger of cryptocurrency transactions, ensuring complete transparency, which is hard for hackers to tamper.
In addition, you may require to go through a two-factor authentication process. For instance, you have to log in via your username and password, and then you might have to enter an OTP sent to you via text or email.
Tips to Safely Invest in Cryptocurrency
Before you think of investing even one dollar, it is essential to research different cryptocurrencies you can invest in. Try to understand blockchain technology to understand how the cryptocurrency market operates. With so many scammers and fraudsters looking to make you fall into their trap, always verify before trusting any site.
Start by investing small
Never put all your investments in one portfolio. Cryptocurrency is highly volatile; therefore, diversification is the key. Do your research and seize the opportunity to invest in multiple coins, this way, you will have potential gains in cryptocurrency. Don’t put more than 2% of your overall portfolio in cryptocurrency.
Creating a unique account for trading in cryptocurrency is beneficial to avoid unnecessary risk of exposure to your data. In addition, use two-factor authentication for every service you utilize.
Use of cold and hot wallets
You can store cryptocurrency via an online “hot” wallet or an offline “cold” wallet. Hot wallets are highly convenient for daily use, but they are highly susceptible to hacking, while cold wallets cannot be hacked easily. If you are looking to invest for the long term, you may like to store it in a cold wallet while keeping a small amount in a hot wallet for daily use.
How to Invest Cryptocurrency in India
Billions of trading are done by Indians through various cryptocurrency exchanges. According to a recent study done by BrokerChoose, about 100 million Indians own cryptocurrencies. Billions of trading have been taking place through different crypto exchanges in India.
Here are the top platforms to choose from for investing in cryptocurrencies and benefit from their high returns.
WazirX is India’s one of the most trusted cryptocurrencies and bitcoin exchanges. It has been one of the most famous names on social media for its sleek and user-friendly interface. This cryptocurrency platform allows you to invest using INR, USD, BTC, and even person to person. WazirX lets you invest in so many cryptocurrencies.
Additionally, WazirX has its coin WRX that you can purchase in INR. Using WRX, you can buy other cryptocurrencies. WazirX is one of the most secure exchange platforms in India. With a team of hardcore traders and blockchain believers, they provide a superfast experience making you fall in love with its features.
WazirX charges a fee of 0.2% on the maker and taker. On the other hand, UPI transaction does not incur a fee, while Rs. 5.9 transaction fee charges are applicable on NEFT, RTGS, IMPS.
CoinDCX is one of the most versatile apps in trading for cryptocurrencies. It lets you buy and sell more than 200 coins. It additionally provides you with information on how to invest and operate in the virtual world. CoinDCX currently supports INR to let you trade in cryptocurrencies.
You have the option to deposit money into the account using IMPS, UPI, RTGS, NEFT, or bank transfer.
During the IPL, you have never missed seeing the ad featuring CoinSwitch Kuber. With funding from famous investors and VC firms, this platform lets you trade in 100+ cryptocurrencies. To secure your account, it provides a two-factor authentication process. Additionally, its simple interface has attracted many people trading in cryptocurrencies. However, the platform fails to provide information about the security measures to keep your crypto assets secure.
ZebPay is one of the veteran crypto exchange apps in the market. This platform too caters to refer and earn features. ZebPay charges a fee for all across brackets. ZebPay keeps approximately 98% of coin storage in cold wallets; thus, if you want a highly secured platform to keep your crypto safe, join ZebPay.
ZebPay offers trade across five crypto-crypto pairs and six EUR-Crypto pairs. Join now for trading cryptocurrencies on a simple, clean, and user-friendly interface.
UnoCoin has been serving 1.43M+ customers with its secure and intuitive trading platform. It gives access to real-time market data. On UnoCoin, investors can also recharge their mobiles and pay utility bills using bitcoin. It has also supported a merchant gateway system for allowing online businesses to accept bitcoin as a mode of payment.
As such, no legislature covers cryptocurrencies in India but that doesn’t mean it is illegal to own cryptocurrencies. However, it means there is no regulatory authority safeguarding your interest, like, in the banking sector, RBI is the ombudsman you can approach if you have banking-related grievances.
Cryptocurrency exchanges like WazirX have been developing and updating their robust system to provide a seamless and secure place for investors to buy and sell cryptocurrencies.
The sites mentioned above have been catering to millions of Indians every day without compromising their safety and security.