In India, cryptocurrency is a relatively new notion, and trading in it is not widely known. Nonetheless, people have jumped on the crypto bandwagon, primarily because of the high returns it provides. Since the launch of Bitcoin in January 2009, cryptocurrency has become a more viable alternative to traditional, government-issued money.
Unlike trading in shares and debentures, which is overseen by agencies such as the Reserve Bank of India and the Securities and Exchange Board of India to protect investors’ interests, cryptocurrency trading is unregulated.
However, with the introduction of stable coins—digital currencies pegged to a trusted fiat currency or even a group of trusted assets—what was once impractical has become practical and beneficial. As a result, an increasing number of people are learning how to buy a cryptocurrency and taking the first step toward discovering decentralized finance (Defi) and the numerous benefits of digital currency. Furthermore, while the rewards of investing in cryptocurrencies are substantial, the market is highly volatile, and transactions that have been initiated cannot be reversed.
It is essential to first choose a trading platform or a crypto exchange. A cryptocurrency exchange behaves similarly to the stock market.
Trading via exchange
Various cryptocurrencies, including Bitcoin, the oldest and largest of them all, Ethereum, Dogecoin, and others, are available on the BuyUcoin exchange. A person can invest in any of them after performing a thorough study. Any investment is determined by the number of funds available and the investor’s (realistic) goal/objective. Buying a cryptocurrency from a crypto exchange like BuyUcoin is a simple & good way to begin trading in the crypto market.
Below is the step by step guide to trade cryptocurrency in India
- Go to Buyucoin.com and register an account. To do so, you will be required to verify your identity, so expect to be asked to provide your email ID and nationality along with your type either as an individual or corporate.
- Once registered Email, Mobile and KYC verifications are made mandatory to start trading. KYC verifications you will be redirected to another URL/web address. You need a picture of your PAN card and Aadhar card along with your recent selfie.
- To make your app even more secure, enable two-factor authentication. To enable two-factor authentication simply download the authenticator application from the play store or app store(IOS). In the screen you will be shown a QR code followed by a code below it, scanning the QR code shown or enter the 6 digits code shown on the screen. When 2FA is enabled, you will be asked evertime to provide a six-digit one-time authentication code in addition to your email address and password each time you log in to your BuyUcoin account.
- Add your bank and UPI information to the app. Once your bank details/UPI are registered, you can add money to the exchange. To verify your Banking credential upload the image of a cancle cheque or recent bank statement.
- Add the funds into your BuyUcoin wallet to start trading cryptocurrency. After depositing funds into an exchange, you can use them to purchase Bitcoin or any other cryptocurrency that is available for purchase.
You are now ready to make your transaction and begin trading on the cryptocurrency market. To instantly purchase tokens such as Bitcoin, Ethereum, and others, go to the “Market” option in the BuyUcoin. You can choose between an OTC desk or a Classic Desk for trading in cryptocurrency. You can even save 30% of your trading fees by trading using the BUC token, the native utility token developed by BuyUcoin.
The price of various cryptocurrencies versus various bases can be seen in the ‘Markets’ menu. You may examine the available exchange rates against the Tether(USDT), a stable coin based on the dollar — in addition to the Indian rupee.