Buying Bitcoin, Dogecoin or any other crypto in the country was a big task few years back. That has changed with the emergence of multiple homegrown crypto exchange platforms that allow investors to buy or sell cryptocurrencies within minutes. Some of them continue to face issues with banks but, the process is simpler than before.
What are the popular crypto exchange platforms?
The popular Indian platforms include WazirX, Zebpay, Coinswitch Kuber and CoinDCX GO. The investors can also buy Bitcoin, Dogecoin, Ethereum and other cryptocurrencies through international trading platforms like Coinbase and Binance. Unlike stock markets, all of these platforms work 24×7. This means you can invest and withdraw money on any day of the week and at any time of the day.
How to buy and sell Bitcoin, Dogecoin and other cryptocurrencies?
As mentioned before, the process has been made very simple. The investors can download the above-mentioned apps from Google Play Store or App Store. They just need to sign up using their credentials, complete the KYC process, transfer money to the wallet and make the purchase. The entire process should not take you more than five to ten minutes.
There is no limit on how much and what you can buy. The investors can start with as low as they want to. The purchase is completed within minutes after transferring the amount to wallet. The investors also have the option to set a pre-decided limit for selling and buying crypto.
For example, if you buy Dogecoin worth Rs 100, then your account will show the number of coins equivalent to that amount. You can sell any cryptocurrency with a tap. The amount will be first credited to the wallet you are using and will have to be transferred to the bank account later.
Most trading platforms have enabled IMPS and NEFT transactions but, charge a small fee for that. The UPI transactions on these platforms are still not working. In case you are not able to deposit or withdraw money, be a little patient. It could be because of some issue and that might be resolved soon.
Is there another way of buying cryptocurrencies?
Yes. The other possible way is P2P or Person-to-Person transactions. These work just like the name suggests. Basically, the investors can buy cryptocurrencies directly from another holder instead of an exchange platform. In this case, you will have to find an interested buyer or seller, and they can exchange crypto directly with them. However, it isn’t easy, especially with the current hype around cryptocurrencies.
The crypto market is just like any other financial market. It fluctuates like stock market or money market. The volatility is more because the crypto market is relatively new. Also, it is still unregulated which means there is nobody to look after the money exchanged. So, investors need to research well before buying a crypto coin. We advise you to consult a crypto expert and even check the history of a currency before putting money in it.
