How To Exchange Cryptocurrency In India In Simple Steps
Cryptocurrency has become a hot topic for Indians, especially in the past couple of years. With the Indian government rolling out cryptocurrency specific regulations and taxes, there has been a lot of chatter about seasoned stock market investors approaching the crypto markets as well. Even for new investors who have just started their portfolios, the question of how to buy bitcoin remains predominant.
Exchanging cryptocurrency is the easy part but finding a good exchange platform, selecting a trading strategy, deciding which token to invest in and how much money to invest are the real questions. These are extremely important factors that end up affecting our portfolios especially in a volatile market. Let’s take a detailed look into all of these and understand how these factors impact your investment journey.
How To Exchange Cryptocurrency In India?
Exchanging cryptocurrency is a simple process of converting your crypto holdings into cash. This can be done by signing up on a cryptocurrency exchange platform which enables you to buy or sell the cryptocurrency of your choice as well as convert it into fiat currency. For example, if you want to buy shiba inu india, here are the steps :
- Create an account and download the app for the exchange you’ve chosen.
- Fill in the required information, such as your email address, name, and contact information.
- After authenticating the email, the user receives an email with KYC information on the same id.
- Complete the KYC procedure by verifying the address on your email id.
Once you have completed the signing up process you will be allowed to start trading in Shiba Inu, or any other cryptocurrency, on that platform. The easiest way to exchange your holdings for fiat currency is by selling them and withdrawing that money to a bank account. Make sure that the account you choose is the same account that you deposited money in your crypto wallet with.
Third parties (such as bitcoin ATMs and debit cards) will convert your bitcoins for cash at a predetermined rate. It’s easy to use and safe. You can also sell your bitcoin using a peer-to-peer transaction. Because you sell your bitcoin straight to another person, this is a speedier and more anonymous option.
To sell bitcoin for cash in a speedier and more anonymous manner, use a peer-to-peer platform. When selling bitcoins to others, you can specify which payment method you want buyers to use. This typically leads to faster transfers with lower fees. In many circumstances, an individual buyer will provide a better exchange rate than a third-party service. You could suggest that the buyer deposit cash into your bank account or pay you via bank transfer (you can even use PayPal). Always demand identification and payment proof before handing over your Bitcoins. Peer-to-peer selling is risk-free if you know what you’re doing. It is, however, vital to be careful of con artists. It may be advantageous to use a peer-to-peer network that allows you to keep your bitcoins locked until you receive payment confirmation from the buyer.
There are various things you should keep in mind before choosing any of the above mentioned methods such as the taxes that will be levied on the exchange, the exchange fee charged by the portal and the speed and security of the transaction.
How To Choose The Right Cryptocurrency Exchange?
There are various things that need to be taken into consideration before finalizing a crypto exchange platform. Here are the basics that you must keep in mind :
- Security : A crypto exchange that prioritizes security and anonymity is paramount. An exchange having a strong firewall for protection against hackers and fraudsters is a good sign as during crypto exchanges, security is the most important factor.
- User support : Even with information widely available, it is natural that one may have doubts or issues with the app or process. Choosing an exchange with prompt and strong customer support will help you with any of the problems or issues that you might face.
- Speed : A crypto exchange which has the capacity to handle massive volumes of trade without any delays should be chosen in order to avoid crashes during extreme volatility periods.
- Platform features : A crypto exchange that has good on the go features is important as the crypto market is constantly changing and one might not always have a large screen in front of them.
- Exchange fees : Different platforms have different fees charged on transactions. An exchange with a lower fee might be good for investors who trade frequently so as to avoid high transaction costs and reduced profit margins.
With these important factors in mind, you can choose an appropriate exchange portal and start your investment journey. You can build a strong cryptocurrency portfolio with the right exchange.