Cryptocurrency has gained significant traction in recent months. The volatility in global markets, exacerbated by economic uncertainties, has led investors to explore alternative assets, with cryptocurrency emerging as a prominent choice.
In India, the cryptocurrency market is facilitated by 12–15 major exchanges, handling daily trading volumes between ₹500 crore to ₹1,500 crore. This guide covers the essentials of cryptocurrency trading in India—how to buy, sell, and trade digital assets, along with regulatory insights.
What Is Cryptocurrency?
Cryptocurrency is a digital payment system enabling online exchanges of goods and services. Unlike traditional currencies, it exists solely in digital form, operating on blockchain technology—a decentralized ledger that encrypts transactions to prevent duplication or fraud.
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Popular Cryptocurrencies in India
While Bitcoin remains the most recognized, India’s market hosts diverse options:
| Coin (Code) | Price (INR) | 24h Change | Market Cap (INR) | 24h Volume (INR) |
|---|---|---|---|---|
| Bitcoin (BTC) | ₹2,472,251 | -3.27% | ₹46.4T | ₹22.6B |
| Ethereum (ETH) | ₹151,078 | -5.40% | ₹17.6T | ₹18.1B |
| Tether (USDT) | ₹74.49 | -0.12% | ₹4.6T | ₹42.3B |
| Cardano (ADA) | ₹97.99 | -3.56% | ₹3.1T | ₹1.2B |
Data reflects market conditions as of July 2021.
How to Buy Cryptocurrency in India
Step-by-Step Process
- Choose an Exchange: Select a registered platform like WazirX or CoinDCX.
- Create an Account: Provide basic details and complete KYC.
- Secure Your Wallet: Enable two-factor authentication (2FA).
- Fund Your Account: Deposit INR via UPI, bank transfer, or card.
- Start Trading: Purchase cryptocurrencies at live market rates.
Top Crypto Exchanges in India
| Exchange | Key Features |
|---|---|
| WazirX | 140+ coins, P2P trading, low fees. |
| CoinDCX | INR deposits, staking options. |
| Binance | Advanced tools, savings accounts. |
Why Invest in Cryptocurrency?
- 24/7 Trading: Trade anytime, unlike stock markets.
- Security: Blockchain ensures tamper-proof transactions.
- Transparency: Public ledgers validate all trades.
Note: Cryptocurrencies are unregulated in India. While legal, investors should monitor policy updates.
Frequently Asked Questions (FAQs)
1. Is there a minimum investment amount?
Most exchanges allow purchases as low as ₹500, varying by platform and currency.
2. How do I choose the right cryptocurrency?
Research market caps, historical performance, and utility. Bitcoin and Ethereum are common starters.
3. Can I buy crypto without an exchange?
Peer-to-peer trading is possible but riskier. Exchanges offer better security.
4. Are INR deposits accepted?
Yes, major platforms support INR via UPI, IMPS, or cards.
5. How are cryptocurrencies stored?
Digital wallets (e.g., Trust Wallet, MetaMask) secure assets using encrypted keys.
Cryptocurrency offers a dynamic investment avenue with high transparency. Stay informed and prioritize security when trading.