How to trade in cryptocurrency in the Indian market?

Is Cryptocurrency Legal in India? Is cryptocurrency in India safe? Is cryptocurrency trading allowed in India? Is crypto the future in India? How can one start investing in cryptocurrency? Many questions arise in our minds when we hear the word cryptocurrency. 

It is relatively new in the Indian markets and many of us know less or don’t know about it at all. Well, Payrup would be the best platform to get to know so much about cryptocurrency today.

All transactions under the crypto market are controlled and governed by the crypto community itself. Also, transactions cannot be reversed.

Cryptocurrency is a relatively new concept in India and transacting in it is not exactly common knowledge. First, people need to believe this as a product altogether and then might jump into it. Nonetheless, we have seen masses have been jumping onto the crypto bandwagon, mainly because of the fine returns that it guarantees in the future.

Unlike trading in shares and mutual funds, which is solely governed by bodies like the Reserve Bank of India and Securities and Exchange Board of India, safeguarding the interest of investors, dealing in cryptocurrency is free from any third party control (as of today).

All cryptocurrency market transactions and operations are controlled and governed by the crypto community itself i.e. the cryptocurrency you are buying and selling with. Also while returns on investment in cryptocurrencies are comparatively high, the market is highly volatile and transactions once initiated, cannot be reversed at any costs.

Therefore, before putting in your money in the crypto market, do go through the following tips which we would like to share with you.

It is important to first select a trading platform or the right crypto exchange. A crypto exchange is just like the stock market. There are several crypto trading platforms in India like WazirX, Coin DCX and CoinSwitch Kuber among many others. A first-time investor can choose from any of these platforms to begin crypto trading. Once a trading platform has been identified, an investor has to upload all the required documents online on the exchange to complete the KYC (know your customer) processes and then they can get started.

An investor can either store the cryptocurrency in a digital wallet or can withdraw it in the form of money. 

Pro tip! To begin with, one cryptocurrency should be chosen at a time as the market is quite volatile these days and it is important to progress with caution before expanding one's portfolio to multiple cryptocurrencies.

Final Thoughts…

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