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The crypto market that is considered a domain for tech-savvy traders to make money is now attracting beginners. Investing in cryptocurrencies is a good decision for establishing yourself in today’s fast-paced world.
If you want to learn cryptocurrency trading in India but don’t know where and how to begin, this is the place. Understanding the basics by opening a crypto trading account on India’s most trusted and reliable crypto exchange WazirX is a good place to start.
WazirX provides an easy-to-use interface where you can create your trading account and start depositing and withdrawing funds. Moreover, you can easily begin crypto trading even with your smartphone, as WazirX provides a mobile app for trading.
In today’s tech-driven world, you can easily learn crypto trading for free with the help of the information available on the internet. This guide will specifically focus on how you can easily learn crypto trading with WazirX in a few simple steps.
A step-by-step guide to learn crypto trading on WazirX
WazirX provides a simple yet most secure crypto exchange platform, making it the best and most trusted crypto trading platform in India. Here is a step-by-step guide to starting your crypto trading journey.
How to open a crypto trading account on WazirX?
To start cryptocurrency trading for beginners, you have to sign up on the crypto exchange WazirX. Here is how to open a crypto trading account.
Sign up on WazirX
- Navigate to the official website of WazirX or download the mobile application on your Android or IOS phone.
- You have to click on the sign-up button on the website or mobile app to create your account.
- Now, enter your email address and create a strong password for your account.
Email verification and account security setup
- To verify your email address, you will receive a confirmation email. Open your email and click on the link to verify your email.
- Secure your account by choosing either of the following options.
- Mobile SMS service- If you select this option, enter your phone number and type the OTP you receive on your mobile device in the OTP section.
- Google Authenticator app
Select country and choose an account
- Click on the dropdown menu under country and select India from the list of options.
- Now, you have the option to open your account with or without KYC. However, without completing the KYC, you can only deposit and trade on your WazirX account, but you will not be able to withdraw or use the P2P features. Therefore, we recommend you complete the KYC beforehand. To complete the KYC, you will need the following documents:
- Your Pan card
- Your Aadhaar card
- Make sure you fill in the details such as full name, date of birth, address as per your KYC documents.
- Lastly, it will take about 24-48 hours to verify your account and for documentation review and approval. Wait for the confirmation after completing the KYC process.
How to add money to your WazirX account for cryptocurrency trading
After completing and receiving the confirmation for your KYC process, you can start depositing money in your WazirX trading account. There are three ways to deposit money into your trading account. You can deposit money through UPI, bank transfer (IMPS/NEFT/RTGS), or P2P (Peer-to-peer transactions).
The minimum amount you can deposit is Rs 100, and the minimum amount you can withdraw is Rs 1000. Here is how to deposit money in your WazirX trading account for cryptocurrency trading in India.
Deposit via bank transfer (NEFT/IMPS/RTGS)
- Click on the funds tab from the panel on the top.
- Next to the Indian rupee, click on the deposit button.
- Now, you have to link your bank account in order to deposit the funds. Make sure the account holder’s name is the same as your WazirX account name.
- After you add your bank details, click on the instant deposit IMPS/NEFT/RTGS option.
- You will receive a prompt on your screen, where you have to deposit the funds.
- You can now deposit a minimum of Rs 100 by transferring the funds via NEFT, IMPS, or RTGS to the bank details provided by WazirX. However, you must note that the deposit fee is 0.2% on every transaction.
- Finally, your deposits will reflect in your trading account within 72 hours.
Deposit via UPI
Another option for depositing amounts for cryptocurrency trading is by using UPI transactions. Here is how to deposit money in your WazirX account via UPI.
- Click on the funds tab at the top of the WazirX main dashboard.
- Click on the deposit button next to Indian Rupee.
- Link your UPI ID by clicking on the instant deposit with UPI.
- Make sure the name in your UPI account matches the name of your WazirX account.
- Complete the verification and enter the amount you wish to deposit in your trading account.
- Complete the transaction by entering your UPI pin.
- Finally, your WazirX account will reflect the deposit within a few hours.
Deposit via P2P (Peer-to-peer)
The P2P feature on WazirX allows you to buy and sell USDT (Tether) for an Indian rupee from the sellers and buyers. P2P allows you to send money in INR to the sellers and receive USDT (Tether) as per the amount you pay. You can pay the sellers either via UPI payments or bank transfers. With the help of Tether, you can start trading by buying cryptocurrencies on the platform. Here is how to buy USDT via P2P.
- Login to your WazirX account and click on the P2P tab from the top section.
- Click on the buy tab and place your buy order by entering the volume of USDT you want to buy.
- Click on the buy button in the middle.
- Wait for WazirX to match you with a seller automatically.
- After you match with the seller, initiate the payment process to transfer the funds. However, make sure you send the exact amount that is reflected on the screen. For instance, if the amount is 2500.98, then send the entire amount to the seller and do not round it off.
- After successfully transferring the amount to the seller, click on the green checkbox to confirm.
- Once the seller receives the amount, WazirX will release the USDT, which will reflect in your account within some time.
How to buy and start trading crypto
After completing all the above steps and depositing the amount in your trading account, you can start cryptocurrency trading in India with WazirX. Here is how to start buying cryptocurrencies on WazirX.
- Login to your WazirX account and click on the Exchange tab from the panel on the top.
- In the exchange section, you can go through a list of cryptocurrencies available on WazirX.
- There are a number of cryptocurrencies, and you can also find the most popular digital coins such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (Doge), Ripple (XRP), Litecoin (LTC), etc.
- Select any crypto coin you want to buy and go to the buy section at the bottom.
- Enter the amount of crypto you want to buy and click on the buy button. To make the purchase, you have the option of using Indian Rupee (INR), Tether (USDT), WRX (WazirX token), and Bitcoin (BTC).
- After successfully purchasing the coins, you can view them from the funds section.
- Finally, you can start crypto trading. For instance, you can buy any cryptocurrency and later wait for the price to increase. If you see good returns, you can sell the coin and earn profits.
Conclusion
It is important to understand that the crypto market is highly volatile, and it is challenging to predict future trends. If you are learning cryptocurrency trading as a beginner, you must first research and analyze the market trends to prevent losses. You might be able to establish yourself in the crypto market if you start learning the basics of trading and then proceed further.
Frequently Asked Questions
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
