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India is in fourth place globally when it comes to crypto adoption. By the end of 2022, there were approximately 425 million crypto users. The ease of trading crypto attracts more people by the day, while some are still getting accustomed to the volatility associated with crypto trading.
Most of them invest in a handful of cryptos like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc. People often forget that the more diversified their investment, the better it is. Especially if you’re new to crypto trading, diversification is your safest option, and penny cryptos can surely help you diversify your crypto portfolio beyond the heavily priced cryptos.
Penny cryptos are like penny stocks, which can be bought and sold for less than $1. They have a large potential to earn profit at low risk. This makes them very appealing to crypto users simply testing the waters. You can invest in as many penny cryptos as you want and build a well-diversified crypto portfolio.
Investing in penny cryptos is also a sound retirement strategy as the accumulated value of penny cryptos grows by the day. These cryptos offer a lot more than just being a cheap investment. Before exploring some of the best penny cryptos to invest in 2024, let’s learn why they are considered a good investment.
Why are Penny Cryptocurrencies Considered a Good Investment Option?
Penny cryptos have a high risk-to-reward ratio. They also have a low market cap, so as more people begin to buy penny cryptos, they will surely rise in value faster than larger altcoins.
They are a great investment option also because they allow you to diversify your investments. As the saying goes, “Don’t keep all your eggs in one basket.” Instead of investing a big amount in only one or two cryptos, invest small amounts in various penny cryptos. So if the value of one coin goes down, the others might save your day.
Now that the advantages are known – it’s finally time to decide the best penny crypto to invest in 2024.
But before that, it’s always wise to do your research before making any investment. You can ask around, track the live-market status of these cryptos, and even seek professional help. Since crypto is a new asset class, taking your own time in making a decision is extremely important. That being said, here we go.
Six Best Penny Cryptocurrency to Invest in India
#1 Ripple (XRP)
Earlier known as OpenCoin, Ripple has become one of the most popular penny cryptos in the market. It debuted in the market in 2012 and reached its ATH price of $3.20 in 2018. Ripple even left behind Bitcoin in transaction throughput, processing more than 1500 transactions per second. Therefore, ripple is one of the best cryptos to buy in 2024 for the long term since its value may soar in the coming years as crypto payments gain further traction. As of 20th May 2024, one Ripple token stands at INR 45.14 on the WazirX platform.
#2 Dogecoin (DOGE)
Created in 2013, Dogecoin is the first meme coin and has become a viable penny crypto option. With great community initiatives backing it, Dogecoin is now being accepted as a payment by many companies such as Tesla, AMC Entertainment, etc. With many upcoming use cases and community initiatives, Dogecoin could be suitable for new crypto traders. It was valued at INR 13.20 on the WazirX platform as of 20th May 2024.
#3 Stellar (XLM)
XLM is another leading penny crypto launched in 2015. Since its inception, it has processed more than 3.6 billion operations by over 6 million individual accounts. XLM allows people from all income levels to invest and perform financial services at a low cost. In addition, it helps create and trade digital representations for all forms of money – whether dollar or Bitcoin. All this makes XLM an exciting penny crypto. It was valued at INR 9.212 as of 20th May 2024 on the WazirX platform.
#4 Basic Attention Token (BAT)
BAT has been developed on Ethereum’s blockchain and operates as a digital advertising platform for calculating how much time and attention a consumer gives to a media website. It rewards the users for their attention and gives better returns to advertisers on their ad spend. BAT has an excellent browser and has a great ear for all customer feedback. They make changes almost instantly on their platform. As of 20th May 2024, one BAT token traded at INR 20.658 on the WazirX platform.
#5 VeChain (VET)
VeChain is a blockchain platform for private and public enterprises to help them improve their business processes. VET is its native token, along with VTHO, used as smart currency on their network. VET is one of the best penny cryptos to buy in 2024 for the short term, given its future in industrial sectors ranging from energy to medical, food & beverage to sustainability and SDG goals. As of 20th May 2024, the coin costs INR 3.022 on the WazirX platform.
#6 Chilliz (CHZ)
Chilliz is a blockchain-based platform for entertainment and sports. It also has a platform called socios.com, where users can support their teams and use fan tokens to vote or trade value on the platform. CHZ is an excellent option for many young investors who can partake in the governance of their favorite sports brands. As of 20th May 2024, CHZ traded at $0.116000 in the USDT market on the WazirX platform.
A penny crypto is an excellent investment for experienced and new investors. In this article, we made a list of the best penny crypto to invest in India that you can consider buying. But knowing what to invest in is only half the job done. You must also know which trading platform to go on to. WazirX is India’s leading crypto trading platform and is perfect for users of all kinds. It offers many features, such as low trading fees, quick KYC, great security, and more than 450 trading pairs. All this makes WazirX the best Indian crypto trading platform.
Frequently Asked Questions
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.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
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
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
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.
