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How to Buy Cryptocurrencies in India?

By September 1, 2021September 25th, 20234 minute read

Even though proper crypto regulatory formulations are yet to be a part of modern-day India, the country has seen a nearly 20,000% rise (from $200 million to $40 billion) in recent years! Several people profited greatly from their crypto investments by hopping on the bandwagon.

In the dynamic world of cryptos, the Indian market has emerged as a hotspot for digital asset enthusiasts. If you’re considering starting your crypto journey in India in 2023, this is the right place. In this blog, we will share the steps with you on how you can buy cryptocurrencies in India in 2023 and things to keep in mind before choosing the right crypto exchange.

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4 Things to Keep in Mind While Choosing a Crypto Exchange in 2023

#1 Quick KYC-verification

An important factor that traders consider while choosing the best crypto exchange is quick KYC (Know Your Customer). Almost all crypto exchanges require their users to get their KYC verified. While many trading platforms take up a lot of time to complete KYC, some offer quick registration. You would want to choose the second option unless you like standing in long queues.

#2 Higher liquidity 

The other major factor worth considering is liquidity. Any good crypto trading platform with higher liquidity should allow traders to complete a transaction quickly since it will be hosting many other traders.

#3 Better fee structure

Since trading platforms charge a fee on every trade, you must look for platforms that don’t have a huge fee structure. Unfortunately, some platforms charge fees at every point, be it buying and selling or depositing and withdrawing. This will stop you from making any considerable profits. Hence, you are better off picking up a crypto trading platform that charges a flat amount or percentage on overall trades.

#4 A good mobile app for trading on the go

A good trading platform must have a fully functional mobile application that offers many important features and perks, such as detailed charts, live-market status, quick buy/sell options, etc. Since many people trade while on the move, it’s not always possible to trade via the desktop site. Therefore, mobile apps are an important factor when looking for the best crypto trading platform in 2023.

Why Should You Choose WazirX?

With WazirX, withdrawing and depositing INR-based capital is simple and quick. Another important feature of the WazirX crypto exchange is its user-friendly interface, which allows a non-techie to navigate the platform and buy and sell cryptos using a Live Open Order Book system. It also includes charting tools that allow users to analyze prices, trends, and historical data.

For a better overview, check the following list of key features of WazirX:

  • Best security: WazirX conducts frequent security audits to ensure no security problems are overlooked to make it India’s most secure exchange.
  • Quick KYC process: Wazir’s identity verification solutions are industry-leading in terms of speed and accuracy.
  • Quick transactions: The platform architecture can easily scale up in seconds to meet demand, with the capacity to handle over a million transactions.
  • Advanced tools: The platform includes all essential features, such as TradingView charting tools and other tools for analyzing and checking prices and accessing historical data via simple yet amazing infographics.
  • User-friendly navigation: The platform has a simple and easy-to-use interface that makes it easier for users, particularly beginners, to begin trading. Users can easily navigate through the numerous options, whether they want to deposit or withdraw money.
  • Integrating across multiple platforms: WazirX is available for the Web, Android, iOS, macOS, and Windows. The WazirX trading app is available on the Google Play and App Store. 
  • Low transaction fees: WazirX continues to attract new customers every day because its transaction fees are significantly lower than other platforms.
  • Own utility token: The WazirX ecosystem is built around the WRX utility token, which is provided by WazirX and can be used to pay transaction fees.
  • Global currencies: WazirX has been integrated with the Binance app to enable global currency investing.
  • Availability of over 250+ cryptos and 400+ trading pairs: WazirX’s availability of over 250 cryptos and 400 trading pairings enables you to trade in any major crypto, including Bitcoin, Litecoin, Ethereum, and the WRX token.
  • Peer-to-Peer (P2P) trades: WazirX also facilitates a peer-to-peer (P2P) trading engine that connects users for trading with one another.

In the following section, check how easy it is to set up your account on WazirX and trade.

Setting Up Your WazirX Account: A Quick Overview

  • The first step is to sign up on the platform; you can choose either the website or the app to create your account.
  • Fill up the required details like your email address or mobile number and a strong password.
  • Verify it via email or by getting an OTP on your registered mobile number.
  • Now, choose your country.
  • Do the required KYC verification and wait for the confirmation.
  • Within a few hours, your KYC verification will be done. Your account will be activated soon, and you can begin trading.

For detailed information, you can read here.

Future of Crypto in India

Cryptos stand poised to revolutionize our approach towards money in 2023 and beyond. Thanks to their decentralized nature, transparency, cost-effectiveness, swifter transaction speeds, and global accessibility, they represent a compelling alternative to conventional money. Operating on decentralized networks that are free from government or financial institution control, cryptos offer enhanced financial stability and security. The transparency of the public ledger is a powerful weapon against fraud, money laundering, and illicit activities.

According to Statista, the Indian crypto market is expected to reach $222.70 million by 2023 in revenue. Moreover, the expanding global reach of cryptos holds particular promise for individuals in developing nations with limited or absent traditional banking infrastructure. Considering current trends, opportunities, regulations, and associated risks, it is safe to say that crypto is on its way to becoming the currency of the future.

Frequently Asked Questions

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.

Which Cryptocurrency Is Best To Invest In 2021?

Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.

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 Pi Cryptocurrency Safe?

Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.

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

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.

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.

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.

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.
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