Table of Contents
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.
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 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.
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 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 Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto 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.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
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.
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.
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.
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.
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.
