Explained: How to Buy Cryptocurrency?

According to reports there are over 15 million crypto traders in India

By Edited by Gadgets 360 Newsdesk | Updated: 11 August 2021 17:04 IST

You need to open a trading account with one of the cryptocurrency exchanges

Highlights

The exchange will reflect digital assets it deals in
Never press/ click any option in haste
Keep checking if the government has made any new law

If you're interested in investing in cryptocurrency but have not done so because it seemed intimidating, we have put together a simple guide that you can follow in order to do so. The good news is the buying Bitcoin or Dogecoin is not very different from setting up a mobile wallet in terms of technical know-how. Here's everything that you need to know about investing in cryptocurrency.

Digital currencies including Bitcoin, Ethereum, and Dogecoin, and others have shown tremendous growth and potential and if you are among those who don't know how to buy Bitcoin, Dogecoin or Ethereum, then we will explain the process. Bitcoin price in India stood at Rs. 34.7 lakhs while Dogecoin price in India stood at Rs. 20 lakhs as of 5pm IST on August 11.

How to buy a cryptocurrency in India?

Before you start buying and selling virtual currencies, you need to open a trading account with one of the cryptocurrency exchanges. There are a number of different exchanges you can choose from, and we would advise you to stick to an established one with an office in India, that complies with safety measures like KYC for your protection.

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Then, just open an account, and you can start trading in cryptocurrencies.

Sign in to your cryptocurrency exchange account

The exchange will reflect digital assets it deals in and facilitates transactions of. Make sure you choose an exchange that deals in the digital currency you want to invest in. Different exchanges may have different tokens, so it's your responsibility to figure out the token you want to invest in and if the exchange you have chosen also supports it.

The next step is to choose how you would like to make the purchase. Again, make sure you have enough balance in your account deposited before the first transaction takes effect.

Never press/ click any option in haste. Read everything twice when the preview of your purchase shows on screen. Check the price of the crypto token you wish to invest in to be doubly sure about the market trend as well. It is important that you do your research because this is a very volatile market. The horror stories you hear are usually from people who didn't actually know what they were doing when they invested, and that's exactly what you must also avoid.

Keep checking if the government has made any new law or instituted any regulations concerning the legality of digital currencies.

And, if you are sure about every detail, click "buy" to complete the purchase. The next step is to store your digital assets in a crypto wallet. While most exchanges offer the storage facility, it's best if digital assets are transferred to a cold wallet, for it doesn't remain connected with the Internet all the time and is, therefore, more secure.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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