There are presently over 10,000 cryptocurrencies available on 384 exchanges. The market capitalization of Bitcoin alone is above $700 billion. However, the majority of these coins are brand-new, useless, or untested. On a cryptocurrency exchange, you can purchase or sell them. These are the platforms that facilitate the exchange of cryptocurrencies for other resources, such as digital and fiat money. They are autonomous and run the same way as all of the world’s stock exchanges.
How Can I Pick a Reputable Crypto Trading Platform in India?
You should conduct extensive research before using a cryptocurrency exchange in India for trading or investing in cryptocurrencies. Before choosing a platform to invest in cryptocurrencies in India, you should do some research on the platform’s reliability and the team that created it.
Before making a cryptocurrency investment, you need to make sure the platform offers the following:
- The website/app for the exchange offers an intuitive user experience and is straightforward to use.
- The exchange offers trading pairs for cryptocurrencies.
- Modern security measures are used by the exchange, and it makes no concessions when it comes to routinely updating it. Avoid using exchanges without a KYC procedure in place.
- The exchange provides inexpensive trading costs for purchasing cryptocurrencies in India.
One of the most reliable cryptocurrency exchange in India is WazirX, where transfers from rupees to cryptocurrencies may be completed without any issues. Since it is a controlled exchange, a registered corporation manages its operations. Since no anonymous entity is acting as a middleman, it increases the level of trust.
What makes WazirX a wise choice?
WazirX was purchased by Binance, the biggest cryptocurrency exchange in the world, in November 2019. The benefit between Binance and WazirX resulted from this. Indians can now invest in cryptocurrency with less anxiety. WazirX and Binance can transfer money without paying any fees, protecting all of your investments in digital currency.
However, in recent times, there is a feud going on between Binance and WazirX founder, about did Binance really acquire WazirX or not? Nevertheless, WazirX is still trusted.
Nischal is a known face in the Indian community, and I can recommend trading on WazirX. However, you should not be keeping your funds in WazirX or any other exchanges.
Remember, not your keys, not your coin.
How to Use WazirX to Trade in Cryptocurrency in India
Go to WazirX and register an account there. To create your account, you can also get the app to your iOS or Android device. Sign up using your address and password. If you have a referral code, you can add it. Once finished, you will get a verification email on your email address. Once your identity has been validated, you can begin the registration process.
You can now select the desired security settings. WazirX advises using the Authenticator App, but you can also opt to use mobile SMS or not at all. WazirX employs stringent security controls to safeguard user information and privacy. WazirX will require you to enter information such as your country and the kind of KYC when the security measures have been put in place. Fill out your Aadhar Card, PAN, name, residence, and date of birth to complete your KYC. After checking your information, WazirX will contact you through text within a few days.
The WazirX app can be used to begin trading after the setup is complete. Deposits can be done through UPI or the P2P WazirX system. There are numerous ways to buy Bitcoin, WRX, Ethereum, and many more on the Exchange dashboard. WazirX includes simple navigation options and a dashboard.
You must first deposit money before you can purchase a cryptocurrency. By selecting the Funds tab, you can use UPI to transfer money from your bank account to your wallet. With WazirX, you may begin your cryptocurrency investing experience with as low as Rs 100.
Blockchain technology and cryptocurrencies are improving the governance and infrastructure of the current financial system. However, because of the absence of regulating authorities in the DeFi sector, it is up to individual investors to complete their due diligence before risking their money in a market with extreme volatility.
