Many people recently has been asking me how to buy bitcoin (BTC) or how to buy ripple(XRP) or how to buy cryptocurrencies in India. So, let me tell you all the process of how you can buy bitcoin or ripple or etherium or any cryptocurrencies for that matter from your Indian currency.
Let us start from the very beginning. There are two ways to buy and sell cryptocurrencies. One is buying and selling through Indian exchanges in terms of INR or enter into trading through one of the many international exchanges and start trading in terms of bitcoin(BTC). To do either of them, first you need a way to buy any of the crypto currencies through your rupees.
How to buy Bitcoin from rupees?
To buy bitcoin, first you need to register on Zebpay or Unocoin or Koinex (New signups are stopped on koinex for now). Registering from the following links to get signup bonus.
Zebpay: http://link.zebpay.com/ref/REFDARS3580 (Bitcoins worth INR 100 on your first buy/sell)
Unocoin: https://www.unocoin.com (Use Referral code U21569 to get Rs. 10 paytm cash on downloading app)
Koinex: https://koinex.in/?ref=e7e77f (Get INR 50 worth of BTC on KYC completion)
So, once you download and signup on Zebpay or Unocoin, you need to do your KYC by uploading Aadhaar card info, bank account details and some address proof. Zebpay takes about 3-4 days while unocoin takes weeks to complete the verification.
Once the KYC is approved, you can start purchasing bitcoins. If your intention is to buy and sell only bitcoins, you can stick with zebpay or unocoin. Buy when price is lower and sell while the price is higher. You can withdraw your BTC converted to INR to your bank account at any point of time but the transaction fee is high so withdraw only when you have sufficient amount.
But if you really want to extend your bitcoin trading to hundreds of other cryptocurrencies, read ahead.
If you don’t want to wait for KYC approval and start immediately, you can buy bitcoins using your paytm instantly from https://paxful.com/buy-bitcoin/paytm-online-wallet. paxful.com is a platform where people will buy/sell their bitcoins. Be careful while purchasing btc there as frauds are likely to happen. But I did purchase once and it was smooth. But to purchase BTC you need to have your BTC address while looks something like this: 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
How to get Bitcoin wallet address?
Once you complete your signup/KYC on zebpay or unocoin, you will be provided with a bitcoin wallet of your own as shown below.
If you wish to receive bitcoins from other places like paxful.com, you need these adddress.
Do remember that, until KYC is not done, you are not allowed to buy or transfer BTC to other places so keep in mind about this.
Once your KYC is done and you have bought bitcoins, now it’s time to get into international exchanges and start trading coins.
If you are buying bitcoins from paxful, you need not do any KYC and start trading immediately with your trading account.
If you already have an account on koinex or you manage to get a new account, you can buy Bitcoin(BTC), Ripple(XRP), Litecoin(LTC), Etherium(ETH) and Bitcoin Cash(BCH) through indian currency itself and start buying and selling through koinex itself and no need to register or other exchanges.
How to buy Ripple, Ether and Litecoin?
Now you know that How to buy bitcoin, let’s see how to buy other altcoins. If you don’t have koinex account or other exchanges where they let you buy these coins, what you can do is register on poloniex or binance and transfer your BTC on zebpay or unocoin to the BTC wallet address given by poloniex or binance on their respective deposit page. Keep in mind that you need to transfer BTC to BTC wallet address only and transferring BTC to wrong or other wallet address may result in loss of your funds. Once you transfer your BTC to binance(let’s say) BTC wallet address, it takes 3-4 hours to reflect in your binance account (don’t panic if it takes more time). You can track your transaction on https://live.blockcypher.com/btc by putting your receiving wallet address. Your BTC will be added to binance immediately after 2 network confirmations.
Once your BTC is reflected on poloniex or binance, you can buy any coin you wish. There are 100s of coins on both poloniex and binance. Just go to exchange page and search for the coin you want to buy and enter the buy price and volume and start your journey.
In the same way, when you want to sell your coins, just put the selling rate and number of coins you want to sell which you are holding and click sell.
How to auto buy coins?
You may be wondering how to know when a coin’s value is low so that you can buy at that price or how to sell a coin when it reached certain value without you having to monitor the prices 24×7. This is where open orders comes into picture.
For example, let’s say the value of Ripple is about 0.00014088 BTC right now and you want to buy when the price reaches 0.00010 BTC. You just need to put this 0.0001 value in price column and the amount of coins you want to buy, let’s say 100 coins. Now you click buy at these above prices and the order will be set as open orders. That is, whenever the price of XRP matches 0.0001 BTC, your order will be auto completed. In this way, you need not keep tracking the prices.
Similarly you can set the sale open order. For example, for XRP put 0.0002 BTC in selling price column and amount of coins to sell which you are already holding and click sell. The order will be set as open order. It will be auto completed when prices reach the set price point. But remember, you can’t sell the coins without already owning it, that is you can’t set open orders for both buying and selling without actually owning any of the coins. You can only set open sale order only after buying is confirmed.
Keep in mind that you can cancel the open order at any point of time without any fee.
How to know which coin to buy?
Now that you know how to do trading of crypto currencies, you may be thinking which coin to buy so that you can earn quick profits. There are a lot of people who give buying and selling signals on twitter and largely on telegram through paid and free channels. I am personally following John McAfee on twitter and a couple of telegram channels like Trading Heat. Also, you can do your own market research and invest.
Nobody can give 100% confirmed signals but it depends on your willingness to take risk and invest. Nobody can come to your rescue if you run into losses.
How much should I invest?
As everybody say you should invest only that much money that you can afford to lose. Don’t put all your money dreaming of lakhs of rupees in return, you can quickly lose all your money.
You can start investing with rupees 3000 or less and gradually increase as you get a hold of it. Don’t be greedy when you are seeing rise and don’t panic when prices are falling. It’s all part of the game and that’s how it runs.
But, personally I would say cryptocurrency is the future and you can become millionaires or paupers easily if you are not careful. Always play a calculative game, set multiple targets and sell a part of your investment when you reach different targets to minimise losses or maximise profits.
For example, if you buy XRP at 0.00014088 BTC, set targets like:
Target 1: 0.00016 BTC
Target 2: 0.00018 BTC (Sell 20%)
Target 3: 0.00020 BTC (Sell 20%)
Target 4: 0.00021 BTC
Target 5: 0.00022 BTC
Some of the common terms in cryptocurrency world:
Exchange: Websites where you can buy and sell crypto-currencies.
FIAT: Government issued currency like USD, INR etc
Whale: Someone who owns a large amount of crypto-currency.
Bullish: An expectation that price is going to increase.
Bearish: An expectation that price is going to decrease.
Altcoin: Generally any cryptocurrency other than Bitcoin.
ROI: Return on Investment. The percentage of how much money has been made compared to an initial investment.
If you want to know more of these common Cryptocurrency Terms, you can visit https://cryptominded.com/glossary-cryptocurrency-terms-need-know/