If you are thinking of buying cryptocurrency in India, then you need to follow certain steps and make proper decisions. There are many cryptocurrency exchange platforms like YaCrypto available in the market. You should first review sites and choose the most suitable platform. Payment methods, fee structures, cryptocurrency, and wallets vary from one platform to another.
In this guide, we’ll explore how to buy cryptocurrencies without any major hassles. If you are a first-time buyer, then follow these steps to buy cryptocurrencies of your choice such as Dogecoin, Ethereum, Bitcoin, and other cryptocurrencies.
There are many cryptocurrency exchanges in the online world. However, you can select YaCrypto because it is easier to use and has a friendly interface. The crypto exchange also offers options with background trading stocks along with easy purchase options.
However, it is advisable that while dealing with brokers, one must exercise reasonable caution. This will help in knowing the different restrictions for the cryptocurrency holdings on the platform. Some advanced crypto investors help in keeping coins in crypto wallets for extra security.
Once you select a cryptocurrency exchange platform, you will then have to create a crypto account. Sign up to open an account. However, various platforms charge different prices for opening a crypto account. Thus, you will need to verify your identity first. Then submit your identity proof documents. This will help in linking your bank account easily. Remember this is the most crucial step to prevent fraud and fulfil regulations. Currently, India does not have any definite legal regulations.
You can buy or sell cryptocurrency only after completing the verification process. Platforms like YaCrypto may ask you to submit a driver’s licence and passport. Some platforms may ask you to upload a selfie to prove your identity with the submitted documents.
For investing or buying cryptocurrencies, you will need to ensure that you have sufficient funds in your bank account. Wire transfers can also be done with the help of a credit or debit card. Exchangers and brokers play a vital role in authentication. This is why you may have to wait for a few days.
Be careful of the fact that depositing money through credit cards can be more expensive and riskier. This is because many credit card companies charge money with cash advances. Additionally, they are also subject to higher interest rates.
There are hundreds of cryptocurrencies that you can choose from once you have sufficient funds in your account. The most popular ones are Bitcoin, Ethereum, Dogecoins, and many other altcoins. It is better to have some primary knowledge of the cryptos before buying them.
Once your buying is over, you will need to store cryptocurrency in a digital wallet. The crypto wallet can only be hosted with the help of cryptocurrency exchange. There are some independent wallet providers too. Broadly speaking, there are two kinds of cryptocurrency digital wallets.
Hot wallets are also called online wallets. These are apps on phones, tablets, and computers. These wallets often give the private keys to internet-connected devices on coins. Strong passwords, safe internet browsing, and two-factor authentication are regarded as minimum requirements. Hot wallets are most suitable for storing small amounts of cryptocurrency.
Cold wallets are usually offline. This is why there is less risk of security failures. These wallets can store a private key on something offline. Therefore, it allows investors to view portfolios without risking their private keys. Paper wallets are some of the least risky wallets. Only certain websites produce private keys on paper. Many people laminate these wallets and keep them in deposit boxes. A hardware wallet is a USB-drive device that stores private keys offline. These are advantageous because viruses in a computer cannot affect them. Private keys also do not come into contact with potentially vulnerable software and network-connected computers.
YaCrypto has many features such as safety, security, and faster transactions. It supports all major cryptocurrencies in the world. Thus, you do not need to worry about the choice of cryptocurrencies. Moreover, you can stay in touch with the crypto market by downloading the Mobile apps of YaCrypto.