Starting trading with bitcoin and other cryptocurrencies is actually a very simple process if we are aware of what type of trader we are, and what our goals are.
To do this, in the first instance you must define what exactly do you want to do with bitcoin? Ask yourself and answer the following questions:
1) Make a profit on the fluctuations of bitcoin?
2) Protect your savings from the devaluation of your country’s local fiat currency
3) Make a profit with bitcoin in the long term as it is the “digital gold”?
4) What are my financial possibilities to buy bitcoins in India, or fractions of bitcoin?
5) What type of currency do I have to buy bitcoin?
Based on all these answers, you can more easily define how to buy bitcoin in India? And consequently start trading bitcoin and other cryptocurrencies.
Below we will show you the various options to buy bitcoin in India and start trading, so that you can choose the one that best suits your needs:
The cryptocurrency Broker is one of the most recommended for users who are starting to trade bitcoin in India.
This is basically because it is much easier to use, because the interface is much friendlier.
In addition, Brokers act as an intermediary between the traditional Exchange and the user who wants to buy bitcoin or another cryptocurrency. Likewise, the Broker establishes its own prices for the purchase and sale of bitcoin from India or another country within its platform. The Reason why it is to understand that the internal indicators of a Broker are not necessarily the same as those of the global crypto-market.
In conclusion, for an inexperienced person who wants to start bitcoin trading in India, cryptocurrency Brokers turn out to be quite a functional theoretical and practical guide.
Examples of Brokers that provide their services for beginners to buy bitcoin and start trading in India are: Coinbase and eToro.
Despite the fact that it is aimed at those who have more knowledge about cryptocurrency trading, especially in the technical aspect, a beginner can perfectly start trading bitcoin in India through this exchange modality.
Proof of this is that traditional Exchange such as Binance, thinking about this, has even adapted three types of way of trading for Indians and all citizens of the world.
These three ways are:
- Convert (Basic): Where you can buy bitcoin in India or other cryptocurrencies, without any distraction from charts, indicators or advanced options.
- Classic (Intermediate): Where despite having the presence of charts and indicators for trading cryptocurrencies peer-to-peer, it is still quite easy if beginners do a little study.
- Advanced (Professional): A level that has a host of additional tools, graphics and techniques that only experts know.
Sample of what has been said above we can see it reflected in the following image:
How do I deposit bitcoin on the exchanges to start trading in India?
This aspect may vary depending on the options established by each company.
Most of the cryptocurrency exchange places today already accept bitcoin purchases through the international fiat currency such as the USD and the EUR, among others, especially all the Brokers.
But, it must be taken into account that each of these establish their rates for said action, which are not the best.
On the side of traditional Exchanges, there are still many that only accept deposits of bitcoins or other direct cryptocurrencies from other wallets.
Therefore, whether to avoid a high fee in cryptocurrency Brokers, or by not have a direct purchase option for bitcoin through the local fiat currency that is not USD or EUR in traditional Exchanges, there is an option that will help you solve these two problems, we are talking about the Exchange Peer to Peer (P2P).
An example of Exchange P2P is Remitano.com, through which you can privately, safely and quickly buy bitcoin in India to start trading.
By doing so you are avoiding:
- The problem of high commissions in cryptocurrency Brokers.
- The pressure of having an international account in USD, EUR, etc., to buy bitcoin in a Broker. It is no secret to anyone that most Indians do not have international accounts.
- The impossibility of buying bitcoins to start trading in India in some traditional Exchanges that do not have the option to buy through the international currency.
That is, if you do not have an international fiat account, P2P exchanges such as Remitano is your first step to buy your bitcoin in India through your local currency INR: http://remitano.com/btc/in.
Once you acquire bitcoin to INR, you must make a withdrawal from your P2P bitcoin wallet to a bitcoin wallet of your Broker or traditional cryptocurrency Exchange.
How to buy bitcoin and start trading in India in practical terms?
1) Buy bitcoins or fractions of bitcoins through your international fiat money.
2) In the Brokers environment, everything is controlled as much as possible so that your bitcoin is valued and has a profit, so you just have to wait and keep your bitcoins to obtain profits in the short, medium or long term.
3) If the bitcoin increases substantially you can choose to sell your bitcoins or bitcoin fractions returning your capital to a stablecoin or fiat currency, this is how you will obtain the desired returns. You can also choose to continue to accumulate long-term earnings.
1) Some traditional Exchange allow the direct purchase of bitcoins or bitcoin fractions through the international fiat currency such as USD and EUR. If this is your case, the first step is similar to the case of Brokers. But if this is not the case, the first thing you should do is buy bitcoin through a P2P exchange as indicated above in Remitano with the INR currency, for example you can do it through the following link: http://remitano.com/btc/in.
2) Then, make a withdrawal to the professional Exchange of your choice, once in it, you already have a wide range of options and indicators for trading in cryptocurrencies. For example, you can buy other cryptocurrencies with bitcoin in the Pair to Pair option. At this point, you can choose options like; program a specific price for buying and selling, or simply buy and sell instantly as indicated by the exchange market.
3) As in the case of Brokers, once you are in the traditional Exchange, you only have to play in your favor, buy low and sell high, thus you will make a profit.
4) In traditional exchanges there are also multiple other investment options such as the well-known cases of: futures, margin, leverage, etc., these are more advanced investment cases focused on more expert traders.
Do a self-analysis of the type of investor you are, or intend to be. Once you know its characteristics plus your objectives, you will begin to understand more easily how to buy bitcoin in India?, What kind of exchange place suits you? And above all, how to start trading bitcoin?