With a total market cap of $746,210,227,521 i.e Rs 4775.75 thousand crores, you cannot neglect the crypto movement. There has been a hype alongside a pump and dump situation currently among all the coins. People are running around asking every second person about how does one purchase cryptocurrencies. I would just say google it but since this is more than just googling data, let me give you a stepwise process on how one should register at an exchange and how does one trade.
- Google it 😛
- If you do not get the answer on the 1st page then try the 2nd page and the 3rd and you can go on,
- If you still cannot get the answer continue to read..
There are a number of exchanges (15 to be approximate) which are currently trading cryptocurrencies in India. Some of them are:
Now hold on to your horses for a second.
Currently most exchanges have either stopped taking new registrations or would have taken your documents and kept you on hold for perpetuity. In case you still see exchanges taking new registrations viola: congratulations you are a step ahead already.
Before googling, anything just keep your KYC ready.
Scanned copies/ photographs of following documents are a necessity:
- Aadhar card (yes yahan pe bhi link karna hai Bhai!)
- Address proof which can be your passport or your bank pass book with your smiling photo on it
- PAN card ( I need not tell you to pay your taxes, government has already told you about the repercussions )
- Private/ PSU bank account, which would be already linked to your Aadhar and PAN (hopefully you must have done it. If not Hawwww!!!!)
- A smiling photograph of you, which should not be as old as your school ID card, photograph. There is something known as puberty which changes the way we look. If you do not know what puberty is google it!
- In addition, a lot of patience. These exchanges are new and you need to give them time to breathe, stop abusing them and let them help you.
To shortlist, any exchange you can read their google reviews and decide on one exchange. Look out for one, which is quick in reflecting your trades and money.
Post verification you can start trading on these platforms. There are buy windows and sell windows, which let you, put buy order and sell orders (post buy) just like normal trading exchanges. Fees might range from 0.1% of your buy/sell value to 1% of buy/sell value.
There are other platforms, for eg: https://www.coinmama.com/ is one of them, which let you buy coins using visa/master card. The fees should vary according to the platforms.
Next comes the big picture. Yes, there is part 2 for trading!
The above-mentioned exchanges accept payments in INR and have listed only a handful of coins for trading. The big game is not among these coins. The big game is going global and international…. Do read my next article for the same 🙂