There is an ongoing hype over the market of cryptocurrencies, which is especially on the rise in 2023, after the huge increases in prices of BTC, ETH, and many other digital units. Also, we can notice big progress in many countries with regulations that make trading with cryptocurrencies completely legal. This is especially beneficial for trading, which is the most popular option today.
If you want to become a successful trader in this market, you should learn more about the factors that can influence the changes of values, and how to research reliable analyses and predictions. Also, you will need a proper platform where you can track different stats and determine the right moment for buying or selling. If you are interested in such a platform, check for more info: https://immediate-edge.live/
When it comes to this market in India, we can see a huge increase in popularity, especially among the younger population. However, the main issue is related to some rumors and plans of their government to completely ban Bitcoin and other cryptocurrencies. Therefore, it is uncertain for people who live there whether it is still a good idea to continue with trading or not.
The strict law includes a regulation where it will make it illegal to possess any form of cryptocurrencies, and if it passes in the parliament, people will have six months to sell their units and stop with activities related to this market. Still, many people expect that that won’t go far, and will only regulate the market and include taxes instead. We are still waiting to hear more news about this potential issue.
When it comes to the current situation with the market in India, we can notice an increase in the popularity of online exchanges and a lot of new investors. Here are some important things that you should know about this market.
Table of Contents
1. Trading is Legal
As we already mentioned, there are certain issues in India. There was already a law where trading was illegal, but it was excluded in 2023. Moreover, you will need to pay taxes for capital gain. Also, it might sound confusing, but this country is planning to introduce a regulating platform and centralized digital currency, which might be the main reason why some people in the government have intentions to ban most other cryptocurrencies.
2. Low Fees and Limits
While the price of Bitcoin is quite expensive, you don’t need to buy 1 unit. Instead of that, you can invest a much smaller amount of money, and the minimum in most exchanges in India is only INR100, which is slightly above one cent. Also, there is high competition on the market and many available online crypto exchanges. That brings benefits when it comes to fees since they are trying to attract more clients by offering lower fees. Some of the biggest ones in this country had over $2 billion worth of transactions only during the last month.
3. Best E-Wallets Available in India
Choosing a reliable and safe digital wallet is crucial for the safety of your funds. You should always choose the right option before entering the market. Here are the best digital wallets that you can choose from in this country.
- Zebpay; This is the best choice for people who want to trade over their smartphones. It has high-security measures which means that you don’t have to worry while making transactions. Also, there are some excellent features like conversion to EURO, and support for a wide selection of cryptocurrencies besides Bitcoin. With this feature, you can be more flexible while trading.
- Unocoin; The fact that there are over 1.5 million clients who use this option will be enough for many to choose it over other choices. You can install it on both iPhone or Android devices. The best feature is the referral service, where you can gain rewards after connecting other people to this network.
- Guarda; The main advantage is a support for a wide selection of digital coins. Also, it is using encryption,w which means that Guarda is one of the safest mobile wallets on the market.
- WazirX; This is another excellent solution where you can trade with over 100 different units. You can simply deposit money on the platform and convert it into any available virtual currency.
Nevertheless, it is important to learn more about different types of digital wallets, such as online, desktop, and hardware. Each one of them offers some benefits, but the safest option is a hardware wallet.
4. Most Popular Online Exchanges
Another important step when you want to start investing in this market is to select the right platform. There are some important factors to consider, such as safety, fees, speed of transactions, available currencies, and more. We are going to introduce you to the most popular web platforms in India.
- Coinmama; The average fees are around 5% per transaction, and the main advantages are safety, high limits, the ability to buy with a credit card, and that you can use it in other countries as well.
- WazirX; The main advantage is low fees of only o.2%. Also, it is simple to use this platform, which can be great for people who just started trading. However, the speed of transactions and finding customers can be slower than with other options.
- Airtm; The benefits are low fees, variety of payment options, while many people find it as a big disadvantage that you have to verify your account, which means that it cannot remain anonymous like most other platforms.
- ATMs; Another excellent option is that there are these machines available like in most other countries. It offers convenience and speed, but the big disadvantage is related to higher fees.
As you can see, the market has the same features as in every other country, but the main issue is related to potential law. In case that India bans Bitcoin and other decentralized cryptocurrencies, it will most certainly affect the whole market.