Approximately 20 million Indians have joined the cryptocurrency bandwagon, making it one of the most well-liked investments for 2022. Here's how to buy crypto in India if you want a piece of the Bitcoin pie. Get the information you require for your taxes.
Know how to buy crypto in three easy steps
As cryptocurrencies get closer to being accepted by the general public, purchasing them is now simpler than ever. In actuality, buying cryptocurrency involves only three easy steps:
- Locate a reliable exchange.
- Select a cryptocurrency.
- Buy cryptocurrency.
- Let's have a closer look.
How to Choose a Crypto Exchange?
There are a tonne of cryptocurrency exchanges in India, but not all of them are created equal. So how do you decide which cryptocurrency exchange to use?
Generally speaking, when selecting a crypto exchange, you should pay attention to the following:
- Available cryptocurrencies, security, and fees
- Fiat and cryptocurrency withdrawal and deposit services
First off, hackers frequently target cryptocurrency exchanges. Thus, you must be certain that your cryptographic assets are secure. Selecting a secure cryptocurrency exchange is necessary, and we can actually assist with that. You can find a list of some of the reliable Indian crypto exchanges to investigate in our guide to the safest and best cryptocurrency exchanges in India.
Check to see if the exchange provides the cryptocurrency you're interested in investing in after making sure you've selected a safe and secure crypto exchange. The market's top cryptocurrencies are typically available on exchanges, but if you want to invest in a less well-known altcoin, you'll need to find an exchange that carries it.
Last but not least, you should look at the exchange's fees. Although there are exchanges that fall on the higher and lower ends of the norm, most exchanges have similar investment costs. These costs, which are often a % of your total purchase price, can be pretty significant, especially if you're investing a lot of money.
How to Buy Crypto basically?
The only thing left to do is purchase your coin now that you are aware of the exchange and cryptocurrency you want to buy. For the sake of time, we won't cover all of the processes for each exchange, but here are some step-by-step directions on how to buy for some of India's most well-known crypto exchange apps, including Binance, KoinBX, and BitFinex.
How to buy crypto on KoinBX Crypto Exchange?
Step 1: Account Registration
Once you have chosen a crypto exchange, the next step is to register and verify your account. You will need to provide personal information, such as name, email ID, and phone number.
Step 2: KYC Verification
As per the regulatory norms, you will also need to upload a copy of your ID proofs, such as an Aadhaar card or PAN card, and a selfie. Once after successful verification of your account, you can deposit funds into the account and start buying crypto.
Step 3: Deposit Funds
To buy crypto on an exchange, you will need to deposit funds into your account. Most of the Indian crypto exchanges accept deposits in INR through bank transfers and UPI payments.
To deposit funds, log in to your account and click on the deposit button. You will be provided with a bank account number and IFSC code to transfer funds to the exchange. Once the funds are transferred, they will be credited to your account.
Step 4: Buy Crypto
Once after depositing funds in your account, you can buy crypto. To do this, log in to your account and click on the buy button. Select the crypto you want to buy and enter the amount in INR that you want to spend.
The exchange will show the current price of the crypto and the total amount of the crypto you can buy, including transaction fees. Once you confirm the transaction, the crypto will be credited to your account.
Step 5: Withdraw Crypto
Once you have bought crypto, you can withdraw it to a wallet used to store your crypto. To withdraw crypto, log in to your account and click on the withdraw button. Enter the wallet address and the amount of crypto you want to withdraw. The exchange will deduct the withdrawal fees, and the remaining balance will be credited to your wallet.
Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade.
Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet.Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits.
Any future deposits of NEP5 ONT will not be credited to users' Binance account, it indicates.Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC.
Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.Key notes about the Ontology 2.0 upgrades of Binance :1.
NEP5-based ONT tokens will no longer be supported on Binance.
Any future deposits of NEP5 ONT will not be credited to your account3.
