India has become one of the most popular crypto-friendly countries in 2023. Investors from all over the world trade virtual tokens in the Indian market. Login Casino has prepared the article about the best exchanges in India, crypto-price predictions, and e-wallets review. Check the latest cryptocurrency news not to miss the updates.
According to the latest experts’ reviews, cryptocurrencies have already become popular not just among adults but also among teenagers. Currently, there’s also a new investors’ category – the enterprising teen. The primary sources for their investing money are pockets, which the parents always fill. In May 2021, the total sum of the crypto investments by teenagers in India reached $6.6 million (Rs49 189 crore).
Such interest in cryptocurrency in India was caused by the Supreme Court’s decision in 2020 to revoke a 2018 ban on the trading of digital tokens. Teenage involvement in virtual finances has also led to the adults’ interest increase in India. People started to search for the most detailed guides on how to invest in crypto in India.
Even after the Supreme Court decides to revoke the ban for cryptocurrency-friendly banks, Indian citizens still doubt future opportunities for token and blockchain industries. The main reason for the questionable future of crypto is the unregulated virtual currency market in the country. There’re no rules or regulating measures.
Presently, the Indian government has been working on a cryptocurrency bill. However, it’s still unclear how the crypto market will be regulated and working. The main factor, which prevents the free state of the crypto market, is a large number of frauds, fake websites, and token platforms. The government is still looking for a suitable model of regulation.
However, despite all the unclear bounders and unregulated markets, it’s still popular and profitable to buy crypto in India. And Login Casino has prepared a guide article on where, how, and what crypto coin is better to buy in the promising Indian market.
Why is crypto booming in India?
The cryptocurrency boom in India has become a surprise for some. There can be mentioned a few reasons for such a growth.
Despite the questionable status of cryptocurrency in the country, the virtual currency market has been actively growing because of the unstable position of the government. Experts mention a few reasons for this increase:
- low Internet costs;
- soaring real estate prices;
- high taxation on metals such as gold;
- high inflation rates in India.
Gold was one of the main and safest ways to invest money in India, and after its fall, cryptocurrency has become a way to bypass the crisis and keep the economy of India alive.
Another influential factor is the global pandemic. COVID-19 has also affected the economy, which has led to the fall of the traditional assets in their value. The whole world has moved to the online space, and the financial sector hasn’t become an exception.
According to the 2020 and 2021 Indian market statistics, the female group has increased by 5% from 2020 to 2021. And the male group has an opposite direction of changes – the percent data has decreased by 5% in one year. The difference in numbers between the gender groups is also significant.
How to find a suitable cryptocurrency for investment?
The cryptocurrency market is full of different coins, tokens, and blockchain platforms. Users are diving into this world and trying to find the most profitable, less expensive, and perspective crypto coins. There’re a few steps on how to buy cryptocurrency in India and have a positive experience.
The community
In the era of social networks communication, it’s become more than just easy to find any information on the Internet. There’re lots of communities that discuss the latest news and predictions. The communities share their truthful thoughts after using and giving advice to each other. Such a way of getting needed information is considered as one of the most trustable because these people are not paid for their thoughts.
Fundamental analysis
While looking for the most suitable cryptocurrency, the next foremost step is fundamental analysis. It’s crucial to find the details of teamwork, the company’s reputation, all the fouls made in recent years. Such a strategy will help understand the direction of price changes and crypto coins’ perspective for the nearest future.
The white paper
Another factor is the white paper. Whenever the crypto world welcomes a new virtual coin, the next introduced thing is such a document as white paper. It includes the purpose of the coin, its technology, the company’s vision, etc. The most important information is in the white paper.
Price history
Advanced investors also know that you can’t buy cryptocurrency without understanding the price history in the first place. All ups and downs show the direction of the coin and help be ready for all the changes in the future. Considering the possible risks is one of the central factors in the investing process.
Reputation
Industries that consist of money, investments, and earnings cannot even admit the possibility of fraud. If a crypto company was involved in suspicious situations in which people were deceived, most likely, it would be repeated.
The best crypto exchanges in India
Successful crypto trading cannot exist without a user-friendly and secured exchange. Login Casino has prepared the top 3 exchange apps to buy cryptocurrency in India.
WazirX
The experts mention this exchange as the most successful platform in India at the current time. Users have access to the peer-to-peer transaction options. The exchange’s technology manages millions of transactions with minimum risk of hacking. The app is also available for Android, iOS, Windows, and Mac users.
BuyUCoin
This exchange is the most suitable for the leading cryptos in the industry. BuyUCoin is used for trading such coins as Bitcoin, Ethereum, Civic, Litecoin, and many others. Moreover, one of the most valuable features of the BuyUCoin platform is “sandbox.” It’s a prevention for the possible total ban of crypto in India.
As protection from fraud, the platform keeps more than 90% of funds offline.
CoinDCX
This exchange has been actively used in India since 2018. The platform’s central purpose is to provide a user-friendly space with access to all the possible financial products. The experts notice a strong security system and a large variation of the payment strategy options.
How to buy crypto coins in India?
- Find the perfect cryptocurrency;
- Register an account on the exchange platform;
- Fill in all the needed information;
- Invest money to the personal fund;
- Buy your first cryptocurrency.
Read more: Best Indian Casinos
