Is It Safe to Invest in Cryptocurrency in India?
Crypto Guide
Live News
Bigrock [CPS] IN

Is It Safe to Invest in Cryptocurrency in India?

March 17, 2020      Jyoti Singh

The Supreme Court of India, recently, struck down the RBI’s circular for banks regarding cryptocurrency. This has open the way for the people who are interested in crypto trading in India. Earlier, Indians were not much aware of cryptocurrency, but slowly it got popular among people. At present, we can find many Indians who are enthusiastic crypto-traders, they buy cryptocurrency, sell it. India now has its own blockchain exchange for crypto-trading.

In the year 2019, when the RBI issued a circular to the banks for not trading cryptocurrencies, many of the exchanges suffered and shut down their business in India. But as soon as the SC declared that the banking ban was unconstitutional the exchanges resumed their businesses. The best thing that happened to the crypto-exchanges is that now, more people are investing in it.

Although there are some Indians who do not feel safe to invest in cryptocurrency because of its decentralized nature, it is not so, investing in any cryptocurrency is safe.

There are many countries in the world, that are using cryptocurrencies because they consider it as a store of value.

Let’s just see it that way, if it would have been unsafe then companies like Facebook, Google, JPMorgan and Goldman Sachs, might not invest in cryptocurrencies and promote it.

Good To Invest In Bitcoin

 

Bitcoin

 

READ  Best Cryptocurrencies By Market Capitalization In 2020

According to research, around 40 percent of the Indians do not have a bank account and because of that, they have to depend on cash payments. The reason those people do not have a bank account is, either they do not have their fixed address or any relevant information required to open an account. In that case, Bitcoin may help those people, as it does not need a bank account. The person would just need to register themself on any exchange and then could make payment anywhere in the world.

Till date, around 600,000 Indians have invested in Bitcoin because they feel that with the help of it they can make a quick, cheap and secure payment.

In the coming years, we will notice that many Indian industries would also start accepting the crypto payment.

If you still are in confusion, whether to invest in Bitcoin or not, then think that you by making an investment in Bitcoin or any other cryptocurrencies, you will be adopting a new way of transaction.

Buy Cryptocurrency

 

READ  Reserve Bank of India Urged to Reconsider Banning Crypto From Regulatory Sandbox

Now, if you are thinking, from where could you buy cryptocurrencies, then I must tell you there are many crypto exchanges in India that allow its secure trading.

 

Some exchanges that allow trading in India are:

 

WazirX

 

Wazirx

 

Binance-backed crypto exchange and its aim is to be India’s most trusted exchange. WRX Coin is its own token whose price is 12.06. Recently, the exchange announced that if any new person makes his/her joins it then that person will get 100 Free WRX coins.

PaxFul

 

Paxful

 

It is another platform that enables safe investment in cryptocurrency in India. The exchange has given around 300+ payment options to its customers for safe trading in cryptocurrency. Some of the payment options offered by the Paxful are:

READ  Paxful To Start Trading Between Gold And Bitcoin In 16 Countries

 

  1.  Western Union
  2. Gift Cards (Amazon, iTunes, Google Play) 
  3. Debit/Credit Cards 
  4. Paypal

 

ZebPay

 

Zebpay

 

It is one of the largest cryptocurrency exchanges in India. In future, it is planning to include a new leadership team and also some new regulations for its customers.

According to some Indian users, ZebPay is the best exchange for investment. They have also mentioned that the minimum recharge amount of the wallet is Rs.1000, but the minimum investment can be of Rs.1 also.

Conclusion

 

Cryptocurrency is the future, despite being decentralized, it is safe. Today, many international industries are supporting it because it not only brings them closer to their customers but it also has given them a huge profit. 

After the SC’s order, many of the exchanges which were shut down earlier would soon get open for crypto trading.

 

Articles You May Read

 

#crypto exchanges in India #PaxFul #RBI #safe to invest in cryptocurrency #Supreme Court of India #Wazirx #ZebPay
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.