Last Updated on July 15, 2020 by Rashid Hassan
Those, who are following the articles as written previously, is surely showing interest in Cryptocurrencies. Who knows, you must be thinking on buying some Cryptocurrencies, but hesitant in doing so, due to lack of proper knowledge and guidance. Here, TechnoMusk offers you a short guide on how to buy Cryptocurrencies in India.
Our Focus will be to educate the fans of India on how to buy Cryptocurrencies in India this is the place where recent changes have happened in how the complete Cryptocurrency market functions in the country. So, we would love to provide them some ways towards the purchase and to throw light on the Cryptocurrency changes and functioning!
As per circular of April 5th 2018 by RBI, it directed all banks to withdraw the services of deposit and withdrawal to all the Cryptocurrency exchanges based in India and thus left people wondering on How to Buy Cryptocurrencies in India. Given the time of 90 days, the RBI ensured that proper timeframe is provided to them to ensure all funds remain in proper place within this stipulated time. Many exchanges moved at the Apex Court against this order as issued by RBI, but on 3rd July 2018, the Supreme Court withheld the decision of RBI, thus forcing the Indian Banks to withdraw their services to Indian Exchanges.
Update: In the recent judgement by the Supreme Court of India, the Ban has been revoked and now the cryptocurrencies exchanges in India can function in the normal way!
So, if you an Indian, and really searching for the ways to buy Cryptocurrency Coins, are you stuck now? Can’t you buy coins, anymore? No, this is not the scenario! There is still a court hearing on 20th July; however people are not that optimistic for this date. You can still deal in Cryptocurrency. The Indian Exchanges were aware of this ban and thus were well prepared this time. Showing their power of thinking and innovations, they came up with the new way on the name of ‘Peer to Peer Trading’.
Several users can buy and sell Cryptocurrencies directly by making online payments outside the platform, where the exchanges will act as the intermediary and will act as a connection between buyers and sellers. Also, they will be holding full responsibility to the funds, as they will act as an escrow.
There’s a second option in front of Indian Exchanges in the form of PayPal (Currently, no Indian Exchanges have offered this way!). All Indian Exchanges can offer alternatives such as buying bitcoin through PayPal.
It is simple to buy your favorite Cryptocurrencies. All you need is to register on various Indian Exchanges and need to fill in KYC and verification requirements, connect Bank Accounts and upon approval, here you go. Whenever you want to make a purchase, load your wallet with INR from your registered bank account and you are ready to do buy Cryptocurrencies.
There are many good and trusted Indian Cryptocurrency exchanges, which are playing their role superbly. Naming a few of them are Zebpay, Koinex, Wazirx, Unocoin, Coindelta & Bitbns, which are the most popular and genuine websites, and have the huge customer base and serves to the people’s needs.
For those who are new into the field must buy coins after deep research. Buying any coin randomly can get you in trouble, and you may incur loss. Not discussing the deep details, on what to purchase and which one to avoid, we would like to offer you a piece of advice; buy coins which have solid fundamentals; don’t buy coins which are already at All Time High, check resistance, check support level. You have to research in Cryptocurrency in the same way as you do in share trading (if you are a share trader).
Utilize the cryptocurrencies exchanges in India to make purchase of cryptocurrencies. We hope that satisfies your queries on How to Buy Cryptocurrencies in India. All you need is to adopt new strategies to trade in Cryptocurrency in India.