Legalisation of cryptocurrency in India
2020 will be remembered as a landmark year in the crypto journey of India. It was in March of this year that the Supreme Court passed a ruling that turned the tables in the favour of cryptocurrency exchanges. The top court of the country overturned the trading ban on banks placed by the Reserve Bank in 2018. While trading of cryptocurrency was always legal, it was not allowed for banks to provide services to crypto companies, thus making it impossible for investors to trade in crypto-to-INR pairs. Now that the ban has been quashed, investors have the option of linking their bank accounts directly to their trading profile and trade with INR without any hesitation.
How does a crypto exchange work?
Crypto trading is similar to trading on the stock market. Just like shares are bought and sold at varying prices with the hope of earning a profit, bitcoins and altcoins are traded on crypto exchanges such as CoinDCX. The only differentiating factor here is that trading of crypto assets takes place in exchange for other cryptos and/ fiat currencies such as INR, USD et al. This crypto-to-fiat trade was restricted to a P2P model following the RBI ban, however, it is now possible to carry it out directly with the bank. There are multiple exchanges that act as trading platforms, each offering its own terms and functionality to the users. Each exchange is a different marketplace, hence the prices are different too based on the market forces of demand and supply. Note that the prices of all altcoins (i.e. coins other than bitcoin) are expressed in terms of their Bitcoin Value.
How to trade?
Trading may seem like tricky business, but it is easier than you’d imagine. In fact, with a versatile platform like CoinDCX Pro and its new CoinDCX App, even a first-time user can set up an account and learn the basics of trading in a breeze. The first step after signing up is to verify your credentials in a quick KYC procedure and follow up with linking your bank to your trading account. The introductory trade is made with the cryptocurrency that you buy using funds from your bank. Further, you are free to carry out crypto-to-crypto transactions using trading pairs, or even convert your digital currency back to fiat currency using crypto-INR pairs. Find the bitcoin price today in INR here.
CoinDCX- The best exchange!
The biggest exchange in India, also reputed as the most trustworthy, CoinDCX offers a bouquet of industry-first products to market participants. It is also an aggregator that provides access to massive global liquidity from the world’s leading crypto-exchanges, including Binance, HitBTC, and Huobi Global. The products are designed for all types of traders keeping their trading experience, risk tolerance, and trading frequency into consideration. The interface is self-explanatory which helps traders learn functions effortlessly. So head over to CoinDCX and make your first trade!
Trading – Tips and Tricks
The market of cryptocurrencies is at a very happening stage but, at times, can be volatile and furious. New coins are launched while some old ones die out, some early investors make big profits while some traders suffer losses. It is, therefore, important to bear in mind that money will be both gained and lost while trading in the market. It is equally important to keep up to speed with the prevailing crypto laws of the land. Crypto being a new area, the laws surrounding it keep changing and evolving. This can lead to the creation of new opportunities that the early adopters can benefit from.
Cryptocurrency is here to make history. You can either be a part of this revolution or watch as the world marches on. Don’t keep yourself from taking the crypto plunge any longer, sign up today and start trading on CoinDCX Pro or CoinDCX.
CIP are here to simplify your crypto investments!
A limit order is a type of order where you decide a price limit or parameters for buying and selling crypto assets of your choice. Click here to read more.