Comment
Author: Admin | 2025-04-28
Payment methods have been banned, some crypto exchanges in India, for example WazirX, opened peer-to-peer (P2P) payment deals while others started to accept deposits.Other payment methods include opening a cryptocurrency wallet and connecting it to the exchange of your choice or net banking. It is important to note that some platforms may charge higher transaction fees than others.As usual, make sure to do your own research. Choose a cryptocurrencyOnce you have a crypto exchange and a payment method figured out, it is time to choose a cryptocurrency you’d like to invest in.According to daily trading volume data from WazirX as of 25 April, the most traded cryptocurrencies in India were tether (USDT), bitcoin (BTC), shiba Inu (SHIB), ethereum (ETH), tron (TRX) jasmy (JASMY) and wazirX (WRX), the platform’s native token. Note that trading volumes vary every day and coins that are highly traded right now may not be popular in the future. “Bitcoin is known as the most trusted crypto. Shiba Inu and Dogecoin as meme-based coins are also at the top list in India because of their affordability and Elon Musk’s support. Other coins that have gained momentum are BNB, XRP, Tron, Solana and Cardano,” added Canada West University’s Dr Taherdoost.The professor said that the tokens that have open-source projects and well-known teams often receive attention from Indian investors.Be aware of the risksNote that according to the new government bill, any holding of cryptocurrency in India will be billed at 30% tax rate, which you should take into account when building your strategy. Plus, there are inherent risks associated with cryptocurrency market volatility. “There are always risks in crypto investment. As a first step, gain technical knowledge of cryptocurrencies; this will help you understand what you are investing in. Risk management is another factor you need to consider as a new trader,” Dr Taherdoost added. We encourage you to always conduct your own research before making any financial decisions, and never invest or trade money you cannot afford to lose.How to trade cryptocurrency in India: Alternative methods to considerAlternative ways of cryptocurrency trading include using financial derivatives, which does not involve owning a cryptocurrency, yet are used for speculation on price movements. Spread betting Spread betting is a form of trading that doesn’t involve the ownership of the underlying asset and gives an option of using leverage.Spread-betting allows traders to bet on price movements, and is typically used for short-term gains. Note that spread betting may be high risk, and you should always conduct your due diligence before trading.Contracts for difference (CFD)Similarly to spread-betting, contracts for difference (CFD) allow investors to potentially profit through price movements, typically short-term, without having to actually purchase the digital asset.Note that since CFDs are a leveraged product, CFD trading involves high risk. Bear in mind that leverage means that both profits and losses can be magnified. Always conduct your own due diligence and have a risk management strategy in place. You can do so by using stop losses, managing your position sizes and
Add Comment