How to Start Trading in Bitcoin and other Cryptocurrency in India
You must have heard the news, Bitcoin and other cryptocurrency trading volumes are increasing at exponential level in India. While thousands of users are joining everyday in the bandwagon and making windfall gains, many are still left behind, unable to understand how to trade in Bitcoin and altcoins – Other cryptocurrency.
In this article we will focus solely on How to get started with trading. We will be updating the tech section with more and more articles on the subject, so make sure to come back soon or leave me a message on Facebook.
Step 1 – Gather the documents:
Before you open an account in any exchange, you need to be ready with the necessary uploads required for the exchanges to verify your identity. In other words – KYC. Without a completed KYC, you cannot trade on these exchanges. Although all exchanges require different documents, the bucket list of docs below should do just fine. Remember this is India, you need KYC. If you wish to trade without KYC go to an international exchange like Binance.
What do you need? – All scanned copies/soft copies.
Aadhaar Card - Front and Back separate files.
Bank Account statement/Passbook – Account number and Name should be visible
A scanned photo
Step 2 – Choose the exchange to open an account:
Although there are many exchanges that offer a variety of coins to trade in INR, I really recommend only 3 exchanges.
Zebpay – A mobile app for Bitcoin buying and selling only. Limit – 15 lacs INR per month
Koinex – Rapidly growing exchange that offers Bitcoin and 4 other altcoins to trade.
Coindelta – Another Exchange with more coins and a maker/taker model. Let’s you trade without fees.
All 3 exchanges are different and I recommend opening an account in all of them. It helps in Arbitrage – Buying cheap on one exchange and selling at a profit on another exchange.
Step 3 – Open an account:
Opening an account on these exchanges is as easy as opening an account on any websites. I recommend clicking on the websites and go about it but if you need assistance here are some videos to help you with it: Zebpay – www.zebpay.com
Koinex – www.Koinex.com
Coindelta – www.Coindelta.com
Step 4 – Complete the KYC:
If you followed Step 2, you will have the documents ready. If not please get the documents needed. Either way – Here are the videos to help you complete your KYC: Zebpay and Koinex doesn’t have an official video for KYC upload. I recommend using the app/Website, you’ll get the hang of it. However a quick youtube search will help you with is if you are having difficulty. Coindelta
Step 5 – Deposit INR to Trade:
Once the KYC and Bank account is verified on these exchanges you can begin trading. You will need INR in your exchange account to buy Bitcoin or any other currency like Ethereum, ripple, omisego, bitcoin cash, etc. Strangely and luckily all 3 exchanges – Koinex, Coindelta and Zebpay use a payment gateway that can process what they call the “Instant Deposit” so this one is easy. When you open an account with any of these exchanges they will generate a bank account number for you. It goes something like this RAZRXXXXXXXXXXXX in case of Koinex and Zebpay, and 70707XXXXXXXXXX in case of Coindelta. This is your unique bank account.
Note: On Zebpay you need to first create a deposit request using Express transfer, only then you should make the transfer from your bank.
Step 6 – Now Buy what you want:
Once your deposit is credited, you can use the INR to buy or sell crypto currency. It is fairly easy to buy and sell bitcoin on Zebpay because they only offer bitcoin and they are not an Orderbook Exchange. Let’s talk about Coindelta and Koinex here. The teams at both the exchanges have come up with brilliant tutorial videos, please watch them and follow the instructions: Koinex
Step 7 – Since you bought, you will want to sell it too:
After you’ve bought the crypto currency you will want to sell it for profit too. Follow the videos in Step 6 to learn how to sell your crypto as well.