How to start trading & investing with crypto currencies [BTC/ETH etc] in India

Ditch the middlemen & financial advisors! Spend 20 minutes and start investing in cryptocurrencies!

learning how to bitcoin
Cryptocurrencies

Many of you rely on brokers and financial advisors for your investing needs. But now that cryptos seem to be the next big thing in the investment world, who will you turn to? The same brokers and financial advisors? This is a space of the unknown, neither the finance guy, nor the technology guy can help you, only the hybrids have a chance. And there are no hybrids out there who can call themselves experts, since this space is so new, that no one has the requisite track record to prove that they are as good as they claim. Don’t be swayed by claims that promise X time returns, because any foolhardy monkey that decided to scale the crypto tree in its early stages earned like that. It doesn’t mean that they had any understanding of what the markets are and how they work. Even now if I just list the top 10 cryptos and throw 3 darts with a blindfold on and pick those coins where the darts land, I will still make 100% profits on my portfolio in a matter of days!

Now that you are here on my website, and most likely you are from India, I will request you to do the following things right now. If you need some motivation as to why you should invest in crypto please click here.

Do the following, the reward at the end of it is that you’ll feel good about yourself: (Don’t think you will do this later because you are a procrastinator and you never will while the market runs without you!)

Steps: Go to Koinex: https://www.youtube.com/channel/UCY3nq3lJykQgTYNLeUcIaag

The above youtube channel is maintained by Koinex. Go through the following steps and follow instructions:

1. How to sign up (https://www.youtube.com/watch?v=zo_YJ3uLbCE)

2. Upload all the documents as required for KYC, make sure you have taken the photo of your aadhar card from an angle that is appropriate. It should not reflect light or be ineligible. Most of the time a computer processes the photo automatically, so even if a human can read it, to make it easier for the computer you have to make your photo as clear and readable as possible. If your photo gets rejected the first time, click a photo from a different angle and then do it. I tried 3 times before my aadhar was accepted.

3. Login is straight forward

4. Deposit the money: Go to the balances tab, check out the instructions given in the bottom half. Transferring money to the Koinex platform is easy, just check out their account number. It is a Kotak Mahindra Bank A/C number. Add the number in your online account and transfer the money via NEFT/IMPS

5. To buy/sell crypto currencies on Koinex, watch this video (https://www.youtube.com/watch?v=5MjXz-KwYGQ&t=40s)

6. Now after buying a crypto, and selling them, if you want to withdraw the amount in Rupees (https://www.youtube.com/watch?v=02qHP8yInGA)

7. Now you can also transfer the crypto that you’ve bought at Koinex to other exchanges directly, but this is not the time to be learning that

PS: After a huge surge in popularity Koinex has been slow in doing KYC. And often it stops registrations altogether. So if you find that Koinex is facing issues you can use the following other exchanges:

1. Coindelta (https://coindelta.com/)
2. Zebpay (http://www.zebpay.com/)

Tip for beginners: Don’t make things more complicated than it has to be. Many of my peers took a lot of time deciding upon the exchange, it cost them a lot of profit. Common questions you have are:

1. Why are the exchange rates are way higher than the US exchanges

Yes that is true, but even if you were trading in stocks, you’ll find that BSE and NSE have different quotes for the same stock. Normally prices in India are higher. But don’t let that deter you, eventually you will make a profit.

2. So if all the exchanges are higher than US exchanges, which amongst the Indian exchanges is the best?

Don’t worry about it, as far as I know lowest is Koinex. But having said that, there is not really much of a difference. Unless you are going to invest in crores, this shouldn’t bother you. The three exchanges that I recommended amongst the most reputed. Here security and safety is more important than a few rupee differential.

3. But we can only buy a handful of currencies at Koinex/Zebpay etc! I want to buy exotic ones like Iota, Cardano, POWR! How do I do that?

For that we will head over to the US exchanges. I will explain in detail how to do that. For now do this much and leave a comment.

4. Don’t I need a wallet before I start all this?

No you don’t, any exchange that you sign up for gives you a wallet. You can purchase additional wallets, but since I assume you haven’t even bought any crypto now, don’t think so far ahead. We will make money, but one step at a time.

Leave a Reply

Your email address will not be published. Required fields are marked *