The market leader in the cryptocurrency market is Bitcoin but now people are shifting towards other cryptocurrencies as well. Ethereum gained a lot of popularity among investors during the previous years. Currently, the price of Ethereum is around $1620 and its market capitalization is around $198B. With all this information we can say that it is good to invest in Ethereum. So here is the complete guide on how to purchase Ethereum in India.
How to purchase Ethereum in India?
Here are a few things you need to keep in mind while purchasing Ethereum. Follow the following steps and simply purchase Ethereum.
Consider your Risk potential
Purchasing Ethereum is highly risky because its price fluctuates a lot due to market disturbances. The price of ether has climbed from $0.311 at its inception in 2015 to about $4,800 at its peak in last year. Compared to the development of Ethereum technology, the value of Ether as a digital currency is significantly more erratic and unpredictable. The value of any investment that is directly related to ether is going to change constantly, but you can reduce some of that risk and should take precautions against it by analyzing the market at the time of investment properly and knowing all the facts about your ether as well as your investment capacity
Select a cryptocurrency exchange best for you
You should take into account a number of criteria before engaging in any random exchange that someone suggests. The exchange security, markets, liquidity, history, fees, and user experience are among the most crucial factors. It can take a bit of time and effort to find the finest cryptocurrency exchange for you, but it will be well worth it. Reading professional reviews is one quick method to accomplish it.
Making the distinction between crypto-to-fiat and crypto-to-crypto exchanges is also crucial. While fiat-to-crypto exchanges allow you to buy and sell cryptocurrencies with euros, dollars, yen, pounds, and other currencies, crypto-to-crypto exchanges exclusively list cryptocurrency pairs.
In India some popular crypto exchanges are WazirX, CoinDCX and Giottus if you want to purchase only in INR.
But some top cryptocurrency exchange that has Ether if you are flexible to purchase in USTD/BTC/ETH are: –
Add the amount to the account you are going to invest
You must fund your account before you can purchase Ethereum through a cryptocurrency exchange. You will often deposit money from a bank account, such as your individual checking or savings account. In general, you can also deposit money using net banking, utilize a debit card, or conduct wire transactions. Review the fees associated with the crypto exchange before picking a funding method; they can differ depending on the method. For instance, while wire transfers on CoinDCX are free, the site assesses a 0.5% fee for online banking.
Now Buy Ether
Although on different crypto exchanges steps to purchase ether may differ but basically, you have to select the ticker symbol of ether that is ETH in the buy field and fill in the amount you want to purchase. You don’t have to purchase the whole you can purchase part of it
One more simple additional step that is not part of purchasing process but it is very important
Investors must store their cryptocurrency after the processing of their Ethereum purchase. Many platforms will safeguard it for them, but others prefer that they will store it in third-party wallets to make it more secure. The investor needs to select between a hot and cold wallet or a combination of both. Although a hot wallet is speedier and makes it simpler to trade or use cryptocurrency, it is connected to the internet and may be exposed to online attacks, which could result in the theft of cash. Although a cold wallet is often not online, this makes it less convenient even though it may be more secure.
Investment in Ethereum
Ethereum has a highly promising future. Regarding the numerous potential use cases for the platform, Ethereum has bought a lot of hope among investors. The use cases have not increased as quickly as anticipated because of problems with scalability and adoption.
Make sure you’ve done your research and your finances are in order before purchasing a volatile investment like Ether. One is suggested to diversify their portfolio by placing Ethereum and other cryptocurrencies only in a small fraction of their overall investments.
How to sell Ethereum in India?
One can sell Ethereum from the same cryptocurrency exchange they have purchased from. Despite its decentralized nature consulting someone about taxes can prove to be beneficial. The amount of capital gains taxes that are normally due on your sale proceeds will have a big impact on how much money you ultimately repay the IT department.
With the above guide, any newbie in the market can easily buy or sell ether by just following the above-given steps. It is not that complicated to invest in Cryptocurrency. In fact it is very easy with proper knowledge and guidance.
Ruchi Arora is a writer at trickyfinance covering various topics related to finance and cryptocurrency. This includes the latest news, events, reviews and various other information. Besides writing, she has a huge interest in designing and sketching.