I have been investing in stocks since last few users. But I am completely new to Bitcoin and Cryptocurrencies. It would have been great if Zerodha supported crypto trading or had a guide for users who are just starting out in crypto.
Few question I have -
When will Zerodha support crypto trading?
Where do I track prices of Bitcoin in INR?
My initial research led me to a lot of crypto Indian exchanges. But I don’t know which one to trust. Any suggestions?
I hear there are a lot of scams around cryptocurrencies. Any precautionary advice?
As far as cryptocurrencies are concerned, I would suggest you to stay cautious.
The one flaw that I see is that cryptos are not based on fundamentals and you cannot know how the markets would behave.
If you want to trade in cryptos - “ZEBPAY” is the best Indian exchange and you can trade BTC, LTC, XRP and BCH.
India is keen on adopting blockchain technology for various purposes. I see a lot of projects already initiated.
And also as the statement issued by the FM in the Union Budget
The involvement of illegal activities regarding cryptos will be banned.
Research thoroughly before investing and try not to put all your money into cryptos.
Good Luck !
Bitcoin Prices in INR can be tracked on an Indian exchange or even easier on websites like CoinHero.in if you want to easily track live prices of all coins across all exchanges in India.
There are new exchanges launching in India every week, so I would suggest going through the reviews, transaction fees, volumes and coins for each of the verified exchangest listed here - coinhero.in/exchanges/
Regarding scams, do thorough research and make sure you are playing with money you are completely willing to lose.
I assume there is much better places to trade cryptos anyway for that matter anyway and if you really do probably it’s better try something else. I would concentrate on forex market which is still way more stable than it should be and that’s really it.