Bitcoin trading in India: pros&cons, popular coins and how profitable is it

Bitcoin trading in India is possible thanks to various exchange platforms. One of these is MaxiTrade, that offers various cryptocurrencies, stocks, and commodities for trading. Any cryptocurrencies are not considered to be legal in India, but exchanges function legitimately with some restrictions.

India is not very advanced in the crypto world as there are not a lot of shops that would officially accept such money as payment and the government creates various restrictions regarding this system. However, people invest money and use Bitcoin as their main source of income.

Is there a future for cryptocurrencies in India?

As we know, Bitcoin was created by Satoshi Nakamoto in 2008 when the world crisis thrived. In India, economic problems are not in the past. A lot of situations showed people that cash is not a reliable way to keep their savings.

In 2016-2017 people started investing money into Bitcoin, as this was and is much safer than keeping cash. The government has no way to interfere with this system or regulate it, and cryptocurrencies are safe from inflation that is witnessed in fiat currencies. Even though the market has a high volatility level, it still is better than keeping rupees and even gives a chance to earn some money.

Also, a research in 2016 showed that there were 233 million persons that didn’t have a bank account in the country. This is a serious issue as people cannot buy things online or use any transaction system. Bitcoin allows making deals over the world in a cheap, quick, and secure way without identification requirements as those that are used by banks.

A statistic from 2018 shows that more than 500 merchants accepted Bitcoin as a way of payment. Even Dell, one of the most popular companies in the country, did. Considering that there were almost 600,000 users that used cryptocurrencies, this shows that the crypto sphere can develop in India even more than now.

Although India's government created some regulations, it also gave hope that any digital currency could have a good platform for development. The President, Narendra Modi, made an indirect promotion for Bitcoin with his project “Digital India”. It included improvements for the Indian digital infrastructure and mentioned the digitalization of governmental data.

Overall, Bitcoin and other cryptocurrencies have a future in India. Experts say that the system will be regulated, but this will be done in stages and have some positive effects. For example, the coins will receive the needed backup.

What cryptocurrencies are traded and used in India?

There are thousands of cryptocurrencies, but only a part of them is used for trading. There are five coins that are the most popular among users from India. These are:

  • BTC (Bitcoin);
  • ETH (Ethereum);
  • XRP (Ripple);
  • TRX (Tron);
  • BTT (Bittorrent Token).

The first three can be exchanged in MaxiTrade. TRX and BTT are very cheap and it is hard to earn a decent sum with their help at the moment. They are usually used for investment, as traders think that these coins have a chance to grow just like Bitcoin, Litecoin and other currencies. It is a good idea to buy a few coins while they are cheap just in case the price grows. Consider this as a long term investment.

The data about the top-5 coins exchanged in India has been gathered from crypto exchanges that function in the country. This means that the data is not false and represents the users’ interests.

Is Bitcoin trading profitable?

It is not a secret that Bitcoin is called the King of all cryptocurrencies. The reason is hidden in its price. This is the most valuable coin that has reached a price cap of $19,783 American Dollars per coin in 2017. At the moment the price is near $10,000.

The cryptocurrency market has a high volatility level that allows traders to earn money. When the price falls, most users buy the currency, and when it grows, they sell it. The price changes every second, so it is possible to make multiple deals in one day and earn some money on every change.

Bitcoin trading is profitable as far as you know how to do it properly. For this, you need to know why does the price change, how to analyze the market and have some strategies. This way you will always know what to do and be able to make a plan ahead.

Overall, Bitcoin trading is profitable. The only problem is that you can both increase your investment or lose it completely. It all depends on the way you trade and how volatile the market is.

Buy or trade Bitcoin?

There is a big difference between buying and trading Bitcoin. Both variants are used, but trading is more popular. It is important to know the approximate pros & cons. Let us have a closer look.

Buying BTC

To buy Bitcoin you need to create a wallet. This usually requires a program that is going to be your wallet to be installed. Make sure your computer is safe. Additionally, you will have to register the wallet and find people that are willing to sell their coins for prices that you can afford. You might have to use specific forums or platforms to find sellers or buyers.

Profit can be gained only by selling the coins you have. If the price for BTC falls, you will not have any stop-loss criteria like in a trading platform. You will have to sell the coin on your own or wait and hope for the price to grow again. This is all very complicated and is best done if you buy cheap currencies that tend to grow or want to pay in shops with BTC.

Trading BTC

Trading is a simpler way. All you need is to register an account with MaxiTrade, confirm your personal information, make a deposit and start trading. After this, you should only choose what do you want to work with and make profitable deals. You can set take-profit or stop-loss criteria that will allow you to automatically buy or sell coins at certain prices when the graph reaches the chosen spot. Additionally, leverage can be used. This can boost both your profits and losses.

You do not have to create any wallets. After you earn enough, your money can be withdrawn to your bank card, electronic wallet or crypto wallet. It all depends on your choice. Trading also has such bonuses as events from your broker, free webinars, and educational materials. For example, one of MaxiTrade’s events allowed users to copy their professional traders’ portfolios to have a maximum profit.

In India, people use both variants. Buying BTC is mostly a choice of those, who just want to keep their money in a safer place and trading is for those who want to have a daily income.

What to start with?

If you have made up your mind to start trading Bitcoin, the first thing that has to be done is creating a brokerage account with MaxiTrade. You do not need to create any other wallets, just register your MaxiTrade account. This is how it should be done:

  1. Open the main page at MaxiTrade.com.
  2. Enter all required information and confirm your age.
  3. After that, the system will redirect you into your personal account.
  4. Upload a copy of your passport, ID or driver license and a document that proves your home address in the “Documents” section.
  5. Open the “Deposit” section and select the best choice for you to top up your account; remember that the minimum deposit sum is 1 euro and it might involve currency exchange.
  6. Press the blue trade button in the top left corner to open the trading interface.

After that, choose the best cryptocurrency for trading. You can analyze the available graphics on your own or use trading signals to make it easier.

MaxiTrade offers free webinars for all registered users. They are held regularly and often offer some important information for both beginners and amateurs. If you feel that you need to learn more, contact the support to find out how to register in MaxiTrade’s trading school.

Mobile app

A mobile app for crypto trading will allow the user to trade on the way and always keep in touch with the latest events. It offers all the features that are available on the web-platform and has a user-friendly interface.

You can trade, use signals, analyze graphics, check indices, top-up your account or make a withdrawal, contact the support, etc. The app can be downloaded from Play Market or App Store for free.

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