Cryptocurrencies have evolved as an asset class that allows you to invest and earn significant profits. Despite higher taxation from the government, this asset class has grown in popularity in recent years. The prospect of large gains in a short period has enticed investors to join the crypto bandwagon.

Unlike the stock market, which is supervised by entities such as the Reserve Bank of India and the Securities and Exchange Board of India to protect investors’ interests, dealing in cryptocurrency is free of any third-party regulation.

All transactions and operations in the crypto market are controlled and governed by the crypto community. Furthermore, while the rewards for investing in cryptocurrencies are significant, the market is highly volatile, and transactions initiated cannot be reversed.

Here’s the beginner’s guide you need to take to start trading in digital currencies.

Why Is Cryptocurrency Booming in India?

Trading in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and others has become a popular topic in India. With the rise in currency trading, the center has submitted a measure on cryptocurrency taxation during the Budget session 2022 in Parliament.

India is in an excellent position to drive growth and innovation in its cryptocurrency business. Despite the many reports of a future cryptocurrency ban in the country, officials might analyze several use cases and examples to comprehend the true potential of leveraging crypto and its impact on the economy. In the last several years, the cryptocurrency industry in India has seen a revolution. 

Despite regulatory uncertainty and significant volatility, Indian investors prefer bitcoin to gold as an investment. The Carret app is preferred by the majority of Indian investors since it is the best app for cryptocurrency trading in India. The Indian cryptocurrency market is expected to reach $241 million by 2030 and $2.3 billion globally by 2026, according to forecasts.

What is the rise of the Crypto Trade in India look like?

India has been one of the fastest-growing areas for cryptocurrency trading, even though the ability to freely and anonymously trade Bitcoin and its peers weakens the country’s constraints on the convertibility of its currency, the rupee. The central bank has been advocating for an official digital currency while also expressing concerns about the private crypto market. In February, the government publicly recognized cryptocurrency trading while also discouraging it by imposing a steep transaction tax.

It is one of the largest in the region and is continually increasing. According to an October report from Chainalysis, a crypto-analysis business, the Indian market gained 641% between July 2020 and June 2021. Central and southern Asia as a whole was the fourth-largest crypto market investigated, with about $572.5 billion in value received during that period, or for 14% of the global transaction value. During that period, transfers worth more than $10 million accounted for 42% of transactions sent from India-based addresses, compared to 28% for Pakistan and 29% for Vietnam.

Let’s take a look at the best Cryptocurrency in India

Many Indians are interested in cryptos, and they prefer crypto as a future currency. However, this is where investors become perplexed as to what and where to invest. Here is a list of the best cryptocurrencies to purchase and hold in India in 2022. 

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Binance Coin (BNB)
  • Solana (SOL)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Polygon (MATIC)
  • Cosmos (ATOM)
  • Terra (Luna)

Which is the best Crypto trading platform in India

Carret is the Crypto trading platform in India used by thousands of investors and traders. It is one of the only Indian crypto platforms that allow investors to buy/sell currencies, lend their coins to earn interest, and use coins as collateral to obtain a stablecoin loan. Members will earn interest on their chosen Crypto Assets, with the option of receiving the interest payment in the underlying crypto asset, stablecoin, or CarretX native token.

In their pre-investment journey, Indian retail customers face the difficulty of asset and price discoverability. Carret being the best Crypto trading platform in India, solve this by pooling liquidity from various partners, removing the need for Indian retail users to create accounts on multiple platforms. Carret also provides portfolio analytics and profit and loss statements for users’ convenience, making it a one-stop solution.

What are the general steps to Trade in Cryptocurrency in India?

You can simply trade cryptocurrency in India if you have an account on a crypto exchange like Carret. To effortlessly purchase cryptocurrency, simply follow the procedures outlined below.

  1. Download our application or go to www.carret.in.
  2. Complete your KYC and add bank details.
  3. Configure your payment method to ensure a smooth transaction process.
  4. Look for your favorite cryptocurrency to trade with.
  5. After opening the cryptocurrency chart, you will be able to see the Buy / Sell options.
  6. Next, select the Buy option for the asset you want to buy.
  7. Next, input the quantity of cryptocurrency you want to purchase in your local currency.
  8. To confirm your purchase, select the Preview Buy option.
  9. If all of the information provided is correct, click Buy to finalize your transaction.

Carret: The best app for cryptocurrency trading in India

Carret is the best app for cryptocurrency trading in India. It is a one-stop platform for cryptocurrency investments. It offers a trading platform via which you can purchase and sell assets while also collecting interest on your crypto assets. Our Crypto Savings Account platform, “24Carret,” allows our users to earn interest on their crypto holdings. The available rates of return range from 7% to 17% APY.

Carret would assist Indian retail users in compounding their wealth by offering income-generating choices on a chosen few crypto assets on the site.

When the benefits of diversity and the potential to hedge against inflation are considered, the benefits of adding crypto or crypto stocks to your portfolio are evident. Assuming you buy in the appropriate crypto at the right time, they will continue to add up shortly.