In India right now, Bitcoin and other cryptocurrencies are extremely popular. The cryptocurrency market is expanding with more new buyers and investors looking for simple ways to purchase Bitcoin and other cryptocurrencies. One of the biggest cryptocurrency trading platforms, Binance, can provide a fantastic trading experience.
Despite India's lack of regulatory certainty, the Supreme Court of India has set the path for the widespread acceptance of Bitcoin and other cryptocurrencies. In India, Binance has become the go-to platform for buying, selling, and trading cryptocurrencies. As your one-stop shop for all things bitcoin, Binance provides more to its users than just buying and trading.
Let's learn how to trade Crypto on Binance in India! For that, this guide will start right with the concept of trading.
The concept of trading
The concept of trading involves the buying and selling of assets. These can be products and services where the buyer pays the supplier remuneration. The deal may require trading parties to exchange goods and services in other circumstances.
Cryptocurrencies are digital currencies that use encryption to facilitate payments. By using encryption technology, cryptocurrencies can act as both a medium of exchange and a virtual accounting system. There are numerous names for cryptocurrencies, and Bitcoin, Litecoin, and Ethereum are a few of the most widely used cryptocurrencies.
Trading cryptocurrencies involves predicting future price movements using a CFD trading account or an exchange to purchase and sell the underlying coins. Due to their decentralized nature, cryptocurrency markets can't be controlled by one entity, like a government. Instead, they move through a computer network. On exchanges and in wallets, cryptocurrency can be purchased, sold, and held.
Trading on Binance
Users can trade cryptocurrency on the website Binance. Users can earn interest or conduct cryptocurrency transactions thanks to the exchange's support services. Both novice traders and seasoned traders could find the platform overwhelming.
Crypto options trading
In crypto options trading, you make an investment based on the future price of a cryptocurrency. Compared to purchasing cryptocurrencies directly, this is different. Speculation is used in crypto options trading. Hence, even if the underlying asset moves against your expectations, you still make money.
Steps For trading Crypto on Binance in India
Create an account on Binance
Registering on Binance using your email and phone number is the first step. Every time a new login attempt is made, Binance sends an OTP and offers two-factor authentication.
Check your account and finish KYC
Upon registration on Binance, you must input the verification code when prompted in your email to confirm your account. The subsequent step is to finish your KYC. You must enter your PAN, full name, birth date, address, and other personal data. You must upload a photo of your ID card—a driver's license, AADHAR card, PAN card, voter ID, etc.—in the following step.
Add money to your Binance Wallet
You can now purchase Bitcoin by adding money to your WalletWallet after successfully creating your Binance account. You can add fiat money or your current cryptocurrency holdings to your Wallet. A bank transfer or a P2P transfer from your bank are two other ways to deposit cash and purchase Bitcoin and other cryptocurrencies.
Purchasing Bitcoin on Binance
The main procedures to acquire Bitcoin on Binance have now been finished. The following action is to buy Bitcoin after the money appears in your Wallet. Once arriving here, you have two options: buy P2P from any of the sellers listed there or select Express and enter the quantity you wish to purchase in Bitcoin (BTC). Once the transaction has been completed, the bitcoin should appear in your Wallet.
Trade in cryptocurrencies such as Bitcoin
The next stage for you is to begin crypto trading in bitcoin after you have purchased it and any more cryptocurrencies you choose.
You can check out our comprehensive guide on how to buy crypto on Binance platforms.
Withhold money from Binance
Once you've earned the income, you'd want from your investments in Bitcoin and other cryptocurrencies. Binance gives you a variety of choices. Keep your Bitcoin if you're going to make more money. If you decide against holding, you can either sell your Bitcoin for a profit on the P2P network or transfer them to your WazirX Wallet by syncing it with Binance. You don't need to establish a new account on WazirX to log in using your Binance credentials.
One of the key benefits of using Binance in India is the compatibility of the two wallets. If neither appeals to you, you can sell your assets and receive a straight bank deposit of the proceeds.