Many experts have warned people about the risks involved in trading cryptocurrencies. Way back in 2014, Warren Buffett, American business magnate and CEO of Berkshire Hathaway, had termed the bitcoin a "mirage". But these red signals were not enough to discourage risk-takers.
When the value of the cryptocurrencies likes bitcoin, ripple, ethereum and others surged in 2017, crypto investors made a fortune. Cryptocurrencies gained popularity around the world as it could be bought and sold anywhere. Now, many investors are showing interest in the virtual currency trading.
The investor needs to install a 'bitcoin wallet' to buy or sell a bitcoin. This can be done through multiple 'bitcoin exchanges' in India.
The most popular crypto-exchanges in India:
Permanent Account Number (PAN) is mandatory for opening a Koinex account. Currently, Koinex deals with ethereum (ETH), bitcoin (BTC), litecoin (LTC), ripple (XRP), bitcoin cash, omisego (OMG), request (REQ), 0x protocol (ZEROX), golem (GNT), basic attention token (BAT), NEO, GAS, aeternity (AE), tron (TRX), stellar lumens (XLM), AION, nucleus vision(NCASH), Nano (XRB) and EOS.
Binance is a cryptocurrency exchange that operates in many countries across the globe. KYC (know your customer) registration is not mandatory for purchasing virtual currencies through this exchange.
Headquarted in Mumbai, Zebpay, an app-based crypto exchange was established in 2015. Users can download Zebpay app to trade in cryptocurrencies. The Zebpay app claims to have more than 3,000,000 users across Google Play and Apple App store.
Unocoin was founded in July of 2013 in the town of Tumakuru, Karnataka and later the company shifted its major operations to Bengaluru. Unocoin app allows consumers to buy, sell, send, receive and store bitcoin all in one place, from any remote device. Bitcoin, ether, ripple, bitcoin cash, litecoin, and Bitcoin Gold are the currencies offered by Unocoin.
Bitxoxo claims to be the world's first company to launch bitcoin pre-paid gift card. KYC services are required for buying cryptocurrencies in this exchange.
Established in 2013, Coinmama allows customers to purchase bitcoin and etherum with a credit or debit card. Also, KYC verification is not required for small purchases.