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How to Buy Bitcoin(BTC) in India 2021 - Beginners Guide

by vipin sahu 2 months ago in bitcoin

Beginners Guide - to buy Btc in India

Bitcoin (BTC) ranks as the 1st most-traded cryptocurrency in the world. It is a decentralised money, free from censorship and open to all. It helps you with sending private, secure, borderless payments to anyone.

In India, you can buy and sell Bitcoin (BTC) easily on cryptocurrency exchange like PCEX Member. It boasts to have an operational uptime of almost 100%. It supports daily transactions of billions of dollars of value.

If you are a beginner, here is a step-by-step guide on Bitcoin trading.

Sign up/Register or Login

Sign up if you are a new member, else login using the existing credentials. It’s a quick process. You just enter your name and email and confirm your email by clicking on the confirmation link received, and you are good to go.

KYC, Bank Account, and Security

PCEX Member sends you a confirmation link on your registered email. Click on the confirmation link received on your registered email. It directs you to a trading screen (shown below) with a graphical user interface showing the ups and downs of different market pairs. Click “deposit” that displays above (encircled in red) to get started.

Submit KYC Details: Once you click “deposit” (against the blue arrow in the above image), it takes you to the Assets page as shown below.

Under the Fiat Balance, click on “Deposit”. It opens a dialog box stating verification pending. Click “Verify Now” (as below). You will be navigated to a KYC Details page with some fields asking for name, address, ID proof, and photo. Complete the KYC, and click “Submit”. The details are sent for verification.

Add Bank details and Set up 2-Factor Authentication

After successful KYC verification, you receive an email alert. Next, add your bank details and set up a 2-factor authentication with your email and phone number. This enhances the safety of your account and prevents it from getting compromised.

Make a Fiat Deposit (INR, USD)

Add funds to your account using Credit/debit cards, UPI, or net banking. PCEX Member accepts USD, USDT, INR and C2USD. To begin this process, click the “Deposit” tab given at the top of the screen and then select the option which you wish in the left sidebar. There is no deposit fee.

Start Trading

Click the “Market” tab in the top left corner. It opens up the exchange page as follows. Click INR. A list of market pairs appears with INR as fiat. Select the BTC/INR pair. It’s appearing at the bottom of this screenshot. The best bid is 35,79,717 and the best ask is 35,79,787. The best bid is the highest value quoted by a seller, and the best ask is the highest value quoted by a buyer.

Place a Bid or Order (Buy or Sell)

Move to the right side of the trading window (accessed in the previous step) to buy or sell the asset. See a section with Buy and Sell tabs. Use the respective tabs to Buy Bitcoin in India.

Self-Learning on Bitcoin Trading

Investment demands strategic planning and knowledge of the market trend. However, primarily start with the type of trading options you have. Popularly there are two, namely, Spot Trading and Futures Trading. What's the difference? Spot as the term reflects is instant buying and selling. On the contrary, futures trading is a bet or contract based on the price speculation of the underlying asset. We also equip you with the knowledge to perform calculation and technical analysis of the market and use hedging techniques. PCEX Member has got a good amount of self-learning resources in its Knowledge Center to help you learn, invest and grow your fund.

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vipin sahu
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