How Much Cryptocurrency Should You Invest in India?
Cryptocurrency has become a vital part of the Indian investment landscape. It offers high returns and has attracted many investors. However, it is important to remember that cryptocurrency is volatile. You must avoid making impulsive decisions and diversify your investments.
Moreover, you will have to pay 30% tax on your profits from trading or selling crypto assets. You will also be subjected to 5% TDS.
WazirX
WazirX is a cryptocurrency exchange that offers its users a wide range of crypto pairs. Its P2P engine is praised by many traders, and it is fast enough to handle large amounts of transactions.
It is a newcomer to the cryptocurrency industry, but it has already established itself in India as a trusted name. In addition, it has a solid partnership with Binance and is working to expand its presence in the global market.
The platform is simple to use and has a clean interface. Simply enter the volume of USDT you want to buy, and WazirX will find sellers for your order. It also has a number of different payment methods, including UPI. You can even set your preferred wallet address, which will save you time. The platform also provides regular security audits. If you have any issues, the customer support team is available via a ticketing system.
Tron
Tron is a decentralized content-sharing platform that promises to reward content creators. It also wants to decentralize the web by letting artists and content creators have full ownership of their work. Its blockchain is designed to make the creation of digital assets more transparent. The platform has also partnered with the world’s largest semiconductor producer, Bitmain, to improve its security and performance.
Its founder, Justin Sun, has an impressive resume. The 27-year-old has a background in technology and has been an advisor to Ripple. He has also worked with renowned influencers like Feng Li and Tim Berners-Lee, who invented the World Wide Web.
The Tron Foundation is based in Singapore and is regulated by the country’s company law. This makes it less susceptible to fraud and scams than other cryptocurrencies. Its developers have exciting plans for the future of the platform and are growing its user base. This has made TRX one of the most popular cryptocurrency investments.
Polygon
Polygon, formerly Matic Network, is an Ethereum-compatible layer-2 blockchain that offers several solutions for scaling up the Ethereum platform. Its developers are building a new set of tools to make it faster and cheaper to use decentralized applications (dApps).
Think of Polygon as a fast train on a subway, compared to the regular slow train that runs along the same route. The two trains are linked, but they have different systems, and your wallet address is the same across both. This means you can move between the two trains without any problems.
The native cryptocurrency of the Polygon network is MATIC, which allows users to vote on governance matters and pay transaction fees. It also gives holders the right to earn staking rewards. The MATIC price has been volatile, but it is expected to increase in value over time. Its future depends on the demand for the technology and overall crypto market sentiment. Its founders include entrepreneurs Jaynti Kanani, Sandeep Naiwal, and Anurang Arjun.
CoinSwitch
Cryptocurrency is a volatile investment, and the price of some coins can plummet in a matter of hours. It is important to research each coin before investing, and to only invest a small amount of money that you can afford to lose. Many new investors fall into the trap of buying into a “falling knife,” or a dead cat bounce, which can result in huge losses.
CoinSwitch Kuber is a Bangalore-based cryptocurrency exchange that provides users with a safe and user-friendly way to buy crypto. The platform offers spot, margin, and futures trading, and it also allows for multiple payment options. Its security protocols include address private keys, stored in multiple secure deposit lockers, and 2FA.
The company has received backing from various investors, including Tiger Global Management and Sequoia Capital. As of April 2021, the app had been downloaded over 6.1 million times. The founders plan to use the funding to expand CoinSwitch into a complete investment destination, offering both crypto and traditional financial instruments.
The post Investing in Cryptocurrency in India: WazirX, Tron, Polygon, and CoinSwitch first appeared on Sculptologie.