So a lot of fuzz has been circulating quite a while now in the Indian media about the cryptocurrency and its rise in value. And it is no secret that all the top media companies in the country are influenced by one or the other political parties and hence the government. Even the finance minister of the country Mr. Arun Jaitley has voiced concerns about Bitcoin and other cryptocurrencies. But that is definitely not stopping the Indians enter the mad race to multiply their crypto holdings.
Now, buying cryptocurrencies is definitely a herculean task until you familiarize yourself with the whole process. And boy it is heart wrenching when you know one wrong digit in the public address and the funds are lost forever. But fair to say, when you have potential to 5x-10x your investments, I feel it is worth the risky play.
Talking about exchanges, the first that comes to mind to an Indian are Indian exchanges. But you know what they really are -
They basically cook shit. There have been multiple cases of wallet thefts in the past. Along with that, they are in a constant state of inefficiencies. Sometimes regarding withdrawal of the funds. Other times server down situations. Plus the Indian government literally crack down on them whenever they feel like. And hence it is figuratively a crime to keep your valuable cryptos on the Indian exchanges.
The solution
Well all’s not doomed for us Indians. The exchanges are good enough to exchange your Fiat currency with the stable cryptos like Bitcoin and Ethereum. Exchanges like throughbit and zebpay have good enough reputation. Or better Coinbase. Though it doesn’t offer insurance outside of United States. Have your KYC done and buy from them. A word of caution though, Bitcoin have high transaction fees and hence if your motive is to trade altcoins, then Ethereum would be much better choice for you to purchase. After the purchase, transfer them to foreign exchanges like Binance , Bittrex , Kucoin or Bitfinex to buy altcoins. I warn you to buy alts from Koinex . It is expected to doom. Exchange to exchange transfers take somewhat more time. Hence it is better if you transfer it to a paper wallet like myetherwallet and then transfer it to a foreign exchange.