What is cryptocurrency?
Cryptocurrency is a digital or virtual form of money. It doesn't exist as physical coins or notes. Instead, it uses blockchain technology to track and secure transactions, all without banks.
How to invest in cryptocurrency?
Once you have done your own research, Choose a reputable cryptocurrency exchange, open an account, and link a payment method. Once this is done you can start exploring different cryptocurrencies and purchasing the ones you believe in. Various applications and sites like Mudrex makes this easy for investors by making all the relevant information available in one place
What are the key steps to buying cryptocurrency?
- Select a trustworthy Crypto exchange, create an account, and Link your bank account.
- Decide which cryptocurrency you want to buy.
- Enter the desired amount and execute your purchase.
What is the minimum amount you can invest in cryptocurrencies?
There is no defined limit to invest in cryptocurrencies, just like there is no minimum limit to invest in stocks. However, there is some difference. If you do not wish to buy an entire cryptocurrency, you are allowed to buy small units of it. On platforms like Mudrex (to be deleted),You can start with as little as ₹500.
Can you invest Indian rupee in crypto?
Many Indian crypto exchanges directly support buying cryptocurrencies using Indian Rupees (INR), making the process easy and convenient. Exchanges charge some fees to facilitate your transactions when you make an investment/redeem your investment. Platforms like Mudrex offer some of the lowest transaction fees in India.
What are coin sets?
Mudrex’s Coin Sets are like pre-made portfolios of cryptocurrencies curated by their investment research team. Each Coin Set focuses on a specific theme or strategy, like Decentralized Finance (DeFi), Metaverse tokens, or Smart Contract platforms. This lets you invest in various crypto projects that fit your interests with a single purchase. They're a handy option for beginners or those who want to diversify their holdings without picking individual coins.
Why should you invest in cryptocurrency?
In addition to the potential for high returns, Cryptocurrencies could be a way to diversify your investments and participate in new, potentially revolutionary financial technologies. Remember—do your own research and only invest according to your risk appetite.
Is cryptocurrency legal in India?
Owning and trading cryptocurrencies is legal in India. The Reserve Bank of India (RBI) classifies cryptocurrencies as "virtual digital assets" (VDAs). This indicates recognition for tax purposes.