Ethereum is an open-source, blockchain-based platform that wants to democratise the internet. The platform facilitates the use of the currency Ether (ETH). However, most crypto trading platforms simply refer to the currency as Ethereum.
Cryptocurrencies like Ethereum have gotten popular in India. People are buying them as an investment and securing themselves against the depreciation of the rupee. Do you want to buy and sell Ethereum as well? This article will guide you through the whole process.
What is Ethereum?
Ethereum (ETH) is a currency that has no physical form. It exists only in the Ethereum network. You can use it to buy or sell things online. It is powered by blockchain technology. The technology allows the decentralization of the cryptocurrency and also also helps keep track of all the transactions that have been made with the currency.
Ethereum is easy to use, private, secure, and transparent. Some experts believe that cryptocurrencies can replace fiat currencies in the future. The ETH to INR rate runs at about 1.32 lakhs and this cryptocurrency has made many investors happy. Here is how you can buy and sell it.
How to Buy/Sell Ethereum on Crypto Trading Platforms in India?
In 2018, RBI banned cryptocurrencies in India. In 2020, the Supreme Court deemed the ban illegal and legalised them in India, after which, a number of crypto trading platforms started operating in India. Using these platforms, you can easily buy and sell Ethereum. The process is similar to most crypto trading platforms.
Step 1: Register on a crypto trading platform
Set up an account with known and reputed platforms such as WazirX, Coinbase, Crypto.com, etc., to get started. Most platforms will need the following details to set up your account:
- Name as written on your KYC document
- Email Address
After you have filled in the initial details, the platform will send you an email to verify your email address. Once it is verified, you will be asked to complete your KYC. Know Your Customer or KYC is a mandatory process that platforms use to verify a person’s identity. For KYC, you will need to provide the following things:
- A scanned picture of your PAN Card
- A scanned picture of your Aadhaar Card, Driver’s License, or Passport
- A selfie
Your account will get verified in 24-48 hours. You can trade without doing KYC as well. However, you will get limited features. You should enable two-factor authentication for security purposes.
Step 2: Deposit money into your account
After you have set up your account, the next step is to deposit money into the account to get started. Most platforms will give you plenty of options to deposit the money. You can use Unified Payment Interface (UPI) based apps such as GooglePay, PhonePe, etc., immediate Payment Service (IMPS), NEFT, and RTGS. Before you deposit the money into your account, please check the veracity of the platform you have chosen. You should only go for reputed and well-known platforms.
Step 3: Buy Ether
Once you have deposited the money into your account, buy Ether. Select ETH/INR from the list of markets and click on the “buy” option. Next, specify how much ETH you want to buy or INR you want to spend.
Step 4: Sell Ether – ETH to INR
You can sell ETH easily on crypto platforms. You might want to sell to earn profit after ETH’s value goes up or for liquidity purposes. You can do so by selecting the ETH/INR market and clicking on the “Sell” option. You will get money in INR in your account after your transaction is processed.
Most crypto platforms buy and sell cryptocurrencies themselves. They act as a marketplace. They are Peer-to-Peer networks. In simple terms, suppose you need to buy Rs. 10,000 worth of ETH. The platform will match you with a person that wants to sell Rs. 10,000 worth of ETH. Since there are hundreds of thousands of people trading every day, platforms auto-match your order quickly.
Ethereum is easy to buy and sell in India. There are numerous platforms facilitating the trading of cryptocurrencies in India. You can use this blog as a starter guide on how to buy and sell Ethereum in India.
Disclaimer: Anything expressed here directly or indirectly is not investment advice. We ask you to do your own research before investing.