India had seen a huge growth in the cryptocurrency market since the times it started. The major currencies like Bitcoin & Ethereum have seen ten times growth than other ones. The virtual currencies are now becoming more normal. It has slowly been able to take the mainstream market space.
This has given rise to a lot of exchanges that deal in whole crypto currency trading trying to make it more feasible & acceptable. The recent information in this domain is that major crypto currency exchange of the nation Coin Switch Kuber has announced a massive rate of growth. To know more information; let’s get into it.
MORE ABOUT COIN SWITCH KUBER
The company provides a secured & completely user-friendly platform that allows the users in India to deal in more than 100 cryptocurrencies providing a lot of payment options serving the customer base with best trade & rate. The major reasons why people are trusting these exchanges are:
A simplified user base
Working on instant deposits & withdrawals
Best rate in the market
Proper customer support
The company is trusted by the biggest players in the market like Sequoia, Ribbit Capital and Paradigm.The application is trusted by more than 3 million Indians for proper trading. They provide a minimum investment of Rs. 100.
The company recently announced that it has seen a huge growth in the span of past 10 months. The user base has grown tremendously from 25 thousand to 4 million.
This is majorly due to the fact that the country has become the second largest Bitcoin market giving rise to a huge number of platforms that have catered to this spurge quite flexibly.
The facilities of easy & instant mode of investment in these asset classes is possible mainly due to the players or intermediaries that made this gap go less.
BASICS OF CRYPTO TRADING
The trading in crypto currency is nothing but the process of converting the Indian rupee to cryptocurrency or any other cryptocurrency to cryptocurrency. The process involves an exchange in between that offers you best rates at affordable prices.
CRYTPTO TRADING IN INDIA
Three years ago; the picture was quite dismal as the RBI order talked about ban on the usage of these currencies. Although in March 2020; this ban was lifted by supreme court making the market more lucrative.
But the hassles are not yet over.
Still the questions about the legality of the currency are constantly been raised. Last month during the budget session; Finance Minister Nirmala Sitharaman made her stake clear by saying that “The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”The committees created have signalled a ban for all private crypto currencies although any issued by the State would be looked forward to.
Long story short; government has done its part by cautioning people. The choice now rests on your risk appetite. Its legal and the future is quite exciting if we are ready with break through technological innovations.