Best platform for crypto trading in India
Crypto experts need your take on below 1) Best platform for crypto trading in India? 2) Best crypto to invest in? Ethereum is my best bet due to its underlying applicability. 3) Is now a good time to invest in crypto?
admiN
Stealth
8 months ago
So far I have found wazirx to be good. Previously used coinswitch (before 30% crypto tax) and they allowed withdrawals and deposits those days. But now it is disabled. They are bringing it back in the pro version but the transaction fee is high. Wazirx has it but not staking. Now to answer your questions:
1. wazirx
2. Bitcoin and stablecoins. Bitcoin will give you high returns in the long term while stablecoins will give you liquidity of USD to INR exchange rates. The rest of the coins are unstable. Ethereum has a transaction fee problem.
3. Yes and no. If you are in for a long time, no. If you wanna cash out on pump and dump schemes, by trading daily? Yes. But, trading depends on luck majorly so avoid going all in, avoid betting on big differences, make sure you take exchange fees in consideration while calculating profits. Day traders, lose the majority of money. Just think of it as a game not investment.
Thanks for a detailed explanation. Much appreciated. Quick question - why bitcoins wont give me liquidity of $ to ₹? Or did I misunderstood?
admiN
Stealth
8 months ago
stablecoins are always equal to 1 usd or any other backing asset they are related to. So cashing out won't be a loss unless you are doing withdrawals in very short period. On the other hand, bitcoin will fluctuate for small and long periods. At one point you will be at significant loss if you withdraw, on another point it will skyrocket. So thinking bitcoin as liquid is not a good idea.
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