Cryptocurrency Explainer 4i1k6b What Is a Crypto Exchange and How to Open a Trading ?

Cryptocurrencies are fairly new and we shouldn't be blindsided merely by their popularity and understand every aspect of the market. 3l5h2y

By Edited by Gadgets 360 Newsdesk | Updated: 4 August 2021 09:58 IST

Cryptocurrency Explainer: What Is a Crypto Exchange and How to Open a Trading ?

If an exchange deals in both Bitcoin and Ether, the currencies can be traded for other's equivalent value 3996q

Highlights

Cryptocurrency exchange facilitates the trading of cryptocurrencies
A cryptocurrency exchange is like a brokerage firm
Opening a cryptocurrency trading is fairly simple

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Cryptocurrency market has seen an unparalleled boom in the last few years, compelling even the sceptics to have a second look. But fewer countries have seen the popularity and growth of digital tokens on the scale India has. Despite the Reserve Bank of India (RBI) expressing "major concerns" about them, the popularity of virtual currencies in the country has grown significantly, especially in the last year. Having said that, we shouldn't be blindsided merely by the momentum of cryptocurrencies and understand every aspect of the market before investing. And one such crucial component of the crypto ecosystem is a cryptocurrency exchange.

What is a cryptocurrency exchange?

A Ethereum price in India stood at Rs. 1.84 lakh as of 9:30am IST on August 4.

How does a cryptocurrency exchange work?

A Ether, the two currencies can be traded for each other's equivalent value as well as fiat currencies.

How to open a cryptocurrency trading ?

Opening a cryptocurrency trading is fairly simple. However, choosing a platform, which offers you not just the basic facilities but also other benefits requires a bit of research. For example, if you want to open an with WazirX, one of the popular cryptocurrency exchanges in India, you can follow these steps.

the WazirX app or go to its website and hit the Sign Up button
Enter your email address and set a
An email will be sent to the address, locate it and click on Email
Read all the and conditions before ticking the checkbox
Now, you are ready to begin

But before you can start trading in cryptocurrencies, you have to go through a KYC (Know Your Customer) verification process, which may differ for exchanges.

What facilities do crypto exchanges offer?

Among the top crypto exchanges in India are WazirX, CoinDCX, Binance, Unocoin. On WazirX, for example, a can buy, sell, and trade digital currencies with ease. WazirX also provides the facility of P2P (Peer-to-Peer), which means direct trading of cryptocurrencies between s, without the intervention of a third party or an intermediary. These cryptocurrency platforms also facilitate the conversion of cryptocurrencies into fiat currencies, which can then be transferred back into a 's source .

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Also seeCryptocurrency Prices across Indian exchanges

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