The Beginner's Guide to Becoming a Crypto Trader In India

Are you thinking of entering the world of crypto trading and looking for a clear-cut guide along with insights about the job market? If the answer is yes, then you have come to the right place. This beginner's guide to becoming a crypto trader in India is designed to help those who are just starting out in crypto trading. In this article, we will take a closer look at the opportunities available, outlining what you need to know to become successful, as well as providing salary insights in the Indian market.

What is Cryptocurrency Trading?

Cryptocurrency trading, also known as digital currency trading, is the buying and selling of digital currencies for profit. Crypto traders buy a digital currency when its price is low and then sell it when its price has increased, making a profit in the process. Crypto trading requires a deep understanding of the markets, as well as an understanding of the various features of cryptocurrency, such as blockchain technology, cryptography and decentralization. In order to become successful in the field, you need to undertake intensive research and analysis.

Real-Life Stories

For those interested in transitioning into a career in crypto trading, real-life stories of successful traders can be incredibly inspiring and motivating. A prime example is Karan Luthra, who decided to transition into crypto trading after working in a corporate job for more than a decade. With sheer motivation and dedication, Karan quit his job and started investing in cryptocurrencies. After almost two years of trading, he became one of India’s top crypto traders, and today, he earns around two million rupees a month.

Another inspiring example is Atul Sharma, who has managed to become an expert at trading cryptocurrency in the Indian market. Sharma started trading in 2020 and in no time, was considered one of the top crypto traders in India. He has also managed to make a sizeable fortune from trading, with some estimating his annual profits to be around 10 lakhs.

Challenges of Crypto Trading in India

Even though crypto trading can be incredibly lucrative, it does come with its own set of challenges. One of the major challenges for Indian traders is the lack of liquidity, as the local crypto markets do not have enough traders. This can make it difficult for traders to sell or purchase cryptocurrencies, as well as make it difficult to trade large volumes. Additionally, the Indian tax system is also not very friendly towards traders, as there is no specific law that governs the taxation of cryptocurrency income.

The lack of regulation is another challenge in the Indian market, as there are no clear rules and guidelines on how to become a crypto trader. This is an issue as it makes it difficult to legitimise trading, making it less secure and reliable. Additionally, there are also scams abound in the crypto trading world, with scammers impersonating genuine traders and offering unverified services.

Critical Factors to Consider

Crypto trading is still a nascent area, and so there are a lot of things to consider prior to making the transition. It is important to understand the markets before taking the plunge and investing, and so it is important to conduct thorough research and analysis into the best performing cryptocurrencies, as well as the risks involved in trading them. Additionally, a basic understanding of blockchain technology, cryptography and decentralization is also essential for proper trading.

Moreover, traders should also have access to a reliable exchange, as well as have knowledge about the various trading tools that are available. Additionally, it is important to choose a trading platform that is user-friendly and has robust security features. Finally, it is essential to have a plan in place before diving into the markets, as this will ensure that you are trading with a clear understanding of the risks involved.

Salary Insights In Indian Market

The crypto trading market in India is still in its early stages and as a result, there is no fixed salary range for traders. However, with the increasing demand for traders in the Indian market, salaries are expected to become competitive in the near future. According to a recent survey, crypto traders in the Indian market earned an average salary of around two lakhs a month in 2020. Additionally, it was also found that more experienced traders earned more than three lakhs a month, and those with extensive knowledge of blockchain technology and trading tools earned a minimum of five lakhs a month.

Taking The Next Step

After taking the time to understand the crypto market and all its intricacies, the next step is to take actual steps towards becoming a crypto trader. Start by creating an account on a reliable exchange, setting up your wallet and funding it. Additionally, it is important to build up your portfolio gradually, starting with low-risk coins, such as Bitcoin and Ethereum, and gaining in confidence as you gain experience. Finally, it is important to avoid going all in on a trade, as this could be incredibly risky, and always ensure to diversify your portfolio to stay safe.

Conclusion

Crypto trading is an incredibly exciting and potentially lucrative career, with the potential to make high profits. However, it is important to remain aware of the risks that come along with trading and always remember to conduct thorough research and analysis before entering the market. Additionally, gaining a good understanding of the various features of cryptocurrency, such as blockchain technology, cryptography and decentralization is a must. With the right knowledge and skills, crypto trading can be incredibly rewarding and provide traders with a comfortable income.