How to Sell Cryptocurrency in India | Binany Trading Platform

How to sell cryptocurrency

Currently, the cryptocurrency is becoming more and more popular and you will hear a topic related to this digital currency in companies more than once. A little about cryptocurrency and where it comes from.

Cryptocurrency is any kind of currency in any form – digital or virtual. To protect transactions in cryptocurrency, special encryption is used, it is also called cryptography. There is no central authority to issue or regulate cryptocurrencies. A decentralized system is used to record transactions and issue new units. Cryptocurrencies are processed in a specialized distributed public registry – blockchain, where records of all transactions are distributed and stored, updated by the currency holders themselves.

Cryptocurrency units (coins) are created during the mining process. This process is not similar to the procedure for creating conventional banknotes. Mining uses the computing power of a computer to solve mathematical problems, as a result of which coins are generated. Users can also buy currency from brokers and then store and spend it using cryptographic wallets.

How to buy and sell cryptocurrency in India?

Consider the purchase of a cryptocurrency using the example of a popular unit – bitcoin.

• Step 1: provide basic documents, Aadhaar card (unique personal number assigned by a government agency), PAN card (primary account number). Go through the KYC process. KYC literally means “know your customer”. This is the process of verifying a client on a cryptocurrency exchange.
• Step 2: place an order on a cryptocurrency exchange
• Step 3: waiting for a transaction
• Step 4: secure storage of the purchased currency in a crypto wallet provided by the respective exchange.

How to sell cryptocurrency in India?

Since crypto-currency investments in India are taxed, which makes this area legal, you need to pay income tax on your own. Not all platforms deduct this tax from profits, so it remains on the conscience of each user.

After you have a crypto wallet. And this is a very important component in cryptocurrency trading, as they help track transactions and store crypto safely. Also remember that each currency needs its own crypto wallet, as a tip – get a wallet in which you can store various currencies in order to capitalize on trading.

The next step is choosing a blockchain. What is blockchain? In simple terms, this is a decentralized ledger that stores information about all transactions, owners, conduct transactions instantly and make transactions. The main advantage is that such registers are not available to third parties, financial institutions, your data is securely stored.

Decide on the currency, add it to your wallet and choose how you want to sell it. Selling methods:

1. Cryptocurrency exchange.
2. Bitcoin ATMs
3. Peer-to-peer exchanges (P2P) – a platform that allows you to exchange cryptocurrency with each other.
4. Brokerage services. A big minus is that the commission for services is higher than all the others.
5. Personal transactions is a convenient platform for this binany1.com.
6. It remains to withdraw the cryptocurrency to your bank account after a successful transaction.

Where to buy and sell cryptocurrency in India?

Speaking about the buying and sale of cryptocurrencies, you should to mention the Binany website. What is the Binany trading platform?

• GEO – India, Bangladesh, Malaysia, Indonesia, Thailand, Vietnam, Pakistan, Ghana, South Africa, Nigeria, Brazil, Chile, Mexico.
• Year of foundation – 2019
• Languages ​​- English
• Currency – Indian rupee (INR), taka (BDT).
• Deposit/withdrawal methods – Perfect Money, PayPall, Neteller, Skrill
• Product type – stock, currency, cryptocurrency, binary options trading
• Application – for android (very easy and good for users who did a Binany registration)
• Bonuses – +100% on the first deposit
• Support – chat, mail – [email protected], 24/7 support in 10 languages ​​(Russian, English, German, Turkish, French, Indian, Chinese, Vietnamese, Thai, Portuguese)

How do options work? Let’s explore binany reviews.

An option is a derivative asset, its price depends on the value of the underlying shares. Based on this, trading has a high risk as well as profitability.

On your lucky day, a 1% increase in the underlying stock could equal a 5% increase in your entire options portfolio. Unfortunately, the situation can be reversed as well. Due to the high risk, investors are not always ready to invest all their funds in options for fear of incurring unexpected losses.

Where there is risk, there is always profit. Where there is profit, there is always risk. Before you start making a profit (up to 90% of the transaction amount), you need to know that every risk, like every income, is fixed in advance.

As mentioned earlier, closing a deal is one of the easiest and most affordable ways to make money. The minimum stake (in other words, the amount of the transaction) on Binany.com is 30 rupees. And the minimum deposit amount is 300 rupees.

What’s the point of this process?

First you need to make a deal. We choose the expiration time (that is, the option closing time) and wait for the end of precious seconds. The platform will check if you made a correct prediction, and if it turns out to be correct, then you will receive a profit of up to 90% of the invested amount.

Binary options are a relatively new financial instrument with which a trader can trade precious metals and oil or currency pairs (liquid goods). Simply put, this is a bet with two possible options: a correct forecast and a profit, or a wrong forecast and a loss of investment.

They take part of their name from the structure of the trades themselves, since each trade has two (“bi”) possible outcomes.

Popular currency pairs to trade on Binany:

• The currency pair in the binary options industry is a common asset among binary traders.
• GBP/USD is the ratio of the British pound to the US dollar. Sufficiently high volatility and frequent breakouts of levels
• EUR/JPY OTC – the ratio of the euro to the Japanese yen. This couple is unpredictable.
• USD/JPY OTC – the ratio of the US dollar to the Japanese yen
• NZD/CAD – ratio of the New Zealand dollar to the Canadian dollar
• GBP/USD OTC – the ratio of the British pound to the US dollar. One of the hottest on the market
• GBP/NZD is the ratio of the British pound to the New Zealand dollar. This pair is popular mainly among experienced Binany traders.

What Do I Need Before I Can sell?

As mentioned above, cryptocurrencies are legal in India if you pay tax. Be attentive to this point and do not forget that not all platforms take this nuance into account, so they leave it to the conscience of their users.

To buy and sell cryptocurrency, register on the binani platform and go through a few simple steps of the site’s algorithm for successful trading.

How to buy and sell cryptocurrency safely? A few steps to buy cryptocurrency:

• Step 1: platform selection. There are specialized cryptocurrency exchanges or, as mentioned above, buying from brokers. We recommend that you carefully study the conditions of the seller before buying a cryptocurrency, namely, commissions, security features, storage and withdrawal of funds. Some even offer educational resources, which is a nice touch if you’re a beginner trader.
• Step 2: top up your account. Many cryptocurrency exchanges, depending on the platform, allow users to buy cryptocurrencies with fiduciary (government-issued) currencies, most commonly US dollars, euros, pounds, or when paying with debit or credit cards.

Such purchases of cryptocurrencies with payment by credit cards are considered risky, therefore they are not supported by all exchanges. A number of companies do not allow their cardholders to purchase cryptocurrency.

There is also ACH-transfers (transfers through an automated clearing house), as well as bank transfers. Accepted payment methods and the time required to deposit and withdraw funds depend on the platform, and the time for clearing deposits depends on the chosen payment method.

• Step 3: Placing an order.

For sale, everything is just as simple, if you are attentive and responsible.

1. Use a crypto wallet
2. Choose a blockchain
3. 3Define the currency and add it to the wallet
4. Choose a method of sale and take into account the liquidity of the market. Liquidity is the ability of an asset to be converted into cash easily and quickly.
5. Withdraw crypto to your bank account

How to get the best price for cryptocurrency?

Exit and entry points are very important in the field of cryptocurrency exchanges. First, analyze the selected market and decide on the coin. It should have good demand and a favorable news background.

When to sell cryptocurrency? Determine the direction of the price movement of the currency (upward, downward, breaking through the trend – none), as well as the levels of support and resistance. Support level – the price will not go down.

Resistance – the price will not rise. And the highlight is the signal to sell and buy! The third point of the main barriers in a downtrend will be a signal to sell the cryptocurrency.