How to get started with crypto day trading in India?

There is no exact legislation prohibiting crypto trading in India. Nowadays, crypto-day trading becomes more and more popular among Indian investors because of its potential and benefits. For those who want to get the most out of their crypto trading process and access one of the hottest financial markets, we have good news for them. Below we will take a look at Binance and Naga, which are the top picks for crypto trading for the residents of India.

Binance

When measured by total trading volume, Binance's cryptocurrency exchange tops all others. Customers in India may use the Indian rupee to trade dozens of cryptocurrencies on Binance, bypassing the usual currency conversions. The user interface of the Binance trading app is minimalistic and attractive. Key functions like "Buy Bitcoin" have their own dedicated buttons, and it's great to see that the primary Binance markets are laid out in an approachable way.

Traders in India may choose from more than 65 currencies listed on Binance. As a result, buyers and sellers of cryptocurrency now have a wide variety of possibilities. The number of possibilities expands greatly if you're not limited by Indian law. Because of the platform's cheap costs, traders may retain a larger portion of their profits. Investors in India may make use of Binance's many trading features, including P2P trading, spot trading, and margin trading.

In addition, it supports a wide variety of orders used among Indian investors, such as limit orders, market orders, stop-limit orders, stop-market orders, trailing stop orders, post-only orders, and one-and-only orders. Binance, among these crypto trading apps, is a top cryptocurrency exchange since it offers a wide variety of coins and advanced trading tools. Day traders in cryptocurrencies have a lot to choose from in Binance's ecosystem, including hundreds of market pairings, margin trading, quarterly and perpetual futures, leveraged tokens, and real-time market data. All you have to do is visit Binance, where you can instantly change your fiat dollars into cryptocurrency.

The Binance app provides Indian day traders with access to their portfolios, transaction histories, order books, and the market's price charts. Additionally, Binance offers a number of order types, including stop, limit, stop-limit, stop-market, and trailing stop orders. You have a variety of trading viewpoints from which to choose, including the traditional, the margin, and the over-the-counter.

NAGA

NAGA, a social network for traders based in Germany, launched in 2015, offers an app to Indian investors and traders. NAGA, like many other trading platforms, allows inexperienced Indian investors to test the waters with a simulated account and balance before committing any real money to trade. You may get a customized introduction to trading by using trading courses, eBooks, webinars, seminars, and social tools like feeds and communicating with others.

If you're an Indian merchant, you should use NAGA. All rules set out by the local regulator have been met, and the broker provides favorable trading circumstances for its customers.

NAGA is concentrating on coordinating with EU businessmen. NAGA’s ultimate goal is to become the best social investing platform for safety, efficiency, and reliability. NAGA's NAGAX digital asset exchange has evolved to the point where it can handle more than 10 million transactions per second. NAGA Protector is a trading loss protection service provided by the corporation.

NAGA is very concerned about keeping its users' information safe. The platform is secured using cutting-edge methods since it is used in Europe, where GDPR requirements are more stringent than in India or other nations. Since NAGA has spent heavily on securing its platform against all forms of cybercrime, it is only natural that the company offers its consumers the option of a crypto wallet.

One of the main benefits of using NAGA, a social trading platform, is that it facilitates communication with other traders, which in turn improves the efficiency and success of your crypto day trading. Consequently, before making any trades, it is a good idea to research a few tips, methods, and strategies employed by some of the experts.

Is crypto trading legal in India?

It should be noted that there is a lack of understanding with respect to cryptocurrency legislation in India, including with regard to crypto rules and the legality of trading digital assets. More focus should be given to the necessity for well-structured cryptocurrency legislation with regard to crypto trading exchanges, blockchain technology, investors, and the individuals working in such a sector.

The Draft National Strategy on Blockchain, 2021, released by the Ministry of Electronics and Information Technology, highlights the advantages of cryptocurrencies, which is noteworthy to note. So, as India’s authorities say, “it's not the ideal answer for our country's growth to outlaw global virtual money, which has had an influence on many nations”. If the government wants investors and the public to have faith in the country's future, it must take decisive action toward regulating cryptocurrencies.

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