Ethereum is an open-source platform using blockchain technology to allow users to buy and sell products and services using decentralized apps or “dapps” without involving a third-party in the mix. Ethereum uses coding to control digital value, runs as it is programmed, and is available and accessible in any part of the world.
Ethereum uses “Ether” as its cryptocurrency and smart contracts that execute when the desired program is done. Ethereum is popular for its smart contracts that add an extra layer of security. If you live in India and want to buy Ethereum, here are some ways to buy Ether. But before that, let’s check its price.
Price of ETH to INR
Ethereum’s global fame has made the price of Ether surge. In 2016, the ETH to INR was only 800. But in January 2018, the ETH to INR rose to more than 88,000. From there, the ETH to INR price kept rising and falling.
November 2020 has proven itself to be very gracious for cryptos like Ether, Bitcoin, Litecoin, etc., and the ETH to INR price rose to thousands. It reached an all-time high of 139,000 Indian rupees in March 2021.
Right now, the ETH to INR price is 133,820. That is not too high or too low. It is a safe and beneficial investment for many.
Ways to Buy Ethereum in India
Yes, you can use cash to buy Ethereum in India. But, you will have to find a platform that offers this type of payment method. The platform will ask you to drop off the money at some location, or a representative of the platform would come to take it from you.
Ethereum is excellent crypto to invest in if you want to pay across borders. Using Ethereum’s smart contracts, you can pay whenever your work is done.
2. Trading Ethereum
Because Ethereum is one of the three largest cryptos globally, you can trade it using fiat exchanges. You will have to see if you want to trade multiple currencies or just Ethereum. Here’s what you need to consider:
- Determine your goals and objectives. Set daily, weekly, and monthly plans.
- Determine the markets you will trade-in and thoroughly research them.
- Set your risk limit on each trade and your overall risk limit.
- Using the risk information, determine your risk-reward ratio.
3. Using a P2P Platform
Get a Digital Wallet
For you to store Ethereum, you will need a digital wallet. The platform you will choose may offer its digital wallet. It is better to go for your digital wallet to keep your currency under your control.
Finding a P2P Platform
Do your research. Compare the different P2P platforms, their pros, and cons, and find the best one for you.
Register an Account
Signup with your chosen platform to access its services. Give all the information the platform require to set up your account.
Go Through KYC
Since KYC and AML are mandatory for Indian jurisdiction, you will have to provide all the necessary information to the platform. This information may include NIC number, bank details, legal name, recent selfie, etc.
Enable 2-Step Verification
It’s not that difficult for advanced hackers to hack your digital account and rob you of your investment. Install a 2FA Authenticator app on your device. Put in a 6-digit code that you will use later to verify your identity. 2FA offers more security to your account.
Finding a Seller
On the platform’s interface, you will find a list of buyers and sellers. Type in your local currency and location to trade with people in your area. Find a seller that meets your needs and requirements.
Open a Trade
Now it’s time to start a trade with the seller. Read their T&Cs carefully. Enter the amount of ETH you want to buy and pay for it. You can pay using wire transfer, bank transfer, or using credit or debit card.
Enjoy Your Ethereum
After sending the payment to your seller, you will have to wait for some time to get your coins in your wallet. When the seller confirms they received the payment, the platform will release Ethereum in your wallet. You can hold, buy more, or sell your Ethereum if you wish.