A few days ago, I decided to purchase some crypto currency. Before you tell me that I was too late to ride on the Bitcoin wave, I want to emphasize the fact that I was more interested in the functional aspects of crypto currency and how one should go about transacting.
Learning a bit here and there, I was able to own crypto currency but it came with a cost. There are a few tweaks that one need to keep in mind before diving in headfirst. Here I will show how I bought crypto currency and where should you pay attention to while doing this.
I chose Binance since it is widely used and supports many cryptocurrencies. To open an account on Binance, you need to simply create an account and verify it with PAN and Driving License. There are two option to buy cryptocurrency. One is through P2P trading and another is Third-party payment.
I chose the option of P2P trading since it was convenient and I didn’t have any third-party payment account like Wazirx neither I wanted to create one. I wanted to buy with UPI so I proceeded with that option.
Here one thing to note that with fiat INR, you can only buy Bitcoin on Binance. Other cryptocurrencies require more sophisticated fiats like USD, EUR. But it is possible to buy Bitcoin and convert it to other cryptocurrencies. More on that later.No, with "Guarda" we transfer the cryptocurrency to the exchanger of our choice, choosing the most favorable exchange rate in the rating, so that this exchanger can still be matched with our bank card or EPS, as well as with the withdrawn amount. For example, yesterday I wanted to withdraw 0.0787 Litecoins (yesterday it was 30$), looked at the Litecoin chart and yeah, the pair rolled back to the south and I pressed the button in the Insta LC to withdraw Litecoins at a price of 341.05. During the night, he rushed down first, but now it is already trading at a price of 371.38. Well, I decided to transfer the 0.0787 Lightkon that came in the morning to Fiat through the exchanger. First I looked at the options for withdrawing to Yu money, but there are only 2 exchangers working with such small amounts and at a low exchange rate. This did not suit me and I switched to the Litecoin-QIWI exchange ("Bestchange" exchanger), and there is already a wider selection of exchangers working with small amounts. Thus, this morning, Insta transferred these 0.0787 Litecoin to the crypto wallet of this ****ing Guarda, which I still cannot withdraw from it to the exchanger of my choice (the reason is described in the post above). There are enough exchangers now, even more than necessary, but "Bestchange" is considered the most reliable