Hi, I'd like to try my hand in crypto, but the ecosystem and policies in India seems quite poor. Hostile even. My plan is to buy crypto, move it to a self-custody wallet and hodl long term. I've read that crypto exchanges in India don't allow withdrawals or have limits on how much or what you can withdraw. I'd appreciate advice on how I can do this!
Best way to buy and hodl crypto in self-custody in India?
- Thread starter mr.stark
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- bitcoin crypto cryptocurrency
IwantTosellPc
Disciple
Which crypto are you interested in? I would suggest monero.
If you use these exchanges, that means you don't own your crypto, and goes against everything crypto stands for in the first place.
theagilecoder
Recruit
They do allow withdrawals. Not any limits as far as I know. As far as self custody, I would highly recommend a hardware wallet like Nano ledger. If you want to first try out a software wallet to practice, then Exodus is a good one. But hardware is always better especially if you have a lot of value to secure.
SandipBhadoriya
Recruit
Well withdrawal and depositing INR on crypto has become too risky as the only option is P2P which most of the times leads to bank account freezing, as most of the time the money you recieve for doing p2p is stolen money, scammer use p2p to convert this stolen money to crypto via p2p.
And for holding crypto for long term you can buy a hardware wallet (ledger is well known hardware)
And for holding crypto for long term you can buy a hardware wallet (ledger is well known hardware)
First I'd like to build some positions in BTC and ETH, and then get into other coins. XMR is also definitely something I'm looking to get. Interesting project
Exactly my plan as well, but I was thinking to try Metamask. Will look into Exodus, thanks for the suggestion.
Are you sure? I don't want to get my crypto stuck in the exchange's custody. To give some examples, WazirX seems to have a withdrawal limit now after the hack (not sure about how it was before) and I found a list of withdrawable tokens for CoinDCX that doesn't even include BTC.
theagilecoder
Recruit
Metamask is quite popular as well and a good option for a software wallet. and Eventually hardware wallet in the future.
I would stay away for wazirx as of now because of the hack. There are many other exchanges in India that you can try such as bitbns, coindcx etx. I'm quite sure you'll have to do full KYC to get max withdrawal privileges; but that will not take time or effort.
Now the question is how to get the crypto that you cant withdraw (like BTC in your case). In that case, you will have to exchange/swap the crypto that you can withdraw (like ETH or Tether) to the one you want. For that you can do the swap from wallets such as exodus or go to a different decentralized KYC-less DeFi exchange such as uniswap (and many others) and once you get the BTC, withdraw to your personal wallet. But you'll have to do the analysis of which swap combination to use based on lowest mining fees (for trasfer) and swap fees.
everythingeek
Disciple
Hardware wallet, always have been, Monero etc isn't going to give much return on investment unless you're a activist you can put your money in it.
it's has been delisted from all major platforms so investment wise not an ideal choice, privacy wise best!
Buy some ETH, Solana from Full KYC centralized exchange and download kraken app wallet/Metamask move your funds their.
There are on/off-ramp options and p2p as well and many popular wallets do allow you to purchase directly with a card, but that should be your next step once you have figured out steps above.
it's has been delisted from all major platforms so investment wise not an ideal choice, privacy wise best!
Buy some ETH, Solana from Full KYC centralized exchange and download kraken app wallet/Metamask move your funds their.
There are on/off-ramp options and p2p as well and many popular wallets do allow you to purchase directly with a card, but that should be your next step once you have figured out steps above.
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By default, always assume youtubers (the kind who are not famous for their reviews/integrity in their field like for example Steve Burke of GamersNexus who has quite a reputation when it comes to pc tech reviews on youtube) recommend bad products.
everythingeek
Disciple
bybit is safe to use, but you gonna go centralized route checkout Kraken, Crypto.com.
Kraken Pro app still available on play store, but Full KYC exchange goes against the whole idea of crypto and any purest will tell you to use DEX, but IMO first you need to get hang of things then take advance steps.
Also NEVER buy any token/coin which is promoted by ANY YouTuber, its unregulated asset class, its a wild west of financial markets, so do your own research (DYOR).