📘 Beginner’s Guide: How Crypto Transactions Happen on Real Exchanges
Step 1: Choose a Crypto Exchange
A crypto exchange is where you buy/sell cryptocurrencies. In India, popular ones include WazirX, CoinDCX, ZebPay. Globally, Binance, Coinbase are popular.
Step 2: Open Your Account (KYC)
- Sign up using email/mobile.
- Complete KYC with PAN, Aadhaar, and a selfie/video verification.
- Enable 2FA (Two-Factor Authentication) for safety.
Step 3: Deposit INR / Funds
You can deposit INR via UPI, IMPS, or bank transfer. This is credited to your INR wallet on the exchange.
Step 4: Buy Crypto
- Go to the Trade section.
- Select the coin (e.g. BTC).
- Place a Market Order (quickest for beginners) or Limit Order.
Example: You deposit ₹1,000 → Buy BTC at ₹65,00,000 → Receive 0.00001538 BTC.
Step 5: Hold or Trade
- Hold (HODL) coins long-term.
- Or trade for short-term profits (buy low, sell high).
- You can also transfer to another wallet or person.
Step 6: Sell Crypto
Go to the same market, place a Sell Order. If price has increased, you make a profit.
Step 7: Withdraw to Bank
After selling crypto, withdraw INR to your bank via UPI or transfer.
Example Flow
BTC Price = ₹65,00,000 → Buy ₹1,000 worth → Receive 0.00001538 BTC
Later BTC = ₹75,00,000 → Sell → Get ₹1,153 → Withdraw to bank → ₹153 profit
🛡️ Safety Tips
- Always enable 2FA
- Use trusted exchanges only
- Don’t share OTPs or passwords
- Beware of fake investment Telegram/YouTube groups
📌 Summary
| Step |
Action |
| 1 |
Register on exchange |
| 2 |
Complete KYC |
| 3 |
Deposit INR |
| 4 |
Buy Crypto (Market/Limit Order) |
| 5 |
Hold or Trade |
| 6 |
Sell Crypto |
| 7 |
Withdraw INR to Bank |