Sold on investing in crypto? A huge number of people are bullish on Ether than Bitcoin. So, I thought about writing a Ethereum buying Guide.
There is also some bonus on making easy money with Ether with low risk. Here it goes!
Prices on Indian exchanges such as Koinex are almost 20% higher than Global exchanges. Coinbase is the most popular global player but they don’t allow Buying from India. There are very few exchanges which allow us to trade/invest and I found Cex to be the easiest so far.
You can create an account in Cex and buy ETH on the same day without waiting for account verification. You just have to upload your Debit/Credit card details and selfie with the card. After adding card, it allows you to load up to $300/day.
The Prices on Cex is 2-3% higher than other exchanges but it’s still a good deal considering the ease of buying.
Note: Don’t use Buy/SELL option on CEX. They’ll charge you 6-7% fee for instant buy. Use the Trade section and the fee will be up to 0.3%.
A sample trade:
Load $300 in Cex. The fee will be $ 11.14 (3.5% + $0.25). So, the total cost in $ is 311.14.
However, you will have to pay Currency conversion when buy from Indian Debit/Credit cards. Let’s add 5% on the total cost. So, you will have to pay 67.50INR/USD (Current price of 64.28INR/USD plus 5%) and the total INR cost will be 67.5*311.14 = 21,002 INR.
Now, you can buy around 0.41 ETH from that amount on current price. 0.41 ETH is valued 24,600 on Koinex.
Cex will charge you 0.01 ETH (600 Rupee based on Koinex Price) flat for transfer to other wallet. Even if you transfer the Ether instant to avoid risk (Ethereum pricemay decline next day), you will net a profit of 24600-21002-600 = 2998.
That is around 14% return on investment. Not bad, right?
There are ways minimize the cost of trade. Wire Transfer from your bank account to minimize Cex the cost of loading, Only transfer when you have accumulated a good number of ETH to avoid Cex wallet transfer fee.
Hope it helps. Please share your adventures with Cryptos.