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3 Safe Platforms Where SIP In Cryptocurrency In India Can Be Started

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Cryptocurrencies or digital tokens have now sprung up in huge number (4000 cryptocurrencies exists as per Investopedia as in January 2021- though for many there is no trading volume) and with the potential to explode enormously as has been seen the case of late, they have been drawing interest from all across. If you too as an Indian investor want to tap this market for good returns, nonetheless want to play safe, you can start SIPs in them or another way may be to bag in low-valued cryptos such as Dogecoin.

 

Though the fate of this crypto segment is still unknown for India without any entity administering and regulating it, only Thursday (May 6, 2021), finance secretary SC Garg suggested not prohibiting but regulating cryptocurrencies.

So, here we go ahead with the topic:

1. Bitdroplet powered by Bitbns

1. Bitdroplet powered by Bitbns

In order to avoid any kind of impulsive investment decision or to go remain guarded on your investment, you can opt for the Systematic Purchase Plan (SPP) in cryptocurrencies (currently only offered for Bitcoins) provided on the safe platform Bitdroplet. The service is similar to SIP offering in mutual funds or stocks. The convenient platform is powered and developed by Bitbns.

Users can invest in bitcoin or start a SIP for as little as Rs. 100 on a daily basis. Further the investment can be made every week or every month also.

How to deposit money for bitdroplet transaction?

For depositing money for bitdroplet or starting a SIP in bitcoin you need to go to 'Wallet' and click 'Deposit Money'. Essentially, Bitdroplet wallet can store your investment only in the form of USDT. Minimum transfer from Bitbns to Bitdroplet Wallet should be 0.01 USDT. Essentially if you do not have USDT funds you need to first buy them from Bitbns and then transfer it to your Bitdroplet wallet. For FAQs on Bidroplet, you can click on this link .

The platform suggests that 5-year investment in bitcoin has provided 1251% absolute return. A SIP started for Rs. 500 per month for a 5-year term will turn to be Rs. 1,18,310 in value.

2. Unocoin app:
 

2. Unocoin app:

For the SIP facility that the platform refers to as Systematic Buying plan, one can enroll for the investment via the Unocoin app. Remember here the investment could be started for as less as Rs. 50

How to start a SIP for a cryptocurrency over Unocoin app?

• First as a first time user you would need to sign up

• Now after successful register you will be asked to set a 6-digit passcode and later some 6 questions would need to be answered by you that need to be remembered also for retrieval of data if the situation arises so.

• Then the account needs to be verified. Here in KYC inputs including bank details need to be given.

• After the requisite documents are uploaded, you need to click on ‘SBP'. Choose the Cryptocurrency for SBP - Bitcoin or Ether. Frequency of investment and the amount has also to be mentioned. Later click on SBP Enable to start with the SIP.

It is an 8 year old company and India's first entrant into the bitcoin space that is based out of Bengaluru. The company boasts of winning 45 top investors from 5 countries in less than 3 years of operation. SIP in Bitcoin was initially rolled out by Unocoin in 2015.

3.	Zebpay:

3. Zebpay:

This is another platform offering SIP investment in bitcoin. As per the return calculator as provided on the site of Zebpay, considering your investment say of Rs. 1000 per week and for 5 years, you will be able to reap Rs. 3,37,571 from your total investment of Rs. 2,60,000 taking 10% annual rate of return.

"At ZebPay, we encourage dollar cost averaging - investing fixed amounts at regular intervals". This may help you accumulate more units in comparison to the person who invest at one-go because of the price differential at various points of purchase.

As of now,the country's widely-used and oldest exchange provides SIP only in bitcoin and SIP for as less as Rs. 100 in bitcoin can be started either weekly, monthly.

Starting SIP in bitcoin at Zebpay

1. Download the ZebPay app

2. Complete your KYC: Here you need to complete the KYC, for it 2 photos need to be uploaded together with your bank details and rupees for getting the SIP started have to be deposited.

Taxation on gains in Bitcoin

Taxation on gains in Bitcoin

Income from each of the source forms the part of Income tax Act 1961, so there was given a clarification on bitcoin gains taxation as well wherein Minister of Finance Anurag Thakur said "irrespective of the nature of business, the total income for taxation shall include all income from whatever source derived...the gains arising from the transfer of cryptocurrencies/assets is liable to tax under a head of income"

Similarly service related to cryptocurrency exchange as it does not falls under the exempted category will also attract GST implication.

GoodReturns.in

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