How to Use a Crypto App to Buy Meme Coins in India?

You must have had a thought of buying a cryptocurrency at least once in your life. Be it Shiba Inu or Bitcoin, you don’t know where to start. And especially in India, you are not alone in facing the same problem. With the increasing demand for memecoins taking the market by storm, many Indian investors are looking to invest in them but are not getting the right opportunity and the right platform to do so.

While we will take you through the memecoins in this blog, you will also come to know how you can use platforms like Mudrex and what you need to kickstart your crypto-betting journey in India.

Key Takeaways

• Brief Guide to buy memecoins in India.
• Best crypto apps in India for trading on memecoins.
• What you must know before buying memecoins.
• Common mistakes that you must avoid while buying memecoins.

What are meme coins?

Meme coins are cryptocurrencies inspired by memes, pop culture, or jokes. Unlike the traditional and old cryptocurrencies like Bitcoin, Ethereum, Tron, and others, meme coins generally start as jokes. They can gain massive popularity from the internet in a short time. All thanks to the online communities that are responsible for the growth of these coins. Here are some examples of popular memecoins in the crypto market:

• Dogecoin ( DOGE ): This is a meme coin that started as a joke in 2013.
• Shiba Inu ( SHIB ): Shiba Inu is dubbed as a “Dogecoin killer”, and it saw massive gains in 2021.
• PepeCoin ( PEPE ): Pepe is a new entrant in the market based on the “Pepe the Frog” meme.

While meme coins generally lack fundamentals, they thrive entirely on the hype of the community. Influencer tweets and, mainly, FOMO ( Fear of Missing Out ) create great hype for these memecoins among traders and investors. While memecoins are potentially rewarding, they carry great risks.

Step-by-Step Guide to Buying meme coins in India

Buying meme coins with INR on Mudrex is simple and seamless. Follow these steps:

Step 1: Create Your Mudrex Account

• Download and install the Mudrex mobile app.
• Sign up using your phone number and email address.
• Verify both using the OTPs sent to you.
• Complete the KYC process to activate your account.

Step 2: Add Funds in INR

• Open the app and tap on “Add INR.”
• Enter the amount you’d like to add.
• Tap on “Continue to Pay.”
• Choose your preferred payment method (UPI or NEFT/RTGS).
• Complete the transaction.

The added amount will reflect in your INR balance.

Step 3: Buy Your Preferred Meme Coin

• Tap on the search bar and type the name of the meme coin you want to buy.
• Select the token and tap “Buy.”
• Choose “One-time” for a single purchase or “Recurring” to set up a SIP.
• Enter the amount you want to invest (in INR).
• Tap “Continue” and complete the transaction.

The equivalent amount of the meme coin will be added to your portfolio.

Best Crypto Apps in India to Buy Meme coins

Here are some popular cryptocurrency apps in India that you can use to buy meme coins.

1. Mudrex

Mudrex is one of the best crypto apps in India, and it features a simplified and navigable interface. It has easy deposit options for users and supports the INR currency. You can also receive real-time updates from the Mudrex app. The Mudrex app is a highly secure app where you can safely store your meme coins.

2. CoinDCX

CoinDCX is another popular crypto platform in India that features a mobile app for users. You can get access to all sorts of memecoins on the CoinDCX app. The navigable and clean interface makes it simpler for traders to deposit funds in INR. CoinDCX has a fast onboarding process that makes buying meme coins simpler and hassle-free.

3. ZebPay

ZebPay is a veteran exchange and one of India’s oldest and most trusted crypto platforms. It is also a reliable crypto platform you can access through its mobile app to buy the popular meme coins in India. ZebPay also supports UPI, which enables users to deposit INR hassle-free into their account wallets. ZebPay has secure wallet options that make transactions a breeze for traders.

Things to know before investing in meme coins 

Investing in memecoins can be exciting and interesting. But you must know some facts before diving in.

• High volatility: Meme coins are highly volatile. They can surge or crash down very quickly based on a viral trend or a single tweet.
• Lack of Utility: Most of the memecoins lack a real-world use case. Therefore, the memecoins can be considered as speculative assets.
• Community Strength: The success of a meme coin depends heavily on the sentiment of a community and social media traction.
• Regulatory Changes: Crypto regulations are still evolving in India. Make sure to use compliant platforms like Mudrex for buying and selling memecoins in India.

ALSO READ: Memes, Money, and The Tokenization of Democracy in The US Presidential Run

Common Mistakes to Avoid

Avoid these mistakes if you are investing in meme coins as a beginner.

• Following Hype without proper research: Just because a meme coin is trending does not mean that you will go on to buy it. Do proper research before you judge a coin as a good investment.
• Ignoring Fees and Taxation: Indian investors have to report and pay tax on their crypto profits. Always use platforms like Mudrex that provide proper crypto reports.
• Going All In: Use the dollar cost averaging strategy rather than going all in with your funds for the memecoins. This would reduce your risk. 
• Skipping KYC Apps: Using unregulated platforms to buy and sell memecoins in India can lead to fund freezes and legal issues.

Conclusion

Memecoins are fun, engaging, and sometimes very profitable. But they are also very speculative and volatile. If you are an Indian looking to start your journey in memecoins, using a secure, trusted, reliable, and easy-to-use platform like Mudrex can make your task simpler and hassle-free.

With Mudrex, you get access to trusted coins and INR deposit,s and also comply with Indian laws. With just a few taps, you can get everything under one roof. Additionally, the Telegram Community of Mudrex keeps you updated with the latest trends in the crypto market.

FAQ

1. What is a Meme Coin?

A meme coin is a type of cryptocurrency that is created as a joke or inspired by internet memes. Popular examples of memecoins include Shiba Inu and Dogecoin.

2. Is it legal to buy memecoins in India?

Yes, you can buy memecoins in India. However, all profits earned from selling them are subject to taxation under the Indian crypto regulations.

3. Can I use INR to buy memecoins?

Yes, you can buy memecoins with INR using compliant platforms like Mudrex, CoinDCX, and ZebPay.

4. Are memecoins safe to invest in?

memecoins are highly speculative and volatile. While they offer incredible returns, they also come with higher risks. You should always invest carefully in the memecoins in India.

5. What is the best app to buy memecoins in India?

Mudrex is one of the best apps in India that has INR support, a user-friendly interface, regulatory compliance, and various portfolio tools.