No digital asset services, such as Bitcoin trading or custody, are provided by the Icici Net Banking platform. This implies that Icici Bank account customers cannot immediately purchase or trade crypto currencies like Bitcoin and Ethereum using their Icici login information. Nevertheless, Icici Bank does permit users to fund authorised and regulated trading platforms with fiat currencies like Indian Rupees (INR). According to the advice given by the Reserve Bank of India, this is appropriate (RBI).
Icici Limited, an Indian multinational banking and financial services corporation with its headquarters in Mumbai, owns Icici Bank as a subsidiary. In India, the bank has a network of 2,199 cities and towns with 5,275 branches and 15,589 ATMs. Through its many delivery channels and specialised subsidiaries in the fields of investment banking, life insurance, non-life insurance, venture capital, and asset management, it provides a broad variety of banking products and financial services for corporate and retail customers. Industrial Credit and Investment Corporation of India (ICICI), a financial organisation in India, formed Icici Bank in 1994. The bank was founded as a fully-owned subsidiary of ICICI Limited, but in 2002 it was spun out as a distinct company. The bank is governed. The Reserve Bank of India (RBI) oversees the bank, which is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE)
What is Bitcoin?
On the peer-to-peer Bitcoin network, you can transfer Bitcoin, a decentralised digital currency. Block chain is a term used to refer to a public distributed ledger where Bitcoin transactions are stored and cryptographically validated by network nodes. By adopting the alias Satoshi Nakamoto, an unidentified person or group of people created the crypto currency in 2008. In 2009, when its implementation was made available as open-source software, the currency was put into circulation.
What are the benefits of investing in Bitcoin?
Decentralized Valuations: The fact that Bitcoin is not connected to a central bank is a significant benefit of using it to trade foreign exchange. as a result, unaffected by any country-specific inflation or interest rates
Low Cost of Trading: In order to draw in new customers, the majority of forex brokers that accept crypto currencies keep brokerage fees extremely low.
Security: Making a Bitcoin transaction does not require you to disclose the specifics of your bank account or credit card.
What are the risks of investing in Bitcoin?
Exchange rates differ because Bitcoin is traded on a number of exchanges. The Bitcoin exchange rates the forex broker will be using must be understood by traders.
Leverage Risk: Using leverage can be dangerous for novice traders who may not be aware of the exposure.
Security risks associated with Bitcoin include the possibility of the theft of deposited Bitcoins, even from a broker’s digital wallet. Find a broker who is protected against theft with insurance to lower this risk.
Conclusion: investing in Bitcoin can be beneficial as well as risky and one should make sure to research well before investing. ICICI direct does not let people invest in Bitcoin directly but you can do so by various legal apps or sites indirectly.