Many people all around the world are gradually coming to see cryptocurrency as a viable trading and investment option. Despite the cryptocurrency sector's reputation for constantly changing values, the entire market capitalization is present $934.32 billion, according to CoinMarketCap estimates. If you wish to study bitcoin investing possibilities, you must account for price volatility in your plans. For example, the price of your crypto asset might grow by 1,000% one day (as is the case with various cryptocurrencies like MetaversePay and Squid Game 2.0), and then plummet by the same amount, if not more, the next day. Even well-known cryptocurrencies such as Bitcoin and Ethereum reached all-time highs.
1. Select a cryptocurrency in which to invest
Conduct thorough research. Examine the price fluctuations of various cryptocurrencies on various tracking services such as CoinMarketCap and others. You may also consult with reputable professionals to assist you to make a decision. Everything else becomes quite straightforward after you've made an informed selection on which cryptocurrency to invest in.
2. Select a cryptocurrency exchange
Online trading services that allow you to purchase and sell cryptocurrency currencies are known as cryptocurrency exchanges. As a newbie, it is advisable to invest through a trading platform since it provides greater security than buying from a single trader. In India, there are various crypto exchanges to select from, like CoinSwitch Kuber and WazirX. Each platform will have its own set of benefits, such as a lower minimum investment amount, a larger selection of cryptocurrencies, lower maker and taker costs, and so on.
Once you've decided on an exchange, you'll need to obtain a deposit address from the platform. You're ready to invest once you have it.
3. Select a payment method.
Before you can acquire a cryptocurrency, you must first fund your account. You may fund your account with UPI, online banking, bank transfers, or even a cryptocurrency wallet. Different cryptocurrency exchanges will charge varying transaction fees for various payment methods. As a result, it is strongly urged that you conduct extensive research before proceeding.
4. Purchase Cryptocurrency
This is a rather simple process. You will see all of the cryptocurrencies available on a crypto platform once you have logged in and added funds. Each coin should have a Buy button on your screen. All you have to do is click on it and complete your transaction.
5. Store safely
This is perhaps the most crucial step in ensuring the security of your crypto assets. While most exchanges provide an online wallet option, some investors believe it is too hazardous since constantly connected to the Internet leaves your account vulnerable to hacking.
Cold storage, which allows you to keep your coins offline, is highly recommended for carefully securing your valuables. Keep in mind that if you use a third-party cold wallet to keep your assets, you may have to pay a small withdrawal charge to move your crypto coins to your preferred wallet.
Disclaimer: The author's ideas and opinions are only for educational and informational purposes. They are not intended to be financial, investing, or other advice.
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