Cryptocurrencies have risen in popularity as an asset class in which you can invest and profit greatly. In recent years, the asset class has exploded in popularity. To start your cryptocurrency investment, you’ll need to register online, and you may start with as little as Rs100.
Despite its lack of official support, this asset class has become extremely popular in recent years. The prospect of high returns in a short period of time has enticed investors to join the crypto bandwagon. These are the actions you’ll need to take to start trading in digital currency.
Step 1: Select Right Crypto Exchange
There is no defined structure or uniformity to cryptocurrency trading in India due to the lack of crypto regulation. However, you can quickly buy and sell your digital currency using the platforms of crypto exchanges. Popular cryptocurrency exchanges in the nation include WazirX, UnoCoin, CoinDCX, and CoinSwitch Kuber.
Step 2: Open a Trading Account
You must first create an account with the Crypto exchange of your choice. This account will function similarly to a bank account. The exchange will check your credentials during the registration process based on the services you choose, the amount you wish to invest, and the coins trading options accessible. It will necessitate the sharing of KYC (Know Your Customer) information as well as the establishment of payment options.
You may need to submit copies of your PAN card, photo identification, and proof of address for KYC. Crypto exchanges, unlike traditional stock exchanges, operate 24 hours a day, 365 days a year.
Step 3: Fund Your Account
To buy cryptocurrencies, you must first open an account and deposit funds into the crypto-trading account. You can move money from your bank account to your crypto-trading account via the internet. It does, however, necessitate linking the two accounts. Furthermore, depending on the regulation, you may be required to wait a certain amount of time before purchasing digital coins.
Step 4: Buying and Investing in Cryptocurrency
Following the creation of an account and the transfer of funds, you must choose which cryptocurrencies to invest in. Bitcoin is by far the most popular, followed by altcoins like Ethereum, Cardano, Binance Coin, Tether, XRP, and Dogecoin, to name a few.
Step 5: Store your Cryptocurrency
After you’ve made your purchases, the most crucial thing is to store them. Crypto exchanges are not backed by any formal entity, and thus are not covered by standard insurance policies.
They also have to worry about getting hacked. As a result, you must keep your account and asset codes in a secure location. It’s usually a good idea to save your newly acquired money in a crypto wallet.
Step 6: Choose a Strategy
By using Elliott Wave Theory, you can create an effective strategy for increasing your profits.
Elliott Wave Theory focuses on the psychology of market mood, making it suitable for speculative assets such as cryptocurrency. Furthermore, you can acquire some crypto professional advice that can be useful before increasing your bitcoin investment.
Instead of mindlessly following anyone’s advice, one should always start with tiny investments and carefully research the market.
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