CRYPTOCURRENCIES have always emerged as an asset class that provides you with a opportunities to invest and make benefits returns. The asset class, has garnered massive popularity in recent years. To start trading, you will need to set up a demat account and you can invest as little as Rs100 to begin with.
Step 1: Choose accurate and Biased Crypto Exchange Inappropriate to the absence of crypto regulation in India, there is no constant structure or uniformity to trading in cryptocurrency. But with the help of the crypto exchanges’ platforms, you can easily buy and sell your digital currency., UNOCOIN , COINDCX, WAZIRX and COINSWITCH KUBER are FAMOUS cryptocurrency exchanges in the WORLD.
Step 2: It is compulsory to have a trading account It is compulsory to open a trading account at the Crypto exchange of your choice. This account will be similar to that in a bank. While registering, the exchange will verify your credentials based on the services you opt for, the amount you plan to invest, and the available coins trading options. It will require sharing KYC (Know Your Customer)data and setting up payment options. For KYC, you may need to submit copies of your PAN card, photo identity, and address proof. Notably, Crypto exchanges function round the clock throughout the year, unlike regular stock exchanges. Step 3: Transfer some money to your trading account After opening an account, you have to transfer some money by mobile into the crypto-trading account to buy cryptocurrencies. You may transfer the funds online from your bank account to the crypto-trading account. It, however, requires linking both accounts. Moreover, depending on the policy, you may have a waiting period before purchasing digital coins. Step 4: Start puchase and investing in cryptocurrency. Following an account and money transfer, you need to decide on the coins you intend to invest in. By far, some of the popular ones are Bitcoin, followed by other altcoins such as ETHERUM, CARDANO, BINANCE, TETHER, XRP, and DOGECOIN, to list a few.
Step 5: Store your Cryptocurrency= Storage is the most important part after you make your purchases. Crypto exchanges do not have any formal institution backing them, and they most assuredly do not carry your average insurance policy. They also face the uncertainty of being hacked. Therefore, you must store your codes to your account and your assets securely. It is usually advisable to store your purchased coins in a crypto wallet. Step 6: Pick a Strategy=Make an fabulous strategy to earn more profits by adopting Elliott Wave Theory. Elliott Wave Theory concentrates on the psychology behind the market sentiment, so it acts well for speculative assets like cryptocurrencies. Moreover, you can get some crypto expert’s opinions that can be beneficial before expanding one’s investment in cryptocurrency. One should always start with small investments and study the market carefully instead of blindly following anybody’s advice.