How To Start Investing In Cryptocurrency In Six Easy Steps

Cryptocurrencies have evolved into an asset class that offers the opportunity to invest and make significant profits. Asset classes have become very popular in recent years. To start trading, you need to create an account and you can initially invest just $ 100.

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Cryptocurrencies have evolved into an asset class that offers the opportunity to invest and make significant profits. Despite the lack of government support, this asset class has become very popular in recent years. Investors have come to the tide of cryptocurrencies because of the potential for decent returns in the short term. To enable you to trade these digital currencies:

Step 1: Select Right Crypto Exchange

There is no cryptocurrency regulation in India, so there is no structure or unity in cryptocurrency transactions. But with the help of crypto exchange platforms, you can easily buy and sell your digital currency. WazirX, UnoCoin, CoinDCX, and CoinSwitch Kuber are popular cryptocurrency exchanges in the country.

Step 2: Open a Trading Account

You need to open a trading account on the cryptocurrency exchange of your choice. This account is similar to a bank account. Upon registration, the exchange will verify your credentials based on the service you have selected, the amount you want to invest, and the coin trading options available. It is necessary to share KYC (Know Your Customer) data and set payment options. For KYC, you may be required to submit a copy of your PAN card, photo ID, and address certificate.

Notably, Crypto exchanges function round the clock throughout the year, unlike regular stock exchanges.

Step 3: Fund Your Account

After opening an account, you will need to transfer some funds to your crypto trading account to purchase cryptocurrencies. You can transfer money online from your bank account to a crypto trading account. However, you need to link both accounts. Also, depending on the policy, there may be a waiting period before purchasing digital coins.

Step 4: Buying and Investing in Cryptocurrency

After your account and transfer, you need to decide which coins you want to invest. Some of the most popular are Bitcoin, followed by other altcoins such as Ethereum, Cardano, Binancecoin, Tether, XRP and Dogecoin.

Step 5: Store your Cryptocurrency

Storage is the most important part after purchase. Cryptocurrency exchanges do not have a formal institution to support them and certainly do not have your average insurance policy. They also face the uncertainty of being hacked. Therefore, you need to keep your account and asset codes secure. Generally, it is recommended to store the purchased coins in a cryptocurrency wallet.

Step 6: Choose a Strategy

Use Elliott Wave Theory to develop good strategies for winning more. Elliott Wave Theory focuses on the psychology behind market sentiment and is suitable for speculative assets such as cryptocurrencies. In addition, you can get the opinions of some crypto experts who may be beneficial before expanding your investment in cryptocurrencies. Instead of blindly following the advice, you should always start with a small investment and scrutinize the market.

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ADVICE

If there is a roadmap to the success of cryptocurrency trading, many will find it years later and profits will decline rapidly. So sometimes you need to be ready to break your rules.

Do not blindly follow investment advice from influencers and veteran wealth managers. After an unexpected setback, everyone has their own risk needs and the ability to add to their positions. But more importantly, take care of yourself!

The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph. All investment and transaction movements carry risks. When making a decision, you need to investigate for yourself.