How To Invest In Cryptocurrency Beginners Guide To Crypto Trading Investing Selling

Cryptocurrencies are slowly gaining recognition as a business and investment opportunity for many people around the world. Although the crypto market in general is known for its incredibly volatile prices, the global market capitalization currently stands at $934.32 billion, according to data from CoinMarketCap. If you want to explore cryptocurrency investment opportunities, you need to factor price volatility into your plans. For example, on a given day, the price of your crypto asset could increase by 1000 percent (as seen in the case of many altcoins like MetaversePay and Squid Game 2.0) and the next day, you might see the prices they have gone down therefore, or perhaps even more. Even major cryptocurrencies such as Bitcoin and Ethereum have also experienced huge ups and downs and dismal lows several times before. Therefore, all cryptocurrency investors should consider this as a long-term perspective, which involves diligent research and informed decision-making.

If you are still interested in investing in crypto, check out these simple steps you can take to start your journey:

Step 1: Decide on a cryptocurrency to invest in

Do your research. Check out the price movements of different cryptocurrencies on different tracking platforms like CoinMarketCap and others. You can also talk to trusted experts to help you make a decision. Once you have made an informed decision on which crypto to invest in, everything else becomes relatively simpler.

SEE ALSO: EXPLAINED | Cryptocurrency: What is it? How does it work?

Step 2 – Choose a crypto exchange

Cryptocurrency exchanges are online trading platforms that allow you to buy and sell cryptocurrencies. As a beginner, it is best to invest through a trading platform as it guarantees more security than buying from an independent trader. There are several crypto exchanges to choose from in India, from CoinSwitch Kuber to WazirX. Each platform will offer its own set of benefits, including a lower minimum investment amount, the number of cryptocurrencies offered, affordable maker and taker fees, and so on.

SEE ALSO: From WazirX to CoinDCX, These Are the Best Cryptocurrency Exchanges in India This Month: Forbes

Once you have chosen an exchange of your choice, all you need to do is obtain a deposit address from the platform. Once you get that, you are ready to invest.

Step 3: Choose a payment option

Before buying a cryptocurrency, you must add money to your fund to allow purchases. You can add funds through UPI, net banking, wire transfers, or even a cryptocurrency wallet. Different cryptocurrency exchanges will charge different transaction fees for certain payment options. Therefore, it is highly recommended that you do your research well before proceeding further.

Step 4: Buy cryptocurrencies

This step is quite simple. Once you have logged into a crypto platform and added funds, you will see all the cryptocurrencies that a platform offers. there should be a To buy option on your screen for each cryptocurrency. All you need to do is click on that and make your purchase.

Step 5: store safely

This is probably the most important step in ensuring your crypto assets are properly protected. While most exchanges will offer an online wallet option, some investors find this too risky as staying connected to the internet means your account is open to potential attacks.

SEE ALSO: All About Crypto TDS In India: How Cryptocurrency Exchanges React To CBDT FAQ

To safely protect your assets, it is highly recommended to use cold storage, which allows you to store your coins offline. Please note that if you use a third-party cold wallet to store your assets, you may be required to pay a smaller withdrawal fee to transfer your crypto to the wallet of your choice.

These are the simple steps to follow when investing in cryptocurrencies. Once you decide to sell your crypto, all you need to do is go back to the crypto exchange and click on a button. Sell option. You can decide to sell all of your assets at once or just a portion of your total holdings. It is better to read the market conditions well before deciding to sell or hold.

Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any losses from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant literature before making any investment. cryptocurrency market predictions are speculative and any investment made will be at the sole risk and expense of the readers.