The rise of cryptocurrencies has made them an asset type tDespite the absence of government support, the asset class has seen a considerable rise recently.hat offers investors the opportunity to invest in and earn significant profits. Despite the absence of government support, the asset class has seen a considerable rise recently. The number of how many people use cryptocurrency is really fascinating. The potential for huge returns within a short time frame has driven investors to get on the crypto bandwagon. But is the hype and probability of earning huge profits in the short term enough information to begin your crypto journey?
Well, certainly not. If you’re a crypto enthusiast with no prior experience in trading, you’ll be surrounded by various questions, like what is Bitcoin, how to pick the best cryptocurrencies, where to trade, etc. To help ease the entire process, we’ve listed below some steps that will help you begin your journey with ease.
Here are some quick steps that will let you trade digital currency.
Step 1: Choose the Right Crypto Exchange
Due to the lack of official regulation for crypto in India, there is no uniformity or structure for cryptocurrency trading. With the aid of crypto exchanges platforms, you can easily sell and buy any digital currency. As an invehow many people use cryptocurrency store, you readily have access to various exchange platforms that are pretty popular in the crypto space.
You should do some basic research and ask questions among the community to pick the best app for crypto trading in India. Starting with a reliable exchange will give you an edge over traders, so choose the exchange wisely.
Step 2: Open a Trading Account
Creating a trading account on a reliable crypto exchange is necessary. The account will be identical to a bank account. When you sign up on the exchange, the platform will confirm your identity based on the service you choose and the amount you are planning to invest, and the options for trading with coins available.
This will require the sharing of KYC (Know Your Customer) data and creating payment options. To be eligible for KYC you will have to upload your PAN Card, your photo identification, and proof of address. Once you upload all the KYC documents, your account will be verified rather quickly.
Must Read: Methods to Convert Bitcoins into Cash
Step 3: Fund Your Account
Once you have created the crypto trading account, you will need to deposit some funds into the crypto-trading account to purchase cryptocurrencies. You can transfer funds online from your banking account to the account for crypto trading. This, however, requires you to link the two accounts. In addition, based on the policies, you may be subject to an interval of time before buying digital coins.
Step 4: Buying and Investing in Cryptocurrency
After opening an account and making a transfer, you must select the cryptocurrency you’re planning to buy. Most of the most well-known ones include Bitcoin as well as other altcoins, such as Ethereum, Cardano, Binance Coin, Tether, XRP, and Dogecoin, to name only a few.
You can check the list of cryptocurrencies supported by the exchange via the platform dashboard, and purchase accordingly.
Step 5: Place your Cryptocurrency in a safe place
Storage is the most crucial element after making your purchases. Cryptocurrency exchanges do not have any official institution backing them and certainly don’t have your typical insurance policy. Additionally, they are at risk of being compromised. This is why you should keep your code in your account as well as your assets in a secure manner. It is generally recommended to keep your coins purchased in a cryptocurrency wallet.
Always Invest & Trade Wisely
Now that we have listed all the steps you’ll be needing to begin your crypto trading journey; you can start trading without much difficulty. However, you should always begin by investing in small amounts and then study the market with care instead of blindly following anyone’s suggestions. The crypto market is a lot volatile and risky, so you should be highly careful while trading any digital coin or token.