A cryptocurrency is an encrypted form of digital currency. Cryptocurrencies use blockchain technology and don’t depend on financial institutions to verify transactions.
This peer-to-peer system enables anyone to send and receive payments. When an individual transfers cryptocurrency, every transaction is recorded in a public ledger.
Some of the popular Cryptocurrencies are Bitcoin, Ethereum, Litecoin.
Even though India doesn’t have the set rules and regulations for cryptocurrency trading yet, the demand for crypto trading in India is on an all-time high and is expected to grow more over time.
According to The Economic Times, there’s almost 400% in only just one year (From $923 million in April 2020 to almost $6.6 billion by May 2021).
With Low internet rates, rising real estate prices, and increased taxation on Gold and Silver, more and more people are driven towards the higher return potential of cryptocurrency.
Trading platforms like Digi Cox let the traders and investors, trade-in crypto with No Minimum Deposit, Swap-free, and Commission-free Trading, and with No Deposit Charges.
Let’s take baby steps and learn How to invest in Cryptocurrency?
STEP 1: SELECT AN EXCHANGE
The first step in trading crypto is Signing up for a cryptocurrency exchange that will allow you to buy, sell, and hold cryptocurrency.
It is generally best practice to use an exchange that allows you to also withdraw their crypto to their own personal online wallet for safer keeping.
STEP 2: CONNECT YOUR PAYMENT OPTION
After selecting an Exchange, you have to connect a payment option to your account. You can connect your bank account directly or you can pay with your debit or credit card. Though you can use a credit card to purchase cryptocurrency, it is generally something that should be avoided due to the volatility that cryptocurrencies can experience.
STEP 3: PLACE YOUR ORDER
When you have chosen an exchange and connected a payment option, you can now buy Bitcoin and other cryptocurrencies.
STEP 4: SAFE STORAGE
Storage is the most important step after you make your purchases.
Crypto exchanges face the uncertainty of being hacked. Therefore, they must be stored securely. It is usually advisable to store your coins in a crypto wallet.
Cryptocurrency wallets are a place to store digital assets securely. It gives you the ability to store funds away from an exchange and avoid the risk of your exchange getting hacked and losing all your funds.
Like every investment, both risks and rewards are associated with cryptocurrency. You should look at all of your options before deciding.
To trade-in crypto with No Minimum Deposit, Swap-free, and Commission-free Trading, and with No Deposit Charges, open your account here go ahead and get started with Capital Sands.
