The world of crypto finance is very exciting and still relatively new. So before you dive right in to crypto trading, investing, or even spending it, it pays to be sure you know what you’re doing. There are specific forms of software you need to access cryptocurrency, and others you need for trading it. On top of that, you will need a way to actually store, convert, or trade with cryptocurrency as well, and to keep your device, and your funds, safe.
Now, crypto spending is quite an interesting process. The first thing you need to do is buy crypto with your debit or credit card from a crypto exchange. The next thing you’ll want to do is transfer that crypto into a crypto wallet which is basically like an e-wallet, except that it stores your crypto.
Basically, you will set the amount needed for your purchase on the site you’re paying for the goods or services on, then you will get a link from that site that you use in your crypto wallet’s payment section to finalize the payment. There’s no long wait times and payments are often immediate.
When buying crypto, besides finding a reputable crypto wallet, you will also want to invest in good antivirus software. All of this is digital, so you are at risk of hackers breaking into your system to try and steal your crypto investment if you aren’t protected. You will want to look for the best antivirus in India, as the government doesn’t have any real form of protection on the internet here like they do in some other countries with more established crypto markets. It’s always better to have more security on your device than less when investing in or spending cryptocurrency.
Sometimes, even adding a free VPN options available, to your browser can be a good idea, as it gives you an added bit of protection while online. And, not all crypto wallets and exchanges are available in India, so using a VPN can allow you to change your location in order to access different platforms that might have more favorable rates.
While there are loads of crypto enabled trading platforms out there, it pays to do your research when trying to find the best one for your needs. Firstly, it’s important to check up on things like a minimum deposit amount, a minimum withdrawal amount and what the platform’s commission fees are like.
It’s ideal to try and find a platform that takes a fixed fee that’s relatively low, as this means you don’t risk losing a large amount of profit to commissions. You will also want to explore the platform first and get a feel for how they look and work. Most will offer some form of a bonus credit that will let you try out the platform for a while before you actually invest any crypto into the site. This is a good way to ensure that it works well and that you understand the layout before risking any cash, as this is important for ensuring that you don’t make any foolish errors in the beginning.
Finally, it’s also important to ensure that the trading platform actually has access to the particular stocks or cryptocurrencies you’d like to trade on. Each platform has a different selection of stocks on offer, and it could take some time to find the one that has the selection that you’re looking for.
Even though ‘investing’ and ‘trading’ might sound similar, they’re actually quite different. The act of investing in a cryptocurrency is when you actually buy crypto, therefore investing in a coin. Here, even though you are similarly trying to find coins that will perform well and hoping to make a profit on the amount that the coin increases by, you are not placing a trade (or prediction) on how the currency will perform.
Another form of crypto investing that has become hugely popular in recent times is the trading of NFTs (Non-Fungible Tokens). Much like how baseball card trading works, NFTs are usually artworks or even simple images that are given a certain value at the time of their creation.
The idea is that the more popular or rare these NFTs are, the greater their price. Now, NFT trading can be quite risky if you don’t know what you’re doing, so it’s definitely important to do your research first. It’s also important to buy your NFTs from a reputable source, as there have been lots of stories about people being scammed by shady sites.
It’s also important to learn how to study the market well before ever investing in a coin. Decentralized currency is known for being unpredictable, which means it’s often difficult to determine how a coin will perform once you’ve invested in it. You’ll want to analyze the historical data to see if there’ve been any major price drops or surges over the course of the coin’s history.
For those looking for a safer option, coins like Ethereum and Ripple are always a good idea. These are relatively cheap coins that are also quite stable, so it means there’s less chance of losing your cash. While it is true that volatile coins can be more profitable, this only applies to trading on them, rather than investing in them. It’s also important to try and find coins that have a capped amount of coins in circulation. The idea is that once all the coins are bought, their value will increase as the demand for them increases.
Also be sure to constantly search for pre-sales, as this is another way to increase the odds of making a profit, as coins during pre-sale are often sold at a discount and tend to make a good deal of profit on their release. Their price is often marked up on release, meaning you’re guaranteed at least some profit.