What are the best practices for investing in cryptocurrency

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What are the best practices for investing in cryptocurrency?

Common Cryptocurrency Questions

Asked On2022-01-25 16:47:54 by:Muskan-Kumari

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Cryptocurrency has become an increasingly popular investment asset for investors. Despite its volatility, investors appear keen to jump on the crypto bandwagon. The reason for this is its good returns. The most popular cryptocurrency is Bitcoin, followed by Ethereum, Dogecoin, and others.

1) Picking A Crypto Exchange

The first step is to choose a suitable trading platform to open an account. In India, there are a number of platforms such as BuyUCoin, CoinSwitch Kuber, WazirX etc.

2) Uploading Documents And KYC

Like any regular bank account, cryptocurrency exchange accounts also require documents such as address proof, identity proof, PAN card etc. This will ensure your account is legitimate and protect you from any fraud.

3) Trade Orders

Usually, you won't be able to begin trade soon after depositing money and uploading documents. The exchange takes some time to verify your credentials. It notifies users after the process is complete. Since the crypto market is open 24/7, you can trade any time you please. You can either store the cryptocurrency you have bought in a digital wallet or choose to withdraw it as money.

4) Begin With Small Investments

As the cryptocurrency market is highly volatile, it is wise if you begin with small investments. Do adequate research. Increase your investment once you have familiarised yourself with the market.

5) Pick One Crypto

Initially, approach the market with caution and buy the coin you feel most sure about. Stick to your decision and monitor your progress before expanding your portfolio.

Answerd on:2022-01-07 Answerd By:Akhil-Dev-D

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What are the best practices for investing in cryptocurrency?

Common Cryptocurrency Questions

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