Whether you are investing in the share market or you choose to invest in the crypto market, the journey will surely be intimidating for many. While the returns are lucrative but the risk associated with them is keeping you from making a start. Does that mean you stop and don’t make a move ahead? The answer is no. The return and profits promised by the crypto market look lucrative and if you are keen to become a pro-crypto trader this block is going to help you with this Official Site
5 basic steps that you need to follow to become a seasoned player in the crypto market.
STEP 1: Gather as much information as you can – It becomes very important for an individual who is interested to make an investment in cryptos should stay on the same page. The best way to do it is to subscribe to the newsletters of some of the popular cryptocurrency exchange platforms so that you get a regular updates on the same.
Also, you must make sure that you subscribe to 2 to 3 different platforms so that no information misses your eye. At the same time, it is also important to shortlist a few cryptocurrencies so that you can keep a check on the trend. Since there are more than 10,000 cryptocurrencies in the market it won’t be easy to keep a track of all these currencies. Hence the emphasis should be to narrow down your options and stay updated on them.
STEP 2: Right crypto exchange platform – You may have come across this term every now and then when you are going on the Internet. but how do you decide which is the right crypto exchange platform? Well, there is no thumb rule for this but there are some contributing factors that you must count on when deciding on a crypto. these include the following:
Is the platform secure, has it ever been hacked prior, and do we need to store an asset offline?
- Does the platform offer insurance? Frauds are very common in the market so if you are choosing a cryptocurrency exchange platform you must also salute this aspect. check if the platform is offering insurance against fraud and theft.
- What are the fees? Every time you register on the crypto exchange platform, they may charge certain fees they may not as well but this varies from one platform to another hence you must always check on this aspect.
- What are the different cryptocurrencies it is offering? The crypto market is huge and it’s crowded with some of the biggest names. So, when it comes to choosing the best one you must finalize the one that offers all the cryptocurrencies of your interest.
STEP 3: Choosing the wallet is paramount – When you are operating in the stock market or share market you have to open a trading account. The hot wallet is accessed by the Internet and hence there is always a scope of theft or breach. The cold wallet is free from this threat. but again, there is a probability of you losing the cold wallet. Hence, before making a call, it is important to assess the upsides and downsides of each of them.
STEP 4: Fund deposition– If this is the first time you are buying Bitcoin or any other cryptocurrency you will be required to deposit Fiat currencies. The crypto exchange platform also offers the facility of adding the Fiat currencies via credit card debit card. However, there can be a certain fee associated with it. If you are planning to deposit funds via credit card, we were the fees might be on a higher slab as compared to the debit card or bank transfer.
STEP 5: Start Trading- Once you have deposited the funds you are now an active member of the platform. Now you can start trading by purchasing the crypto currency of your interest. Make sure that you are quite yourself with the dynamism of the crypto market so that you don’t let up losing all your money.
These basic steps are going to help you make a sound decision. Choosing the right crypto exchange platform plays a significant role in deciding the longevity of your trading journey. The Bitcoin Era is a trusted app by many users. You can simply register on it and start trading,