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Six Easy Steps to Investing in Cryptocurrency

Cryptocurrencies offer you a chance to invest and earn substantial returns. The asset class has gained massive popularity in recent years. Set up an account and invest as little as Rs100 to begin trading.<br>

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Six Easy Steps to Investing in Cryptocurrency

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  1. STEP 4: BUYING AND INVESTING IN CRYPTOCURRENCY STEP 5: STORE YOUR CRYPTOCURRENCY STEP 1: SELECT RIGHT CRYPTO EXCHANGE STEP 2: OPEN A TRADING ACCOUNT STEP 6: CHOOSE A STRATEGY STEP 3: FUND YOUR ACCOUNT Six Easy Steps to Investing in Cryptocurrency There is no fixed structure or uniformity to cryptocurrency trading in India because of the absence of crypto regulation. With the help of crypto exchanges, you can easily buy and sell your digital currency. In Pakistan, WazirX, UnoCoin, CoinDCX, and CoinSwitch Kuber are popular cryptocurrency exchanges. • Open an account at the crypto exchange of your choice. This will be similar to a bank account. After registering, the exchange will verify your credentials based on the services you choose, the amount you plan to invest, and the coins you choose to trade. KYC (Know Your Customer) data must be shared and payment options must be set up. KYC may require you to submit a copy of your PAN card, photo ID, and address proof. Crypto exchanges operate round the clock throughout the year, unlike regular stock exchanges. • In order to purchase cryptocurrencies, you must transfer funds into the crypto-trading account after opening an account. You can transfer funds online from your bank account to the crypto-trading account. However, both accounts must be linked. In addition, depending on the policy, you may have to wait before purchasing digital coins. • By using Elliott Wave Theory, you can earn more profits. Elliott Wave Theory focuses on the psychology behind market sentiment, so it is applicable to speculative assets such as cryptocurrencies. Additionally, you can get the opinion of crypto experts before expanding one's cryptocurrency investment. You should always start with small investments and study the market carefully before following anyone's advice blindly. • You must choose the coins you intend to invest in after opening an account and transferring money. Some of the most popular ones are Bitcoin, Ethereum, Cardano, Binance Coin, Tether, XRP, and Dogecoin, to name a few. • After you have made your purchases, storage is the most important step. Unlike traditional insurance policies, cryptocurrency exchanges do not have any formal backing, and they are not backed by any formal institution. They are also at risk of being hacked. Therefore, you must store the codes to your account and your assets securely. You should normally store your purchased coins in a crypto wallet.

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