nowadays, cryptocurrency is one of the best hot topic. it is one of the best asset class in which investors like to invest for long term. as it is getting in trend, many beginners also wants to know about these crypto's and also wants to invest and trade in it. so today in this article you can get to know that how to invest in cryptocurrency in india for beginners, and some of the other aspects related to cryptocurrency.
-what is cryptocurrency
-best cryptocurrency apps for beginners
-how to invest in cryptocurrency as a beginner
-tips for beginners while invest in cryptocurrency
- what is cryptocurrency :-
cryptocurrency is a virtual currency or digital currency that works on blockchain technology, and it is designed to work as a online medium of exchange to buy goods and services which was introduced in the year 2013 by 'satoshi nakamoto'. many peoples also thinks that it is similar to other online payment options, then what is the difference between cryptocurrency and other online platforms?
cryptocurrencies is decentralized and free from any third party interference which means it is not issued or controlled by government or central authority. unlike other payment systems that banks or governments are handle, and that's why cryptocurrency transactions never fails.
apart from that there could be many reasons why normal transactions or one can say central authorized transaction fails like a person may exceeds his transfer limits, or his account must been hacked, or there might be some technical issues with the bank servers, or may be due to high transaction fees imposed by the banks, but on the other hand cryptocurrencies charges almost no or very low transaction costs, there is no limit for making transactions in cryptocurrencies, infact one have 24X7 access to his money.
there is no extra delay or extra charges for making international transactions. and also cryptocurrency did not require any kind of paperwork for high value transactions which could be a hassle free thing.
- best cryptocurrency apps for beginners :-
there are lots of crypto exchanges or cryptocurrencies apps available for buying and selling of digital coins. then, which cryptocurrency app is better for beginners? so, a beginner can choose the crypto app on the basis of the features he want in the app they are like low charges, easy interface, etc. on the basis of these factors there are top 5 crypto apps available for trading and investing which is most likely to use by the users. these apps are wazirx, coinswitch kuber, coindcx, zebpay and binance.
wazirx and zebpay charges an amount on the payment gateway while making the deposits or withdrawal. whereas, coindcx, coinswitch kuber and binance did not charge any charges for making the deposits and withdrawal of funds. other that that there are some maker and taker charges which is imposed on all the transactions made by the crypto apps.
all these apps charges 0.20% of maker and taker charges of the overall transaction amount except coinswitch kuber. coinswitch kuber does not charge any maker or taker charges but it have 1% or 2% of hidden charges which does not makes it different from the other apps. for trading in binance one have to convert his money (inr) to united states dollars (usd) again there it charge some amount as conversion fees which can also be considered as the charges for trading. apart from that zebpay also have some other charges like it says an investor or a trader have to make atleast one transaction in one month or otherwise he have to pay the charges of 0.0001 bitcoin (btc).
now, if we talk about the interface then a beginner must go for coindcx or wazirx because it has the easiest and simplest interface among all the other apps.these apps also have some unique features, other than that if a beginner wants to go for intermediate interface use of apps then he can go for coinswitch kuber or zebpay.
at the end binance is also a good interface app but mostly it would be preferred to advanced traders and investors. wazirx have the total ratings of 3.8 and downloaded by 1m+ users. whereas coinswitch have the ratings of 3.5 and downloaded by more than 5m users. coindcx have the overall rating of 3.9 and globally downloaded by 1m+ users.
zebpay have the overall ratings of 3.3 and downloaded by more than 1m+ users globally and binance have the overall ratings of 4.4 and globally downloaded by more than 10m+ users.
- how to invest in cryptocurrency as a beginner :-
investing in cryptocurrency is as simple as shopping on online e-commerce platforms. so, it is basically divided into four steps they are -
- choosing a best crypto exchange :-
choosing a best crypto exchange or cryptocurrency app is one of the basic step for starting the investment journey of cryptocurrency. one can select the crypto exchange on the basis of ease of use that is easy interface, low or very minimum charges, basic features for beginners, etc. wazirx is one of the best crypto app that complies with all of these aspects.
- minimum documentation :-
most of the peoples wants instant solution for the problems they have. so, after selecting a best cryptocurrency trading exchange one have to register himself with the exchange. so, if the crypto exchange takes so much time or delay the registration process then the user may not like the app and move to the another platform. the basic requirements to register with a crypto exchange is aadhar card and permanent account number card.
- making a deposit :-
currently most of the crypto exchanges allows to start their investments even from 100 rs. but it is not enough, because depositing money must have to be easy, but some crypto exchanges have some difficult steps or lengthy process for making the deposits like binance, but still there are some apps which helps for easy deposit of funds for investing in crypto's like wazirx, coindcx, etc.
- choosing best cryptocurrency :-
there were more than 5000+ cryptocurrencies available in the crypto market. so selecting best crypto's out of this wide range of coin's is a quite difficult task. some of the best cryptocurrencies in india in which most of the peoples like to invest and like to initiate their trades are bitcoin, ethereum, tron, dogecoin, shiba inu, etc.
- tips for beginners while investing in cryptocurrency :-
- keeping yourself away from speculation is the most important tip for beginners while investing in cryptocurrency. mostly beginners thinks that one can make money by doing trading but they are not actually aware about that there are very few peoples who actually made profits from trading or otherwise most of the peoples lost their money due to speculation or trading.
- selecting a best cryptocurrency app can also be a good thing for beginners who wants to invest in crypotcurrencies. so, wazirx is one of the best app for investing in cryptocurrencies as it complies with all the needs and wants of the beginners.
- some of the best coins for investors or traders are bitcoin, ethereum, usdt, wrx, tron, matic, dogecoin, shiba inu, cardano, solana, litecoin, ripple, hbar, paxg, etc.
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