You should think twice before entering the crypto market because this market is very volatile, which means that you can earn large profits in a moment but you can also loose the same in the next moment, so you have to be careful before trading in cryptocurrency. The return on investment is very high in the Crypto market and that is the reason many investors are investing a huge amount of money in this market.
Steps To Trade In Cryptocurrency?
If you are also new to this market and invest your valuable money into it so you should know the proper way or steps to invest in it.
STEP-1: CHOOSING AN EXCHANGE – Several portals connect you to the crypto market and that portals are known as “EXCHANGE” like in the stock market we have various exchanges to connect us to the stock market. To fulfill the increasing demand of the crypto market there are various exchanges available before you put resources into one, there are sure things you have to pay special mind to like:-
- Legitimacy: You should check the legitimacy of every exchange so that there will be no issue cause in the future. For example, all exchanges are not valid in all the countries like coinbase is not valid in INDIA and INDONESIA but the blockchain is valid.
- Notoriety: The other thing is the reputation of the exchange. You can check this by reading reviews of users, news, etc. this will also affect your investment as if the reviews are not good than the chance of fraud will occur.
- Exchange rates: Different exchanges has different market rate so you have to do a deep study about all the exchange rates available in the market.
STEP-2 : SIGNING UP AND CREATION OF ACCOUNT- After choosing a best exchange for you, now just have to make an account on it and that was as simple as making the other accounts on different platforms but sometimes you will be frustrated because some of the exchanges have very serious verification criteria which take time so have patience as this verification is for your fund security. The general options which an individual has to fill while signing up in any exchange is your Name, Email Address, and Password. After filling all these options you have to agree with their terms and conditions, and then your verification is completed.
STEP-3: ACCOUNT ADDITION AND SECURITY –This is the last stage of this whole process in this step we have to verify our phone number, e-mail account and you also have to add a payment option.
- Mobile Verification: To verify your mobile you just have to enter your mobile phone number with country code in a column given in a verification page and then a onetime password will be sent by the exchange on your phone. You just have to copy that onetime password and paste it on the verification page. If you don’t find an option of your country code then it means that particular exchange is not available in your country.
- E-mail Verification: It contains less time to verify your e-mail as compared to mobile verification because a verification code has been sent by an exchange on your mail when you sing up to any exchange account. You just have to click on that link and your e-mail account will be verified.
- Adding a Payment option: There are various options available in exchange for payment like Debit Card, Credit Card, Bank account, etc. The exchanges also provide different offers on different payment options these are marketing techniques to gather more clients.
After completion of all the above processes you are now ready to trade in crypto market but keep one thing in mind if you trade in top cryptocurrency than the probability of losses will decrease and if you trade in low rated cryptocurrency than the chances of loss will be high but it is also true that chances of large profits are also high in low rated cryptocurrency as compared to top cryptocurrency.