by Cryptocurrency is one of the most lucrative areas to invest your money. This is mostly because the market is dependent on the demand for cryptocurrency and it can rise at any time. Investors have been gaining a sweet spot from cryptocurrency because of the high returns.
However, we would like you to know that the market is highly volatile. Investing in cryptocurrency is one of the options you have these days because there are plenty of cryptocurrencies out there that are backed by white papers and even allowed in the United States for making purchases.
They are gradually gaining momentum in the investment space and there is a buzz surrounding it! Invest in cryptocurrency after you have insight about how the market works, etc. It has several similarities and differences with the stock market. Also, trading crypto is different from investing in crypto.
You have to be very conscious and read everyday news before you invest in this area. It comes with a lot of risks as well. Unlike other platforms for investing, this one is decentralized which means that it is not managed by a government or governing body.
You can store your cryptocurrency in 2 kinds of wallets, namely hot wallets, and cold wallets. You need to start with research work on the kind of cryptocurrency you want to buy.
Understand how this area works and then only make your investment. Also, do not follow trends when it comes to investing in this field. Just because one of your friends gained from a particular cryptocurrency last week, doesn’t mean that it will be truthful for you this week.
This alternative platform for investment comes with various advantages as well, such as fast transactions, high returns, etc. It is a high-risk investment.
In this blog, we are going to talk to you about how to get started investing in cryptocurrency.
Step one: Research: The first thing you should do is research well as mentioned earlier. There are plenty of cryptocurrencies to choose from.
Coinbase is an excellent option for most beginners. This publicly-traded company has been ruling with 73 million users and has excellent UI. However, you cannot use your cold wallet if you are choosing this platform.
Binance.US: We are sure that you have already heard about Binance. They offer low fees and a great range of cryptocurrencies to choose from. They are the perfect competitor for Coinbase!
BlockFi: It allows investors to get crypto-backed loans.
The cryptocurrencies you can choose from:
There is a wide range of top-rated cryptos today. Apart from researching the new ones, here are a few top options that you have. Dogecoin, Bitcoin, Binance coin, etc.
How much cryptocurrency should you buy: Since this is a volatile, high-risk market, it should be consisting a small part of your portfolio. Do not invest more money than you can afford to lose.
We keep on asking investors to be very careful when it comes to investing in this digital asset.
Read more How to Properly Invest in Cryptocurrency
