In association with CoinSwitch Kuber
Unless you’ve been living under a rock, you know the hot topic that has divided the opinions of financial gurus globally and got us all revaluating our savings. The big C, or crypto is changing the game for all our commercial transactions and is potentially the future of investments.
But what is it anyway? Put simply, it is digital money that can be used to buy goods and services, using an online ledger to secure the transactions. And with each passing day, Crypto is becoming a progressively popular digital investment asset. However, it has also earned a reputation for being extremely volatile. Don’t worry! If you too are keen about jumping onto the crypto bandwagon, then make sure to keep these 7 points in mind for a smooth ride.
1. Remember to begin with small investments
The sudden ups and downs in the prices of crypto make it an extremely volatile asset, so it’s always better when there’s less money at stake. Especially, when you’re just getting started, and are not yet familiarised with the market. You can also take help from experts who have gained from their crypto investments before and can guide you on expanding your assets.
2. Do your research properly before making investments
Starting off with small investments alone is not enough to help you have a successful tryst with the crypto market. Before committing your money, you should know your market well. So read up a lot and try to study the market trends of these virtual coins. You’ll find a lot of opposing arguments on which cryptocurrency to invest in by financial experts and other investors. Stick to the sources you believe are genuine and factual.
3. Pick a crypto exchange platform
If you’re just getting started, then the easiest way to join the trade is through crypto exchanges. These platforms make it extremely convenient for their customers to begin their digital investment journey. Moreover, you will also have a guide to help you through your transactions which automatically reduces the risk factor. You can start your journey with CoinSwitch Kuber, a secure, user-friendly crypto trading platform where you can start trading from only 100 bucks!
4. Invest in a crypto coin with potential
It’s obvious you will do your research on the fundamentals of crypto before investing in it. Make sure there is a strong scope for the currency to develop in the future. There are many cryptocurrencies that you can choose from, the most popular ones being Bitcoin, followed by Ethereum, Dogecoin, and others. Look out for clear timelines indicating when the coin is expected to develop. If the currency has a limited number of coins in circulation, then make sure to find out when that limit is expected to be reached.
5. Take it slow
Once you start reaping returns, do not be in a hurry to expand your portfolio. You cannot afford to let loose at any point, so it’s more sensible to wait it out before buying another asset right after you have received high returns from selling your digital coin. Especially, if you’re eyeing a new coin that has witnessed a high rise, chances are that it will either go through a correction or a strong fall. So beware. Try to do more research on how to manage your newfound assets in a more responsible way.
6. Learn the differences between hot and cold wallets
A crypto wallet is essentially a bank account for your cryptocurrency. Hot and Cold wallets are its two kinds that offer different kinds of security for your crypto assets. The key difference between the two is that hot wallets are connected to the internet. So if you’re a beginner, you can easily access the hot wallets. However, Cold wallets are considered to be safer, because they offer more protection from hackers and other miscreants.
7. Look at other Altcoins too
Right now, Bitcoin may be one of the most lucrative cryptocurrencies, but we don’t know what the future holds. So if you’re about to invest all your money in one cryptocurrency, think again. Even if you decide on one currency, don’t stop tracking the performance of other currencies in the market. Understanding these trends will take time, so just keep studying the market thoroughly and remain alert.
Investing in crypto doesn’t have to be as complicated as we may believe it to be. And with the right trading platform, we can get the best returns. So check out CoinSwitch Kuber for a secure and fast crypto trading experience. The platform has recently crossed 10 million users with successful investment stories. You can also check out their KuberVerse section where you can get every information related to crypto.