There are five coins in crypto where you can use to gain the maximum out of it. There are many coins in the crypto world on which we can predict the ups and downs. There are a few coins out of 7000 crypto coins that can be bought at any time and make a profit out of them.
Wazirx is backed by Binance which is the largest cryptocurrency in the world. This is why most of the investors chose Wazirx as their crypto exchange. It is fast and secure. You can withdraw or deposit the amount without any hassle. We can also transfer it to Binance which has lots of advantages.
Why should you be interested in trading in cryptocurrency?
You already heard about Bitcoin which has moved from $5000 to $66,000 in one year. It is almost 1000% gain. Not only on Bitcoin, but you can always trade on other altcoins. It is because there is much potential in Altcoin. Many investors are expecting a bull run in the cryptocurrency market.
Anything except Bitcoin is called altcoins. These are interesting because they don’t move much. All the altcoins are expected to grow. This is why it is profitable to invest in such altcoins.
Since it is a double-edged sword, you should be careful while investing in it. You need to do the technical analysis on the altcoins before investing in them.
We have exchanges in the stock market and in the same way, we have exchanged for cryptocurrencies that are the facilitators. Each transaction in these exchanges has a fee. Some exchanges offer many exciting tokens for transactions you make on it. These policies in different exchanges vary.
There are many crypto exchanges out there in India, but the popular one is Wazirx where 70% of the investors trade their assets. Here, the user has to download the app and sign up with the KYC documents, and then they can buy cryptocurrency. You can monitor the value of the cryptocurrency in the app and then decide on buying and selling.
These crypto exchanges depend on the possession of cryptocurrency by the investors. When an investor sells crypto, a new user will buy it which facilitates the trading process. You don’t have to buy an entire crypto coin, you can buy them fractionally. For example, you can buy 0.00000001 of Bitcoin instead of buying it as a whole.
There is one more method to own a cryptocurrency, which is for free. For that, you need to play solving cryptographic equations through your computers. This involves the process of data block validation and blockchain transaction records. While Bitcoin is finite in supply, Ethereum is limited to a few numbers generated every year.
How and what can you purchase using cryptocurrency?
Cryptocurrency payments have been started and implemented successfully in many countries. India is also started to adopt the idea of accepting cryptocurrency as a payment method. The daily transactions are difficult in cryptocurrency as there are some practical issues. However, there are options to try it as a payment method.
Unocoin which is a Bitcoin trading site is offering users to purchase vouchers through Bitcoin from more than 90 brands. These vouchers can be used to buy food, beauty and health products, and home appliances. In the US, a few retailers, such as Etsy, PayPal, Whole Foods are allowing people to pay using cryptocurrency.
How secure cryptocurrencies be?
I know there are risks in cryptocurrencies. But looking at the growth stats of Bitcoin, one can say that it is going to be stable. In this year, in January, the price of Bitcoin was around Rs 29.70 lakh and in April it hit the high peak of Rs 48.27 lakh. The price was plunged to Rs 22.28 lakh in June and now the price is more than Rs 50 lakh.
This is showing that cryptocurrencies are extremely volatile. The prediction or speculation only works in this market. As this is the quick way to earn a profit, investors don’t give up on risks. Some part-time traders come to make a quick profit. Sometimes, when it doesn’t happen, they lose patience and leave the field. The involvements like these make the crypto coin more volatile.
Cryptocurrencies with Bitcoin attraction have made their own space in social media where people discuss the potential of the crypto market. People lookout for some advice and tips on crypto trading.
There is something called copy trading. Let’s see what it is. To tell you simply, a copy trading is the copy of experienced trader’s trades. The copy-trading platform copies the experienced trader’s trades. This helps novices in trading and the learning process will be cut down. For example, if that experienced trader buys some shares from a particular company, copy-trading also does the same for you.
When they sell the coin, the copy-trading also does the same for your account. This works well when that experienced trader has a good vision of profit.
These copy trading platforms allow newbies to get instant profit. They don’t have to go through trial and error for years on the crypto market. In this method, you don’t have that much risk to lose money while you learn the crypto market.
Is it worth it?
The copy trading profit is completely is on that experienced trader whom you are copying. If he has a low-risk profile, you can trust in his trades and put your assets into it.
If that expert has a high-risk profile, you must need to re-consider the decision of investing according to him. The copy trading is worth it when you chose the right expert with a good record of profits. Copy-trading is most profitable for newbies.
Apart from copy-trading, they can seek advice from the crypto experts from the news they post on social media. There are also masterclasses and guides on crypto trading for beginners.
The drawback of this platform is the high transaction fees that can eat from your profit. You should investigate the transaction fee before trading on this platform.