Investing in Crypto Currencies: There is a growing attraction among investors around the world including India to invest in crypto currency like BitCoin. It has given excellent returns to the investors over the years. A cryptocurrency is a type of virtual currency that is mined by solving complex equations on a computer. The miners get crypto currency as a reward, but those who do not have technical understanding, they can also get crypto. Just as the shares of the company are bought and sold on exchanges like BSE and NSE, similarly there is buying and selling of crypto like bitcoin on crypto exchanges, that is, if you want to invest in bitcoin, then you can easily go to an exchange and make money in it. can put.
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This is how you can invest in crypto
There are exchanges for investing in cryptocurrencies such as WazirX, Coindex, Zebpay, Zebpay, CoinSwitch Kuber and UnoCoin, UnoCoin. To invest in crypto, first you have to go to the site of the exchange and register through personal details.
- Sign up by visiting the Crypto Currency website.
- Then after the e-mail verification, the security page will appear in which the option to choose the app, mobile SMS or no security option will come.
- After OK, you will get the option to select the country and choose KYC. Under KYC, one has to choose between personal and company, which is on by default personal.
- For KYC, you have to upload your personal details such as name, date of birth, address, PAN card, PAN card photo with Aadhaar (driving license or passport) details, selfie with front and back side of Aadhar card.
- Once the account is verified, you can make purchases in crypto and pay for it from your bank account.
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These are the charges on crypto trading
- Exchange Fees: Exchange fees are required to fulfill a crypto buy or sell order. Most of the crypto currency exchanges in India have a fixed fee model, but the final cost of the transaction depends on the platform on which the transaction is completed. In such a situation, better research should be done about which crypto currency exchange is charging the lowest transaction fee. Apart from the fixed fee model, the crypto exchange also has a maker-taker fee model. The seller of crypto currency is called maker and the person who buys it is called taker. Under this model, fees have to be paid according to the trading activity.
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- Network Fees: Network fees are paid to cryptocurrency miners. These miners use powerful computers to verify and validate a transaction and add it to the blockchain. Exchanges do not have direct control over network fees. If the network congestion increases i.e. more transactions have to be verified and validated, then the fee increases. Usually, users are allowed to pre-set the transaction fee while using third party wallets. But on the exchange it is automatically set by the exchange itself so that there is no delay in the transfer. Users who are ready to pay higher fees, their transactions get completed sooner and those who have kept the fee limit low, their transaction may take some time to complete. This fee is paid to the miners for the electricity cost and processing power.
- Wallet Fees: Cryptocurrencies are held in a digital wallet similar to an online bank account. Most wallets do not charge any fees for depositing and storing crypto currency, but there is a fee for withdrawing or sending it. This is basically network fees. Most of the exchanges offer in-built wallet facility. Crypto wallets offer the option to buy systematic cryptocurrencies and recharge smartphones and DTS services through its integrated merchant gateway.
(The information given here is taken from the websites of the exchanges. The procedure to start investing may vary slightly from exchange to exchange. The article is not giving you any investment advice and is just informational) Please consult your advisor before investing in cryptocurrencies.)