Crypto currency trading platform is one of the major markets alongside Forex trading and Stock market, where one can buy or sell commodities to make a profit margin suitable to one’s necessities. There are basic factors for every beginner to keep in mind before getting into the Crypto trading platform.
In a country like India or any other where there are no regulations for crypto trading but a mass interest in the field to make the most out of it, choosing the right platform to perform one’s transactions and bids is crucial. There are over 100’s of crypto currency trading apps available worldwide for the same, the selection of a platform for trading should be done according to one’s understanding about the current market and its state from the data provided from the application one uses. The graphical data set availability and understandable syntax provision are also to be set as important factors for the platform selection.
Opening a crypto exchange account is one of the basic steps any individual has to go through to become a crypto currency trader. The account creation usually follows a similar format to create a banking account, where you have to undergo a KYC process to verify the user’s identity. This process can be initiated and completed from the application used for trading. The account creation requires address proof and photo identity along other formalities.
After the account creation the user has to transfer funds to the Crypto account from one’s bank account via online platform. This may require linking one’s bank account to make the transactions, In and out of the Crypto trading app.
After the completion of these processes the user’s account is ready to initiate investments and trading. There are wide ranges of crypto currencies to choose investment options from. Bitcoin, Ethereum, Dogecoin, etc are some of the most popular investment and trading options available on the current market. The benefits and the risks of crypto trading are equally balanced. The dip, variance and other technicality of the market and the coin are to be learnt, considered and analyzed thoroughly before selecting what is the best for oneself according to one’s trading style.
The applications for crypto trading is usually maintained by “Crypto currency brokers” , which in case of these application charge based on range of investment a trader initiates, The rates of brokerage might vary from 0.01% to 1% of investing amount depending on the platform/ application used to invest and range of investment (Total investment = Value + x% of value ).
Security of one’s assets is one of the prime factors in the digital market. Due to lack of any background support system in many countries, they don’t carry any formal policies for insurance against any factor causing loss of the coins. There are dedicated crypto wallets designed to secure these coins, which usually securely stores the code of the coins invested in.
Many Crypto traders follow different styles/manners of investments and trading suitable to their economic stability. There are usually long term investors and short term investors who expect a rate of return from the investments depending on their holdings and state at which the market is functioning at. These investments are initiated based on weeks of data on the performance of the specific coin and the Bull or Bear state of the market.
