INSUBCONTINENT EXCLUSIVE:
For new investors, cryptocurrency is the buzzword
As much as it is promising in terms of giving returns over a short time, it is also volatile and risky
The whole idea of cryptocurrency is based on a distributed ledger that stores information on every transaction or trade
Also, the trade is protected by high-grade cryptography
The simplest way of investing in cryptocurrency is by trading (buying and selling) of any crypto coin like Bitcoin, Ethereum, Dogecoin,
These are done through online exchanges where investors open an account and start the trade.What Is A Cryptocurrency Exchange?These
platforms facilitate cryptocurrency trading in exchange for digital and fiat currencies
They act as an intermediary between a buyer and a seller and charge a commission or transaction fee
CoinDCX, CoinSwitch Kuber, and UnoCoin are some examples of online exchanges operating in India
An investor can also use an online exchange to convert their crypto coins back into fiat currency (Indian Rupee or US Dollar) for
withdrawing the amount from their bank account later.How Does It Work?A cryptocurrency exchange acts like an intermediary – a brokerage
firm – between a buyer and a seller of cryptocurrency
It allows a buyer to deposit money using several methods like direct bank transfer, UPI, using debit or credit cards, etc
It charges a set commission or fee for every transaction done using its services.The first thing a buyer (or investor) will need to do is to
find the right online exchange
This step will require a fair bit of research about the platform's history, credibility, and what benefits it will offer you for trading
The next step is opening a trading account, which is fairly simple.Download an app of the exchange you have selected and create an account
It will ask you for some information like your email address
It will then send a verification email to that address and may also ask for KYC details
Verify the address on your email id and complete the KYC process
Then set a password on the app and you are set to launch yourself in the world of cryptocurrency.Do not lose any passwords related to the
They may not be recovered.
