Bitcoins have been gaining popularity in the financial market.
Over a decade of their existence, cryptocurrencies are taking the investment world by storm. However, investing in Bitcoin still seems complicated to some investors. For more information Learn more.
Cryptocurrency has its good and bad reputation among investors. Also, popular personalities such as Elon Musk have accepted crypto as the future payment method. Fintech companies such as PayPal are also supporting cryptocurrencies.
By now, you have heard too much about Bitcoin. So, you are thinking of investing your money in Bitcoin. But how do you buy a Bitcoin for the first time?
Simple Ways to Dive into Cryptocurrency
Buying Bitcoin is a risky investment, though. Still, it can help you save money and get high rewards; it can also drop down. Thus, it remains a volatile investment option, and experts recommend investing a small amount of money into Bitcoins.
After measuring all the risks, if you still want to invest, here are ways to buy Bitcoin.
1. Determine Crypto Exchange
The first step is to choose a crypto exchange platform where buyers and sellers complete the Bitcoins transactions. It is an open technology and is accepted by several online exchange platforms to trade Bitcoins. No official platform or Bitcoin company is there to facilitate trades in Cryptocurrency.
If you are looking for a safe investment option, one of the best Bitcoin exchange platforms for hardcore and beginner traders is WazirX, CoinDCX, Binance, and Coinbase.
These exchanges work like stock brokerage, where you can exchange money with low fees and high security. Choosing a bitcoin exchange can be complicated for investors. Look out for better options that suit your needs. Earn profit from bitcoin for beginners by trading online without experience, and pro investors use it to get the job done faster.
2. Select a Payment Method
Next, how will you make payments for bitcoins? After choosing the exchange platform, check the payment option they support. Most platforms allow adding funds to your account through bank transfers, UPI, and internet banking. Platforms such as Coinbase let you pay through PayPal or Apply Pay.
Whether you choose a wallet using UPI or a bank transfer method, you must verify your identity when creating an account and registering your profile. Some additional documentation is also required to use an electronic transfer system, which also varies based on your chosen platform.
3. Place your First Order
Once you’ve verified your profile and funded your account, you are ready to buy your first bitcoin. However, the process of buying bitcoin varies depending on the platform. Some exchange processes allow you to purchase a bitcoin by tapping on Buy and Sell Button and entering the amount you want to invest in bitcoin.
Most crypto exchanges offer three ways to place a bitcoin order:
- Market Order: You can buy this order at its current price. It can be placed in a few seconds based on the time of the day.
- Stop Order: Here, you can set the buying and selling price of the bitcoin order. It helps you to sell orders before you lose more money.
- Limit Order: You can limit the purchase and sale of cryptos at a specific price.
All you need to do is click on Buy, Trade, and New Order, available on the exchange’s platform. When you choose the order, press Submit to place the order.
4. Manage and Sell Bitcoins
After you’ve bought a bitcoin, you can manage them through the platforms. Also, you can use Bitcoin profit, an amazing platform to assess the market and make profitable trading decisions. Before placing a sell order through your exchange, understand the market fluctuations and generate profits using this bitcoin website.
Remember, when you sell bitcoin, you may earn profits. Moreover, you can sell the entire holdings or a certain amount of the order. Once the sale is completed, transfer the amount into your bank account.
The final thought
Bitcoin is an innovative way to invest money and get rewards. However, it is a volatile asset, making it a very risky investment. It can dramatically rise or fall, depending on the market demand.
It is recommended to allocate a small percentage to bitcoins. The platforms can help you learn about bitcoins and other cryptocurrencies and how the market affects their prices.