Cryptocurrency is a new market where an investor can earn a huge profit by investing minimal capital. According to a survey, it has been seen that investors have accumulated a substantial passive income by just spending a few hours on these Crypto trading websites. But before you invest in any coin, make sure that the Crypto trading website is genuine. If you are a novice and have less knowledge of the Crypto market and trading, then our experts suggest these crypto trading tips at Tesler Trading to avoid losses.
We have mentioned a few points that you need to consider before entering the Crypto market.
1. Don’t go for bigger bets
We all know that the returns given by a few Cryptocurrency coins in the past year are handsome.. For example: if you had invested Rs. 10,000 in Dogecoin seven months ago, then now your current value would range somewhere between Rs. 5.80 lakh. But don’t imagine that you also might be lucky enough to get a deal like this. The basic rule of investing is, invest the amount that you can lose. You should always start your journey with a small amount, and then with the experience, you should increase your capital.
2. Be prepared for extreme volatility
The best way to gather knowledge about the Crypto market is by investing in it. You must know the secret to digesting high volatility as it is a high-risk and high rewarding game. Experts were expecting a fall of 70 to 80% when the market crashed in May. Before investing, keep in mind that Bitcoin is also on its decreasing correction with 48%.
3. Don’t trust blindly on any insider tip without verifying it
Investors suffer a lot of creditable information in the Crypto market. At times, they have to depend on information posted on social media. Apart from this, many people charge some fees for giving a tip. Before you invest, don’t forget to verify the tip.
4. Use trustworthy platform
Some people don’t know that the Crypto space is not regulated in India. Though we know that the Supreme Court has released the RBI ban on Crypto and the government has stated that they will follow a promising approach for regulating this industry, investors have to be very careful about choosing the right platform for investing their hard-earned money.
5. Focus on blue chips
The Crypto market also has mid-cap, penny coins, and blue chip-like stock markets. So, don’t gut obscure coins to get a large number of coins. Try investing in more significant coins, it can cost huge, but they hold a stable position in the market.
6. Keep in touch with global development
You must know about what’s happening in other countries; just because you are processing transactions from India doesn’t mean that it won’t affect the price because of the foreign incidents. Keep updated news about the Crypto market of the US, Europe, etc. Sources also suggest that is claimed that the market crash in May was because of US Crypto tax.
7. Don’t avoid the tax
We all know that Cryptocurrencies are not appropriately mentioned in Income Tax. However, experts suggest not skipping them. Crypto will be treated as a capital asset because RBI doesn’t accept it as a coin.
The Bottom Line
We have listed a few essential tips that you need to follow before investing in Cryptocurrency. Make sure you don’t skip any of them.
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