Investor interest in cryptocurrency markets has surged in recent years, despite the extreme volatility. Aside from the promise of high profits, one of the primary aspects of appeal for investors was the idea that cryptocurrencies constitute a fresh, unique asset class that could be separated away from existing asset classes due to new economic forces and variables.
Even sceptic investors are finding it difficult not to consider investing in digital assets in light of the eye-popping success tales. A cryptocurrency revolution is projected to be fueled by this increased institutional interest and widespread adoption of crypto assets.
Things to know before buying your first crypto
- Importance of research
We’d recommend spending lots of time studying cryptocurrency to understand the concept before investing a large sum of money in the crypto world.
- The total supply and circulating supply of the cryptocurrency
The total supply of a coin is the maximum number of coins that could be mined or entered the market, whereas the circulating supply is the number of coins currently in circulation. There is generally a disparity between the two figures because most coins are mined, or the creators hold a proportion.
- Price history of the cryptocurrency
The price history of a coin tells a lot about the crypto coin. The price of a coin can be linked to the price of other coins, share market movements, or global events.
- Risks
Cryptocurrency is a riskier investment than other investments out there. Except for uncertainty, nothing is guaranteed. One needs to know the risks before starting to invest in the crypto world.
- Unpredictable: Unanticipated shifts in price movements can result in price fluctuations that are both sharp and rapid. It is not unusual for the value of cryptocurrencies to fall massively, if not hundreds, of bucks in a matter of seconds.
- Unregulated: Both governments and banks have yet to control cryptocurrencies as the crypto world does not include any middleman. They have, nevertheless, recently begun to garner more publicity.
- Prone to errors: They’re vulnerable to human error and hacking. There’s no foolproof way to avoid technical bugs, server failure, or even glitches.
- Effect of forks and discontinuation: In the context of blockchain technology, a hard fork is a significant change to a network’s protocol that renders formerly invalid blocks or transactions legitimate, or vice versa. Hard forks and discontinuation are two additional threats associated with cryptocurrency trading. While trading cryptocurrency, one should be aware of these risks. When a hard fork happens, there could be significant price fluctuations surrounding the case, which may cause trading to halt if the underlying market’s rates aren’t reliable.
- Beware of fraudulent trading: Cryptocurrencies are widely believed to provide criminal groups with new ways to conduct fraud, money laundering, and a variety of other financial crimes. Investors who become victims of financial crime are unlikely to have the same legal options as typical fraud victims.
Steps to buying the first cryptocurrency on Giottus
Giottus is a cryptocurrency exchange headquartered in Chennai that offers a variety of trading cryptocurrencies. Giottus has many great features that render the user experience much superior to what the other cryptocurrency exchanges have to give. If you are new to crypto trading, you should follow to following steps to buy your first cryptocurrency on Giottus:
- Install Giottus
Giottus has many advantages that make it a great place to start trading. 100% of the time, cold wallets are safe from cyber theft. Giottus has teamed up with Bitgo, the world’s leading custodial services provider, to ensure investment insurance security. You may either download the Giottus app or go to the Giottus portal.
- Register yourself and create your account
Giottus has fantastic new customer sign-up deals including spin-the-wheel program which lets you get free BitTorrent (BTT) tokens.
- Two-Step Verification on Google
You’ll need to check your registered phone number after you’ve checked your email address. For international contact numbers, Google Authenticator verification is needed. Two-factor authentication is required for all Giottus Platform users.
- Complete the KYC process
KYC protocols are a legal requirement for adhering to anti-money laundering (AML) legislation and are vital for evaluating consumer risk. Giottus has a lightning-fast KYC process that will only take just a few minutes to complete.
- Add your bank/UPI information to fund the trade
To fund your trade to exchange your cryptocurrency, provide the required bank or UPI information. The INR deposit and withdrawal have no fees on Giottus. Giottus offers a 24-hour banking option featuring multiple banks.
- Buy your first cryptocurrency
You can now use the money that you transferred to the exchange to purchase cryptocurrency either via Easy Buy on the dashboard or via the orderbook on tradeview. Due to Giottus’s high liquidity, you’ll always get the best price.
Conclusion
Now you know every important thing to have a good experience in buying your first cryptocurrency. So don’t wait anymore and get started in the trading world of cryptocurrency!
