Some people, however, do not feel comfortable leaving their crypto connected to the internet, where it may be more easily stolen by hackers.Ĭrypto exchanges are storing the majority of customer assets in offline so-called cold storage. The crypto exchange you use probably has an integrated Bitcoin wallet or at least a preferred partner where you can safely hold your Bitcoin. If you invested less, say $1,000, you’d get a percentage, in this case 0.026%, of a Bitcoin. If Bitcoin’s current price was $38,000, for example, you’d need to invest that much to buy a Bitcoin. That’s because it requires a large upfront investment to buy a single Bitcoin now. When the transaction is complete, you will own a portion of a Bitcoin. You’ll then have to input the amount you want to invest. Depending on the platform you’re using, you may be able to purchase it by tapping a button, or you may have to enter Bitcoin’s ticker symbol (BTC). Once your account is funded, you can place your first order to buy Bitcoin. Credit cards are not supported for wallet transfer and charges depend on the getaway you use.īecause fees reduce how much money you can invest (and therefore also how much money you have to grow and compound), it tends to make sense to use electronic transfers from a bank account rather than other methods. On the other hand, WazirX charges INR 23.6 (including all taxes) via net banking or it requires you to top up your Mobikwik wallet using UPI or bank transfer before transferring the funds. However, it charges 0.5% on net banking and 1% charges above INR 2,000 via Mobikwik wallet. For example, CoinDCX doesn’t charge a fee if you use UPI and bank transfers. Keep in mind, though, that platforms may charge higher transaction fees for certain funding options. Depending on the exchange, you can fund your account through bank transfers, net banking, Mobikwik, a cryptocurrency wallet or UPI. Decide on a Payment OptionĪfter choosing an exchange, you have to fund your account before you can begin investing in Bitcoin. Once you have the deposit address ready, you are set to transfer your funds. Get the deposit address from the crypto exchange you want to transfer your cryptocurrency. For example, if you need to move your bitcoin from your WazirX wallet to another crypto exchange, you need to go through the procedure of withdrawing your bitcoins from your WazirX account. ![]() You can transfer your cryptocurrency from one exchange to the other. ![]() Be sure to check out our top picks for best crypto exchanges, like Unocoin, WazirX, ZebPay, and CoinDCX if you don’t already have an exchange in mind. There are hundreds of exchanges out there, but as a beginner, you’ll want to opt for one that balances ease of use with low fees and high security. To buy Bitcoin or any cryptocurrency, you’ll need a crypto exchange where buyers and sellers meet to exchange dollars for coins. With all of that said, if you still want to get in on the action, here’s how to buy Bitcoin of your own. That’s why experts don’t recommend you invest more than a small percentage of your money in Bitcoin. Though it’s trended upward since, it remains a very volatile investment, and an ill-timed tweet from Elon Musk can decimate its value. After hitting an almost $20,000 high in 2017, for example, its value plummeted and rose to no more than about half of that until 2020.
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