How to Invest in Cryptocurrency for Beginners?

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Cryptocurrency

Cryptocurrencies have proved to be a profitable investment option due to their high volatility.

With crypto, it is possible to make huge profits from small initial amounts, which is almost impossible in traditional markets. Suppose you buy middle-cap crypto coins at a low price, wait for the market to grow, and then sell crypto at a higher rate. It is the simplest way to earn money in crypto trading.

However, there are many other methods, for example, you can even make a profit when the market is going down, and crypto prices drop. The flexibility and volatility of the market attract many new investors yearly.

In this article, we will talk about how to invest in cryptocurrency and mention the main tips.

Why Invest in Cryptocurrency?

The main reason to invest in a crypto is high returns. Today, when the market is living through its downtrend, it is recommended to purchase promising digital coins as long as their prices are low.

The coming bull trend will allow you to make a fortune from today’s investments and take high returns. 

Another reason to invest in a crypto is trading. That is buying and selling digital assets and generating income from price changes. That may be daily trading, scalping, swing, etc.

One more reason to buy crypto is quick and secure cross-border transfers. If you once try to transfer money with crypto, you will never return to traditional bank services that charge high fees and take many days or weeks to deliver funds to a recipient.

How to Start Investing in Cryptocurrency?

Here are some tips for beginner investors:

  • Use reliable and reputable platforms.
    • be prepared that the market may change direction at any moment. Even experienced traders do not always predict such fluctuations and lose funds.
    • Do not invest your last money. Better allocate no more than 10% of your monthly budget.
    • Buy both large and small-cap coins, remember about diversification,
    • Create a hot wallet on one of the reputable crypto exchanges and have a cold wallet for long-term crypto storage.
    • Learn to evaluate risks.
    • Always keep track of the market’s news.

To start investing, you may register on the WhiteBIT exchange and use your bank card to deposit funds and buy crypto. To deposit fiat money into your WhiteBIT account, first, log in to your account on the WhiteBIT website.

Next, navigate to the Deposit section and select the fiat currency you want to deposit. Follow the instructions provided to obtain the necessary bank details for making the deposit. It may include providing your name, account number, and a unique reference number.

Once you have obtained the necessary information, initiate a bank transfer from your bank account to the designated WhiteBIT account. After the transfer has been completed, the funds should appear in your WhiteBIT account, and you can use them to buy cryptocurrency or perform other transactions on the platform.

It’s important to note that some fees may apply for fiat deposits, depending on the payment method used.