With the upgradation of the financial systems, there is a massive surge in the interest of people in the cryptocurrency market. In fact, the reports state that every now and then, the number of cryptocurrency holders globally keeps on going up, and most of the owners are from India. Wondering how you can enter into the bitcoin market? Go through this article to clear your doubts for Open An Account regarding it.
The widely used form of cryptocurrency is Bitcoin. If you know how the financial market works, the most necessary step to get started with bitcoins is to open an account. Opening a trading account is the first and foremost step of the crypto journey.
Plenty of crypto exchanges provide trading-related services across the globe. It is upto you to go with one that serves your interest efficiently.
HOW TO OPEN A TRADING ACCOUNT?
With so many options available in the market, today we’ll disclose about one of the best platforms in the industry where anyone can set up and run their trading account from anywhere in the world, that too in the language they’re comfortable in. It is really simple to open an account with the Bitcoin Prime app, and it does not charge a single penny for this. To begin with this, all you need is to follow the below-stated procedure.
- To set up a trading account directly from the website, one needs to provide the required details, such as first name, contact number, and email address.
- Generate a password and click on Start Trading.
- You’ll receive the notification at your mail address.
- Proceed further to complete the verification process, and once done with the registration process, you’re good to go.
It was easy to open an account, wasn’t it? You may need to fill in some details related to your ID and some other documents, so keep them handy.
- Payment Option-
Moving on, after the account is set up, you need to pick a payment option. And this calls for connecting a suitable payment option (depending upon your requirements) to the trading account. You can connect your bank account, debit card, credit card, or any other digital wallet. That also depends on the options that are supported by the particular exchange you’ve created an account with. One thing that is worth mentioning here is that although you can use your credit cards to buy bitcoins, it might get riskier at times if the inflation suddenly shooks up and the overall prices observe a hike.
The exchanges charge a fee on each transaction which can be based on either an amount or percentage. While using credit cards, you have to incur an extra amount of processing fee along with the transaction charges.
- Go Ahead Buying Bitcoins-
Open an account, set a payment method, and you are all set to start the buying process. You can also buy other forms of cryptocurrencies as well. Exchanges offer a large number of alternatives to put money into cryptocurrencies. You can choose to buy an order instantly at a price prevailing presently, or you can set the maximum and minimum price at which you want to buy an asset. The former way of ordering is known as “market order,” and the latter is known as the “limit order.”
All orders are placed with a broker who executes them. In present days, buyers have a variety of other options such as “stop-loss,” “stop-limit,” “take-profit,” and “take-profit limit” orders. Few exchanges also assist in setting up recurring investment accounts allowing the user to ascertain average dollar cost.
- Selling a Bitcoin-
You can sell bitcoins the same way you purchased them. With a few clicks, you can select the sell order type and sell bitcoins by paying a part of the amount as a fee to the exchange company.
SIMPLIFYING THE GAME OF BITCOIN
Bitcoins being the most alluring cryptocurrency, hold power to get traded without receiving any meddling from the financial intermediaries. Its grasp in the market has increased since its launch in 2009. Together with that, it also has witnessed a huge tornado cycle of ups and downs in its value.
Bitcoins are operated with a decentralized control chain- blockchain, which stores the data for public access with unique User IDs. This has been done to hedge against the odds of fake transactions and maintain transparency in the dealings. Although, the private keys save the confidential data of users and should be kept safely. By mining, people earn rewards in the form of new bitcoins and utilize them for further investment.
Apart from stocks and bonds, bitcoins are also an impressive way to earn profits and build a portfolio. Also, bitcoins are a highly cherished alternative in countries where there is a paucity of stable currency. The digital-age cryptocurrency has not only gained quite a larger market base but is competitive with the gold investments as well. It is clear that in the upcoming times, bitcoins will be a major attraction to many large and small players.
In order to trade bitcoins, one needs to open an account with a crypto exchange. This process is done through the online form filling, and some steps might vary as per the exchange you choose. This is so because although bitcoins are independent of any kind of supervision from financial institutions, a set of guidelines must be followed to ensure the safety of investors and other related parties.
The above article states the detailed procedure of opening an account via one of the renowned and trusted names in the crypto market, the Bitcoin Prime app. In a flash of light, you can set up your account online and be a registered app user. Also, you don’t have to pay any registration fee to open an account through this platform. Bitcoin Prime is designed to suit both the skilled and beginners in the financial market. Many users have entrusted it to get reliable, real-time, and accurate data regarding the financial market trends.