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Unless you have been living under a rock, you have heard about cryptocurrency. However, knowing about cryptocurrency and understanding it, are two very different things. You might have many questions in your mind. To help answer all these questions, we have put together the only guide you will ever need to make your first cryptocurrency investment.
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Unless you have been living under a rock, you have heard about cryptocurrency. However, knowing about cryptocurrency and understanding it, are two very different things. You might have many questions in your mind, such asWhat is cryptocurrency?Where should I buy cryptocurrency in Canada?And, How do I buy cryptocurrency in Canada?
To help answer all these questions, we have put together the only guide you will ever need to make your first cryptocurrency investment.
First things first, what is cryptocurrency?It is digital money invented in 2008. It does not exist in any physical form. The reason cryptocurrency is getting so much attention worldwide is that it forms a democratic market run by people who believe everyone should have fair access to money. The cryptocurrency market is decentralized. It is not under anyone’s control - the government, an organization or a bank. Hence, people such as you, invest their money in a fair and transparent trading system.
So, how do you invest in cryptocurrency?As a potential investor, you might have been shocked on seeing the price of a single cryptocurrency coin. However, unlike the case of physical money or even the stock market, you can buy half, a third, or even a thousandth of a single coin. You can start investing in the cryptocurrency market with as little as $10.
Here is how you get startedThe process is simple:• Register yourself on a cryptocurrency trading platform• Get verified within a few minutes, depending on the platform you have chosen• Transfer your funds into your account on this platform• Start tradingSounds simple, doesn’t it? While the process of trading is easy to understand, it is imperative to choose the right exchange for you.
Finding the right exchangeExchangeis the platform that will allow you to trade cryptocurrencies, acting as an intermediary between buyers and sellers. Each of these exchanges makes money through commissions and transaction fees.Before you invest your money in an exchange, you need to learn the fees it will be charging you. These are the most common fees you need to look out for:
Funding feesIt is the amount you are charged before you can invest your money or your crypto into an exchange. Service feesIt is the cost of operating charged by an exchange when you make a trade. The exchange usually makes money by charging a certain percentage on every trade.
Withdrawal feesThe fee is charged when you are taking money out of the exchange. For example, if you are putting it back into your bank account. It can also be charged when you are moving the crypto to another wallet.SpreadIt is the fee you need to be most aware of as it is generally hidden. A spread is a difference between the buying and selling price. So while some platforms might promise you ‘zero fees’, they might be secretly charging you a spread.
Once you zero in on a platform based on these fee models and go through our guide, you know how to buy bitcoin in Canada. With Netcoins, you get a host of benefits like 0% funding fees, free cash withdrawals, and quick verification of your profile so you can easily trade while beginning your cryptocurrency journey.Happy trading!SOURCE CREDIT: https://netcoins.tumblr.com/post/652314980433231872/your-guide-to-buying-cryptocurrency-in-canada
