Winning Business Desk
Mumbai. Cryptocurrency is a topic of discussion all over the world which has been adopted in many countries of the world. However, in most countries including India, there are no rules and regulations regarding this, nor has the government recognized it. Despite this, Indian citizens are at the top in terms of investment in crypto currency. If you also want to invest in crypto or want to do it, then definitely keep these things in mind.Invest only through trusted platforms
There are dozens of platforms in the market today providing the facility of investing in crypto. You invest only through a well-known and trusted platform, which has built its credibility and trust in the market.
Invest in crypto after thorough research
Do complete research and investigation at your level regarding crypto i.e. digital currency. Don't invest haphazardly. Unless you yourself understand this asset class well, don't make the mistake of investing in it.
Find the right crypto
There are thousands of types of digital or crypto currencies like bitcoin, ether, dodgecoin in the crypto market. Invest or trade only in digital currency that you understand or have credibility in the market. Do not invest in any crypto currency just to get it cheap.
Start with a small investment
Always start investing in crypto with a small amount. Investment advisors say that do not give this asset too much space in your portfolio right now. Invest in crypto only 5 to 7% of the total investment. Put the rest of the money in traditional means.
Crypto is an asset with risk and volatility
Crypto is not a recipe to get rich overnight. This is a very volatile and risky asset. So be prepared for the risk before investing in it. You invest only as much amount as you can afford to risk.
Do not invest in crypto for long term
Crypto is not a regular asset yet, so investing in it for a very long period should be avoided. However, buying and selling too quickly is also not right. Set a profit target that is achieved and exit the asset.
Don't get greedy, avoid rumours
Someone else has made profit from any crypto currency, so do not get greedy and invest in it without thinking. Invest on the basis of facts. Get advice from a trusted professional instead of the superficial knowledge of social media and rumours.
Do not hide tax liability on crypto earnings
The Government of India has imposed a tax on the earnings from crypto. If you have earned profit then you should not hide your tax liability and should not take any such step which will make you a criminal in the eyes of tax authorities.