This article will focus on cryptocurrencies. First, you need to understand the definition of this term. Cryptocurrency is any kind of currency in any form – digital or virtual. To protect transactions in cryptocurrency, special encryption is used, it is also called cryptography.
There is no central authority to issue or regulate cryptocurrencies. A decentralized system is used to record transactions and issue new units. Cryptocurrencies are processed in a specialized distributed public registry – blockchain, where records of all transactions are distributed and stored, updated by the currency holders themselves.
Cryptocurrency units (coins) are created during the mining process. This process is not similar to the procedure for creating conventional banknotes. Mining uses the computing power of a computer to solve mathematical problems, as a result of which coins are generated. Users can also buy currency from brokers and then store and spend it using cryptographic wallets.
How to buy cryptocurrency online? A few steps to buy cryptocurrency:
Step 1: platform selection. There are specialized cryptocurrency exchanges or, as mentioned above, buying from brokers. We recommend that you carefully study the conditions of the seller before buying a cryptocurrency, namely, commissions, security features, storage and withdrawal of funds. Some even offer educational resources, which is a nice touch if you’re a beginner trader.
Step 2: top up your account. Many cryptocurrency exchanges, depending on the platform, allow users to buy cryptocurrencies with fiduciary (government-issued) currencies, most commonly US dollars, euros, pounds, or when paying with debit or credit cards.
Such purchases of cryptocurrencies with payment by credit cards are considered risky, therefore they are not supported by all exchanges. A number of companies do not allow their cardholders to purchase cryptocurrency.
There is also ACH-transfers (transfers through an automated clearing house), as well as bank transfers. Accepted payment methods and the time required to deposit and withdraw funds depend on the platform, and the time for clearing deposits depends on the chosen payment method.
Step 3: Placing an order.
How to buy cryptocurrency in India?
There are different ways to buy cryptocurrency in India. Here we will consider the option of legal purchase of this monetary unit:
Step 1: provide basic documents. Go through the KYC process.
Step 2: place an order
Step 3: waiting for a transaction
Step 4: secure storage of the purchased currency in a crypto wallet
Where to buy cryptocurrency in India?
Speaking about the purchase and sale of cryptocurrencies, you should to mention the Binany website. What is the Binany trading platform?
- GEO – India, Bangladesh, Malaysia, Indonesia, Thailand, Vietnam, Pakistan, Ghana, South Africa, Nigeria, Brazil, Chile, Mexico.
- Year of foundation – 2019
- Languages - English
- Currency – Indian rupee (INR), taka (BDT).
- Deposit/withdrawal methods – Perfect Money, PayPall, Neteller, Skrill
- Product type – stock, currency, cryptocurrency, binary options trading
- Application – for android
- Bonuses – +100% on the first deposit
- Support – chat, mail – [email protected], 24/7 support in 10 languages (Russian, English, German, Turkish, French, Indian, Chinese, Vietnamese, Thai, Portuguese)
How do options work? Let’s explore binany reviews.
An option is a derivative asset, its price depends on the value of the underlying shares. Based on this, trading has a high risk as well as profitability.
On your lucky day, a 1% increase in the underlying stock could equal a 5% increase in your entire options portfolio. Unfortunately, the situation can be reversed as well. Due to the high risk, investors are not always ready to invest all their funds in options for fear of incurring unexpected losses.
Where there is risk, there is always profit. Where there is profit, there is always risk. Before you start making a profit (up to 90% of the transaction amount), you need to know that every risk, like every income, is fixed in advance.
As mentioned earlier, closing a deal is one of the easiest and most affordable ways to make money. The minimum stake (in other words, the amount of the transaction) on https://binany1.com/ is 30 rupees. And the minimum deposit amount is 300 rupees.
Main types of options:
All options are divided into three types depending on the period of implementation – American, European and Bermuda.
The contract has a definite, predetermined period of validity (expiration of a fixed-term contract and settlement of the parties).
For example, if a trader bought a contract with execution in 15 minutes, then it is impossible to close it before the expiration of this period. These options are used for short-term trading with aggressive strategies.
This is a contract in which the trade is closed when the price reaches a certain level. The trader is not required to wait for the expiration of the option specified at the time of purchase.
Due to democratic conditions, American-style options have a lower yield. They are most profitable when using moderate strategies in medium-term trading.
In the Bermuda or Mid-Atlantic version, there are so-called time windows. When such a window is reached, the trader has the right to close his contract at the current price at that time.
Bermuda options are interesting for long-term trading, and time windows for redemption are usually indicated for the entire period of the option’s existence.
What’s the point of this process?
First you need to make a deal. We choose the expiration time (that is, the option closing time) and wait for the end of precious seconds. The platform will check if you made a correct prediction, and if it turns out to be correct, then you will receive a profit of up to 90% of the invested amount.
Binary options are a relatively new financial instrument with which a trader can trade precious metals and oil or currency pairs (liquid goods). Simply put, this is a bet with two possible options: a correct forecast and a profit, or a wrong forecast and a loss of investment.
They take part of their name from the structure of the trades themselves, since each trade has two (“bi”) possible outcomes.
Popular currency pairs to trade on Binany:
- The currency pair in the binary options industry is a common asset among binary traders.
- GBP/USD is the ratio of the British pound to the US dollar. Sufficiently high volatility and frequent breakouts of levels
- EUR/JPY OTC – the ratio of the euro to the Japanese yen. This couple is unpredictable.
- USD/JPY OTC – the ratio of the US dollar to the Japanese yen
- NZD/CAD – ratio of the New Zealand dollar to the Canadian dollar
- GBP/USD OTC – the ratio of the British pound to the US dollar. One of the hottest on the market
- GBP/NZD is the ratio of the British pound to the New Zealand dollar. This pair is popular mainly among experienced Binany traders.
Is crypto a good investment?
Binary options are a relatively new financial instrument with which a trader can trade precious metals and oil or currency pairs (liquid goods).
Simply put, this is a bet with two possible options: a correct forecast and a profit, or a wrong forecast and a loss of investment. They take part of their name from the structure of the trades themselves, since each trade has two (“bi”) possible outcomes.
Trading is one of the most modern and profitable tools for making money.
Binary options trading is one of the easiest ways to make money, especially because it involves guessing the price change of a particular currency or commodity (asset). There is no need to have a unified knowledge of economics or finance; Or any course at all.
It’s simple: you need only to predict whether the price of a certain asset will rise or fall. This process will be visually shown on the graph.
Since cryptocurrency is a digital currency, and it is almost impossible to hack blockchain technology, this indicates that cryptocurrency is a safe investment option.
What can be bought with cryptocurrency?
- Various products on the sites of technology companies and e-commerce.
- Some luxuries. There are a number of stores that offer to purchase branded items for cryptocurrency.
- Cars. Mass brand sellers and some luxury brands also accept cryptocurrencies as payment.
If you have analyzed the existing exchanges before you start investing. We studied ways to store digital currency. We diversified investments, namely, the distribution of investments in various markets.
And you understand that the exchange market is volatile and you need to be prepared that prices fluctuate. Then crypto is a good investment for you.
Is buying cryptocurrency legal in India?
Cryptocurrency is relevant everywhere. India is one of the regions where the cryptocurrency market is growing incredibly fast. That is why a tax on income from cryptocurrencies was introduced.
There are many applications that make it possible to conveniently buy and sell cryptocurrency, but not all platforms pay a transaction tax, if the user lives in India, he himself will have to pay this tax.
How to buy cryptocurrency in India legally?
Consider the purchase of a cryptocurrency using the example of a popular unit – bitcoin.
Step 1: provide basic documents, Aadhaar card (unique personal number assigned by a government agency), PAN card (primary account number). Go through the KYC process.
Step 2: place an order on a cryptocurrency exchange
Step 3: waiting for a transaction
Step 4: secure storage of the purchased currency in a crypto wallet provided by the respective exchange.
You should also remember that no strategy guarantees you earnings on the auctions.