Whether you are looking to make some extra money, set up a retirement fund or plan to make a full-time living, online investing could be the answer you are looking for.
It can be tricky to get started and there are of course some risks involved. Before we get into the guide, this is a good time to remind you that if you can’t afford to lose the money you plan to invest, you should not look into this at this time. Wait until you have some savings that if they were to be lost, it would not hurt you financially.
If you already have that secured, then read on for the tips on how to get started as a trader in India!
The lowest barrier to entry when it comes to investing and trading is to buy and sell cryptocurrency. Though you should do your due diligence before buying any tokens, there is not much needed in the way of expertise to get started this way.
To get started, you simply need to buy some Bitcoin on an exchange and then decide which coins you plan to buy. Read up as much as you can about the particular coin you plan to invest in.
BTC to INR conversion rates fluctuate, so make sure to be ready to either hold on for dear life (HODL) and ride out any drop in value. Or, sell off quickly to mitigate any losses. If you look at the last few years of Bitcoin value, you can see that the trend continues to rise even after drops. If you plan to get into this type of trading, it may be wise to stay the course and hold your coins for a while.
Peer to peer lending
Some people need quick loans and either doesn’t want to use a bank or won’t qualify for a bank loan. Those people turn to others but instead of asking friends for a loan, they use lending software.
As an investor, you can go through the website and look for the right borrower to suit your needs. Higher interest returns mean the borrower may be risky but the rewards are higher if the loan is repaid on time. Lower interest rates are for more reliable borrowers but the returns are lower in exchange for a less risky investment.
The most traditional way to invest is in the stock market. You will need to educate yourself on how the market works and understand how to read a prospectus of different companies before you plan to invest.
Of course, the old adage goes “Buy low, sell high” and that is how you’ll make money. But, it is obviously much more complex a situation than that. If you are totally new to investing in stocks, then make sure to go through a broker that can help you understand.
If you have some experience and wish to avoid high broker fees, then try using an online investing platform with a Robo-advisor.