Are you a student?
And looking forward to investing in cryptocurrencies and don’t know what to do now?
Well, today in this post, you will get to know about investing in cryptocurrency as a student! or Should students invest in cryptocurrency?
If you’re below 18 years old, it may be hard for you to buy crypto because it totally depends on your parents whether they will give you money to invest in it.
Other than that you can take the help of any elder in your house like you brother or sister to provide their account and Id details to you. But do this only if you have full faith on the because most crypto exchange send and receive the money from an individuals bank account.
So do this when you can access their phones and bank accounts with their permission.
There are a lot more things that I had mentioned in this post below. Do you read it fully and know what mistakes I made when I bought my first cryptocurrency?
Also, can you avoid mistakes and save yourself from losing your money? So read this post carefully if you are serious about invest some money.
Can students invest their money in cryptocurrency?
Students can invest their money in cryptocurrencies but make sure they do or know certain things about it. The most important things you can do before buying cryptos are.
- Make sure you know basic things about cryptocurrency and for that you can watch certain videos and read blogs on cryptocurrency.
- Choose a legit cryto exchange there are many in the market but my personal favorite one is wazirx. You can download wazirx application from this link.
- Choose a cryptocurrency only if you know some history about it.
- Do not buy newly listed cryptocurrencies because their price may be volatile and you can loose your money in seconds.
Laws to buy a cryptocurrency for students?
Cryptocurrencies are legal in many countries like the USA, the UK, Japan, and most developed countries. Know in which countries cryptocurrencies are legal and which countries have banned them.
Other than talking about India,,,,, there are no such laws that ban the trading of cryptocurrencies here. As many judgment has been passed by the supreme court of India related to this matter,you can read one of them from here.
However, for buying cryptocurrencies,students who are below 18 years old,,they can use their parent’s or any elder bank account to buy any crypto coin.
And if you are 18 years old,you have to follow the same procedure as other people do to open a bank account and buy digital coins.
Documents required for students to buy cryptocurrency?
You need certain documents to buy or invest in cryptocurrency. And all the crypto exchanges ask these documents to submit on their platform.
Note: All the documents you submit should have the same name such as ID proof, Pan Card and Bank account should be of the same person.
If you are below 18 years old.
These documents you have yo submit of your parents.
- The first thing you need is bank account. So minor’s(below 18 years old) cannot open a back account themselves and due to that their parents or gaurdian name must be included in the passbook while opening it.
- Pan card is required to submit to know information about your or your parents income tax.
- Id card such as adhaar card, voter Id is required to get verified by the exchange.
If you are above 18 years old
Those who have crossed the age of 18 years can make their bank account, voter ID, contact number and all other things.
How much money should students invest in cryptocurrency?
If you are very new to this game then make sure you invest 10-20% of your savings or earnings.
The minimum amount of money that you can put on any crypto exchange is 100 INR. But if you want to make some good profit do it by investing 500-1000 INR.
If you are a student either you will be getting pocket money or you may do some part time job to earn and save.
But crypto market is full of fluctuation it 10-20 minutes prices can go up high and come down.
So invest only if you are ready to loose some money.
What is the right time to buy a cryptocurrency?
The right time to invest on any crypto currency when it is down. I know you will not understand like this so watch this video till end to know when you should invest on crypto.
Things to know while buying crypto as a student
- Make your investment for long period or time. Only trade daily if you have good knowledge about what’s going in the market.
- Investing on cryptocurrencies have highest risk factor in one month you can be rich and at the same time your money can fly away.
- Don’t spread false information about it with your friends or family members and make them invest on it. Because if something will go wrong you will get blamed.
- Use your profit to invest on other crypto as well. Don’t make a new investment unless you make profit.