Bitcoin crossed the $50,000 mark on Monday. This is the first time it has crossed that point in three months. The boost came in light of investors piling on the crypto coin in a bargaining spree. At its peak, the popular cryptocurrency hit a high of $50,152.24, up 2.5 percent from mid-May. Speaking about bitcoin’s recent gains this week, Mudrex CEO and co-founder Edul Patel said, “If trading volumes pick up and the bulls manage to gain momentum, we could head towards $61,000 this week. You can see the dash. We are only at the beginning of the week, and things are already looking exciting for the coming week.”
cryptocurrency There is new fury for several reasons. It is non-refundable, it is safe and it is a good way to make a lot of money through investments. However, digital currency comes with its own set of drawbacks such as high market volatility, unpredictability and lack of regulation that do little to inspire confidence in first-time investors. So, before you dive into crypto pools, you should know a few things.
Trading on crypto exchanges: what you need to know
Like shared buying and selling on stock exchanges, cryptocurrency trading is primarily done crypto exchange. These exchanges help you as an investor to trade cryptocurrencies based on their current market value. This price is determined by demand, supply and the overall condition of the market. There are several layers of fees that you should be aware of before attempting it.
exchange fee
The first level is the exchange fee. It is the amount charged by the exchange for fulfilling a buy or sell order. Most of the exchanges in India have a fixed fee model but the final cost depends on the platform that you choose. This fee is the primary method of revenue for these exchanges, so keep that in mind when choosing. The fee these exchanges charge is generally between 0.1 percent to 1 percent or more for each trade. This means that if you invest about $1,000 in the trade, the commission to the exchange will be around $100 or more.
network fee
The essential premise of cryptocurrencies is that they need to be mined using a lot of computer hardware. This network fee goes to the miners who dedicate their time and effort to make this happen. It also helps you verify and validate each and every transaction to ensure that your crypto coins have not been used before. However, this fee is not controlled by the exchange and is set by the miners and is entirely based on demand. The more traffic on the network, that is, the higher the demand, the higher the fees can increase.
wallet fee
A crypto wallet is like an online bank account for your digital coins. It helps to keep your cryptocurrency secure. Additionally, it also allows the holder to send and receive coins. Think of it like Paytm Wallet. Most of these wallets do not charge you any fees, but if you choose a crypto wallet that comes with most exchanges, you may face an additional wallet handling charge. The wallet will be used to store cryptocurrency between trading. Fees come into play whenever you send crypto coins to someone else. It basically comes in the form of network charges.
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