Interested in Growing Your Financial Portfolio? Follow These Tips on How to Invest Money in Cryptocurrencies

If you’ve been following the financial markets, you’ve definitely heard about the ongoing craze that is cryptocurrency. Cryptocurrencies are a kind of digital currency based on a decentralized system known as the blockchain and have become one of (if not) the hottest digital assets in the market today.

In its earlier days, crypto was mostly used for making secure payments online. Today, investors are buying Bitcoin, Litecoin, Ether, and other cryptos to build and strengthen their investment portfolios.

If you’re thinking about venturing into cryptocurrency to diversify and grow your investments but are new to the world of crypto, this guide is just for you.

Let’s break down the simple steps of how you too can invest in crypto.

1. Find a Crypto IRA Provider or Custodian

The most convenient and tax-efficient way to add crypto to your portfolio is through a crypto IRA. Crypto IRAs, otherwise known as self-directed IRAs, are simply individual retirement accounts that can hold alternative assets- like crypto- that conventional IRAs can’t.

But first, you need an account to buy, hold and trade any cryptocurrency you intend to invest in. That is where a custodian comes in. Reach out to Viva Capital to learn more about Crypto IRA.

Start researching available cryptocurrency IRA providers online. You may use the term Bitcoin IRA to spread out your search because BTC has become rather mainstream.

Registering with most custodians is rather direct. You will need to fill in relevant details like your name, social security number, and banking info. But before settling on a specific custodian, ensure that their fees, account types, and cryptocurrencies match what you’re looking for in a platform.

2. Fund Your New Account

Once you have set up a cryptocurrency IRA, the next step should be to fund it. You can do this by transferring money directly from your linked bank account or any other method provided. The amount you put into your retirement account will, of course, depend on a lot of factors.

Some of these include:

• Type of cryptocurrencies you want to buy.
• The number of coins you want to purchase.
• The minimum investment required by the platform you pick.

Different platforms will have varying rules on the minimum dollar amount you can start with. So, ensure you are clear on this bit of information beforehand.

3. Place Your Crypto Coins Order

The last step is to complete a crypto order form. The order will usually contain information such as the amount you wish to spend and the type of cryptocurrency you want to buy.

Once your order is received and you get your desired coins, what you do with them is up to you. You can keep them and continue to add onto them regularly until such a time that they reach a considerable value. Alternatively, you can actively trade them on a crypto exchange platform.

Grow Your Investments by Adding Crypto to Your Portfolio

Bitcoin, Etherium, and other fast-growing cryptocurrencies hold massive long-term potential for value growth. So, if you’re thinking of a good asset you can buy to diversify your portfolio and hopefully grow your wealth, cryptocurrency is definitely a worthy consideration. And, with self-directed IRA, the process of investing in crypto is now simpler and more cost-efficient.

Make the move today lest you wish you did some few years down the line.