How to Start a Bitcoin SIP in 5 Easy Steps?

Introduction

Investing in Bitcoin through a Systematic Investment Plan (SIP) can be an effective way to build your cryptocurrency portfolio while mitigating risks associated with market volatility. CoinSwitch, one of India's leading cryptocurrency exchanges, offers a user-friendly platform for SIP investments in Bitcoin. This guide provides a step-by-step approach to starting your Bitcoin SIP using Indian Rupees (INR).

Understanding Bitcoin SIP

A Bitcoin SIP allows you to invest a fixed amount in Bitcoin at regular intervals, typically weekly. This method leverages the principle of rupee-cost averaging, where you buy more Bitcoin when prices are low and less when prices are high, effectively averaging your purchase cost over time.

Here's a step-by-step guide to setting up a Bitcoin SIP using INR on CoinSwitch:

Step 1: Download & Sign Up on CoinSwitch

• Download CoinSwitch from your app store.

• Register an account using your email and phone number. Complete KYC verification by submitting necessary identification documents like your PAN card and Aadhaar card in order to get full access.

Step 2: Add INR to Your Wallet

• Open the home section of the app.

• Click on the "Add Money" button and select the amount you wish to deposit.

• Deposit money via bank transfer or UPI to top up your CoinSwitch wallet.

• It might take some time (usually under 5 minutes) for the amount to reflect.

Step 3: Choose Your Cryptocurrency

• Find the cryptocurrency you want to start your SIP with. Use the search bar or go to the Markets section to pick your preferred crypto asset.

• For this guide, we are using Bitcoin as an example.

Step 4: Set Up the SIP

• Once you select Bitcoin, click on the “Buy” option at the bottom of the app.

• You’ll now see three options to buy Bitcoin: Instant, Limit & SIP. By default, it will be set to “Instant”. Simply switch to the SIP mode.

• Choose the amount you want to invest every month.

• Specify the SIP date when the amount will be automatically deducted from your wallet to buy Bitcoin.

• Review the SIP details and transaction charges before clicking on “Buy BTC”.

• The process will be almost instant and display a success message like the one shown below.

Step 5: Monitor and Manage Your SIP

• Navigate to the "Portfolio" section and select Bitcoin to track your investments.

• In the Orders & History section, tap on the “SIP BTC” card as shown below.

• Now, you can cancel or pause your SIP anytime based on your preferences.

Congratulations! Your Bitcoin SIP is now set up, putting you on track to grow your Bitcoin holdings every month.

Wrapping it Up

By investing small amounts regularly, you can reduce risks associated with market volatility and build your Bitcoin holdings over time. Learn more about the SIP process and its benefits directly from CoinSwitch's support resources.

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