FinanceKeFunde 36
No matter what you do, no matter how old you are, one day you might not be able to continue working anymore.
Please don’t wait for that day to figure it out; start now!
With the proper planning & execution, you can achieve financial freedom.
Work because you want to, not because you have to!
FinanceKeFunde 34
Often we face multiple options, and choosing one becomes difficult.
A mentor helps us understand these choices and their repercussions. The decision always lies with us, and that’s fair too. After all, it’s our life, and we are ultimately responsible for it.
This principle applies to investing too. Understanding what each alternative entails is very important before making an opinion.
Happy Guru Purnima to all fantastic mentors who have helped us reached where we are and to those who continue to guide us on the way forward!
FinanceKeFunde 33
An investor should focus the initial years of the journey on creating wealth. Investing in focused stocks can help grow faster.
After a few years, the investor may shift to balance wealth creation & preservation by allowing some investments to be more diversified.
Later, as the goal comes closer, the investor should park the money in debt (to avoid fluctuations)
(Not financial advice)
Speaker: CA. Aishwary Gupta, Alumni IIM-C
Time: May 15, 2021 08:00 PM IST
We will talk about topics like
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Indian wallets like Zebpay and WazirX have opened avenues for Indian investors to be a part of the global cryptocurrency phenomenon. With a basic KYC, easy to load money feature and an interface similar to a stock broking application, they have played a pivotal role in introducing a lot of Indian investors to crypto. Funds can be added via bank transfers or even UPI (though in some wallets UPI option has been temporarily disabled). Most of these wallets even display the prices in Indian rupees to make it easier for an average investor to understand the price movement. Several advanced features like trading view, chart trading, and stop limit orders make it easier to manage the trades. With modern smartphones, most wallets use finger print authentication to allow easy access and quick trade.
Even though, these wallets are relatively easy to use, they have some limitations as well. If you are already using Indian wallets like Zebpay and WazirX, you have probably realized that there are limited number of cryptocurrency options available on these platforms. In order to access the ever-growing number of currencies, one may need to reach out to an international option like Binance.
International wallets/exchanges also offer different Decentralized Finance (De-Fi) investment options. One of them is flexible saving rate (similar to a bank savings account, but for cryptos), where you can invest your crypto with a facility to redeem anytime. Another popular option is Staking (similar to Fixed Deposits), where the currency stays locked for a fixed period, and gives you returns usually in the same currency. These amazing options often boost the returns from crypto assets even further.
As exciting as it sounds, direct access to such wallets is not that easy. Most wallets do not allow users to directly add money in Indian rupees. A quick work-around to this is to add money via Indian wallets. In this method, the user first adds money to the Indian wallet (likes of Zebpay and WazirX). This money is then used to purchase a crypto-currency, which is then transferred to the international wallet address. But this method may also entail a high cost. Let me explain.
When you are new to the crypto-world (which most of us are, considering the entire concept is quite recent), one is likely to start with a small amount, to try it out. Dip the toe in pool a bit, see what’s out there. First step is to open an account with a local wallet like Zebpay or WazirX. Say you decide to start with an amount of Rs. 20,000. As you load the money into bank, a small bank fee maybe deducted before the amount reaches your wallet. You go ahead and purchase a prominent currency Ether from the Ethereum blockchain. Now you want to transfer this money to your international wallet.
Wallets incur charges to transfer your crypto-assets from their wallet to an external wallet. These charges are recovered from you, in form of fee. As per the fee mentioned on Zebpay website, one has to pay 0.01 ETH fee for transfer of Ether from one wallet to another. At 2,00,000 INR/ETH that translates to roughly Rs. 2000. Now, as a newbie investor, losing 10% of your capital (2,000 out of an investment of 20,000) even before you have invested, doesn’t make a lot of sense. It seems outrageous and rightly so. Let us explore a possible solution.
A simple study of various currency options available and fee associated with them tells us that not all cryptos have similar charges. Some enjoy much lower transfer expense. For example, in case of XRP (Ripple), fee is 0.15 XRP only. At 100 INR/XRP this translates to just Rs. 15. Another example is TRX (TRON) which has a fee of 10 TRX. At 11 INR/TRX, the transfer fee would be Rs. 110. (Actual fee will depend on prevailing prices at the time transfer is done.) Hence, using such currencies makes more sense when transferring money from one wallet to another. For this article, we will use Ripple as an example.
Now, transfer is a bit tricky. Even though you are transferring from one wallet to another, you need the wallet details corresponding to a particular currency. So, for transferring Ripple, you need wallet details for Ripple, from the receiving wallet (international wallet in our example). If we transfer it to another currency wallet address, or use the wrong address, our investments may be lost forever.
We will break it down the transfer process for you in easy-to-follow steps:
On transfer, you may want to convert this Ripple directly into the currency you want to invest in. If that option is not available, you may check the crypto pairs your target crypto currency is available in. For example, if you want to invest in DOT (Polkadot), check possible crypto-currency combinations available with DOT, which are common with XRP. If there is a direct match available with XRP and any of the paired currency, you may convert to that currency and then use that to buy your desired investment.
If you do not have an immediate investment option, you may want to hold on for a while. However, Ripple is also a volatile currency. It may not be prudent to keep your assets parked in Ripple (unless that’s your investment choice). In such a case, you may convert it to a stablecoin like USDT or BUSD. These coins are pegged to a dollar and usually do not show heavy volatility (except in event of massive moves in the market).
In this article we discussed how to transfer cryptocurrencies from one wallet to another at very low costs. Use XRP(Ripple) or TRX(TRON) to reduce costs significantly. Ensure minimum balance is available (min. withdrawal limits + fee). Carefully enter the deposit address and tag of appropriate cryptocurrency. Once the transfer is complete, you can invest in other crypto-currency options and even Decentralized Finance applications.
Happy Investing!
Cryptocurrencies are highly volatile and involve high risk. The content shared here is only for educational purpose. Please consult your financial advisor before making any investment related decisions. The author or the website will not be liable for any loss incurred by you. The article contains referral links to wallets, which may benefit the author/website at no additional cost to you.
Inbound Queries: How do I transfer crypto from one wallet to another? Transfer crypto cheap. Invest in Bitcoin cheap, Indian Crypto exchange, add money to crypto wallet, add money to international wallet, Binance wallet, Add money Binance, transfer to Binance
Cryptocurrencies (including Bitcoin, Ethereum, Binance and XRP) have been attracting a lot of attention, especially after the epic rise of Bitcoin & Ethereum. At the time of writing this article, Bitcoin is trading close to $62,300 a whopping 786% rise from $7035 on Apr 18, 2020. Ethereum has seen a move from $170 to $2500 which is 1370% increase (yeah, that’s true).
The big gains may seem very attractive, but these are not just new markets, they play by rules different than most traditional investment avenues. Cryptocurrencies are different from regular stocks and bonds in several ways, but a key difference lies in market hours. Unlike traditional options, crypto market is open 24X7. That means you can trade in cryptocurrency any time of the day or night – 24 hours a day, 365 days a year.
Typical stocks are traded during fixed hours. The live current market price is benchmarked against previous day close. This means if you want to calculate price change in stocks, you compare the change is price from previous day close and take it as a percentage of the previous day closing price. In case of Cryptocurrency, since there is no specific opening or closing time, it is not possible to follow the same methodology. A crypto trader sees day change as 24-hour change.
Price Change = (Live Price – 24 HourAgo Price) / 24HourAgo Price * 100
This means that when you look at price change, you are looking at the percentage change over the last 24 hours. It is difficult to ascertain solely from the price change, whether this is the actual change or just a result of volatility. In a way, this is a 24-hour rolling returns on a very dynamic basis. These prices may not be as important for long term investors but do impact decision making for short term traders.’
Cryptocurrencies are highly volatile and involve high risk. The content shared here is only for educational purpose. Please consult your financial advisor before making any investment related decisions. The author or the website will not be liable for any loss incurred by you. The article contains referral links to wallets, which may benefit the author/website at no additional cost to you.
Incoming Queries: What time do cryptocurrency markets open? Can you buy crypto when the market is closed? Does Bitcoin trade 24 hours a day?
The previous budget has introduced a new tax regime, where an individual tax payer has an option to opt for a lower tax rate (but with fewer deductions and exemptions) instead of the regular tax regime (with all deductions and exemptions available). This is the first year when this option will be exercised.
Salaried employees may choose between the two options on a yearly basis. In fact, even after opting for a particular option with their employer, they may opt for another option while filing their ITR. For assessee with business income however, new tax regime is a one way road. Once opted for the new tax regime, you cannot go back to old regime.
Before the amendment, an assessee failing to file ITR by the due date of 31st July could still file it by 31st March, with late fee. Similarly, any changes/revisions in the return could be made till 31st March of the same year.
With Finance Bill for 2021-22, this time limit has been reduced by three months and therefore till 31st December of the same financial year.
Dividend (from domestic companies and equity mutual fund) was tax free for majority of small investors as tax was paid by the company/mutual fund at the time of distribution of dividend. However, this exemption has been removed. Now, dividend income will also form a part of the taxable income.
Further, if the amount of dividend exceeds Rs. 5000, the company or mutual fund house would deduct TDS on the same. This TDS would also be reflected in Form No. 26AS.
Link for monthly PMS and AIF Guide published by PMS Bazaar:
· PMS Guide- https://pmsbazaar.com/PMSGuide
· AIF Guide- https://pmsbazaar.com/AIFGuide
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