Unocoin, as I have discussed in the previous article, is a trusted Indian wallet for bitcoin. It offers a unique feature in Indian bitcoin industry that is uber cool, easy to use, flexible, and highly rewarding. It works on the basic principle of Systematic Investment Plan (SIP) – reducing risk by averaging out the cost. Unocoin’s SIP uses INR as reference for us to be able to decide on the periodic amount we would like to invest in buying bitcoins. Let me show you how to use SIP in Unocoin to make profits.
Real Account of Success
This is not an imaginary story to lure you into bitcoin trading! It is a real account of success in bitcoin trading that a common guy and a non-expert in the field achieved using Unocoin’s SIP.
I have been following bitcoin for almost two years. Although its volatility showed me the opportunity to make profits by trading it, the sheer range and speed of its volatility would scare me. Also, the fact that the exchange rate with INR was always high, didn’t allow me to venture into buying bitcoins due to lack of funds. Moreover, when I had funds, I didn’t know whether it was the right time to buy!
Unocoin’s SIP Explained
The SIP offers you the convenience of buying bitcoins every day, every week, or once a month, at the rate prevailing then. The best part is that you can enable or disable SIP any time as per your wish. When it is enabled, the corresponding amount of bitcoins equivalent to your SIP value (pre-determined amount in INR) are added to your account automatically. When you don’t want to buy anymore, you can just disable SIP.To enable SIP, follow this path after logging in to your Unocoin account: Bitcoins–>SIP.
Here you can set the fixed INR amount you want to invest either by entering the amount directly in the field or by dragging the blue circle on the bar. Also, check the appropriate option of Daily, Weekly or Monthly, under Period. This is based on how frequently you want to invest the above mentioned amount. After this, just click ‘Enable’. You will be asked to confirm again, and you are done. Now when you don’t want to invest, just click on Disable (the enable button changes to disable and vice versa).
How to Use SIP in Unocoin to Make Profits
Let me explain how I made clear profits in 2 months of SIP investment. As it was my first time, I did it cautiously with an investment of just Rs. 50 per day. The below table explains the process I followed.
|Step||Suggestion||What I did|
|STEP 1||When the bitcoin price is fairly low, which is usually after the beginning of a New Year or any time later, enable SIP in Unocoin for the amount convenient to you. Remember that you should be ready to play with the amount for long time to earn profit. It may be as soon as within a month or 7-8 months. So if you feel that you may require the money you invested in bitcoin any time soon, you may better avoid investing.||I started investing through SIP in the 2nd week of August, 2015, when the price of 1 BTC was just over Rs. 16,000|
|STEP 2||Keep watching the price and continue investing||I set aside Rs. 1500 a month to invest in SIP at Rs.50 a day|
|STEP 3||Stop when you get a hint||By the end of October 2015, the value of BTC started rising rapidly. I disabled SIP.|
|STEP 4 (1)||Sell off when you are happy with profit. Average out the risk in selling, too!||By Nov 2, BTC rose to Rs. 21,000 ($320). I sold only about half of my stock (0.11 BTC) for $35|
|STEP 4 (2)||Sell when you are happy with profit||BTC continued to rise and I sold 0.099 BTC at $42 (Rs. 27,200)|
We should be careful not to make similar mistakes as we tend to do in stock market trading. I personally prefer to be in profit (even if it’s less) rather than waiting to get higher profits and eventually incurring losses. That was the reason I sold the 0.11 BTC in STEP 4 (1) rather than waiting to see if it goes higher. And even if it did, I had some BTC left with me to use. I was anyway in profit, because I had bought when the price was Rs.16,000 and when I first sold it was Rs. 21,000! Overall, with the small total investment of Rs. 3,000, I made a profit of Rs. 1,100, which is 18% per month!
Bitcoins can be sold to Unocoin itself or you are free to sell it anywhere as you have complete control over your Unocoin Wallet. If you sell it to Unocoin, the INR will be automatically deposited to your registered bank account by NEFT. However, on this occasion, I sold it to someone else and got paid via PayPal.
If you too want to make similar profits with the ease of bitcoin trading, REGISTER ON UNOCOIN