There are multiple ways to invest in gold. Here’s a detailed guide on how you can determine the price of gold and make the best of your gold investment.

Here’s a detailed guide on how you can determine the price of gold and make the best of your gold investment.

Table of Content

• Latest Gold News In India
• How is the Price of Gold Determined?
• Gold Price Discovery
• How to Trade in Gold in India
• Ways To Buy Gold
• Gold Import Duty in India
• Bottom Line
• FAQs

Gold Price In Indian Cities

The price of gold (XAU) today, as of 9:34am, is INR 6,526 per gram of 24-carat gold. That's up 0.70% on yesterday's close of INR 6,481.

Compared to last week, Gold is up 2.91%. It's up 2.03% on one month ago.

The 52-week gold price high is INR 6,468, while the 52-week gold price low is INR 5,819.

The price per gram of 22-carat gold is INR 5,982.

Gold prices vary by city. Check out below to see the price of gold where you live.

Compare 22K & 24K Gold Rate In India (Yesterday & 20 May 2024)

24 Carat Gold Rate Today

22 Carat Gold Rate Today

*The gold price data above is provided by Zyla Labs, which sources asset price data from a wide range of sources. This gold price represents an average of spot gold prices on several leading metals exchanges. Prices are updated every business day.

Gold Rate Today: May 20, 2024—XAU's Price Drops

The price of gold (XAU) today, as of 9:34am, is INR 6,526 per gram of 24-carat gold. It's up 0.70% on yesterday's close of INR 6,481, up 2.91% on last week and up 2.03% on one month ago.

The 52-week gold price high is INR 6,468, while the 52-week gold price low is INR 5,819.

The price per gram of 22-carat gold is INR 5,982.

Gold ROI

If you purchased a gram of 24-carat gold at today’s price of INR 6,526 and sold it in 10 years at an average annualized return of 10%, you’d earn approximately INR 11,211 in interest, assuming daily compounding.

If you want to start investing in gold digitally, there are a few ways to do so. Digital gold is a method by which you can invest in the yellow metal in small fractions anytime and anywhere with the convenience of digital access to the commodity. Keep in mind you may owe taxes on any gains you realize.

Gold Rate Over Time

The 24-carat gold price has increased by 0.70% from yesterday’s closing price. Overall, the price of gold has moved up this year. Over the past 90 days, it has increased to its current price. Gold’s price today is in line with its average for the first half of the year of INR 6,526 per gram of 24-carat gold.

Gold Rate In India Today: May 20, 2024

Gold Price Comparison For The Last 10-Days

Monthly Graph of Gold Rate in India (24K Gold)

Monthly Graph of Gold Rate in India (22K Gold)

Factors that Determine Gold Price in India

Typically, the demand and supply for an asset class determines its price. This phenomenon is no different for gold. However, the price of gold is heavily dependent on other key factors including:

Central Bank Gold Reserves

Gold is considered an important reserve for any central bank worldwide given its ability to support the national currency. For instance, all banknotes issued by the Reserve Bank of India (RBI) are backed by gold.

When a country exports gold and continues to have rich gold reserves, such a situation automatically helps in strengthening its currency. Countries with low gold reserves or seen importing more gold may witness their currency getting devalued with the passage of time.

This explains why the Indian government recently hiked import duty on gold from 10.75% to 15% to stifle an increase in gold imports, which was putting pressure on the country’s current account deficit. By making gold purchases expensive, gold imports could be brought down consequently preserving foreign reserves.

In general, when a central bank or government buys more gold, its prices tend to increase. Exports may result in lower gold prices in the home country.

Strength of the U.S. Dollar

The price of gold is inversely proportional to the value of the U.S. dollar. When the U.S. dollar strengthens, the price of gold falls and vice versa. Amid high inflation, the capacity to purchase more goods decreases, thereby denting the value of the U.S. dollar. As the U.S. dollar depreciates, the price of gold picks up.

In India, to determine the price of gold, the U.S. dollar’s conversion to the Indian rupee is considered. When the Indian rupee depreciates against the U.S. dollar, the price of gold is likely to fall.

Demand for Gold

When the demand for gold rises, it pushes its prices higher. The demand for gold can increase via two ways:

• Household and Industrial demand

Household demand for gold is fuelled by the demand for gold jewelry or other physical forms of gold purchases such as bars and coins. India is among the top physical gold buying countries. When the demand dips, supply increases, weakening the price of gold.

• Industrial demand is fuelled by electronic and medical device manufacturers who require gold for productions of their goods. When the demand dips, the price of gold is likely to fall.

• Investment demand

Investment demand is mostly fuelled by ETFs houses worldwide who purchase gold to cater to their investing clients’ requirements. Q1 2022 Gold Demand Trends report by Gold.org shows gold ETFs had their strongest quarterly inflows since Q3 2020, fuelled by safe-haven demand. Holdings jumped by 269 trillion, more than reversing the 174 trillion annual net outflow from 2021.

Gold Production Capacity

Gold is a commodity that is available in limited quantities and miners have to ensure the demand is being constantly met. The same report by Gold.org mentioned above also showed mine production hitting an all-time first-quarter high, which dates back to 2000, to 4% and a 15% year-on-year high to 310 tonnes jump in resurgent recycling marking the strongest first quarter for gold recycling activity for six years.

As a general demand-supply rule, when the supply of gold increases, its price is likely to fall if the demand remains unchanged.

Interest rates

The price of gold is significantly influenced by fluctuations in interest rates. When interest rates rise, the opportunity cost of holding non-interest-bearing assets like gold increases. Investors tend to favor interest-bearing assets such as bonds and savings accounts over gold in such situations because they can earn income from these investments. As a result, the demand for gold diminishes, leading to a decrease in its price.

Higher interest rates can also make borrowing more expensive, which can reduce economic activity and decrease the demand for gold in industries like jewelry and manufacturing. This negative correlation between interest rates and gold prices is a key factor in understanding how monetary policy decisions can impact the precious metal's value.

Conversely, when interest rates fall, the appeal of gold as an investment option tends to rise. Lower interest rates can lead to diminished returns from traditional interest-bearing investments, prompting investors to seek alternative assets, such as gold, which doesn't rely on interest income. The increased demand for gold in a low-interest-rate environment can drive up its price. Moreover, lower interest rates can stimulate economic activity by making borrowing more affordable, which may boost the demand for gold in industries and drive its price higher.

In summary, the inverse relationship between interest rates and gold prices is rooted in the changing opportunity costs and the shifting preferences of investors during different economic conditions.

Making charges

The making charges of gold jewelry significantly impact the overall price of gold. Making charges are the fees applied by jewelry manufacturers and retailers to cover the cost of crafting, designing, and marketing the jewelry. These charges are usually expressed as a percentage of the gold's base price. The higher the making charges, the more expensive the piece of gold jewelry becomes. Consumers should be aware of these charges when purchasing gold ornaments, as they can vary widely from one jeweler to another. Therefore, when evaluating the price of gold jewelry, it's essential to consider both the prevailing market price of gold and the making charges to determine the total cost.

Festivals

In India, the price of gold is intricately linked to the festival season. Gold is a traditional and auspicious gift during festivals and special occasions like Diwali, Dhanteras, Akshaya Tritiya, and weddings. During these festive periods, the demand for gold surges as people purchase it for gifting, wearing, and investment. This increased demand can put upward pressure on gold prices.

Jewelers and retailers often anticipate this heightened demand and may adjust their prices accordingly. Therefore, it's not uncommon to see gold prices rise in the run-up to major festivals as people rush to buy gold, and jewelers accommodate the higher demand with potential price increases. After the festivals, prices may stabilize or even dip, as demand normalizes. So, for many in India, the festival season plays a crucial role in influencing their gold buying decisions and, consequently, the pricing dynamics of this precious metal.

Inflation

Inflation and the price of gold often have a complex relationship. Gold is often considered a hedge against inflation, and its price tends to rise when inflation is a concern. Here's how inflation influences the price of gold:

• Preservation of Value: Gold is a tangible asset that retains its value over time. During periods of inflation, the value of fiat currencies tends to erode as prices for goods and services increase. Investors often turn to gold as a store of value to protect their wealth from the impact of rising prices.
• Safe-Haven Asset: Gold is perceived as a safe-haven asset, especially during economic uncertainties and high inflation. When investors are concerned about the purchasing power of their money, they may increase their investments in gold, which drives up demand and, subsequently, the price.
• Negative Real Interest Rates: Gold tends to perform well when real interest rates (nominal interest rates minus inflation) are low or negative. During periods of high inflation, central banks may keep interest rates low to stimulate economic growth. When real interest rates are low or negative, the opportunity cost of holding gold (which does not provide interest or dividends) is reduced, making gold more attractive as an investment.
• Supply and Demand Dynamics: Inflation can also affect the supply and demand dynamics of gold. For instance, if inflation leads to increased demand for gold jewelry and industrial applications, it can put upward pressure on gold prices.

Why Do Gold Rates Vary Across Different Indian Cities?

Gold rates vary across different Indian cities due to several factors, including:

Local Demand and Supply: The demand for gold can differ significantly from one city to another based on cultural practices, traditions, and local preferences. Cities with higher demand may experience slightly higher prices. Additionally, the supply of gold jewelry and bullion in a particular region can influence prices.

Transportation and Logistics Costs: The cost of transporting gold to various cities, as well as the operational expenses of maintaining jewelry stores, can affect prices. Cities located closer to major gold markets or refineries may have lower transportation costs, which can translate into lower gold prices.

Taxes and Duties: Local taxes and duties, such as state-level value-added tax (VAT) and excise duties, can differ between states and union territories. These taxes are added to the base gold price and can result in variations in the final price of gold jewelry.

Local Economic Conditions: The economic conditions and income levels of residents in different cities can impact gold prices. Wealthier cities may see higher demand for luxury gold items, which can affect pricing.

Currency Exchange Rates: Since gold is traded internationally in U.S. dollars, fluctuations in the exchange rate between the Indian Rupee and the U.S. dollar can lead to variations in gold prices across cities.

Making Charges: Making charges set by local jewelers can also vary from one city to another. These charges, which cover the cost of crafting and designing jewelry, are added to the base gold price and can differ based on local preferences and craftsmanship.

Local Competition: The level of competition among jewelry retailers in a particular city can influence pricing. A city with more jewelers may have more competitive pricing.

Government Regulations: Local or state government regulations can impact gold prices. For example, certain regions may have stricter regulations on hallmarking, which can affect the quality and price of gold jewelry.

Global Market Trends: While local factors play a significant role, gold prices are also influenced by global market trends, such as international supply and demand, geopolitical events, and economic conditions, which can affect prices uniformly across all cities.

Due to these multifaceted factors, gold rates can vary from city to city within India. It's essential for consumers to be aware of these influences and compare prices when buying gold to ensure they get the best deal.

Gold Price Discovery

Gold prices are fixed twice a day by five London Bullion Market Association (LMBA) market makers who comprise the London Gold Market Fixing Limited. They set the prices for gold that are globally considered as the international standard for gold pricing. Bids are collected from buyers and sellers and a price is discovered as fixed price for the day.

Two kinds of gold prices are discovered via the LMBA market makers:

• Spot price: This is the market price at which gold is bought and sold on the spot, and involves immediate exchange of payments and delivery of gold.
• Futures price: This is the set market price at which buyers and sellers agree to carry out gold trade at a determined future date.

In India, gold prices are determined by the Indian Bullion Jewellers Association (IBJA). IBJA invites “bid” and “ask” quotes from the top ten gold dealers in India who arrive at a price suggestion by factoring in the international price of gold and multiplying it with the currency exchange value, import duty and other taxes and their margins.

IBJA then determines a mean price for gold on a particular day. This mean price is further corrected by adding any other taxes needed to derive a gold rate for the day.

How to Trade Gold in India

In India, gold is traded on a government-run dedicated stock market exchange called the Multi Commodity Exchange (MCX). A gold trade on the MCX implies trading in future contracts of gold, also called gold futures.

The way a futures contract works is that an agreement is made to buy or sell gold at a future date for a set price. While the investor has the option of taking the physical possession of gold at the determined future date, it is more common for them to settle the futures contracts in cash.

The MCX permits the investor to trade in gold via four kinds of futures contracts. These include:

• Gold
• Gold Mini
• Gold Guinea
• Gold Petal

To trade in a gold futures contract, you need to have a trading account with a commodity account with the commodity exchange of your choice. Besides the MCX, global commodity exchanges are popular for gold futures trading. Top commodity exchanges for gold trade include:

• London Metal Exchange (LME)
• Intercontinental Exchange (ICE)
• Chicago Mercantile Exchange (CME)
• Tokyo Commodity Exchange (TOCOM)

The price of gold traded on the MCX is determined by the following factors:

1. International price of gold
2. USD conversion to INR
3. Troy ounce to gold conversion (gold prices globally are tracked in troy ounces instead of grams, a gold weight measure used by the MCX)
4. Trading activity on MCX (supply-demand of gold)

1 troy ounce is equal to 31.103 grams.

The quoted price of gold on the MCX is 10 gms for 1 unit of gold. Hence to determine the price of gold on the MCX, the calculation formula is:

Price of 1 Unit = International gold price x USD-INR conversion / troy ounce to grams conversion

Ways To Buy Gold In India

Investment in gold can be via multiple ways depending on which market instrument the investor is most interested in. Among popular ways to invest in gold are:

1) Physical Gold

To make a physical gold purchase, investors can choose between:

Gold Jewelry

The best way to buy and sell gold jewelry is via jewelers. Choosing hallmarked jewelry is a sure shot way to ensure you aren’t paying more than the value of the purchase.

Any purchase of gold jewelry attracts cost of making and taxes, namely the Goods and Services Tax or the GST. Making charges to the tune of 5% to 20% and GST of 3% are standard.

When you sell this gold jewelry, you may not be able to retrieve the making charges and the GST paid at the time of purchase. You may need to pay capital gains tax over the proceeds you make from selling your jewelry—short-term capital gains tax for jewelry below the period of 36 months and long-term capital gains tax of flat 20% if held above 36 months.

Gold coins and bars

The best way to buy and sell gold coins and bars is via jewelers, bullion traders or government-backed institutions such as the MMTC. You must check the hallmark on the gold coins and bars before buying.

Gold coins and bars attract making charges to the tune of 2% to 10%, and a GST of 3% similar to what one pays for the purchase of gold jewelry. This GST value is not retrievable at the time of sale.

2) Digital Gold

Sovereign Gold Bonds (SGBs)

Sovereign gold bonds are government-backed securities available in denominations of grams. The minimum investment in a sovereign gold bond can be 1 gram and the maximum investment limit can go up to 4 kilograms per year for an individual and 20 kilograms for trusts.

SGBs are issued for a lock-in period of eight years and their early redemption is permitted after the first five years of investment. Investors can’t redeem SGBs on any given day; instead, they can redeem their SGBs on interest payment dates announced by the RBI.

Sovereign gold bonds are considered better investments than physical gold as purchase of these bonds attracts lower costs and better annual returns. Investors are paid an assured interest rate of 2.5% semi-annually. Upon redemption of SGBs, interest paid to the investor is taxable while the capital gains upon maturity of these are tax-exempt for individual investors. This tax exemption is not applicable for trusts, however. Click the following link to read our guide on how to buy sovereign gold bond.

Gold ETFs

Gold ETFs are units of gold held in a dematerialized form, and are available to trade in similar to how mutual fund units are available on the stock market exchanges.

Investing in gold ETFs is simple: you need to choose your preferred gold ETF listed by your brokerage company or fund house on the stock exchanges and begin trading via your demat account.

Gold ETFs do not have lock-ins and are fairly easy to enter and exit. Whenever a gold ETF trade is conducted, a brokerage charge is applicable. The fund house also charges processing fees.

The taxation on gold ETFs is similar to the taxation of any market-linked asset linked on the stock exchanges. Investors pay capital gains tax on making a profit and do not need to pay any GST like in the case of physical gold.

Digital Gold Wallets

With digital gold wallets, users can download the mobile applications of the gold wallet provider and invest as low as INR 1 in the gold wallet through various online fund transfer facilities. This is similar to buying INR 1 gold.

These companies store this gold in the lockers of MMTC-PAMP.

The purity of gold is predefined and the gold can be sold and bought any time and from anywhere through these mobile applications.

In the recent past, many companies have introduced gold wallets. These companies include the likes of PhonePe, GPay, Paytm, among others, who provide their users this facility.

Gold Import Duty in India

Import duty is the tax the government imposes on the import of goods into the country. This import duty has to be borne by the consumer who has imported the goods in question, and the purpose of levying import duty is to check the movement of goods and also protect domestic industries besides earning state revenue.

Import duty falls under the category of indirect taxes in India and is commonly referred to as customs duty as well. For the import of gold, the Indian government has set a limit of 1 kg of physical gold and any import above 1 kg is taxed heavily.

Here’s how the gold import duty in India looks like:

• Import on gold jewelry, bars and coins is currently set at 12.5%. When GST is added over this duty, the final tax on the physical gold asset turns out to be 12.5% + 3% flat GST + 5% GST on making charges.

• Import on gold jewelry, bars and coins above 1 kg is set at 36.05%. Upon adding GST, the final tax on the physical gold asset turns out to be 36.05% + 3% flat GST + 5% GST on making charges.

Bottom Line

Investing in gold must be done under supervision and with the help of financial experts or portfolio managers. While gold investing has its sheen, creating an all-gold portfolio isn’t considered the wisest choice. As a thumb rule, gold should be used to add a more stable asset class to your financial portfolio, and help you in diversifying your investments to some extent.

Date: May 18, 2024 Saturday (In India on Sunday May 19)

Time: Around 3:30 AM IST (Sunday), Around 11 PM UK (Saturday)

Venue: Kingdom Arena, Riyadh, Saudi Arabia

Tyson Fury will fight against Oleksandr Usyk in a heavyweight clash for the WBA, WBC, WBO, and IBF titles on Saturday, May 18, live on Sky Sports Box Office. This 12-round heavyweight title clash will occur in Saudi Arabia and is expected around 11 PM UK and Ireland time, i.e., 3:30 AM the next day in India. This fight will title the first undisputed heavyweight champion after Lennox Lewis defeated Evander Holyfield in 1999. 

Tyson is 35, and Oleksandr is 37. Fury is English-born and has a record of 34-0-1 (24 KOs), and Usyk is Ukrainian-born and 21-0 (14 KOs). You can watch the fight on Sky Sports; let us dive deep into it. 

Where To Stream Fury vs. Usyk Online

Boxing enthusiasts in India can watch the fight between Tyson Fury and Oleksandr Usyk online on Dazn India. The subscription costs INR 1,850 pay-per-view. 

The official channel to stream the fight is Sky Sports Box Office. The subscription price for it is £20 per month. TNT Sports Box Office will also stream the live battle between Fury and Usyk. 

Live Streaming Options for The Tyson Fury vs. Oleksandr Usyk Fight 

You can watch the live fight between Tyson Fury and Oleksandr Usyk from anywhere in the world by subscribing to the above country-wise streaming channels, or else you can also opt for the best VPNs to watch the live coverage of the fight.

Is the Tyson Fury vs. Oleksandr Usyk Fight Not Available in Your Country?

The final fight between Tyson Fury and Oleksandr Usyk for the title of undisputed heavyweight champion is available primarily worldwide for Boxing enthusiasts. DAZN is a sports streaming platform widely used for boxing matches. The other platforms are Sky Sports and TNT. 

On the other hand, if you cannot access these platforms, you can also opt for a virtual private network service provider. It helps you bypass geo-restrictions and watch sports content uninterrupted. So, don’t forget to watch the live fight between Tyson Fury and Oleksandr Usyk this weekend. 

How To Watch the Tyson Fury vs. Oleksandr Usyk Fight Online From Anywhere Using a VPN

Boxing fans can watch the live battle between Tyson Fury and Oleksandr Usyk from anywhere using a VPN service. A virtual private network is the best option for streaming sports or international content without hustle or intervention. 

NordVPN, Private Internet Access, and TorGuardVPN are some of the best VPNs. NordVPN is one of the best VPNs overall, PIA is the best for customizable security, and TorGuard VPN is the best for customization. 

Forbes Advisor India has compiled a list of countries and their streaming platforms for watching the fight. DAZN is the most commonly used sports streaming platform for boxing matches. A VPN would be your best choice if you cannot access the channel. 

ExpressVPN is the best choice in India for live-streaming the fight between Tyson Fury and Oleksandr Usyk. The monthly price range is around INR 547 to around INR 1,062. The advantage is that it connects up to five devices and has a 30-day money-back guarantee. 

It has high-end features, including DNS protection measures, defeat censorship, aircove, unlocking sites and services, and a kill switch. It also offers extensive security features, split tunneling, 24/7 customer support, and a one-click connection. 

NordVPN is one of the best choices for Android devices. The starting price of the VPN is around INR 412 per month. You can opt for TorGuard VPN, which is commonly known for its speed. The starting cost is INR 826 per month. 

Check out our Forbes Advisor India’s choices for Android VPNs in India. 

Remember to watch Tyson Fury and Oleksandr Usyk fight on Sunday, May 19, 2024, at around 3:30 AM (IST).

Tyson Fury vs. Oleksandr Usyk: When and Where

Tyson Fury and Oleksandr Usyk will fight against each other on May 19, 2024. The fight will occur at Kingdom Arena, Riyadh, Saudi Arabia, around 3:30 AM IST. Both will fight for the title of the undisputed heavyweight champion. 

This event kept getting postponed from December 2023, and finally, it’s going to take place over the coming weekend. The previously purchased tickets are valid. The tickets start at $400 (i.e., around INR 33,405). You can purchase them from the Kingdom Arena website. 

How to watch Tyson Fury vs. Oleksandr Usyk in the United States

The best way to stream Tyson Fury and Oleksandr Usyk is to subscribe to DAZN PPV, which costs $19.99 monthly.

You can also select a VPN provider and connect to a server anywhere in the USA to watch the live fight between Tyson Fury and Oleksandr Usyk on May 19. The best VPN services in the country are ExpressVPN, TorGuard VPN, and NordVPN.

How to watch Tyson Fury vs. Oleksandr Usyk in the United Kingdom

In the UK, the best streaming platform is Sky Sports. It lets you watch the live battle for the undisputed heavyweight championship. It streams live boxing fights, and the starting price is £20 per month. 

Don’t forget to watch the fight between Tyson Fury and Oleksandr Usyk. The match will take place in Kingdom Arena, Riyadh, Saudi Arabia.

How to watch Tyson Fury vs. Oleksandr Usyk in Canada

Watching boxing matches is super easy in Canada. DAZN CA will stream all the live-fighting matches for boxing lovers. The subscription starts at $29.99 per month. 

You can also choose a VPN provider and connect your server somewhere in Canada or Saudi Arabia to watch the live battle between Tyson Fury and Oleksandr Usyk. 

How to watch Tyson Fury vs. Oleksandr Usyk in India

Watching boxing matches is extremely easy in Canada. DAZN India will stream all the matches for its boxing fans. The subscription is pay-per-view at $1,850. 

You can also choose a VPN provider and connect your server somewhere in India or Saudi Arabia to watch the live battle between Tyson Fury and Oleksandr Usyk. 

How To Set Up a VPN

Before setting up a VPN, the most significant and essential step is deciding on a compatible service provider. Research and choose a reliable provider that meets your needs and fits your budget well. Choose a company with great security features, speed, and connectivity. 

General steps to follow while setting up a VPN:

Step 1: Subscribe to your chosen VPN provider and download the application to your device.

Step 2: Create an account or log in using your credentials.

Step 3: VPN application > VPN server > Connect.

A few VPN providers will directly connect you to a server based on your location, but you can always manually connect to a server of your choice. Once that is done, your traffic will be directly there, and do not worry; it is encrypted, so it has more security and privacy. You can easily livestream the Tyson Fury and Oleksandr Usyk fight. 

Check out a more detailed version of how to set up a VPN on any device.

Frequently Asked Questions (FAQs)

Starting your own online clothing store can be a very lucrative business venture. While it can take a while to source suppliers, it’s still relatively easy to get started. We’ll detail the steps to get your store online in a matter of weeks, rather than months, with minimal investment.

Step 1. Decide on a Niche

A niche is a segment of the market that you can focus on and cater to. Niches are important because they help build authority in your segment. Do you want to sell streetwear, formal wear or something in between?

When deciding on a niche for your store, consider two factors:

• What are you passionate about?
• What can you offer that other stores don’t?

For example, if you’re passionate about fashion and have an eye for unique clothing, you could open an online vintage store. Alternatively, if you have a background in design, you could start a store specializing in custom-made clothing.

Niche ideas to get you started include:

• Plus-size activewear
• Custom jerseys
• Boho-chic
• T-shirts
• Ethnic wear
• Custom ball gowns
• Business attire

Step 2. Choose a Name and Register Your Business

Your store’s name is important because it will be how customers identify your business. When choosing a name, make sure it’s unique and memorable, but also easy to spell and pronounce. Check to see if the domain name is available, as well as social media channels. Use a site such as GoDaddy to ensure you can secure the domain name.

Also Read: Best Domain Registrars

Once you’ve chosen a name, register your business. Do this through the Ministry of Corporate Affairs (MCA), otherwise use a service such as BetterLegal. The online filing service you use will typically charge a fee in addition to the state filing fee.

The most common types of businesses to file are limited liability companies (LLC) or sole proprietorships. If you plan on having partners in your business, an LLC is the best option. Sole proprietorships are businesses owned and operated by one person. This is the simplest business structure and can be a good option if you’re just starting out.

Step 3. Source Your Products

The reason we recommend sourcing your products before creating your website is that finding suppliers can take a significant amount of time. There’s no use paying for a website without having products to sell.

There are a few ways to source products for your store:

• Manufacture your own products
• Order wholesale from a supplier
• Dropship products from a supplier

If you’re planning to manufacture your own products, you’ll need to find a manufacturer and set up a production line. This can be expensive and time-consuming, but may be worth it to make something unique.

To set up a production line, you’ll need to:

• Research manufacturers and narrow down a list of candidates
• Choose a reputable manufacturer
• Work with the manufacturer to create your product
• Get samples
• Invest in quality control

If you’re not planning to manufacture your own products, you can either order products wholesale or dropship them. Dropshipping is when you sell products that are shipped directly from the supplier to the customer. This is a good option if you’re just starting out because it requires less upfront investment. You’ll need to find a supplier who offers dropshipping and set up an account with them.

When choosing a supplier, consider:

• Reputation
• Price
• Shipping times
• Product quality

Popular sources for suppliers, wholesalers or manufacturers include DHgate, Alibaba, LA Showroom, Oberlo, Abound, Handshake and FashionGo.

FashionGo is one example of a market for wholesale products.

Step 4. Create Your Website

After securing a supplier, you need an e-commerce platform. This is how customers will find and purchase your products. For ultimate customization, use WordPress and WooCommerce or Magento. If you’re not familiar with website design, there are plenty of platforms you can use to create a professional-looking website, such as Shopify or BigCommerce. These programs are easy to use and have a wide range of templates to choose from.

When creating your website, make sure to:

• Include high-quality product photos
• Write clear and concise product descriptions
• Make it responsive (meaning it looks good on all devices)
• Set up payment processing
• Include a blog to show your brand’s personality
• Make your website SEO-friendly

Platforms such as Shopify make it easy to get started with step-by-step instructions and follow the same basic outline for publishing your site:

• Create an account.
• Install product apps. To dropship, you need an app. There are other apps to extend the functionality of your store, such as customer reviews and chatbots.
• Choose and customize your theme. Most platforms offer both free and premium themes.
• Add products. This step includes adding photos, writing your SEO-friendly description and setting prices.
• Create pages and organize your menu. Important pages include an “about me/us” page, shipping policies and contact page.
• Customize your domain name. A domain name is your website URL. For example, forbes.com.
• Set up shipping. Which shipping providers will you use to send customers’ orders to them?
• Create a test order. Before making your site live, click every link to ensure they work, and run a few test orders to ensure things operate smoothly.
• Publish your site.

Examples of apps available through the Shopify platform to help source and sell products.

Step 5. Market Your Online Clothing Store

Now that you have a website and products to sell, it’s time to market your store. There are many ways to market an online clothing store. Some common methods include:

• SEO (search engine optimization): This is the process of optimizing your website to rank higher in search engine results pages. An easy way to do this is to use keywords people search for in relation to the item you’re promoting. Popular keyword research tools include Ahrefs and Semrush.
• Paid advertising: You can use platforms such as Google Ads, Facebook Ads and Instagram Ads to place advertisements for your store.
• Email marketing: Capture email addresses from visitors to your website and then send them marketing emails. To do this, you need an email marketing software, such as Mailchimp.
• Affiliate marketing: Affiliates are people who promote your products in exchange for a commission on each sale they generate.
• Content marketing: This is a broad category that includes SEO, social media and blogging. The goal of content marketing is to attract potential customers to your website and then convert them into paying customers.
• Influencer marketing: Work with social media influencers to promote your products. Networks such as Intellifluence and Upfluence help brands find influencers to work with.
• Customer loyalty rewards: Offer customers loyalty rewards, such as discounts and free products, for frequently purchasing from your store. You can also offer discounts to customers who promote your product on their social media channels.
• Generate press coverage: Getting featured in publications, such as magazines and newspapers, can help increase brand awareness. An easy way to accomplish this is through Help a Reporter Out (HARO), where you respond to press queries about industry topics.
• Gift bags: Promote your clothing store by adding coupons and other incentives to gift bags offered at in-person events. HARO also has a gift bag feature where event hosts ask brands to send products for swag bags.

As an online clothing store owner, select “I’m a Source” to sign up for email notifications about stories needing your expertise.

Frequently Asked Questions (FAQs)

Home loans provided by banks to salaried and self-employed individuals for buying a plot of land to construct a house, purchase constructed residences, or refurbish existing ones, come with an added rate of interest (ROI) on the premium amount when the equated monthly installment (EMI) begins.

Added interest rates on lump sum advances are crucial to determining if you can afford to take a home loan. Your income, credit score, repayment tenure, loan amount, and relationship with the bank play a crucial role in getting an attractive rate on the borrowed sum.

With the Reserve Bank of India’s (RBI) pause in rate hikes at 6.50%, most Indian banks have altered their
rates for new home loans given to salaried and self-employed consumers.

Here’s a list of interest rates applied by major banks of India.

Home Loan Interest Rates in May 2024

The interest rate on home loans also depends on the application, whether with or without security, guarantor, or co-applicant, down payment of the margin, collateral, current income and debt, etc. Most banks also provide concessions to women borrowers and senior citizens.

Here’s the latest rate of interest on new home loans provided to general citizens (employed and self-employed) by major banks of India as of May. 6, 2024.

How do Banks Calculate Interest Rate on Home Loans?

Interest rates for home loans provided by banks in India are usually floating, though fixed rate is also available. A fixed rate of interest on loans is fixed for the overall duration of the loan. With a floating rate, the ROI on your EMI is calculated as per the “base rate” (standard lending rate of the bank), or the lender’s repo-linked loan rate (RLLR) or marginal cost of fund-based lending rate (MCLR), plus the spread (difference in interest rates that a bank pays to a depositor and receives from loan borrowed to a customer).

The RoI on the floating rate on home loans for every bank changes as per the RBI’s change in repo rate (the rate at which the apex bank lends money to public and private banks). In the floating rate, the change is, however, reflected after the “reset period” when the interest rate on your EMI is subjected to revisions.

How to Increase Home Loan Eligibility in 2024

Home loan eligibility determines the maximum amount a bank can borrow to an applicant. Here are some factors to consider:

CIBIL or Credit Score

An applicant with an excellent credit score, with good repayment history has more chances to obtain a maximum home loan amount. Most bBanks provide home loans even to people with low scores, however, 750 and above is considered a good one.

Joint Home Loan

If you opt for a co-borrower, usually spouse, with a good credit score for a joint home loan, it considerably boosts your eligibility chances as well as divides repayment burden.

Longer Tenure

It helps you lower the EMI amount while choosing a longer repayment period.

Clear Existing Debts

An applicant opting for a home loan may consider clearing the existing debt or ongoing EMIs to boost their eligibility.

Higher Down Payment

Banks provide 75% to 90% of the property value, and the remaining has to be paid by an applicant. Consider raising the down payment to avoid higher interest payout when the EMI begins.

How to Select the Best Home Loan

It is important to understand the various aspects of the loan to select the best home loan that suits for financial needs. Factors that influence your selection of home loan includes:

Rate of Interest
The RoI is an important factor that determines how much you will pay when the EMI begins. Remember, most banks offer women borrowers a 50 bps discount on regular rates. 

Maximum Loan Amount
Depending upon other eligibility factors, the maximum amount one can borrow depends upon the cost of the property and your income levels. Banks fund 77% to 90% of the value of the property based factories including co-applicant, guarantor, security over and above basic eligibility criterias.

Processing Charges
This charge is levied by the bank to process your application. While some banks do not charge any processing fee for a certain loan period and amount, the processing fee starts from 0.25% up to 3% of the loan amount. For salaried and women borrowers, charges are usually lower, whereas this fee for government employees are mostly waived.

Prepayment Charges
The charge is levied when you decide to close the loan before the maturity date, which varies among banks.

Moratorium Period on Home Loans
Home renovation loans come with a moratorium period starting three to six months.

What the Market is Offering
It is mandatory for banks to display all relevant information on customer care service, interest rates, charges, and others in their website, apps, flyers, etc. The above table will help you understand the bank’s offer before you visit the websites or physical branch of the lenders.

Tax Benefits

Home loans come with tax exemptions and deductions for borrowers under Section 24, Section 80C, Section 80EE under the Income Tax Act, for those who have opted for the old tax regime.

Related

Best Home Loan for 2024
Best Home Renovation Loans

Frequently Asked Questions (FAQs)

Thanks to the power of digital banking, many consumers have never set foot inside a brick-and-mortar bank. From the ability to access everyday banking functions via a computer or mobile device to empowering cashless transactions at a wide swath of stores, it would appear that digital banking isn’t just the future. It’s now.

But what exactly is “digital banking,” and what does it mean for your finances?

The information below can help you get up to speed on what digital banking is, what it includes and other new terminology you may have heard in conversations about digital banking. You’ll also be able to explore the benefits of digital banking and how it impacts the way you bank today and tomorrow.

Digital Banking Defined

While it may be used in many different ways online and elsewhere, the term digital banking, essentially, combines online and mobile banking services under one umbrella.

Online banking means accessing banking features and services via your bank’s website from your computer. You may log into your account to check your balance or pay your electricity bill. You can access additional banking features, such as applying for a loan or credit card, at many banks via your online banking portal.

Online banking lets you sit down at your computer and tackle many of your personal finance needs without ever having to leave your home, something for which the family pet is likely most grateful.

Mobile banking means using an app to access many of those same banking features via mobile devices such as smartphones or tablets. These apps are proprietary, issued by the bank where you hold your account, and usually use the same login information as your online banking portal.

Designed for people on the go, mobile banking apps tend to include the most used banking features, such as mobile check deposit, funds transfers and bill payment. They also often have convenient features like peer-to-peer payments through systems like Zelle. Banks also may use their mobile apps to send customers banking alerts such as fraud detection and low balance notifications.

Here’s a visual equation that sums up (literally) digital banking:

Online Banking + Mobile Banking = Digital Banking

Online banking in the U.S. has its roots back in the 1990s. In October 1994, Stanford Federal Credit Union was the first institution to let its customers access banking functions via the new World Wide Web. By the time the 21st century rolled around, it’s estimated that 80% of U.S. banks offered their customers the ability to bank online.

As mobile devices gained popularity and adoption, banks were encouraged to put their services at their customers’ fingertips and create their own mobile banking apps. As of its most recent biennial, “How America Banks,” the FDIC reported that 34% of Americans used mobile banking as their primary way of accessing their accounts in 2019.

Together, online and mobile banking create the digital banking umbrella, giving people access to banking wherever they may be—or, in some cases, wherever they’re graced with secure Wi-Fi and strong cell signal.

Who Offers Digital Banking?

You can find digital banking via two primary sources: brick-and-mortar banks and credit unions, and online banks. Neither source is better than the other. Instead, some consumers may find one to be a better fit than the other for their needs.

Digital Banking Via Brick-and-Mortar Financial Institutions

For customers who appreciate the ability to stop by a branch to perform some of their banking functions, brick-and-mortar banks and credit unions are the natural choices for their bank accounts. These traditional banking institutions also usually offer online access and a proprietary mobile app to make everyday banking functions as accessible as possible for their customers.

Brick-and-mortar banks and credit unions carry their own FDIC and NCUA Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance, which insures depositors’ maximum principal and interest up to $250,000 INR 5 lakh per depositor, per bank, for each account ownership category.

Digital Banking Via Online Banks

Many online banks have come to market in recent years, offering customers benefits like higher-than-average savings account yields and intuitive online experiences. Since you generally can’t stop into a branch, these online banks cater exclusively to those who don’t need a branch for their banking functions.

Online banks can take various forms, all of which challenge the high fee, low yield brick-and-mortar banking model. In some cases, they may be affiliated with a traditional brick-and-mortar bank, serving as its online division. Or they may operate solely online. More recent fintech iterations have included what are referred to as neobanks or challenger banks.

The majority of these online banks offer slimmed-down banking functions, low- to no-fee structures and higher-than-average interest rates in exchange for no in-person branch experience. With a more streamlined, online and mobile-only product offering, these banks can reduce operational costs and help more people access banking services, a potentially vast benefit to the underbanked and unbanked communities.

You may find that some online banks may not issue loans or credit cards, as a way to reduce their risk. Other online banks, like Ally, started as lenders, and offer a wide range of services like online brokerage accounts, loans and credit cards.

Additionally, some online banks aren’t fully chartered banks themselves and partner with larger banks to provide essential services like checking and savings functions, along with insurance to protect depositors. These partnerships are usually transparent to you as the account holder and don’t change the way your online bank account functions compared to a brick-and-mortar, major bank counterpart.

Online banks are also expanding beyond personal banking into the business world. Small business owners and startups can access several different online business banks designed for their needs, putting the best business banking experience as close as your desktop or mobile device.

What Are the Benefits of Digital Banking?

Digital banking offers a number of benefits for both consumers and business owners. Here are several:

• Access. With both desktop and mobile access to your bank accounts available, digital banking means you’re not beholden to bank hours to manage your finances.
• Better rates and lower fees. With online banks driving fees down, consumers have choices beyond their local brick-and-mortar financial institutions. It’s easy to compare rates and fee structures to find the best bank for your needs.
• Equity. Upstart online banks level the banking access playing field by reaching unbanked and underbanked communities that rely heavily on mobile phones but may not have access to physical bank branches.

What Are the Drawbacks to Digital Banking?

Digital banking, while highly convenient and easy to access, isn’t without its challenges.

• Downtime. If you rely solely on an online bank, you could be challenged to access your accounts should your bank experience an online or mobile app outage and there’s no branch for you to visit instead.
• Learning curve. For those who aren’t tech-savvy, online banking and mobile banking apps might be a bit much to digest.
• Security. There’s always the chance that your username and password could be hacked; however, online banks pursue the same degree of risk-reducing security protections, such as multi-factor authentication, as brick-and-mortar banks do.

For those considering one of the many online banks available, be sure to inquire about DICGC insurance. You’ll want to understand which financial institution an online bank is partnered with to ensure that your deposit funds are insured. If you can’t readily find this information, you may want to look for another online bank.

What Does Digital Banking Mean for You?

Digital banking, including online and mobile banking, gives people more ways than ever to access the functions they need to keep their finances in order. As the Covid-19 crisis has demonstrated, in-person services, in general, can’t be taken for granted, and banking services are no different.

When banks can create pathways that let people conduct their banking business remotely, they’re ensuring that your finances don’t grind to a halt even when the ways people do business have changed.

Today’s most popular website builders give you everything you need to create and manage a professional-looking website. In the contest between Weebly vs. Squarespace, the best choice for you will depend on several factors, including how much you want to spend, your tech-savviness level and what functions you want on your website.

Forbes Advisor took a look at the core differences between Weebly and Squarespace. The results of our in-depth review may surprise you.

Weebly vs. Squarespace: At a Glance

FEATURED PARTNER OFFER

Weebly

4.4

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Starting price

$0 to INR 2,419.59 ($29)

per month

Plans Available

Annual and monthly

Free plan

Available

Starting price

$0 to INR 2,419.59 ($29)

per month

Plans Available

Annual and monthly

Free plan

Available

Pros & Cons

• Plans are relatively inexpensive
• Easy website setup and intuitive editor
• Phone support available
• 300+ app integrations
• E-commerce available on all plans

• Design template options limited
• Only top-tier plans allow you to remove Weebly ads
• PayPal payments only accepted on highest-tier plan
• Not customization friendly

FEATURED PARTNER OFFER

Squarespace

4.2

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Price range

INR 1001.21 ($12) to INR 4505.44 ($54)

per month

Plans Available

Annual and monthly

Free Trial

14-day

Price range

INR 1001.21 ($12) to INR 4505.44 ($54)

per month

Plans Available

Annual and monthly

Free Trial

14-day

Pros & Cons

• Stylish, modern website designs
• Unlimited storage and bandwidth
• Free custom domain on all plans
• 100+ templates available
• SEO friendly

• Plans get expensive
• No phone support
• No free plan available
• Limited website customization
• E-commerce not available on starter plan

How Weebly and Squarespace Stack Up

Weebly	Squarespace	Standout Features
Monthly Price	$0 to INR 2,419.59 ($29) per month	INR 1001.21 ($12) to INR 4505.44 ($54)
Free Trial	No; free plan available	14 days
Ease of Use	Excellent	Good
Design Templates	100+	40+
SEO Capabilities
Unlimited Storage
Analytics
E-Commerce Capabilities		On top-tier plans
Free Custom Domain	On top-tier plans
Social Selling
Inventory Management
Expert Design Services	-
Phone Support	On top-tier plans	-
Sell Digital Products	On top-tier plans	On top-tier plans
Gift Cards		On top-tier plans
Email Marketing	Add-on service	Add-on service
Video Studio	-
Mobile Apps	iOS and Android	iOS and Android
Integrations	300+ including Salesforce, Mailchimp, HubSpot, Zendesk, ClickFunnels, QuickBooks, Insightly, Slack and Trello	30+ including Mailchimp, Zapier, Dropbox, PayPal, Stripe, Square, Hotjar and Zendesk

Weebly and Squarespace offer many of the same standard website features, including blogging capabilities, SEO, unlimited storage and mobile apps that let you access your website anywhere.

With more than 100 modern, stylish templates, Squarespace has the advantage in terms of design options. Weebly offers 40-plus templates that are attractive yet simple, but couldn’t be described as cutting-edge. Neither website builder is particularly strong in design customization; hence it’s important to go with a template that best reflects how you want your site to look.

Weebly allows e-commerce on all its plans, including its free version. Both platforms allow you to sell on your website as well as your social channels.

Weebly comes with over 300 third-party app integrations, compared to around 30 for Squarespace. More integrations give Weebly an edge when it comes to the variety of functions you can add to your site, such as accounting, scheduling, customer service and marketing software integrations.

Squarespace recently introduced its Video Studio, which features guided video templates, an auto voiceover tool and a teleprompter with script length suggestions. The Squarespace Video Studio is available on every plan, though access is limited on the Personal plan. Weebly does not offer a video creation tool on any of its plans.

Pricing

Weebly offers a free plan and three paid plans, which are available on month-to-month and annual payment plans. Key differences among the plans are listed below.

Key Weebly Plan Differences

Free	Personal	Professional	Performance	Weebly
Annual Plan Price (per Month)	$0.00	INR 500.60 ($6)	INR 1001.21 ($12)	INR 2,169.29 ($26)
Month-to-Month Price	$0	INR 750.91 ($9)	INR 1,334.94 ($16)	INR 2,419.59 ($29)
E-Commerce
Unlimited Items
Digital Goods	-
Coupons
Gift Cards
Pop-Up Notifications	-
Shipping Calculator	-
Connect a Custom Domain	-
Unlimited Storage	-	-
Free Domain	-	-
Remove Weebly/Square ads	-	-
Advanced E-Commerce Insights	-	-	-
Abandoned Cart Emails	-	-	-
Accept Payments Through PayPal	-	-	-
Customer Support	Community forum, chat and email	Community forum, chat and email	Community forum, chat, email and phone	Community forum, chat, email, phone and priority support

Weebly charges INR 1664.51 ($19.95) for registering a custom .com domain, although the two top-tier plans include a free domain. Weebly Promote is the platform’s add-on email marketing tool; plans start at INR 500.60 ($6) per month.

Squarespace does not offer a free plan, though it offers a 14-day free trial. Plan prices and fees for add-on features make Squarespace more expensive than many other website builders, including most Weebly plans. Many users feel that Squarespace’s stunning designs make up for its higher price tags. You’ll get your best deal with Squarespace by purchasing an annual plan rather than going month to month.

Key Squarespace Plan Differences

Personal	Business	Basic Commerce	Advanced Commerce	Weebly
Annual Plan Price (per Month)	INR 1,334.94 ($16)	INR 1,918.98 ($23)	INR 2,252.72 ($27)	4,088.27 ($49)
Month-to-Month Price	INR 1,918.98 ($23)	INR 2,753.32 ($33)	INR 3,003.63 ($36)	INR 5,423.21 ($65)
Contributors	2	Unlimited	Unlimited	Unlimited
Free Custom Domain
Unlimited Bandwidth and Storage
Basic Website Metrics
Professional Email from Google	-
E-Commerce	-
Gift Cards	-
Sell Subscriptions	-
Advanced Website Analytics	-
E-Commerce Analytics	-	-
Products on Instagram	-	-
Abandoned Cart Recover	-	-	-
Sell Subscriptions	-	-	-
Advanced Discounts	-	-	-
Squarespace Video Studio app	Limited access	Full access	Full access	Full access

Ease of Use

If you’re looking for a tool that makes it easy to build and manage a website, Weebly and Squarespace are both great options, particularly if your technical skills are limited. Weebly offers a simple drag-and-drop editor so designing a site is intuitive for every skill level.

Squarespace is simpler to use than some platforms, namely WordPress, but user feedback suggests the Squarespace site builder is not quite as user friendly as Weebly’s. Squarespace offers more design options, and with more choices come more questions to answer. This makes the Squarespace editor a bit more complicated than Weebly’s. Those who are less tech-savvy may find it easier to build a site with Weebly than with Squarespace.

Squarespace Experts is a design service offered for those who need help building or managing their site. The Experts service connects you with a third-party designer or developer; fees vary based on the provider selected and service required.

Blogging Features

Both Weebly and Squarespace make it easy to create search-optimized blog posts. Weebly’s blog features include category and tag tools and advanced comment management. You can also schedule your blogs for a future post date.

With Squarespace, you can automatically share your new blog posts with your social media profiles or send posts as email campaigns. You can save posts as drafts, publish them immediately or schedule posts for a later date. Attach tags and category data to your blog articles, and enable or disable comments from readers. Multiple authors are allowed on Squarespace blogs.

E-Commerce

Weebly is one of the few website builders that includes e-commerce functionality on its free plan. The free plan does not offer a custom domain, and website storage is limited. You cannot sell digital products on Weebly’s free plan. Still, if your selling needs are basic, the free plan could be sufficient for you.

Your Weebly online store comes with many top e-commerce features, including a standard shopping cart, item options (such as color and sizes), inventory management, an automatic tax calculator, coupons and Square gift cards. The free option is the only plan that doesn’t include a shipping calculator. The Weebly Performance plan includes item reviews, shipping labels and abandoned cart emails.

Squarespace has two commerce plans—a Basic and an Advanced—though its Business plan also offers some e-commerce functionality, such as gift cards, unlimited products and the ability to accept donations. You’ll pay a 3% transaction fee if you’re on the Business plan; there are no transaction fees on the Basic and Advanced Commerce plans. Payment processing fees are determined by your payment services provider.

The Squarespace Basic and Advanced Commerce plans come with point-of-sale functionality for in-person selling, customer accounts for quicker checkout and checkout on your domain, so customers don’t have to visit a separate domain to complete their purchase. The Advanced Commerce plan also offers abandoned cart recovery, advanced shipping, advanced discounts, limited availability labels and the ability to sell subscriptions.

Squarespace lets you accept payments through Stripe, PayPal, Apple Pay and Afterpay. With Weebly, which Square owns, you can accept payments via Stripe and Square on all plans; PayPal payments are only allowed on the Weebly Performance plan.

The best e-commerce builder depends on your specific needs. If you’re on a tight budget, Weebly is your best choice.

Customer Support

Weebly offers live phone and chat support Monday through Sunday from 6 a.m. to 6 p.m. PT; phone support is available for those with top-tier plan accounts. Performance plan account holders receive priority support. Online support is also available through Weebly’s online knowledge base and its community forum.

Squarespace does not offer phone support or offer priority support on any of its plans. Customer service is provided through the Squarespace online Help Center and chat; live chat hours are 4 a.m. to 8 p.m. ET. Additional support is available through online messaging, which Squarespace staffs 24/7.

Bottom Line

The race between Weebly vs. Squarespace is tight, as you can produce a high-quality, fully functional website with either of these all-in-one website builders. Forbes Advisor picks Weebly as the best website builder for small businesses, thanks primarily to Weebly’s low plan costs, ease of use, ample third-party integrations, e-commerce functionality and superior customer support options.

Squarespace is an excellent choice for those who are a little more tech-savvy or for sites where a sleek, modern design is a high priority.

Frequently Asked Questions (FAQs)

Launched in 2020, Solana promised a leap forward in the development of blockchain technology, with unparalleled transaction speeds and a vision for a more scalable and efficient future. The Solana blockchain and its native token (SOL) have experienced both periods of success and formidable challenges over the past three years: from all-time price highs in 2021 to navigating industry-wide catastrophes in 2022, as it has sought to carve out its own niche in the digital asset space and mark its place as a rival to Ethereum.

After a remarkable comeback in 2023, many investors are asking: what does the future hold for this high-speed blockchain?

Solana’s Price History

Solana first went public via its initial coin offering (ICO) in April 2020, entering the crypto market at an initial price of INR $0.9511. It quickly garnered attention for its innovative technology, promising a scalable solution for decentralised applications. This potential was not unnoticed, as the price of Solana soared, reaching an all-time high of $260 on Nov. 6, 2021.

However, the volatile nature of cryptocurrency markets soon left their mark. The 2022 bear market was not kind to Solana, causing the value of the SOL token to decline over 90% from its 2021 highs. In particular, the collapse of FTX, a significant cryptocurrency exchange with deep ties to Solana, triggered a sharp decline in SOL’s value. The coin lost over 50% of its value overnight, a stark reminder of the interconnected risks within the crypto ecosystem. This event led to Solana’s price dipping below $US10 in late 2022, casting doubts on its future.

Despite these challenges, Solana has demonstrated an ability to rebound. The last quarter of 2023 marked a significant turnaround for the coin, propelling its price above $US120 for the first time in years. This resurgence reflects not merely market dynamics but also the underlying strength and improvements within the Solana network.

“A 300% rise in the last 12 months has seen Solana firmly entrench itself as a top five coin by market cap,” CEO of CoinJar, Asher Tan, tells Forbes Advisor.

This turnaround can be attributed to several factors, not least of which was the platform’s almost full-year of network uptime. After a series of outages plaguing Solana, causing frustration among users and investors alike, the network has stabilised.

“A series of outages now seemingly behind them, increased platform stability, and a SOL price rally has provided some vindication for Solana holders entering 2024,” Tan adds.

Related: How to Buy Solana

How Will Solana Perform in 2024?

As we peer into the crystal ball, Solana’s trajectory for the year ahead appears optimistic with plenty of opportunities for significant advancements. The past year has laid a solid foundation for Solana, setting the stage for what could be an unprecedented period of growth and innovation.

One of the most compelling narratives around Solana’s rise is its increasing dominance in the decentralised finance (DeFi) and non-fungible token (NFT) sectors.

Solana’s ability to match or even surpass Ethereum in these critical aspects of the blockchain economy indicates a robust and scalable infrastructure capable of handling significant transaction volumes, a crucial factor for its continued adoption and growth.

The NFT market, in particular, has been a battleground for innovation and competition among various blockchain platforms. Solana’s aggressive foray into this space has not gone unnoticed.

With its high throughput and low transaction costs, Solana provides a compelling platform for NFT activities, positioning it as a strong contender for leading the market in 2024.

Many projects building on Solana have successfully mastered the art of marketing to crypto investors, attracting them through high yields and point systems that promise an airdrop in return for using their app.

Over the past few months, active Solana users have been rewarded with significant airdrops from multiple projects. Most notably, users of Jito and, more recently, Jupiter Exchange, received airdrops worth upwards of $10,000. These efforts have been pivotal in drawing an influx of capital, further energising the ecosystem. 

What Does the Future Hold for Solana?

As we explore the future prospects of Solana, it’s imperative to balance our perspective by considering both the bullish and bearish viewpoints:

The Bull Case

Like many up and coming blockchain platforms, Solana’s success is often viewed through the lens of its comparison to Ethereum, which leads the category for blockchain smart contract platforms.

The Ethereum’s success formula—lowering barriers to entry and fostering a thriving community—suggests a bullish outlook for Solana as it continues to carve out its niche in the competitive blockchain space.

The Bear Case

However, it’s crucial to consider the challenges and trade-offs that have accompanied Solana’s growth. When considering the blockchain ‘trilemma’, which refers to the challenge of achieving a balance between scalability, security, and decentralisation in a blockchain network, it is clear that Solana has sacrificed decentralisation for scalability.

The proliferation of Layer-2 solutions on Ethereum addresses many of the criticisms levelled against Ethereum’s scalability and throughput, offering a counterpoint to the necessity of Layer-1 solutions like Solana.

Furthermore, Ethereum’s successful transition to Proof-of-Stake, known as ‘The Merge,’ exemplifies its ability to overcome significant challenges.

“While Ethereum has managed to navigate difficult engineering and public perception challenges like ‘The Merge’ to Proof-of-Stake, Solana’s relatively short operating history has yet to see its leadership tested in the same manner,” Tan says.

Uncertainties surround Solana’s capacity to navigate future challenges, particularly in an environment where its architectural compromises could be tested against the evolving demands of the blockchain market.

The future outlook for Solana contains both promise and potential hurdles. The bullish case rests on its demonstrated ability to captivate the market’s imagination and emulate aspects of Ethereum’s successful growth strategy. Conversely, the bearish perspective raises important questions about the sustainability of its architectural choices and untested leadership in the face of potential challenges.

Is Solana a Good Investment?

The investment potential of Solana is a topic of considerable debate within the cryptocurrency community. With its innovative technology and active ecosystem, Solana has captured the attention of investors looking for the next big opportunity in the blockchain space. 

This anticipation of future product releases indicates an ongoing effort to innovate and expand Solana’s reach, contributing to its appeal as a potentially valuable investment.

Determining whether Solana is a good investment depends on several factors, including one’s appetite for risk, investment horizon, and belief in the platform’s technological and market potential. While Solana presents a compelling case with its innovative features and community enthusiasm, investors must also weigh its challenges in achieving long-term dominance. As with any investment in the volatile cryptocurrency market, thorough research is critical and speaking with a financial advisor before making a decision is always recommended.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class.  Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

Frequently Asked Questions (FAQs)

A bull run is defined as a period where the majority of investors’ demand outweighs supply, market confidence hits a peak and prices rise. If in a given market you witness prices quickly climbing, it could be a sign that the majority of investors are becoming “bullish” and are optimistic about the price increasing further and may mean that you’re looking at the starting point of a bull market. Bitcoin Halving appears to be fueling the next bull run to happen in 2024. 

Investing in the best altcoins can be rewarding as they offer diversification and potentially higher returns. However, it is important to approach the altcoin landscape with caution and do a thorough research. Understanding the development team, technology, community and use case of altcoins are vital factors for making informed decisions. 

Additionally, it is essential to be updated on market trends and regulatory changes for navigating the ever-evolving cryptocurrency landscape. By evaluating these key factors, investors can make strategic decisions when considering altcoin investments. Let us see some altcoins to consider buying for the next bull run in 2024. 

Best Altcoins for Next Bull Run

Ethereum (ETH)

Market cap: $352.50 billion

Ethereum is one of the biggest altcoins on the crypto market. Of the almost $2.16 trillion that portrays the total market capitalization of the 20,000-plus crypto assets, more than 17% is held in ETH. It is a distributed computing network where users can use the blockchain to run dApps and host smart contracts. 

Ethereum critics point to high fees for running transactions. However, ETH is here to stay with thousands of apps and other altcoins powered by its blockchain.

Solana (SOL)

Market cap: $59.55 billion

Solana gained popularity among crypto investors helped by its lightning-fast transaction speeds along with low fees. It is a blockchain platform that is highly focused on overcoming the challenges of speed and scalability faced by many existing blockchains.

On March 4, 2024, it surged by approximately 7% in 24 hours, surpassing the BNB coin and securing a higher rank among the top five cryptocurrencies. Solana has jumped nearly 16.60% in the last seven days. 

On May 2, 2024, it surged by approximately 10.12% in 24 hours, but BNB coin surpassed and secured a higher rank among the top five cryptocurrencies due to Solana being down by 8.85% in the last seven days. 

The surge in SOL brought the digital asset to its highest point in two years, reaching levels last observed in April 2022 which was three months after the culmination of the bull cycle in 2021.However, it dropped slightly and landed on the fifth slot, with BNB regaining dominance shortly after on March 4. 

Dogecoin (DOGE)

Market cap: $0.1294

Dogecoin is a dog-inspired crypto and the original meme token. True to its fame, it has been one of the most highly volatile yet rewarding investments. As of May 2, 2024, DOGE is up by 4.56% in the last 24 hours and is trading at $0.1295. 

Over the years, this meme coin has been criticized for offering a small-scale real-world utility, a centralized holder base, and an unlimited supply. However, it is tricky to debate these criticisms; DOGE has gained ground in network usage over the past year, as it has been up by around 65.35%. On top of that, it’s tough to deny the gigantic community support with the support of industry-notable celebrities such as Elon Musk. I think this crypto is here to stay for a very long time.

Cosmos (ATOM-USD)

Market cap: $8.94 billion

Cosmos (ATOM-USD) is in charge of solving some slow transactions and high-cost problems. It emerged with Tendermint (software) to create an interconnected network of blockchains. ATOM—a native token of Cosmos, is a decentralized network that provides developers with open-source tools to create their own interoperable blockchains. Cosmos is working to become the “internet for blockchain”.

The Cosmos ecosystem permits blockchains to willingly share tokens and data across all the blockchains in the system. One of its essential roles is to secure the Cosmos Hub and regulate the network of the ATOM tokens obtained via a proof-of-stake algorithm. 

A recent report by the Cosmos blog focuses on the steadiness of Inter-Blockchain Communication (IBC) volume and close connections that assure high diversity in tokens and, in turn, higher liquidity. The interchain ecosystem is an area where blockchains act as joined blocks that communicate via the IBC protocol, where developers can run their rare chains as different blocks with different practicality. 

Kaspa (KAS-USD)

Market cap: $2.53 billion

Kaspa cryptocurrency was launched in the year 2021 with its implementation of the GHOSTDAG protocol, working on blockDAG for fast confirmation and high block rates. The Kaspa community projects it as a cryptocurrency that unfolds the blockchain trilemma which will stabilize security, speed and scalability. In the year 2023, this project encountered transformational developments including the switch to state-of-the-art ASIC miners.

In addition, Kaspa had planned listings on exchanges and launched ideas like the Kaspium mobile wallet and Wrapped Kaspa. It has very aspiring plans for the time ahead including sophisticated smart contract functionalities, Rusy Kaspa Testnet 11 public and exceeding ten blocks per second.  

Stellar (XLM-USD)

Market cap: $3.92 billion

Stellar (XL,-USD) is a decentralized, public blockchain that presents developers with tools to create experiences that are more likely cash than crypto. It can be a great altcoin to add to your investment portfolio in this bull run given its accountability for peer-to-peer connecting the world’s financial system. 

The biggest aim of Stellar is to make money move easily and fast. The network is cheaper, faster and more energy-efficient than most systems based on blockchain. Lumens behave as mediators for transactions and keep a smooth running system. Its strength is its security. With XLM holders holding the keys, it makes the network more secure for transactions. 

Stellar has lately launched some very amazing features such as Soroban and spread Lumens into positive projects through its Community Fund. Additionally, through the compassionate side of the project via Stellar Aid Assist, it has already helped those in need by sending over $2 million to them. 

Note: The market capitalization is taken from CoinMarketCap as of May 2, 2024.

Factors Driving Altcoin’s Growth

Market Demand: Altcoins are initially driven by market demands. Investors are more likely to invest in altcoins that have a higher growth potential. Factors that contribute to the market demand for altcoin are consumer sentiments, market trends and investors confidence. 

Regulatory Policy: The regulatory policies that can play a very important role in the development and growth of altcoins. Regulatory bodies or governments can impose restrictions on the usage of cryptocurrency, which definitely affects the demand for it.

Technology: The primary or basic technology behind an altcoin is also a factor that affects its growth and development. Altcoins that have unique features or innovative technology are more likely to gain popularity among others.

Competition: Competition is huge in the world of the cryptocurrency market and it can also affect the growth and development of altcoins. Altcoins offering similar features might struggle to gain market share.

Economic Conditions: It is another factor that can affect the altcoin’s growth and development. For instance, in times of economic uncertainty, investors are more likely to invest in altcoins as an economic instability or hedge against inflation. 

Altcoin Investment Strategies for the Next Bull Run

Support strategies by avoiding decisions made with emotions involved and create an effective investment plan that involves target prices for entry and exit. You must stay abreast of market events and news but also limit your social media consumption which many times encourages greedy behavior. Let us see altcoin investment strategies for the next bull run. 

Risk Management

Risk management is the initial step every trader needs to think and learn while strategizing their investment plans, but it is the step that is generally overlooked until it’s very late. Investors need to manage risk productively by calculating how much is affordable to risk on an all-inclusive investment and then stick to it by using a stop-loss order to limit losses when the market is not in your favor.

Investment Plan

As we are aware that the crypto market is highly unpredictable and volatile. It is highly recommended to steer clear of the temptation to spring into buying on the very first sign of a rally with all your savings. Carefully evaluate how much you’re willing to invest in other cryptocurrencies like Bitcoin and Ethereum and also in altcoins. 

While investing in altcoins, you may benefit by considering industries that have high potential and divide your portfolio between them. For example, 30% to Real World Assets, 20% to AI, 10% to Layer-2s etc. Then consider rupee-cost averaging into your position in order to benefit from any dips. 

Stick To Profit Targets

One of the major errors in investing is not being aware of when to take profits. This is accurate, especially for crypto, where the market is highly volatile and driven by social media, overnight sensations, emotion and greed. As prices increase, set realistic targets for gaining profits and cling to them. A well-disciplined approach to profit targets can protect you from unexpected market downturns.

If you have no clue where you want to exit, then scaling out is the best strategy by using rupee-cost averaging to sell. For example, sell 25% altcoin at price points 1 and 2 each, etc. This will help assure you take profits while still benefiting from further upside.

Diversify Your Risk 

Many investors look to altcoin for higher risk-reward assets while considering BTC and ETH as blue-chip cryptocurrencies. Given the high risk of altcoins, investors should consider restricting them to a mini portion of their portfolio. The reward opportunity is higher. So, investors still have the potential for fair gains without over-granting and exposing them to excessive downside. 

Remember that any gains can be temporary and many altcoins are not fit for long-term buy-and-hold portfolios. The majority of altcoins usually fall out of favor between market cycles and downturns of 95%. 

This means it’s crucial to have a logical exit strategy with your targeted price set before you enter the trade. So, if investors want to consider a portfolio with altcoins then settle it with a mixture of high-cap cryptos and altcoins to ease volatility. 

Decision Making

It’s a very bad decision to invest based on hype or fear of missing out (FOMO). Cryptocurrency is a unique asset class because every transaction is recorded on a chain for public display. It means you have enough information and tools available to help you make informed decisions, instead of having to shift through the tea leaves like in many other markets. 

Below are a few free tools you can use:

• Ai: Put in any address to get a methodical breakdown of transactions, portfolio and more. Get an analysis of in-depth data for individual blockchains. Layer-2s, dApps and DeFi with metrics like trade volume and total value locked. 
• Fi: It is like an antivirus scanner for cryptocurrency and smart contracts with the intention to detect harmful or flawed smart contract codes or intentional rug-pulls. 
• Arkham Intelligence: Arkham is a blockchain observer that lets you see the relationship between wallets in an understandable way. You can use it to mark shady transfers or stop a Sybil mistake when airdrop framing. 
• Cryto-fundraising.info: Using this tool will track investors’ VC funding for new crypto projects, giving them insights related to the firms and the amount raised. 

Use the above tools to conduct thorough research into a project’s fundamentals, market position and team. You can also do this by conducting a strengths, weaknesses, opportunities and threats (SWOT) analysis. Always challenge your thesis and look for reasons why a project will crash, rather than information that confirms your existing bias.

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