With the rise of cryptocurrencies, the term “cryptocurrency” has become commonplace. This might be attributed to the unexpected rise in digital asset values, as well as a swarm of advertisements showcasing your Bollywood starlet stating that cryptocurrency is the future.
The question then becomes how can you get started and begin investing in cryptocurrencies in order to earn a rapid profit out of them? The solution is to use cryptocurrency exchange apps. Apps like these are crucial in determining the overall health of the crypto-economy. You can keep track of the market, purchase and sell altcoins, and manage your account all through the use of these apps. We will begin by looking at some of the best online bitcoin exchange applications available in India (along with their features and fees).
What exactly are cryptocurrency applications?
Coin exchange apps, also known as cryptocurrency apps, allow users to access cryptocurrencies available on the market and buy and sell them on the go. They are becoming increasingly popular. As an alternative to mining cryptocurrencies, users have the opportunity to engage in cryptocurrency trading. Android and iOS users, in general, can take advantage of these applications.
What is the purpose of a cryptocurrency exchange application?
For those who are unfamiliar with cryptocurrency exchange apps, they provide you with instant access to a variety of cryptocurrencies currently available on the market and allow you to trade (buy and sell) them while on the go. It is not necessary to mine cryptocurrency on laptops. Instead, these apps help you with your desire to trade in cryptocurrencies and enter the realm of decentralized digital currency networks by providing you with the necessary tools.
For anyone interested in signing up, the entire procedure has been simplified, and the mobile app layout has been designed to be simple and easy to use. In the Google Play Store and Apple App Store, you can download cryptocurrency exchange apps for mobile devices. These apps work with Android and iOS devices.
It is worth noting that the legality of cryptocurrencies in India is still up in the air, which is worth noting. It hasn’t been officially recognized as legal tender in the country yet, however. However, regulators have finally opened the door for businesses to launch their ventures, which has resulted in the development of several cryptocurrency exchange apps in recent years that allow you to invest in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and other digital assets using your smartphone rather than large, heavy machines such as laptops. Some of the most popular bitcoin exchange apps in India are as follows:
Best Cryptocurrency Exchanges in India
WazirX – India Ka Bitcoin Exchange
You may have seen or heard this name used quite a bit on social media recently, indicating that it is quite popular among people. This cryptocurrency trading program allows you to invest using INR, US dollars, Bitcoin, and even peer-to-peer (P2P) transactions. In reality, WazirX has its own cryptocurrency, dubbed WRX, which can be purchased with Indian rupees. After that, you can use WRX to make investments in other cryptocurrencies.
One of the most popular aspects of WazirX is the opportunity to earn coins by participating in various contests that are listed in the app’s information section. Users can protect their accounts by enabling two-factor authentication (2FA) or an app passcode from their phone’s settings.
WazirX charges a cost of 0.2 percent to both the taker and the maker, which is applied to both transactions. Use the NEFT, RTGS, IMPS, and UPI transfer methods to deposit any amount greater than Rs 100 into your WazirX wallet. The first three have a transaction fee of Rs 5.9, but UPI transactions are free for the recipient.
Unocoin is the next cryptocurrency on the list, and it is noted for its straightforward user interface and support for a wide range of cryptocurrencies. When signing up for the app, a user must first create an account and ensure that all KYC (Know Your Customer) requirements are met, among other things.
It also has a timed sale feature that allows you to set up automatic sales from the profile page. Users of Unocoin are charged a fee of 0.7 percent when purchasing and selling their assets, which is greater than the fee charged by WazirX. This rate is valid for a minimum of 60 days of service. After that, the app charges you 0.5 percent of the price of your purchase and makes you a Gold member.
Unocoin deposits have a minimum value of Rs 1,000, which is more than the Rs 500 minimum amount offered by WazirX. Users, on the other hand, are not charged any fees when they deposit money through NEFT, RTGS, IMPS, or UPI. Having said that, using the MobiKwik wallet incurs transaction fees of 2 percent, and using debit or credit cards also incurs a cost stipulated by the banks.
Unocoin also supports biometric security mechanisms, such as finger ID and passcode, in addition to traditional security safeguards. However, if you enter the wrong code with your biometric ID, the app will log you out of your account.
CoinDCX is widely regarded as the most flexible cryptocurrency trading application available in the country. It allows you to purchase and sell up to 200 different trade coins. In addition, the whole process of setting up has been made easier by sending a one-time password (OTP) to your registered mobile number and email address during the registration process.
CoinDCX has put in place a comprehensive set of security measures, which is a positive development. First and foremost, users must authenticate themselves with the Google Authenticate app. Because you will be unable to begin trading on the app unless you have this information, you’ll also need to create a withdrawal password, which will need to be confirmed for each and every withdrawal you make from your account.
Zebpay charges fees at all levels of the pricing structure. It charges a monthly membership fee of 0.0001 Bitcoin (BTC). According to the app, you may escape the cost if you actively invest in it. Zebpay also charges a 0.15 percent maker fee and a 0.25 percent taker fee. Assuming, however, that your trading (including purchases and sales) takes place on the same day, you will be charged a trading fee of only 0.10 percent.
Zebpay accepts deposits in any cryptocurrency with no fee. However, if you deposit using UPI, you will be charged a fee of Rs 15, whereas 1.77 percent would be levied if you deposit through net banking. In addition, the site levies a fee of Rs 10 for all withdrawals and a cost of 0.0006 BTC for Bitcoin withdrawals.
During the recent Indian Premier League, CoinSwitch Kuber was a constant advertising presence. This platform has received money from well-known investors and venture capital firms, including Sequoia Capital and others. It claims to allow you to trade in up to 100+ cryptocurrencies and to offer the best trading rates available on the market today. Create an account for trading on the app by entering your mobile phone number. However, you will not be able to begin trading until you have completed the KYC process.
In order to protect your account on the app, you can enter a four-digit pin code. According to CoinSwitch Kuber, the first 100,000 users on the site will not be required to pay the trading charge for the first 100 days. People have flocked to CoinSwitch Kuber because of its straightforward user interface and strong marketing campaign. Deposits in Indian rupees can be made by NEFT, bank transfer, and UPI, according to the best cryptocurrency exchange app. However, the platform does not provide any information regarding the security procedures it has in place to keep the crypto assets safe. In addition, the overall service mechanism needs to be improved, and the specifics of trade aren’t clear.
Bitbns is yet another cryptocurrency trading application available on the market. The app which is available for download on both Android and iPhone mobile phones, allows you to purchase and trade altcoins without the need for a third-party intermediary. In total, there are more than 100 cryptocurrencies listed on the app, ranging from the widely used Bitcoin and Ethereum to the relatively new Shiba Inu cryptocurrency. As a result of its partnership with the world’s largest cryptocurrency exchange, OKEx, Bitbns gives traders an unprecedented level of convenience that isn’t available on any other exchange for cryptocurrency.
Traders in India can purchase USDT, LINK, AAVE, MATIC, and USDC using rupees by selecting Bitbns from the buy/sell option on OKEx’s website. The currencies can be purchased via bank transfer, IMPS, and UPI. Through the arrangement, the business hopes to provide Indian traders with access to a fiat gateway, a variety of newer trading pairs, priority access to new coin and token launches, and high-return staking products.
eToro is our top recommendation when it comes to cryptocurrency exchanges. eToro is one of the most well-regarded trading platforms in the cryptocurrency space, having received extensive regulatory oversight from a number of leading regulatory bodies. eToro is used by more than 23 million people to trade, and users can invest in more than 40 different cryptocurrencies. Furthermore, eToro adds 14 crypto crosses to its trading options, including ETH/EOS and BTC/XLM, among other things.
We give such high praise to eToro because the platform’s fees are extremely low compared to other trading platforms. Because eToro only charges the spread, there are no transaction fees associated with opening or closing a trade. The spreads for each coin vary, with some as low as 0.75 percent for Bitcoin trading. This is the difference between the buy and sell prices of an asset, with different spreads for each coin. Customers can invest as little as $10 per trade, which is ideal for beginners who want to get their feet wet in the trading world before going big.
Kraken is the final cryptocurrency exchange on our list of the best cryptocurrency exchanges. Kraken is regulated by FinCEN in the United States, FINTRAC in Canada, and the Financial Conduct Authority (FCA) in the United Kingdom, demonstrating how safe and credible the platform is.
Users can purchase cryptocurrency through the ‘Instant Buy’ feature or through Kraken Pro, the latter of which is a cryptocurrency exchange offering exclusively. If you make an instant purchase, you will be charged 1.5 percent (plus an additional fee depending on your payment method), whereas Kraken Pro charges according to a maker-taker pricing structure.
If you’re a casual investor, Webull is likely to be the cryptocurrency exchange with the lowest fees that will appeal to you. Webull was launched in 2017 and has experienced rapid growth, with more than seven million registered users today. The platform is regulated by the SEC and the Financial Industry Regulatory Authority (FINRA) in the United States, and it is even covered by the SIPC scheme, which ensures investors up to a total of $500,000.
With Webull, users can place trades for as little as $1, and there are no transaction fees to worry about. As an alternative, Webull charges a 100bps (1 percent) markup that is built into the price of the asset you choose. Webull allows you to trade 25 different coins, and it even offers real-time charting options with a variety of timeframes and technical indicators to choose from. Finally, the Webull app is simple to use and has two-step authentication to make it even more secure.
Binance is yet another of the best Bitcoin exchanges to take into consideration. According to CoinMarketCap, Binance is the largest cryptocurrency exchange in the world, with more than $19.7 billion in trading volume occurring in the last 24 hours alone. This exchange allows you to invest in over 500 different cryptocurrencies, including niche altcoins and ERC-20 tokens. Every one of these cryptocurrencies can be traded with low transaction fees thanks to Binance’s fee of only 0.1 percent when opening and closing a trade. If you hold BNB, Binance’s native cryptocurrency, you can get an additional 25 percent discount on your fees.
If you’re looking for a trading experience, Binance has you covered with two different platforms, each with a feature set that will appeal to a different demographic. It is worth noting that each platform has excellent charting capabilities and numerous technical indicators that can be used to optimize your trading performance. Lastly, Binance allows you to deposit crypto and fiat currencies for free. This is also true if you are depositing funds into your account with money from your bank account in USD.
Cryptocurrencies are relatively new and highly volatile investments. It is critical for an investor to understand their risk profile and make investments in accordance with that profile. Investors with a growth, balanced or conservative risk profile should refrain from investing in cryptocurrencies, according to the Financial Times. Be sure to research a company’s financial position, the fiat currencies it supports, the minimum deposit required to invest, the trading fees it charges, the ease with which the app can be used, the liquidity of the cryptocurrency, the security of the cryptocurrency, the reputation of the customer support team, insurance, deposit and withdrawal limits, reviews, and technical infrastructure before investing with cryptocurrency apps.