Cryptocurrency Apps in India: Cryptocurrencies are the new age asset class that is growing at a fast pace. They have surpassed almost all trading instruments in terms of returns and they are like what stocks were, about a century or two ago. They have grown as alternatives to money that is issued by governments.
What is Cryptocurrency?
Cryptocurrency is decentralized digital money that is used over the internet. It is secured by cryptography, hence is nearly impossible to double-spend or counterfeit. It transfers value without the need of a middleman, is not issued or controlled by any government or central authority and each cryptocurrency works on its own blockchain technology.
Some of the most popular cryptocurrencies are Bitcoin, Ethereum, Solana, Cardano, Litecoin, Tether, Polkadot, Dogecoin, XRP, etc.
The Indian Scenario
Over 105 million people, i.e., 7.90% of India’s total population invest in cryptocurrencies and this number is increasing. Most of the investors are young, but senior citizens have also invested in cryptocurrencies. Though the Centre had made its wariness regarding cryptocurrencies in India clear and the RBI wants to have its own digital currency, India has the highest number of crypto owners in the world.
What are Cryptocurrency Apps?
Cryptocurrency exchange apps, best known as cryptocurrency apps help users to access cryptocurrencies available in the market and buy and sell them on the go. Instead of mining cryptocurrencies, users get to trade in them. These apps are available for android as well as iOS users, in general.
Which are the Best Cryptocurrency Apps in India?
Some of the widely used crypto apps that are used in India are WazirX, CoinswitchKuber, Zebpay, Coin DCX, Binance app India, Coinbase, and Unocoin, amongst others.
Best Cryptocurrency Apps in India – WazirX
It is one of the largest and most trusted crypto exchanges in the Indian Crypto market. It is a part of the Binance group that serves users in 180 countries. It has over 6 million registered users, a volume of $5.4 billion per month, and is growing at an exponential pace. WazirX pioneered the world’s first automated P2P(peer-to-peer) trading platform. Its legal name is Zanmai Labs Private limited. WazirX has its own cryptocurrency called WRX ad it allows investment using INR, US dollar, P2P and BTC. It also provides users with the feature of securing their account using a 2FA or app passcode that can be enabled from the phone’s setting.
Best Cryptocurrency Apps in India – Coinswitch Kuber
It is an easy platform to buy and sell investments. Its order matching engine provides users with the best rate at the click of a button. It has zero INR trading, deposit, and withdrawal fees for the first 100 days. It has processed over $5 billion worth of transactions. It recently became India’s second crypto unicorn due to the rise in the popularity of cryptocurrencies, though the government’s stance is unclear. Investors can start trading in cryptocurrencies with an amount as low as ₹100. More than 1 crore Indians use it to trade in cryptocurrencies. It is a Bengaluru-based platform and has received funding from popular VCs.
Best Cryptocurrency Apps in India – Zebpay
Established in 2014, ZebPay offers the highest referral commission. It has been marked as safe, secure and is one of the oldest platforms for cryptocurrency exchanges. It was founded in the year 2014 by Sandeep Goenka, Mahin Gupta, Saurabh Agrawal. It provides several facilities including the refer and earn feature. It has over 5 million+ users and over $10 billion in fiat transactions. It has platforms for advanced traders, mobile apps as well as a web interface. It serves customers across the globe and is available on the web, Android, and iOS. It is one of the first exchanges to integrate Lightning Network transactions. It charges a membership fee of 0.0001 BTC per month and a reduced trading fee of 0.1% when a trader enters and exits on the same day.
Best Cryptocurrency Apps in India – CoinDCX
It was launched in 2018 by Neeraj Khandelwal and Sumit Gupta. This cryptocurrency exchange is headquartered in Mumbai, India, and has 200+ altcoins to trade-in. It has 35 lakh investors and it is said to be secured with an extensive set of measures. It charges only 0.1 percent of fees on maker and taker. It is considered to be India’s safest crypto exchange and has solved numerous problems faced by the Indian crypto community. It has investing and trading solutions for crypto-based financial products for enterprises, HNI, and retail customers. It has a simple interface that can be easily understood by beginners.
Best Cryptocurrency Apps in India – Binance App India
Binance is the largest cryptocurrency exchange in the world in terms of the daily trading volume of cryptocurrencies. Users can easily log in with a QR code scanner, customize home page icons, switch between the lite and pro versions, change the language and earn interest on holdings. It has 24/7 customer support and instant crypto payments with Binance pay. On referring friends, you can earn a percentage of their trading fees on a daily basis. It acquired WazirX to make crypto easily accessible. They offer futures as well. Users can transfer assets between WazirX and Binance with no extra cost.
Best Cryptocurrency Apps in India – Unocoin
Unocoin is the oldest cryptocurrency exchange app in India. It was founded in 2013 and has nearly 15 lakh registered users. It charges a fee of 0.7% on buying and selling. It also enables over-the-counter trade for bulk transactions. It has tied up with e-commerce companies to let users redeem gift vouchers bought using bitcoin.
Best Cryptocurrency Apps in India – Coinbase
It is a secure online platform for buying, selling, storing, and transferring digital currency. It helps users to convert one cryptocurrency to another and shows the current price and trends for cryptocurrencies, along with news about the crypto industry. It has more than 50 cryptocurrencies and is listed on NASDAQ. It has two versions, one for beginners and one more for advanced users. It was founded in 2012, is a decentralized company, and has no headquarters. Users can earn interest on their holdings and this app is packed with features. However, it has high transaction fees and very few altcoins.
Cryptocurrency App Charges
|WazirX||0.2%, maker and taker, buy and sell.||0.1% when WRX is used.
|Coinswitch Kuber||0% to 0.5% per transaction.||After 100 days
|Zebpay||0.15% maker, 0.25% taker, 0.10% intraday.||₹10 for fiat withdrawals.|
|Coin DCX||0.2%, maker and taker, buy and sell.||A withdrawal fee is applicable.
|Binance (India)||0.1% for spot trading, 0.5% for buy and sell, 3 to 4.5% for debit and credit purchases.|
|Unocoin||0.5% for buy and sell.|
|Coinbase||Calculated at the time when the order is placed, based on various factors.||This will be seen on the screen before the execution of a transaction.|
Note: These are charges for trading in the coins. Additionally, GST will be added to the above charges. Charges differ on futures and other types of transactions. Please refer to the respective exchange’s website for more information.
Cryptocurrencies are new and volatile assets. It is important for an investor to understand their risk profile and invest accordingly. Investors who have a growth, balanced or conservative risk profile should avoid investing in cryptocurrencies. It is important to check the financial position of a company, the fiat supported, the minimum deposit required to invest, trading fees, ease of use, liquidity, security, reputation customer support, insurance, deposit and withdrawal limits, reviews as well as tech infrastructure before investing with the help of cryptocurrency apps.
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