The most fiercely debated topic in the circuit is cryptocurrency. Yes, it’s been there for quite some time. Regulators have now opened the door for businesses to set up, allowing people to invest in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and others.
Some of you choose to mine Bitcoin on your computer, but there are other choices available, such as a cryptocurrency exchange that works through a smartphone app. Here are the finest online cryptocurrency exchange apps to test in India, along with the features they provide and whether or not they charge any fees for utilizing the service.
What is the purpose of a cryptocurrency app?
A cryptocurrency wallet is a software application that allows users to store and retrieve their digital assets. You don’t need a wallet to spend your cash, just like with traditional currency, but it does assist to keep everything in one location. A user can store cryptocurrency, such as bitcoins, in a cryptocurrency wallet and utilize it to conduct transactions from there.
For those who are unfamiliar, cryptocurrency exchange applications provide instant access to a variety of cryptos on the market and allow you to trade (buy and sell) them while on the go. To purchase or sell cryptos, you don’t need a laptop. These apps, on the other hand, make it easier for you to trade in cryptos and access the realm of decentralised digital currency networks.
The entire sign-up process has been clarlified for anyone, and the mobile app layout is designed for quick learning. You may get crypto exchange apps for Android and iOS phones from the Google Play Store and Apple App Store, respectively.
Here are top 5 cryptocurrency exchange apps in India –
5. CoinSwitch Kuber
CoinSwitch Kuber is a secure, user-friendly site for Indian consumers where they can easily buy 100+ cryptocurrencies including as Bitcoin, Ethereum, Ripple, and others at the best rate possible, using a range of payment methods.
After completing the KYC/AML requirements, users can access the pooled liquidity of India’s biggest exchanges to get the best rate and trade instantly. The CoinSwitch Kuber app is the greatest cryptocurrency trading platform because it offers a simple user interface and a seamless user experience. To secure your account on the app, you can use a four-digit pin code.
According to CoinSwitch Kuber, the first 100,000 users on the site would not be charged a trading fee for the first 100 days. People have flocked to CoinSwitch Kuber because of its easy user interface and strong promotion.
Deposits in INR can be made via NEFT, bank transfer, or UPI on the top crypto exchange app. However, the company refuses to divulge information about its security mechanisms for safeguarding crypto assets. The general service system has to be improved, and the trading information is not clear enough.
During the recent IPL, CoinSwitch Kuber was an ever-present commercial element. This platform has received money from well-known investors and venture capital organizations such as Sequoia Capital and others.
Read more: Forex Trading in India
Zebpay is another bitcoin exchange software that you may be familiar with. It’s one of the most well-known cryptocurrency trading apps on the market. To begin trading, you can use your cell number to sign up and complete your KYC. Refer-and-earn is supported by the platform.
So, if you can persuade others to join Zebpay by selling the notion of crypto trading, you’ll gain 50% of the trading fees generated through your connections for a year. The minimum deposit amount for UPI is Rs 100, and the minimum deposit amount for other modes of payment is Rs 1,000.
Zebpay charges fees in all price ranges. It has a monthly membership cost of 0.0001 BTC. According to the app, you may avoid costs by actively investing in it. Zebpay charges a 0.15 percent maker fee as well as a 0.25 percent taker fee. However, if you trade (buy and sell) on the same day, you will only be charged a 0.10 percent trading fee. Zebpay allows all cryptos to be deposited for free. However, there is a cost of Rs 15 if you deposit via UPI, and 1.77 percent if you deposit via netbanking. For all withdrawals, the platform levies a fee of Rs 10; for Bitcoins, the price is 0.0006 BTC.
Read more: Forex trading vs stock trading
CoinDCX is India’s largest home-grown cryptocurrency exchange platform, allowing users to trade Bitcoins, Ethereums, and a variety of other cryptocurrencies at the best possible rates. It boasts a straightforward and user-friendly interface that makes dealing a breeze for both novice and experienced traders.
Users can use the interface to purchase and sell digital currencies such as Bitcoin, Litecoin, and Ripple as a peer-to-peer trading medium that is dependent on blockchain technology.
It allows you to purchase and sell in over 200 different trade coins. Furthermore, the entire setup procedure has been simplified by the use of a one-time password (OTP) sent to your registered mobile number and email address.
You may learn a lot about investing in cryptocurrencies and how they work in the virtual world by going to the app’s Settings menu. CoinDCX has a 0.1 percent maker and taker fee, with a minimum withdrawal limit of Rs 1,000 that is free of fees. To allow you to trade in cryptos, this cryptocurrency exchange software only supports INR. You can fund your account through NEFT, IMPS, RTGS, UPI, or even a regular bank transfer.
CoinDCX provides a comprehensive set of security features, which is a good thing. Users must first authenticate themselves using the Google authenticate app. Because without it, you won’t be able to use the app to trade. You’ll also need to create a withdrawal password, which must be confirmed for each withdrawal.
Then there’s Unocoin, which is well known for its user-friendly interface and compatibility with variety of cryptocurrencies. When registering for the app, users must create an account and ensure that all KYC (Know Your Customer) requirements are met.
The software also has a function that allows you to plan sales from the profile tab. Unocoin users pay a cost of 0.7 percent when purchasing and selling their assets, which is greater than the fee imposed by WazirX. This tariff is valid for a minimum of 60 days of usage. After that, you have to upgrade to Gold membership and you have to pay 0.5 percent fee.
Unocoin deposits require a minimum of Rs 1,000, which is more than WazirX’s requirement. Users are not charged any fees while depositing money using NEFT, RTGS, IMPS, or UPI. However, using MobiKwik wallet incurs a 2% transaction fee, and you must also pay a fee stipulated by the banks when using debit or credit cards. Biometric security measures such as finger ID and passcode are also available on Unocoin. However, if you enter the wrong code combined with your biometric ID, the app will automatically log you out.
You may have recently heard this name mentioned a lot on social media, indicating that it is highly popular. You may invest in this crypto exchange software using INR, USD, BTC, and even P2P. WazirX even has its own cryptocurrency, WRX, which can be purchased using INR.
Then you can invest in other cryptos using WRX. One of the most popular aspects of WazirX is the ability to earn coins by participating in various contests found in the app’s information section. Users can protect their accounts by enabling 2FA or an App passcode from their phone’s settings.
WazirX charges a 0.2 percent fee to both the taker and the maker. You can use NEFT, RTGS, IMPS, and UPI to deposit any amount greater than Rs 100 in the WazirX wallet. The first three have a transaction cost of Rs 5.9, whereas UPI transactions are free of charge.
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