Today I’ll be reviewing the best cryptocurrency app in India. I have reviewed them all personally and found one of the option to be the best fit. As the COVID pandemic compelled people to stay at home, people got more time for delving into other activities. More and more people are now getting acquainted with cryptocurrency. Since the Indian market is still in its early phase, the service of the crypto exchanges are not of the best quality. Hence I have decided to share my fair share of experience with some of the cryptocurrency app which allow crypto trading in India.
A Brief Background Of Cryptocurrency
Cryptocurrency came to being as an aftermath of the 2008 financial crisis which lead to the global recession. People were angry because they had to trust banks and governments with their hard earned money who reserves the right to make important financial decisions. Bitcoin was the first cryptocurrency that was launched in 2008. It was the first of its kind & then other cryptos were also introduced in the following years.
It is decentralized digital money developed to be utilized over the internet. It is a peer to peer currency & enabled people to engage in financial transactions without relying on banks or federal governments. It can not be manipulated by any central authority because there isn’t one. It uses blockchain technology public-private key cryptography to transfer coin ownership via secure and distributed ledger. A blockchain is similar to a bank’s ledger. Each cryptocurrency has its own blockchain, which is an ongoing, constantly validated record of every single transaction ever made using that currency. Unlike a bank’s ledger, a crypto blockchain is distributed across participants of the digital currency’s network.
Top Five Cryptos By Market Valuation
As of 22nd February 2021
Cryptocurrency is volatile in nature in terms of its comparative valuation. Because of this, it stands out as a very good opportunity to trade or invest and make money. To simplify this process, there are lots of exchanges where buying selling of crypto happens 24X7 & throughout the year globally. It does not require much technical or financial knowledge to be able to buy and sell crypto. All you need to do is to: –
- create an account with the exchange via app
- provide necessary KYC documents
- add a payment source to deposit money
- add an account to be able to withdraw money
Once you are verified you can add/deposit money from your bank account to your app wallet. Now you can buy cryptocurrency using your money added to your wallet. e.g, if you add Rs 100,000, you will be able to buy 0.025 quantity of Bitcoin (Rs 40L/1 Bitcoin as of 20/02/2021) You can even buy cryptocurrency in fractions or in round figures. It depends on the value of that crypto and how much money you have in your wallet. e.g, you can buy 32.25 quantity of Polkadot at Rs 100,000 as of 20/02/2021.
List of Best Cryptocurrency App In India
WazirX is a go-to exchange for any crypto-related activity in India. Their USP is the fastest real-time prices, transparent brokerage charges and the ability to set market and limit orders. You can use WazirX on multiple platforms – browser, Windows, iOS, Android, and macOS.
To create your WazirX account now, click here to join for free.
CoinSwitch is a cryptocurrency exchange aggregator. It integrates with several exchanges across the world and connects its users to the best rates to convert, trade crypto of their choice as made available in their platform. I have had a brief experience using this platform and I won’t recommend this. The spread seems more which hampers profitability & there is no clarity on charges.
If you still feel like giving it a shot, here is a link that will help you get started. If you use this link you’ll get bitcoin of worth Rs 50.
Zebpay is one of the oldest and the largest crypto exchanges. They started in 2014 but had to shut their operations due to RBI advisory. They have restarted their business in India again. Account creation & trading/investment is seamless. However, the rate changes are not very fast like WazirX.
If you are looking forward to creating an account with Zebpay, click here.
Comprehensive Comparisons Of Best Cryptocurrency App In India
|Crypto Price update||Realtime||Laggy||Laggy|
|Limit and market orders||Yes||No||Yes|
|Quick portfolio check||Yes||Yes||Yes|
|Quick order check||Yes||No / NA||No|
|Quick trades check||Yes||No / NA||No|
|Deposit & withdraw ease||Yes (fastest)||Yes||Yes|
|Overall Verdict||Highly Recommended||Won’t Recommend||Won’t Recommend|
Disclaimer : We encourage investors to invest carefully & get financial advice from your professional investment advisor only. Imraan’s Blog will take no responsibility for the outcome derived from your actions.