Although the Indian Government is yet to make up its mind on cryptocurrencies, India has the highest number of crypto owners globally.
Not sharing this confusion with their lawmakers, Indians are all but hesitant towards buying crypto.
However, it’s easy to lose hard-earned money with the piles of useless information floating around social media and messaging apps.
Well, lose no more.
I’ve summarized some of the best avenues in India to buy Bitcoin and crypto in general.
But if you don’t know about these strange computer currencies,
then you should probably start with:
What is Cryptocurrency?
Cryptos are digital currencies backed by Blockchain technology.
Blockchain is a decentralized database that syncs in real-time with all its users.
So, it’s transparent and immutable.
That being said, the value of any crypto coin is based on the people. More buyers translate to higher prices. Similarly, a sell-off can bring the value of any crypto to the ground.
Currently, the top cryptocurrencies by market share are:
Binance is the global leader in P2P crypto trading. It has support for hundreds of cryptocurrencies. The platform is vast, with countless currencies to invest.
Binance also has a native coin,
Binance coin (BNB). And there is an obvious incentive if you use BNB with them.
Binance doesn’t charge you for deposits.
It designates VIP levels to its users based on the amount they trade. You upgrade your VIP level as you trade more, paying lesser trading fees with every level-up.
Bincane has excellent flexibility and a great reputation. But, the sheer number of options can be overwhelming to beginners. So, it’s best for medium to advanced users.
Binance is available for Android and iPhone
CoinDCX is largely considered the country’s most versatile crypto asset trading platform. It lets you buy and sell more than 200 different trade coins. Furthermore, a one-time password (OTP) given to your registered mobile number and email address have sped up the entire setup process.
By heading to the app’s Settings menu, one can learn about cryptocurrencies and how they work in the virtual world by investing in them. It charges a 0.1 per cent maker and taker fee and a free withdrawal limit of Rs 1,000. This exchange programme only supports INR to allow you to deal in cryptos. Your account can be funded using NEFT, IMPS, RTGS, UPI, or a traditional bank transfer.
It offers a wide range of security features, which is positive. Users must first use the Google authenticate app to verify their identity because you won’t trade if you don’t have it. One need to create a withdrawal password, which must be confirmed each time you make a withdrawal.
CoinDCX is available for Android and iPhone.
WazirX is the largest crypto exchange in India which was acquired by Binance in November 2019.
Based on the popularity, you can expect the user interface to be straightforward.
WazirX’s ability to earn coins by participating in various contests accessible in the app’s information section is one of its most popular features. Users can secure their accounts by enabling two-factor authentication (two-factor authentication) or an App passcode in their phone’s settings.
WazirX charges a 0.2 per cent fee to both the taker and the maker. WazirX charges both the taker and the maker a 0.2 percent fee. You can deposit any amount greater than Rs 100 in the
WazirX wallet via NEFT, RTGS, IMPS, and UPI. The first three charge Rs 5.9 per transaction, whereas UPI transactions are free.
WazirX is a crypto exchange, P2P crypto network, and an NFT marketplace–all rolled into one. It has a massive crypto catalog to trade-in. And the fee depends on the subject coin of choice.
Due to the Binance acquisition, you can expect the integration of some services between these platforms, which is a good thing considering Binance’s reputation and services.
WazirX has mobile apps for Android and iOS. Additionally, you can download desktop clients for Windows and macOS.
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