Everybody seems to be discussing cryptocurrencies these days. This may be due to the unexpected increase in the price of digital assets and a swarm of advertisements with your favorite Bollywood actor proclaiming that cryptocurrency is the future. However, how do you begin investing in cryptocurrencies to make a quick profit? Apps for cryptocurrency exchange are the solution.
These apps are essential for assessing the entire crypto ecosystem. They may be used to manage your account, purchase and sell altcoins, and check the prices of the various cryptocurrencies available today. Here are the finest cryptocurrency exchange apps available online that you may use in India, along with information on their features and costs.
India’s best cryptocurrency exchange apps for online transactions: CoinDCX, WazirX, CoinSwitchKuber and more
With these mobile apps, you can buy and sell cryptos like Indian Rupees and Bitcoin in a few simple steps.
What does the app for trading cryptocurrencies do?
For those unaware, the cryptocurrency exchange software enables on-the-go trading (buying and selling) of the numerous cryptocurrencies offered on the market—no need to use your laptop to mine cyphers. Instead, your ambition to trade cryptocurrencies and explore decentralized digital currency networks is fueled by these programs. The entire procedure has been made simpler, registration is open to everyone, and the mobile app interface accelerates learning. Mobile cryptocurrency trading apps are available in the Apple App Store and Google Play Store, working with iOS and Android phones.
A cryptocurrency exchange is what? How does it function?
Cryptocurrency An online trading platform called Exchange serves as a middleman between cryptocurrency buyers and sellers. These platforms enable the trading of cryptocurrencies for fiat and digital currencies. These exchanges impose fees or costs for all transactions using that service and allow customers to deposit money directly by bank transfer, online banking, P2P, etc. Read How to Buy Cryptocurrencies to learn more about buying cryptocurrencies. Any of these exchanges’ account-opening procedures are pretty simple. After choosing the proper Exchange, the user must adhere to these steps to open a trading account.
- Create an account after downloading the app for the Exchange of your choosing.
- Enter the necessary details, including your name, email address, and phone number.
- After evaluating the initial email, the user will receive an email with the same ID as the KYC information.
- Verify the email ID address, then finish the KYC procedure.
- Create a strong security password.
- App, wallet, and exchange passwords should never be shared because they are difficult to reset.
What other kinds of cryptocurrency exchanges are there?
CEX, or centralized Exchange
These exchanges are the most prevalent platform that ensures a straightforward and uncomplicated approach coupled with a very fluid cryptocurrency trading interface. As the name suggests, the central authority is in charge of directing and policing this trade.
The business records and validates each order or transaction to prevent such inconsistencies. Money from users will be deposited in a wallet that CEX manages. Additionally, the user must meet the KYC standards to open an account here. This includes disclosing your private data.
DEX, or decentralized Exchange
Due to the fundamental decentralization of these exchanges, they are not governed by any organizations or businesses. Smart contracts and decentralized applications execute fully automated transactions on the Exchange. At the same time, no KYC or personal data is necessary for this situation. DEX is renowned for being safer because of the automation provided by smart contracts that were designed with the required security evaluations in mind.
The DEX interface, on the other hand, is generally slower and has less capacity than the CEX interface. You might discover that DEX is more beneficial for seasoned traders, while CEX is more beneficial for novice and inexperienced traders.
HEX, or hybrid Exchange
The best quality of both centralized and decentralized exchanges is found in hybrid exchanges. The construction of a hybrid cryptocurrency exchange is still ongoing. It retains anonymity and security like a decentralized exchange while having liquidity features similar to a centralized platform. In this instance, the absence of taker and gas fees is one of the most noticeable aspects of trading through HEX trading.
various exchange rates for cryptocurrencies in India
Different cryptocurrency exchanges in India impose various fees and levies. Let’s examine these fees in greater detail:
Most cryptocurrency exchanges in India, including WazirX, Zebpay, Bitbns, and Unocoin, have no entry fees. In contrast, inactive accounts may be subject to extremely low membership fees.
A fee is levied when a user deposits money or coins on a cryptocurrency exchange to begin a purchase or sale. The deposit fee’s total cost is determined by the user’s method of sending the money, including the payment processor, Mobikwik, cryptocurrency wallet, UPI, online banking, bank transfer, etc.
Fees for transactions
The most crucial component of the bitcoin exchange fee scheme is transaction fees. A proportion of the total quantity of cryptocurrency that traders buy or sell may be used as the transaction fee. Alternatively, the Exchange may invoice in accordance with a request, like an ordered order. B. Buyers and manufacturers impose varying fees. Therefore, before continuing, it is crucial to comprehend the producer and taker pricing.
Manufacturers are the parties who sell cryptocurrencies to generate liquidity on the Exchange.
Taker is a party that purchases coins to reduce liquidity.
The producer and the consumer pay a predetermined fee for each transaction. Manufacturers, though, typically pay less.
Most exchanges charge transaction fees in the range of almost 0 per cent and 0.25 per cent. It should be noted, nevertheless, that some exchanges claim that they don’t charge users any fees. You must pay particular attention to the fact that spreads are the difference between the purchasing and selling prices of cryptocurrencies when billing in this manner. Additionally, this rate is generally more significant than the transaction fee.
Fee for withdrawal
Some exchanges impose a flat fee on users who withdraw money. When a user places a sell order on the Exchange, funds are removed, and the money is shown in the wallet. Now you can withdraw all or a portion of it to a registered bank account with a potential fee. Coin withdrawal is another method available to users, although it is costly.
The best cryptocurrency exchange app in India
It is significant to note that there is an ongoing debate on whether cryptocurrencies are legal in India. As the country’s official fiat currency, it is not yet acknowledged. Regulating bodies are increasingly permitting businesses to start up new projects, nevertheless. This has led to the development of several cryptocurrency trading apps in recent years, enabling smartphone users to invest in cryptocurrencies like Bitcoin, Ethereum, and Dogecoin on large and heavy equipment like PCs.
The top cryptocurrency trading applications in India are:
This name may have come up frequently recently on social media, indicating it is well-liked by individuals. Using this cryptocurrency exchange app, you can invest using INR, US dollars, BTC, and even P2P. WazirX has a coin of its own called WRX that can be purchased with INR. After that, you can use WRX to buy other cryptocurrencies. You can earn coins through various contests featured on the app’s info page, which is one of WazirX’s most well-liked features. Users can secure their accounts using 2FA or an app passcode that may be enabled in the phone’s settings.
WazirX, a cryptocurrency trade platform, charges takers and makers a 0.2 per cent fee. Through NEFT, RTGS, IMPS, and UPI, you can deposit more than 100 rupees into your Wazir X wallet. UPI transactions are free, although the first three have a transaction cost of Rs5.9.
Unocoin, the next cryptocurrency, is renowned for its straightforward user interface and compatibility with other cryptocurrencies. To ensure that all KYC (Know Your Customer) standards are completed, users must register for the app and create an account. The app also has a capability for planned sales that can be automated from the profile menu. Users of Unocoin pay a commission of 0.7 per cent when purchasing or selling assets. This goes above and above what Wazir X needs to function. If used for 60 days or longer, there will be a cost. The app’s price will rise by 0.5 per cent when you upgrade to a Gold membership.
WazirX has a lower minimum deposit amount than Unocoin, which allows deposits at a minimum of Rs 1,000. However, there are no costs for users who deposit money through NEFT, RTGS, IMPS, or UPI. Nevertheless, there are transaction costs of 2% when using the MobiKwik wallet, and there may be additional fees from the banks when using debit or credit cards. Through finger ID and passcode, Unocoin additionally provides biometric security measures. However, the app will log you out if you enter the incorrect code in addition to your biometric ID.
The most flexible cryptocurrency asset trading app in the nation is CoinDCX. It allows you to buy and sell up to 200 trade coins. The setup process is simplified by using a registered cell phone number and a one-time password (OTP) for your email ID. By visiting the app’s Settings tab, you may learn a lot about using cryptocurrencies as investments and how they operate in the virtual world. CoinDCX assesses a manufacturer and taker fee of 0.1 per cent. There is no fee and a 1,000 minimum rupee withdrawal limit.
Only INR is accepted for trading cryptocurrencies on this cryptocurrency exchange app. Your account can be funded using NEFT, IMPS, RTGS, UPI, or a straightforward bank transfer.
It’s a good thing that CoinDCX has a comprehensive array of security precautions in place. First, users must utilize the Google Authenticate app to confirm their identity. You cannot begin trading on the app without this. Additionally, it would be best if you created a withdrawal password that must be verified for each withdrawal you make.
Zebpay is a different bitcoin exchange software that you might be familiar with. It is among the first mobile apps for trading cryptocurrencies. You can register using your mobile number to receive the necessary KYC information and begin trading. The platform has features for revenue and referrals. As a result, for a year, you will receive 50% of the transaction fees collected through your link if you recommend Zebpay to others and they sign up. In contrast to other payment options, UPI has a minimum deposit amount of just 100 rupees.
Zebpay charges across the board. There will be a monthly membership fee of 0.0001 BTC. The programme claims that making aggressive investments will help you avoid costs. The manufacturer fee for Zebpay is 0.15 per cent, and the taker fee is 0.25 per cent. However, suppose that if your transaction (buy and sell) occurs on the same day, you will only be charged a transaction fee of 0.10 per cent. For all cryptocurrencies, Zebpay offers a complimentary deposit. However, there is a 1.77 per cent cost for internet banking and a 15 rupee fee for UPI deposits. The platform charges Rs 10 (or 0.0006 BTC for Bitcoin) for every withdrawal.
CoinSwitch Kuber was a well-liked promotion during the most recent IPL. VC firms like Sequoia and well-known investors sponsor the platform. It guarantees the highest trading rates on the market and states that it can trade up to 100 or more cryptocurrencies. Use your mobile number to register for an account to trade on the app. Naturally, you cannot begin trading before the KYC procedure is finished.
The software offers a 4-digit PIN code option to secure your account. The first 100,000 users of the site, according to CoinSwitch Kuber, are exempt from paying a 100-day transaction charge. CoinSwitch Kuber is now accessible and has a straightforward user interface. Deposits can be made in INR via NEFT, bank transfer, and UPI on the leading cryptocurrency exchange apps. The platform, however, does not provide details on the security precautions taken to protect cryptocurrency assets. The transaction details are not specific, and the overall service method has to be enhanced.
Another bitcoin trading app is Bitbns. You may purchase and sell cryptocurrency using the software, which is accessible for download on both Android and iPhone devices, without the assistance of a third-party panel. The app displays over 100 cryptocurrencies, ranging from the well-known Shiba Inu and Ethereum to the recent Bitcoin and Bitcoin Cash. Additionally, because of its affiliation with the major cryptocurrency exchange OKEx, Bitbns makes trading cryptocurrencies simpler than any other exchange.
By selecting Bitbns in the OKEx Buy / Sell tool, Indian traders can buy USDT, LINK, AAVE, MATIC, and USDC in rupees via bank transfer, IMPS, and UPI. We will also provide Indian traders access to fiat money, new trading pairs, priority access to new coin/token launches, and partnerships with high-yielding staking products.
Krypto is a trusted exchange app in more than 160 countries, though maybe not as widely used as other cryptocurrency trading apps. This platform offers versatility and a user-friendly interface. In addition, cryptocurrencies provide gift cards, a quick onboarding procedure, free and instant deposits and withdrawals in fiat currency, and 24/7 customer service. The Blockchain & KryptoAsset Council in India has this app on file.
Users of Krypto can transfer or receive cryptocurrency at any Indian retailer. It supports more than 100 cyphers as well as popular payment options, including UPI and bank transfers.