As the crypto market becomes more accessible than ever before, it is important that people have the right tools to trade cryptos conveniently and securely. A trading platform is one such tool.
The key to great trading is to pick a platform that’s right for your needs. The right platform can also be the difference between a smooth, hassle-free experience and a frustrating and potentially dangerous one. To pick the best app for crypto trading in India, it might help to first have a better understanding of what crypto trading is.
What is crypto trading?
Crypto trading involves the exchange of one cryptocurrency for another. It also includes the exchange of the crypto coins for fiat money such as US dollars. Crypto trading allows investors to make a profit or loss depending on whether their trade is successful. People trade crypto for several reasons: to earn an income, buy things with it, or invest in its future.
It can be done through platforms known as crypto exchanges. These exchanges help investors convert their cryptocurrencies into fiat money and vice versa. This means that an investor can buy Bitcoin with fiat money and convert it back into fiat money later.
How to trade in crypto in India?
Crypto trading is one of the most lucrative skills to possess today. With a market value of more than $100 billion, Bitcoin is the most valuable cryptocurrency. The value of cryptos like Bitcoin is set to increase with time, and an ever-increasing number of people are looking to invest in them.
The best way to trade crypto is by using special platforms known as cryptocurrency trading platforms. Exchanges like CoinSwitch allow the users to use fiat or crypto to buy or sell other cryptocurrencies and therefore serve as trading platforms. These platforms let you trade in multiple cryptocurrencies from the comfort of your home and at very low transaction fees.
In India, there are many such trading platforms out there. However, some are illegal and not authentic and will fleece you of your hard-earned money. Hence make sure you Do Your Own Research (DYOR)!
How to choose the best app for crypto trading in India?
Here are some things to look at when picking a crypto trading platform.
1. The number of users on the app
When choosing an app, look at the number of people who use it. If there are few users or if many people report bad experiences, it’s better to pick a different app.
It also helps to read reviews to see what other users say about their experience. Often, users also take to online forums and communities to share their experiences with different trading platforms, so hearing them out is not a bad idea.
2. The KYC process that the app uses
A good platform will have a clear Know Your Customer (KYC) process. The process usually involves uploading government-certified documents like a passport or driving license and in some cases proof of address. KYC help prevents illegal activities like money laundering and tax evasion or embezzlement.
Most exchanges in India today will require you to go through this process, so if an exchange does not have any such process in place, consider it a red flag. Because without a KYC, the broker will have no way of knowing who was behind the transaction.
This applies even if you only intend to deposit funds without buying any crypto.
3. Payment options on the app
Go for an app that offers multiple modes of payment options. Doing so will make things simpler while trading.
Most apps offer your choice of bank transfer or credit/debit card. Some even provide the option of using National Electronic Fund Transfers (NEFTs). But some apps go beyond that and offer payment via e-wallets like Paytm or PayU Money.
4. Platform security
If you’re keen to trade crypto, look for a company that can offer you the most secure platform. You will have to deal with a lot of sensitive information, and you need to know that it’s as safe as possible.
The best way to do this is by looking for companies that have been in the crypto industry for a long time. They’ll have a history of consistent growth and success, which will mean they’ve been staying up-to-date on security technologies. What is the safest trading platform for crypto? We, at CoinSwitch take security at the core of our technology so that you can trade without a worry.
5. Trading speed and simplicity
Evaluate whether an app is lightweight and easy to use. It’s hard enough getting used to an app as a newbie trader. You do not want to deal with an app that is slow or clunky. If you pick a bad app, you may be tempted to give up altogether. In fact, some experts recommend that beginners try out the app on their phones first to get a feel of the experience before investing.
6. Crypto Trading Platform with Lowest fees
When trading, check out the fees associated with the app. Most reliable apps charge a fee to transfer funds from your bank account to the app, and some charge a percentage of your investment. In India, many apps charge both types of fees.
While it’s possible to find an app that doesn’t charge anything, you’ll save money in the long run if you choose an app with periodic fee charges and commission based on the transaction size.
7. Good customer support
When choosing a crypto trading platform in India, look for one that offers 24/7 customer support services by phone or email. The ideal app also provides a live chat option. This can be very helpful in case of an emergency someday.
The bottom line
As more and more Indians venture into the world of crypto, it’s important to know how to stay safe. To sum it up, a good crypto trading app for Indian traders will be one that has a wide list of cryptos available for trading and high liquidity for all coins on the platform, in addition to supporting crypto-fiat trading. But most importantly, it’s best to use an app that the community prefers and trusts.