After cryptocurrencies made a splash in the Indian financial markets in 2020, millions of Indians have taken to investing in them. In fact, there is such a spurt in the number of users that the government has decided to try to establish a regulatory framework for smooth investments.
If crypto has caught your interest too, you’re at the right place. Because to begin your investment journey, it helps to know how to invest, which exchanges operate in your country, and which are the best ones out there, and that’s what this article is all about!
How to choose a good crypto app?
Choosing the wrong crypto trading platform can prove to be a deal-breaker for many new traders. And not just because a bad user interface can be a turn-off. Some platforms can feel like a rip-off because of their huge fees, and it is a matter of safety too.
Investors, therefore, need to be careful while evaluating the options available. Follow these steps to identify the best exchange for your trading goals.
1. Assess security features.
The first thing to keep in mind while investing in crypto is the security and integrity of the exchange. In February 2014, one of the earliest crypto exchanges, Mt. Gox, found unusual activity on its exchange. Before any action could be taken, the exchange was hacked, and 8,50,000 bitcoins were lost. Only 2,00,000 of these coins could be retrieved later. The exchange collapsed.
Several other exchanges, too, have been compromised or hacked, and millions of dollars lost. It is important to determine whether the exchange you are trading on is legitimate. One of the best ways to do so is to look for the physical address of the exchange. And in case there is no transparency on any front, don’t use the exchange.
2. Do Your Own Research (DYOR).
It is important to thoroughly research the crypto exchange you are planning to opt for. Take time to read customer feedback, and read all negative news about the exchange with care. Finally, try to check if the exchange has had any breaches of security in the past.
3. Factor in the fee.
As an investor, it does help to look for crypto exchanges with reasonable transaction fees and trading fees. Transaction fees can be as much as 4% of the money deposited or withdrawn. So, especially if you are an avid trader, you should look for an exchange that gives you the advantage of a small fee.
That said, it makes sense to not allow that to become the single deciding factor. Because some bad actors could use zero fees to lure unsuspecting newbies.
The best apps for crypto trading in India
There are several crypto exchanges—both global and India-specific ones—in the Indian market. Now that you know how to pick your exchange, let’s discuss some of these options.
CoinSwitch is a leading Indian crypto exchange. It was founded in 2017. In just five years, more than one crore Indians have taken to using our platform, investing a whopping ₹1,00,000 crore in cryptos.
With industry leaders such as Paradigm, Sequoia, and Coinbase backing it, CoinSwitch has emerged as one of the most trusted cryptocurrency exchanges in the country.
The platform has a very user friendly interface, and supports several modes of payment, including UPI, bank transfer, and NEFT. CoinSwitch allows beginners to start small with just ₹100, leading to its popularity among students and youth. CoinSwitch provides 24/7 customer support with minimal fees for trading, deposits, and withdrawals, making it one of the best crypto trading platforms in India.
WazirX is best suited for seasoned investors. WazirX charges 0.2 % fees on all trading and transactions on the platform. And depositing money using bank transfer costs ₹5.9, while withdrawing money costs anywhere between ₹5 to ₹10.
Coin DCX is an India-based crypto start-up. Its interface is well suited for experienced traders.
CoinDCX charges a 0.1% taker’s fee as well as a 0.1% maker’s fee. The withdrawal fees are much lower, about 0.2% of the total withdrawal amount or a ₹10 flat fee, whichever is higher.
Bit BNS provides a three-way peer-to-peer crypto market. It has a pretty detailed user interface and that’s great, but newcomers could find it a bit confusing to navigate.
Bit BNS provides online customer support.
Crypto investments are all set to boom in India, notwithstanding concerns. And CoinSwitch seems to be revolutionizing the crypto space with its ever-growing user base. Ready to join in?