What are Cryptocurrency Exchanges?
Cryptocurrency exchanges are platforms for trading cryptocurrency for other assets and traditional currencies. These tools provide a level of anonymity for users and transparency for both trading parties. Companies can use these platforms to accept or purchase cryptocurrencies of their own and these are the most common ways for businesses to begin investing in cryptocurrencies. Cryptocurrency exchanges can also be used as practical mediums for international trading to cut down on transactional fees.
What is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.
One important feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Indian Market interest in Crypto adoption:
Over 115 million crypto investors in India either hold crypto or have traded crypto in the past six months, accounting for 15 percent of the Indian population aged 18 to 60 years, as per a new survey. With 54 percent of Indians being hopeful of gaining long-term ROIs. The report indicates that younger investors, i.e. those below the age of 30, recognize the long-term value of crypto. Further, over 10 percent of Indian adults are crypto-curious consumers planning to invest in crypto in the coming six months. Additionally, 56 percent of investors believe crypto to be the future of finance, and 52 percent have invested in crypto to earn passive income that can help them improve their quality of living.
Indicators for the best crypto exchange:
A) The lowest crypto trading fees
B) Best Customer support
C) Best offers and rewards in the crypto industry
D) The industry standard affiliate and referral program
Based on all these indicators, we have selected the best crypto exchanges in India for you. Here you go:
Bybit (Bybit India): Bybit India is the safest crypto exchange in India and also made its mark for keeping users’ funds safe worldwide. ByBit Exchange is a cryptocurrency exchange that offers top-level futures trading for advanced traders while it offers a very simple UI with zero trading fees for new crypto users. Bybit India is also famous as they give users the highest rewards in the industry. As an example, For new users, you will get a $20 Bonus and receive up to 4,000 USD bonus extra when you complete all the tasks available on their platform. This trading platform gives users the ability to trade crypto perpetual contracts with up to 100:1 leverage. They have never been hacked and Bybit India takes so many precautions to ensure optimal trading security on their platform. It always puts crypto transparency in the spotlight as well.
Bybit Affiliate program is also considered the best affiliate program in the crypto industry where you can earn up to 50% revenue share or up to $20 in cash for bringing every new user to the platform where the new users also get up to a $20 bonus instantly.
COINSWITCH KUBER: CoinSwitch Kuber is one of the most popular in India; the platform offers one of the best rates on Bitcoin trades. It is easy to trade BTC instantaneously on CoinSwitch Kuber, and the KYC and AML verification procedures are also easy to follow. The CoinSwitch Kuber mobile app is quite helpful in bringing one of the best crypto trading platforms to Indian mobile devices. However, the exchange is not good for intraday or regular trading as it lacks the necessary tools. The platform helps people buy crypto by only using INR as crypto-to-crypto exchanges are currently not supported which is not liked by regular and professional crypto traders.
COINDCX: CoinDCX is recognized as a really good exchange for crypto assets in the country. It lets you buy or sell up to 200+ trade coins. CoinDCX charges a maker and a taker fee of 0.1 percent, with a minimum withdrawal limit set at Rs 1,000 without any fees charged on it. This cryptocurrency exchange app only supports INR to let you trade in cryptos. You can deposit money into the account using bank transfer only which is a disadvantage currently. You also can’t transfer or deposit crypto to other exchanges/ wallets in this app at this moment.
Bitbns: Bitbns is another app for cryptocurrency trading out there. Available for download on Android mobile phones and iPhones, the app lets you buy and sell altcoins without the intervention of a third panel. The app has more than 100 cryptocurrencies listed, ranging from the popular Bitcoin and Ethereum to the relatively new Shiba Inu. Bitbns customer support service has plenty of room for improvement as it receives a lot of complaints. It supports INR only as Fiat and currently, debit/ credit card use is not supported in this crypto exchange.
Krypto: Probably not as popular as other cryptocurrency exchange apps, but Krypto is present in multiple countries. The platform offers an easy-to-use interface and flexibility. It’s a new app for cryptocurrency trading in India.
Zebpay: Another cryptocurrency exchange app that you might be familiar with is Zebpay. It’s one of the oldest crypto trading apps in the market. It lets you signup and full KYC details through your mobile number to start trading. The platform charges a monthly membership fee of 0.0001 BTC or fiat currency equivalents to that and has limited trading pairs at this moment.
WAZIRX: WazirX trading exchange was created by Nischal Shetty. It is considered among the popular crypto exchanges in India. It offers the services of Crypto Exchange in India for crypto traders and even also supports P2P exchanges on the trading platform. However, WazirX fails to provide high liquidity compared to big crypto platforms and currently charges high trading fees which are its present downside.
Disclaimer: This is a featured content
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.
Last Updated Nov 23, 2022, 5:23 PM IST