Cryptocurrency has become the most hotly discussed topic in the circuit. Yes, it has been there for a few years now. But regulators have finally opened up the arena for companies to start their venture, and allow people to invest in cryptos like Bitcoin, Ethereum, Dogecoin, and more. Some of you like to mine their own Bitcoin using a PC but the market has options like a cryptocurrency exchange feature that works through an app on your smartphone. Here are the best online cryptocurrency exchange apps you can try out in India, what features they offer and if they charge you any fees for using the service.
What does a cryptocurrency exchange app do?
For those unaware, cryptocurrency exchange apps help you with quick access to various cryptos available in the market and let you trade (buy and sell) them on the go. You don’t need laptops to buy or sell cryptos. Instead, these apps are facilitating your wish to trade in cryptos and enter the world of decentralised digital currency networks. The whole process has been simplified for anyone to sign up, and the mobile app interface caters to quick learning. You have crypto exchange apps for mobile available on Google Play Store and Apple App Store that work on Android and iOS phones respectively.
Best cryptocurrency exchange apps in India
You might have heard this name on social media quite a lot recently, suggesting it is quite popular among people. This crypto exchange app allows you to invest using INR, US dollar, BTC, and even P2P. In fact, WazirX has its own coin called WRX that can be bought using INR. Then you can use WRX to invest in other cryptos. One of the popular features of WazirX is that you can earn coins through various contests that are available on the info section of the app. Users can secure their account using 2FA or App passcode that can be enabled from the phone’s setting.
WazirX has a charging fee of 0.2 percent applicable on the taker and maker. You can deposit any amount of more than Rs 100 in the WazirX wallet via NEFT, RTGS, IMPS, and UPI. The first three come with a transaction fee of Rs 5.9, while UPI transactions go through without any fees.
Next up you have Unocoin, which is known for its simple user interface and support for many cryptocurrencies. When signing up for the app, a user has to create an account and make sure to fulfill all the KYC (Know Your Customer) details. The app also includes a schedule sale feature that lets you auto-sell from the profile tab. Unocoin users are charged a fee of 0.7 percent on buying and selling their assets, which is higher than what WazirX commands. This rate is applicable for minimum usage of 60 days. After that, the app asks charges a fee of 0.5 percent and upgrades you to Gold membership as well.
Unocoin deposits allow a minimum amount of Rs 1,000 which is higher than what WazirX offers. But when you deposit money using NEFT, RTGS, IMPS, or UPI, users are not charged any fees. That said, using MobiKwik wallet incurs transaction fees of 2 percent and for debit or credit cards also you have to pay a fee prescribed by the banks. Unocoin also offers biometric security features via finger ID and passcode. But let’s say you type the wrong code along with the biometric ID, the app will log you out.
CoinDCX is recognised as the most versatile trading app for crypto assets in the country. It lets you buy or sell in up to 200+ trade coins. Add to that, the whole setup process has been simplified using a one-time password (OTP) on your registered mobile number and email ID.
If you go to the Settings tab on the app, you can learn a lot about investing in cryptocurrencies and how they operate in the virtual world. 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 NEFT, IMPS, RTGS, UPI, or even a simple bank transfer.
CoinDCX has an extensive set of security measures in place and that’s a good thing. First up, users need to verify themselves using the Google authenticate app. Because without this, you cannot start trading on the app. You also need to set up a withdrawal password that needs to be confirmed for every withdrawal you make.
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 caters to the refer-and-earn feature. So if you manage to sell the idea of crypto trading via Zebpay to others, and they sign up you get 50 percent of the trading fees made through your links for one year. Minimum deposit amount using UPI is Rs 100, and for other forms of payments is Rs 1,000.
Zebpay has charging fees across all brackets. It has a membership fee of 0.0001 BTC per month. The app says you can avoid the fees by actively investing in it. Zebpay has 0.15 percent maker fee and 0.25 percent taker fee as well. But let’s say if your trading (buy and sale) happens on the same day, you are charged a trading fee of just 0.10 percent. Zebpay offers free deposits of all cryptos. But if you deposit using UPI, there is a fee of Rs 15, while 1.77 percent is charged on netbanking. The platform also charges a fee of Rs 10 for all withdrawals and for Bitcoins it is 0.0006 BTC.
5. CoinSwitch Kuber
CoinSwitch Kuber was an ever-present ad feature during the IPL recently. This platform has got funding from popular investors and VC firms like Sequoia and more. It claims to let you trade in up to 100+ cryptos and promises the best trading rates in the market. Use your mobile number to create an account for trading on the app. But you cannot start trading before completing the KYC process, obviously.
You get a four-digit pin code option to secure the account on the app. CoinSwitch Kuber says that the first 100,000 users on the platform won’t have to pay the trading fee for 100 days. The simple user interface and aggressive marketing have brought people on board with CoinSwitch Kuber. The best crypto exchange app offers deposits in INR via NEFT, bank transfer, and UPI. But the platform fails to share information about its security measures to keep the crypto assets secure. The overall service mechanism needs improvement and the details of trading are not detailed.
These were among the best crypto exchanges in India. You can check out more news about the other upcoming smartphones as well as popular product recommendations on our Facebook, Twitter, and Instagram pages and head to our YouTube channel for the latest videos.