While Covid-19 jolted economies around the world, one industry saw a significant increase in growth: cryptocurrency. Cryptocurrencies have been on a rapid rise since 2020, and the buzz around them is still going strong in 2022.
Over a crore people own cryptocurrency in India, where crypto laws are still in their infancy. For someone looking to buy cryptocurrencies for the first time, navigating the crypto world may be difficult. Fortunately, cryptocurrency exchanges make purchasing and trading cryptocurrencies relatively simple for the general public. People are looking for the best app to buy cryptocurrency in India, and that’s why – let’s understand why WazirX is the best crypto exchange platform.
WazirX App India
Nishchal Shetty founded WazirX in Mumbai, India, in 2017. It is now a subsidiary of the Binance Group, which operates the world’s largest cryptocurrency exchange, with users in 180 countries.
With WazirX, withdrawing and depositing INR-based capital is simple and quick. Another important feature of the WazirX crypto exchange is its user-friendly interface, which allows a non-techie to navigate the platform and buy and sell cryptos using a Live Open Order Book system. It also includes charting tools that allow users to analyze prices, trends, and historical data.
Why WazirX is the best crypto exchange platform in India
- Best security: WazirX conducts frequent security audits to ensure no security problems are overlooked to make it India’s most secure exchange.
- Quick KYC Process: Wazir’s identity verification solutions are industry-leading in terms of speed and accuracy.
- Quick Transactions: The platform architecture can easily scale up in seconds to meet demand, with the capacity to handle over a million transactions.
- Advanced Tools: The platform includes all essential features such as TradingView charting tools and other tools for analyzing and checking prices and accessing historical data via simple yet amazing infographics.
- User-Friendly Navigation: The platform has a simple and easy-to-use interface that makes it easier for users, particularly beginners, to begin trading. Users can easily navigate through the numerous options, whether they want to deposit or withdraw money.
- Integrating across multiple platforms: WazirX is available for the Web, Android, iOS, macOS, and Windows. The WazirX trading app is available on the Google Play Store and App Store.
- Low transaction fees: WazirX continues to attract new customers every day because its transaction fees are significantly lower than other platforms.
- Own utility token: The WazirX ecosystem is built around the WRX utility token, which is provided by WazirX and can be used to pay transaction fees.
- Global currencies: WazirX has been integrated with the Binance app to enable global currency investing.
- Availability of over 200+ Cryptocurrencies and 400+ trading pairs: WazirX’s availability of over 200 cryptocurrencies and 400 trading pairings enables you to trade in any major cryptocurrency, including Bitcoin, Litecoin, Ethereum, and the WRX token.
- Peer-to-peer (P2P) trades: WazirX also facilitates a peer-to-peer (P2P) trading engine that connects users for trading with one another.
How to choose the best crypto exchange platform?
Before choosing a platform for your crypto exchange in India, ensure that you are adequately aware of its standing – to be in a position to select it. Here are some aspects you should check out before choosing the right platform.
- Security- The first and most important thing you should look for is security. Despite bitcoin’s rapid growth, there have been a handful of cyber-attacks and digital heists in which hackers took enormous amounts of money and then vanished. Examine the exchange site to see if it is HTTPS or HTTP. HTTPS denotes the use of secure protocols on the site. Other things to consider are if the exchange uses secure logins, two-factor authentication, and so on.
- Liquidity and Volume- Liquidity is another important factor to consider. A higher liquidity level signals a more stable exchange. It is most likely due to a liquidity shortage that a cryptocurrency exchange cannot complete a transaction or fulfill an order. On the other side, a crypto exchange with sufficient liquidity allows traders to complete transactions swiftly and easily, which will result in the protection of crypto exchanges from market fluctuations.
- Transaction Fees- Cryptocurrency exchanges act as a middleman between buyers and sellers, allowing the exchange of cryptocurrencies for other assets. As a result, they make their money from commissions and transaction fees. Given that cryptocurrency exchanges require a significant amount of capital to operate while also providing a secure trading environment, some crypto exchange platforms may be justified in charging high transaction fees. However, many cryptocurrency exchanges frequently charge double the required fees to maximize profits, and most users are unaware of this. As a result, individuals should always conduct research and compare exchange and transaction fees across various trading platforms before making a final decision. Otherwise, there’s a good chance you’ll be used to advantage.
Setting up your account on WazirX
- The first step is signing up by going to their website or by downloading the app.
- Fill up the required details like your email address and password.
- Now, set up your account by verifying it via email for extra security.
- Now choose your country.
- After this, you’ll have to choose whether to open your account with or without KYC. Though, KYC is necessary for trading and depositing.
- After KYC verification, wait for the confirmation.
- Within a few hours, your KYC verification will be ready. And with that, your account is activated, and you can begin trading.
If you’re interested in bitcoins and cryptocurrency trading, WazirX is likely to be your top choice, whether you’re a beginner or a pro. WazirX is doing the right thing for India’s crypto enthusiasts. This Bitcoin Wallet is convenient and has a slew of excellent features that make it popular and well-liked by the public. The platform is available as an app, and the combination of these features makes it the best app to buy cryptocurrency in India.
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.