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.
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
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.
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
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.
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
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.
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
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.
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.
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.
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
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.
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
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.
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.