While Covid-19 jolted economies worldwide, one industry that witnessed a significant boost in growth was cryptocurrency. Cryptocurrencies have been on a spectacular ascent since 2020, and the enthusiasm around them is still going strong in 2021. Millions of people have become involved in investing around the world, whether they are investors, tech enthusiasts, or ordinary people.
Financial researchers and professionals had been skeptical about cryptocurrencies and their actual value since their inception almost a decade ago, but the past year has demonstrated their true potential.
Apart from just being a digital currency, the emergence of blockchain-based technologies such as DeFi, NFTs, and others has also contributed to their popularity. This was further strengthened when well-known figures such as Snoop Dogg and Elon Musk began advocating various cryptocurrencies.
Even in India, where crypto laws are still in their infancy, over a crore people own cryptocurrency. It might be challenging to navigate the crypto world for someone who is looking to buy cryptocurrencies for the first time. Crypto exchanges, fortunately, make buying and trading cryptocurrencies relatively straightforward for the general public. Several people are searching for the best bitcoin trading platform in India, and we’ll explain why WazirX is the best.
How to Choose The Best Crypto Trading Platform in India
Before you choose a platform for crypto trading, here are some things you should check out.
The first and foremost thing you should look for is security. Despite the fact that bitcoin is developing at unprecedented rates, there have been a number of cyber-attacks and digital heists in which hackers stole large sums of money and then vanished.
Check to see if the exchange site is HTTPS or HTTP. HTTPS indicates that the site uses secure protocols. What type of wallet does the exchange offer? Is there cold wallet storage or hot wallet storage? Because it works offline and is physical, cold wallet storage is more secure. Hot wallets, on the other hand, may be the best option for regular transactions. Other factors to consider are if the exchange provides secure logins, whether two-factor authentication is used, and so on.
2. Volume and Liquidity
Another critical issue to consider is liquidity. A higher liquidity level indicates that the exchange is more stable. If a cryptocurrency exchange is unable to complete a transaction or fulfill an order, it is most likely due to a liquidity shortage. A crypto exchange with sufficient liquidity, on the other hand, allows traders to complete their transactions quickly and easily. As a result, traders and cryptocurrency exchanges will be protected from market fluctuations.
3. Exchange and Transaction Fees
Essentially, cryptocurrency exchanges function as an intermediary between the buyer and seller by facilitating the exchanging of cryptocurrencies for other assets. As a result, they mostly profit from commissions and transaction fees.
Given that crypto exchanges require a large amount of capital to operate in addition to offering a secure trading environment, some crypto trading platforms may be justified in charging high transaction fees. However, in order to make big profits, numerous crypto exchanges frequently charge double the fees required, and most users are unaware of this. This is why, before making a final decision, individuals should always perform research and compare exchange and transaction fees across various trading platforms. Otherwise, there’s a good chance that you will get ripped off.
Other than these, users should also consider other factors such as ease of using the trading platform, user experience, and navigation, and transparency of the exchange before they get started on their crypto trading journey.
Why WazirX is the best bitcoin trading platform in India
Taking into consideration several factors, including the ones mentioned above, WazirX is undoubtedly the best cryptocurrency trading platform in India. Here are some features of WazirX which make it the best bitcoin trading platform in india.
- Best-in-class security – In order to make WazirX India’s most secure exchange, the platform undertakes regular security audits to ensure that no security flaws are overlooked.
- Quick KYC procedures – Wazir has industry-leading identity verification solutions with significantly reduced verification timeframes.
- Fast transactions – With the potential to handle over a million transactions, the platform architecture can readily scale up in seconds to meet demand.
- Integration across various platforms – WazirX is supported on Web, Android, iOS, macOS, and Windows. WazirX trading app is available on Google Play Store and App Store.
- Easy user navigation – The platform includes a simple and easy-to-navigate interface that makes it easier for users, especially beginners, to start trading. The interface also makes it simple for users to go through the various options, whether you wish to deposit or withdraw money.
- Low transaction fees – WazirX continues to attract more customers with each passing day thanks to significantly cheaper transaction fees than other platforms.
- Supports global currencies – WazirX is integrated with the Binance app to allow for global currency investing.
- Own utility token – WazirX also has its own utility token, the WRX, which can be used to pay the transaction fees.
- Availability of more than 150+ cryptocurrencies and 140+ trading pairs – WazirX allows you to trade in any major cryptocurrency, including Bitcoin, Litecoin, Ethereum, and even the WRX token, thanks to its availability of over 150 cryptocurrencies and 140 trading pairings.
- P2P Trades – WazirX also has a peer-to-peer (P2P) trading engine that matches users to trade with one another.
How to Set up your account on WazirX
- Fill up information such as your e-mail address and password.
- Set up your account for extra security by verifying it via email.
- Choose your country.
- You can choose whether to open your account with or without KYC. KYC is required for depositing and trading, though.
- Wait for confirmation after completing the KYC verification.
Your KYC verification will be ready within a few hours. And with that, your account is set up and you can start trading.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.