In the post Covid period, cryptocurrencies as an asset class have grown in popularity in India. In 2021, India ranked second in the list of countries with the highest rates of crypto adoption across the globe. Now, as of mid-2022, over ten crore people in India already own cryptos.
With more and more people entering the crypto world every day, it’s a common question for new investors and traders to ask: which one is the best platform to buy crypto in India? In this post, we tell you what qualities to look for in a crypto platform before putting your faith in it, and also which one is the best platform to buy Bitcoin in India, along with other cryptos.
How to Choose the Best Platform to Buy Crypto in India?
Trading cryptos may seem complicated in the beginning, and with the numerous online crypto exchange options you can choose from, it’s only natural to feel overwhelmed when you are new to crypto trading. To make your job easier, we list some integral factors that can help you choose the best platform to buy Bitcoin in India:
- Security: This is the factor you should consider first and foremost, as most crypto exchanges will be vulnerable to crypto scams and hacking attempts unless they take significant security measures. Here are a few things you can check to see if a crypto exchange is secure:
- See if the site has ‘https’ or ‘http’ in its address. The use of ‘https’ signifies the site uses secure protocols.
- Do a background check on the crypto exchange to see if it has any history of cyber-attacks.
- Do check if the platform uses things like secure logins, two-factor authentication, etc.
- Liquidity: Choosing a crypto exchange with higher liquidity would allow you to perform a crypto trade instantaneously. A higher liquidity level would signal a more stable crypto exchange, protected from market fluctuations. On the other hand, a crypto exchange with a liquidity shortage will lead to delayed transactions, or worse, the failure to fulfill an order.
The fastest way to gauge an exchange platform’s liquidity rates is to look at its trading volume. The higher the trading volumes of a crypto exchange, the better an option it is for you.
- Transaction Fees: You have to pay a fee on every crypto trade, so it’s only wise to look for a crypto exchange that has an affordable fee structure. Instead of going with platforms that may charge fees on your every action, try to choose an exchange that will charge a flat amount or percentage on your overall trades. Also, comparing the fees charged by multiple exchanges before deciding would be a clever thing to do.
- Check the Coins You Can Trade: No crypto exchange platform can offer every single digital asset available in the crypto markets, so before choosing an exchange, make sure it provides the cryptocurrencies or trading pairs you have in mind.
- A Quick KYC Process: Most crypto exchanges require their users to go through the KYC process. However, while some may take up a lot of time to get the KYC done, make sure to choose a platform that offers quick KYC.
- A Good Mobile App: A good crypto exchange should offer a mobile application that offers all the important features and advantages of the exchange, like detailed charts, live-market status, quick buy/sell options, and more. This is an integral quality for any decent crypto exchange to have, so that traders can participate in crypto trades on the move, as it is not always possible to have a computer nearby.
Why Should You Choose WazirX for Crypto Trading in India?
WazirX offers the following exclusive benefits, making it one of the best platforms to buy crypto in India for you:
- An Easy UI: WazirX has a straightforward, user-friendly UI that will prove beneficial to both beginners and seasoned traders.
- Lightning-Fast Transactions: WazirX allows for super quick transactions; the platform can scale up to handle numerous transactions per second.
- Excellent Security: WazirX offers state-of-the-art security, and the platform also enforces regular security audits to give the maximum possible security to users and their crypto.
- Support for Multiple Platforms: The WazirX crypto exchange provides a seamless and powerful trading experience across all platforms: on the web, Android & iOS mobile, Windows, and Mac apps.
- A Large Number of Cryptos & Trading Pairs: WazirX offers more than 250 cryptos and 400+ trading pairs, which is among the highest compared to many other crypto trading platforms operating in India.
- Quick KYC Process: WazirX’s identity verification solutions are among the best in the industry in terms of both speed and accuracy.
- Advanced Tools: WazirX brings essential features like TradingView charting tools and other tools for analyzing & checking prices and accessing historical data.
- Low Transaction Fees: Transaction fees on WazirX are significantly lower than many crypto exchanges. The platform charges 0.2% as fees for the trade value of each trade.
- The WRX Token: The WRX token is the native utility token of the WazirX exchange; it can be used to pay trade fees and also obtain discounts on trade fees, among other things.
If you are looking to buy crypto in India, WazirX is definitely one of the best choices you have. However, before you delve into crypto trading, remember to do your own research and compare several crypto exchanges before choosing the best crypto exchange for yourself.
We wish you all the best for all your future crypto trades!
Disclaimer: Cryptos are unregulated virtual assets, not a legal tender and subject to market risks. The views and opinions expressed in the article are those of the author(s) and don’t represent any investment advice or WazirX’s official position.
Also read | Difference between investing in Crypto v/s Stocks and Mutual Funds