5 Best and Safest Apps to Invest in Crypto in India
Friends, the status of cryptocurrency in India is uncertain because the Indian government has not yet given any significant update on crypto, but there is a lot of discussion going on about cryptocurrency, due to these concerns it is in the process of regulating crypto, although crypto exchanges and The apps are still available for use in India.
Almost all crypto exchanges have mobile applications that investors can use to check their accounts, view prices, trade, and send crypto, and more than 100 million investors in India invest in crypto. But apart from India, cryptocurrency is also used in other countries.
The interface of each application is slightly different but it is as simple as you can use any app. We examined the top applications Indians may utilize for their regular cryptocurrency work.
What do cryptocurrency exchange apps do?
Through a crypto trading app, regular individuals may access many of the cryptocurrencies offered on the market. You can trade quickly with this. People no longer need to use a PC to mine cryptocurrency thanks to these apps. People are assisted in trading cryptocurrencies and gaining access to the decentralized digital currency network world through these apps.
These apps’ mobile user interfaces are rather straightforward, and the entire procedure has been simplified. Android and iOS phones may use the user-created cryptocurrency trading applications from the Google Play Store and Apple App Store. Let us inform you that it is still unclear whether cryptocurrencies are legal in India.
It has not been acknowledged as a legal currency in India as of now. By the way, the regulations have allowed enterprises to establish their businesses in the region.
In recent years, a lot of bitcoin trading applications have arisen as a result of this. One may invest in cryptocurrencies like Bitcoin, Ethereum, and Dogecoin using these apps. The major bitcoin exchange applications used in India are described below.
Friends, the list below includes the top 5 best and safest crypto trading apps in India –
- CoinSwitch Kuber
You must be familiar with WazirX if you keep an eye on the news at all. Users of this cryptocurrency trading software may make investments using INR, USD, BTC, and P2P. WazirX also features a proprietary cryptocurrency known as WRX.
It may be purchased with Indian Rupee. Then you may invest in other cryptocurrencies using WRX. Speaking about WazirX’s benefits, users may win money in a variety of competitions. This data may be seen in the app’s notification section.
Through 2FA or App Passcode, which is activated from the smartphone’s settings, users may keep their accounts safe. WazirX levies a 0.2 percent fee on both makers and takers.
Users may add an extra Rs 100 to their WazirX wallet via NEFT, RTGS, IMPS, and UPI. The first 3 transactions incur a fee of Rs. 5.9, but the UPI transaction is free of charge. WazirX is available for a visit on iPhones and Android handsets.
The straightforward user interface of the Unocoin app makes it popular. This allows for the retrieval of information on several cryptocurrencies. Creating an account is required for users when they register for the app.
The KYC information must then be filled in full. Additionally, the app has a timetable sale option that enables users to automatically sell items from the profile tab. In order for customers to sell and acquire assets, Unocoin charges 0.7 percent.
Also read: Unocoin Review, Know All About Unocoin
This price is for usage for at least 60 days. The business then charges 0.5 percent. Users can also upgrade to Gold membership at the same time. On this app, you may deposit at least Rs. 1000.
In addition, there are no fees for users who deposit money through NEFT, RTGS, IMPS, or UPI. In terms of security, Unocoin provides Finger ID and Passcode, which are biometric security measures. At the same time, the log will be immediately increased if someone enters the incorrect code when using the biometric ID.
The greatest trading app for cryptocurrencies in India is called CoinDCX. Customers may purchase or sell up to 200 trade coins using this app. The OTP sent to the users’ registered cellphone numbers and email addresses are used throughout this app’s setup procedure.
If users go to the app’s Settings tap, they may learn a lot about investing in cryptocurrencies and how they function in the virtual world.
The maker and taker fees on CoinDCX are 0.1 percent, and the minimum fee-free withdrawal amount is Rs 1,000. Users of this cryptocurrency trading software may trade cryptocurrencies using Indian Rupees. Additionally, funds may be added to the account by bank transfer, NEFT, IMPS, RTGS, and UPI.
This software offers excellent security features. Users must use a Google-approved app to authenticate their identity. Trading cannot begin without this. You must also create a withdrawal password here, which will be required for each withdrawal. On both iPhones and Android smartphones, users may visit CoinDCX.
Users of CoinSwitch Kuber have the option to trade in more than 100 cryptocurrencies. It provides the finest market trading rates. To establish an account for trading in this app, use your mobile phone. Let us inform you that the KYC procedure must be finished before trading may begin. This software offers the option of a 4-digit PIN number to protect the account.
For 100 days, the first 1 lakh users of this app will not be charged any trading costs. The user-friendly design and effective marketing have drawn customers. Indian rupees may be deposited through NEFT, bank transfer, and UPI with this cryptocurrency trade app. Both iOS and Android users may visit CoinSwitch Kuber.
One of the top cryptocurrency trading applications is Bitbns. Both iPhone and Android smartphone users may use this software. Without using a third-party panel, altcoins may be purchased and traded via this app. Over 100 cryptocurrencies, including Bitcoin, Ethereum, and even the brand-new Shiba Inu, are included in the app.
Due to its cooperation with major cryptocurrency exchange OKEx, Bitbns offers trade support much like any other cryptocurrency exchange. Traders in the nation can purchase USDT, LINK, AAVE, MATIC, and USDC using Indian Rupee using bank transfers, IMPS, and UPI by selecting Bitbns through OKEx’s buy/sell interface. Both the iOS and Android operating systems allow users to visit Bitbns.
Q. Who will deduct tax as TDS on buying or selling crypto through WazirX?
Ans. The Central Board of Direct Taxes (CBDT) has made it clear that when one purchases cryptocurrency through an exchange (including in the event of P2P transactions), the exchange may deduct tax under Section 194S. Simply put: As a buyer or seller, you are technically not required to take any action. WazirX will carry out the required step.
Q. Can I claim crypto TDS like any other TDS?
Ans. Yes! You can claim tax deductions in the form of TDS on crypto trades when you file ITR for the relevant financial year.
Q. Will TDS tax be deducted even if I make a loss?
Ans. Yes! Whether you make a profit or a loss, tax in the form of TDS will be deducted for every crypto you buy or sell where applicable.