Cryptocurrency is gaining popularity as more people are investing in it. In India, the suspense of the Supreme Court struck down the curbs on cryptocurrency. This event has lifted an earlier Reserve Bank of India (RBI) ban on trading in virtual currencies. The digital currency exchange saw a rise when Prime Minister Narendra Modi announced a nation-wide lockdown, on March 24.
A cryptocurrency is a non-correlated asset class that doesn’t get directly impacted by adverse situations like a pandemic, or due to economic and geopolitical tensions. The decentralized nature of this currency makes those situations irrelevant to the value.
Trend in India
The RBI is yet to come out with a directive and some major banks are yet to allow cryptocurrency trades. As of now, digital wallets are providing services for crypto trading.
There are multiple exchanges available in India to kickstart cryptocurrency trading. While Bitcoin may be largely available on all platforms, not all cryptocurrencies are available on a particular exchange. Exchanges may have their limits on the minimum and maximum amount that can be invested.
Five Platforms for Cryptocurrencies Trading
BitBuddy is a platform exclusive for direct Bitcoin trading. It claims to offer the best introductory offers in the market and the best values. This platform is available on both Play Store and iOS. Users can buy any volume of Bitcoins instantly. It is designed by Asachs Softwares Private Limited. Every BitBuddy customer is KYC verified. KYC and payment mode are verified before registration to have a safe and secure trading platform. BitBuddy has real-time market orders, open orders, and orders history with chat to discuss, negotiate with other Bitcoin traders.
Unocoin is a crypto asset and blockchain company with over a million customers. Via Unocoin, users can trade in Bitcoin using INR by matching orders with others. Customers get a special Bitcoin address to auto sell Bitcoins. Unocoin is a member of NASSCOM and has featured among the top 20 out of 350 companies in The FinTech 20: India list. Users also earn free Bitcoin referring Unocoin to friends. There is low transaction fees, consolidated wallet for crypto-holdings and live price tracker widget.
CoinSwitch is a cryptocurrency exchange aggregator platform where users can trade cryptocurrencies like Bitcoin, Ethereum, Ripple, etc. They can also buy cryptocurrencies with a credit card at an effective price. Users can access the pooled liquidity of the leading exchanges in India to get the best rate and trade instantaneously, after completing the KYC/AML procedures. Funded by Sequoia Capital, CoinSwitch started in the year 2017. It has partnered with the leading exchanges, wallet services, gaming partners, etc. CoinSwitch says it enables users to convert, trade, and track seamlessly, with utmost transparency and user-friendliness. The trading platform has processed over $5 billion in crypto.
WazirX is a cryptocurrency exchange with a Live Open Order Book system that lets users trade digital assets, including Bitcoin, Bitcoin Cash, Litecoin, and Dash, among others. Users can deposit or withdraw cryptocurrencies and also cash in/ cash out USDT via P2P. Users can store their digital assets in their WazirX wallet. WazirX offers trading experience across all platforms – on Web, Android and iOS mobile, Windows, and Mac apps. The company assures there are advanced security features like 2FA and in-app passcode.
Via Zebpay, users can buy and sell Bitcoin, Ethereum, Ripple, EOS, and other cryptocurrencies. The cryptocurrency exchange app for Android offers a seamless mobile trading experience on the go, the company said. Users can also instantly buy and sell cryptos directly with Euro and Australian Dollars on the Zebpay platform and make payments across the world.