A cryptocurrency is a new form of currency that no government regulates. Satoshi Nakamoto invented it in 2009. It’s cryptography to secure transactions and control new units of a particular cryptocurrency. Cryptocurrency can be used to make purchases online. Any government or central bank does not regulate it. It is also not backed by any commodity like gold or silver.
Indian Government on Cryptocurrency
The Indian government has been warning people about the risks associated with cryptocurrencies for quite some time now. The Indian Finance Minister, Arun Jaitley, said in December 2017 that “the government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.” The most popular cryptocurrency in India right now is Bitcoin. Bitcoin was created in 2008 by an anonymous group of programmers, who designed it to be a form of digital money that isn’t tied to any country or central bank.
Bitcoin has been around for about ten years now, and it’s still going strong. The popularity of Bitcoin had risen steadily since 2009 when there were just six million coins in circulation worldwide with a market cap of $2 billion. Recently, the Indian Government has imposed 30% tax regulations on cryptocurrencies and legalized the procedure. As Cryptocurrency is now legal in India, here are some of the best cryptocurrency apps in India to invest in this platform with proper safety and security.
This cryptocurrency app would be a perfect choice for beginners. It can be downloaded from Google Play Store easily. After you download the app from Google Play Store, instantly, you will get in-depth information and notices regarding the user-friendly interface of the app. If this is your first time trading in the crypto world, then the Coinbase app is the perfect choice for you. However, one of the drawbacks of this app is that you have to pay hefty fees in return for the provided convenience by the app. For example, in Coinbase, the standard trading commission amount is 1.49% per slide, and it doesn’t involve the spread. If purchasing crypto, then you have to pay 3.99% of it.
It is the best app for cryptocurrency if you want to trade for small stakes. If you are new to this platform and don’t want to invest a big amount, or you are on a budget and only afford to invest a small amount, then Webull is the one. You can sell or buy crypto through this app starting from just Rs 100. In addition, regarding fees and commissions also, this app is perfect as it requires a minimum spread of 1%. However, it is only for the starters. Later it will cost $8 in fees for deposit and $25 for cashing out.
If you are a seasoned trader and can allocate a large amount of cash to your investments, Gemini is the best cryptocurrency app. It is also one of the top cryptocurrency apps in the US and certified by the New York State Department of Financial Services. It is an appropriate app for large investors. You will benefit from institutional-grade security and a wide range of insurance schemes if you download it.
This cryptocurrency app provides a diverse range of low-cost markets, making it a perfect choice for an active trader. This well-known trading app helps tens of billions of bucks well worth of daily volume. You will discover awesome-tight spreads across loads of crypto pairs and commissions quantity to just 0.10% every slide. When utilizing this app, you need to consider that the fees and options vary based on the country of residence. For instance, US consumers must pay just 0.5% of the deposit. On the other hand, other consumers from other countries have to pay 4% for the same deposit amount.
It is one of the best cryptocurrency apps in India as of 2022. If you want every advantage from other cryptocurrency apps, eToro is the best option for you. It is suitable for beginners and also budget-friendly. If you choose to use this app, you will get a brokerage firm regulated and authored by various tier-one financial bodies. It involves the CySEC, FCA, ASIC, and the SEC. It makes sure that the trading process is completely safe and secure.
All the crypto-currency apps have distinct and different features that you are required to know before choosing one. It will be very effective and beneficial for you go for any of these cryptocurrencies.