As Bitcoin Breaches $10,000-Mark; We Introduce 7 Exchanges That Facilitate Trading In India
These 7 exchanges are the rage of the time in India. What are they promising investors? Know more about them.
Where Did It All Start?
Cryptocurrency like Bitcoin and the exchanges are nothing new. What we see now has evolved over time gaining the confidence of many of the investors. Here we take look into the current scenario in the cryptocurrency world. The details are quite intriguing and we bring the best from all over the world. Here are the conditions prevailing in India regarding the RBI stand on regularising bitcoin and its counterparts. The RBI in 2018 had put a blanket ban on trading in cryptocurrency as the order was set aside by the Supreme Court in March this year.
Bitcoin breached a $10,000 mark on July 27 after several weeks of trading in narrow ranges since early June. The virtual currency went through its third so-called halving on May 11 cutting rewards given to those who mine bitcoin to 6.25 new coins from 12.5 in addition to suffering pricing blows due to the economic fallout from the coronavirus outbreak.
We have here the list of exchanges allowing trading in cryptocurrencies:
We now have Binance, that is one of the largest cryptocurrency exchanges in the world also operating this exchange and gaining traction among Indian investors, its easy-to-use interface with low-cost structure comes with an order book where some new users may find hard to use.
Coinmama allowing customers in almost every country to buy or sell bitcoin is one of the leading cryptocurrency exchange platforms. Additionally, even though the fee is slightly higher at 4.9-5.9 percent it also offers one of the highest limits for buying bitcoins with a credit card.
Allowing people from different countries to exchange their local currencies for bitcoins, this peer-to-peer exchange has users posting advertisements on the exchange stating the rate as well as the preferred payment method to buy and sell bitcoins. A trade is opened and replying to these advertisements and escrow protection is automatically activated. By keeping the bitcoin safe until the payment is done, escrow protects both buyer and seller, and the seller releases bitcoins to the buyer. Placing the bitcoins in the LocalBitcoins web wallet, one can pay for their bitcoin purchases directly, and investors however need to be careful dealing directly with other people, unlike other stock-like exchanges or centralised bitcoin trading sites.
Now available in most countries is this US-based cryptocurrency exchange founded in 2011 with deposits being made via bank wire, SEPA, ACH, and SWIFT. Charged by Kraken, the brokerage is one of the lowest in the industry as the taker fee comes to be 0.25 percent that can also fall as low as 0.1 percent when there is sufficient trading volume. There is also the possibility of the maker fee being nil with sufficient trading volumes.
Unocoin comes to be one of the leading exchanges in India serving a customer base of over a million. Being a member of NASSCOM, it was featured among the Top 20 out of 350 companies in The FinTech 20: India list. By referring the exchange to friends and family, the users are also given a chance to earn free bitcoin.
In January 2020, the exchange relaunched its app where users can buy and sell cryptocurrencies across 130 countries with zero trading fees. facilitating trading in Ethereum, Litecoin, Ripple, EOS and several other cryptocurrencies, Zebpay’s app has users accessing crypto-to-Euro and crypto-to-Australian Dollar trading.
Providing customers similar to other crypto exchanges is CoinSwitch Kuber apart from a plethora of facilities allowing users to buy cryptocurrencies with a credit card at an effective price. This exchange now allows users to access the pooled liquidity of the leading exchanges in India funded by Sequoia Capital getting the best rate and trade instantaneously.
The Final Words On Cryptocurrency Exchanges
The crypto world is booming as new exchanges and coins are mushrooming day by day across the world. It is in this context that you need to decide which one brings you more credit while investing in the best and the most profitable exchanges. While exchanges provide the facility to convert the coins to fiat currencies, the fees imposed and their types of fees charged determine the popularity of the exchange.
Finally, it is the bitcoin and the other altcoins giving away some of the best investment ideas along with the portfolio of the companies involved in the holding and securing of crypto in wallets distributed on the public ledgers finding the best investment vehicle. We have more news daily, and so stay tuned until there is more to be followed.