SUSHANT RAJ
Are you struggling to find the right cryptocurrency exchange to invest your money in? Are you struggling to find the answer for what is the best cryptocurrency to invest in in 2023?
A significant increase in the number of cryptocurrency exchanges in India has been attributed to the increasing popularity of cryptocurrencies.
An exchange is simply a platform for buying and selling digital currencies and exchanging them for fiat currencies, such as the Indian rupee (INR) or the U.S. dollar (USD).
According to a study, in late December 2022, the total global market capitalization of all cryptocurrencies resulted in $850 billion approx, which made it the world’s 23rd-largest economy by gross domestic product. (1)
This guide will help you to select the best cryptocurrency to invest in 2023 for the long term according to your financial goals and requirements.
Read More: Tips to Maximize Profits in Crypto Trading
This is considered the best cryptocurrency exchange in India for advanced crypto traders.
One of the best places to trade cryptocurrencies is CoinDCX, India’s leading crypto industry. This platform offers margin trading, futures, and lots of investment opportunities in digital currency. The company also provides all the educational materials players need to master crypto trading strategies through blogs, vlogs, and feedback-driven.
You can start investing with a minimum amount of Rs. 100.
User reviews:
4.5 Out of 5 as on Forbes Advisors
Pros Cons Provides quicker order execution, arbitrage opportunities, as well as limitless trading. Supports only INR as a fiat currency. Consists of a free deposit & withdrawal fee. The process of opening an account is tedious. Consists only of insured funds. The trading fee has been raised from 0.1% to 0.2%. Charges minimum commission and as trading volume increases, the charge can get lower. Futures trading can be leveraged 15x. A high level of cybersecurity measures, such as 2FA password protection and solid encryption.
This cryptocurrency exchange is best for beginners.
CoinSwitch Kuber is the perfect place to buy or sell Bitcoin transactions. It offers zero trading fees on all its transactions, making it an attractive place for beginners.
The company has more than 80 different trading pairs, the INR to crypto exchange being one of them.
Its platform also offers crypto-to-crypto and crypto-to-to-INR trading options. They’ve even launched a new crypto rupee index, an index that measures the performance of the Indian rupee-based crypto market. Adding to this, they offer a range of cryptocurrency education materials like videos and blogs.
User reviews as on Forbes:
4.0 out of 5
Pros Cons ü Instant buy, sell, and withdrawal facilities. ý KYC is a requirement, so there is no demonstration or free trial available. ü Live chatbot for instant user support. ý Supports only INR as a fiat currency. ü Deposits and withdrawals are free. ý Margin trading and staking are not allowed ü Easy-to-use interface for beginners.
This crypto exchange is best suitable for novice and intermediate crypto traders.
There are over 60 lakh registered users on WazirX, which is one of India’s fastest-growing cryptocurrency exchanges. This exchange offers a wide range of coins and tradable pairs at a competitive price.
In addition to its user-friendly interface and advanced trading charts, WazirX offers a referral program that allows users to earn up to 50% commission on every trade.
Pros Cons ü The first automated P2P trading platform in India. ý The trading fee is 0.2%, which is a bit high. ü WazirXApp offers instant price alerts ý Margin trading, crypto lending, and staking are not available. ü Cold storage is used to store 95% of the funds ý The P2P platform supports only eight coins paired with USD Tether. ü A live chat option is a good customer-service option. ý Withdrawal of funds is subject to a high trading commission. ý Hacking and fraud are not covered by an insurance fund.
This cryptocurrency exchange is suitable for new-age and millennial users.
User reviews as from Forbes Advisor:
3.5 out of 5
UnoCoin exchange is one of the leading and oldest exchanges for buying, selling and storing Bitcoin along with other merchant processing activities. You can trade in different 80 kinds of digital currencies on this platform. You will also get free Bitcoins on sign-up and also earn 15% as the reward for the trading fee.
A minimum amount of Rs 1000 is required for investment.
Pros Cons ü You can boost your returns by selecting SBP ý Live chatbot options are limited. ü Provides advanced crypto lending features, allowing users to hold Bitcoin as a mortgage in USD or INR. ý There are more than 20 lakh registered users. ü Discounts on “Refer and Earn” programs ý Bitcoin prices are high and transaction fees are high. ý INR is the only fiat currency supported, and it is regulated only in India. ý The website lacks educational material.
If you’re looking to start trading or investing in cryptocurrencies, choosing the best crypto exchange in India is essential. For anyone who There are a variety of options available to you, whether you want to trade a large number of digital assets, the lowest fees, or the best mobile trading experience.
We found that CoinDCX is the best choice to participate in the increasingly popular mobile trading space for advanced crypto traders.
These exchanges offer the best-decentralized exchange while providing the best security options. Considering your goals and priorities is crucial when choosing an exchange.
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