Best Crypto Wallets in India: Top 7 Bitcoin Wallets
The cryptocurrency market is on the rise, and so are the cryptocurrency wallets and exchanges. There are so many crypto trading platforms and wallets to choose from, that it becomes really confusing for the users to pick the top crypto wallet to store their blockchain assets and other digital assets and serve their purpose.
Nowadays, the majority of bitcoin wallets in India are packed with features that make trading bitcoin and other cryptos more convenient. Two-factor authentication is often used to keep the best bitcoin wallets in India safe.
Types of Crypto wallets used in India
Making a decision on how and where to store your investments after buying cryptocurrencies is a crucial next step, and that is why we have curated a list of the top crypto wallets in India and listed their merits and demerits for you to compare.
Unlike traditional money, cryptocurrencies run on a blockchain and require digital wallets for storage. Like a real wallet, a cryptocurrency wallet enables you to store and transfer funds. There are no other parallels.
A crypto wallet is made up of public and private keys, which are merely character strings that let owners receive and transfer their crypto assets.
Depending on choice, there are two types of storage available for crypto wallets: “hot” storage and “cold” storage.
Cold storage is kept offline, frequently using a physical device like a flash drive, as opposed to hot storage, which refers to an app or platform that is online. Although both hot and cold storage systems provide users access to their digital assets, their user interfaces and levels of protection vary.
The ideal choice for you to pick the best crypto wallet in India will rely on your own preferences. The optimal option might be a combination of the two options, depending on your long – and short-term goals for Bitcoins and altcoins you hold.
Best Crypto Wallets in India – My Top Picks (2022)
The best cryptocurrency wallets in India that are both user-friendly and extremely safe are listed below.
- Coinbase wallet
- Trust Wallet
Binance – Best Crypto Exchange and Web Wallet
Binance is one among the top crypto trading platforms for investors. With over 90 million registered users Binance has a good security system, as a result it is also one among the most secure crypto wallets.
Binance provides comparatively low trading costs and a large range of cryptocurrencies to trade from. In 2019, acquisition of WazirX which is India’s most trusted bitcoin and crypto exchange to make Indians more susceptible to the crypto market.
Binance as a crypto wallet is best for: Crypto investors who are just getting started with small amount, mostly traders, and, or can’t afford to buy cold wallets.
Binance as a cryptocurrency wallet is not recommended for: Crypto investors who can afford to buy a cold storage like Ledger or Trezor, and is not a big fan of KYC.
Why should you use Binance as your Crypto wallet in India?
- Binance has a feature called secure asset fund (SAFU) to protect its users. SAFU enables the users to get a refund from Binance in case your funds get lost by the company.
- Binance provides more than 300+ tradeable cryptocurrencies. As a result, cryptocurrency traders and investors have many choices.
- Binance offers less than 0.1% trading fees, which is very less when compared to many other exchanges.
- There are nearly 60 crypto to crypto trading pairs in Binance.
Why you may dislike about Binance crypto wallet?
- The Binance app comes with its own custodial wallet, which means that users don’t hold the private keys to their crypto.
- Customer support – Email is the only way to contact Binance.
Is Binance the right cryptocurrency wallet for you?
With one of the lowest trading fees among the top cryptocurrency exchanges in India, Binance offers a large selection of cryptocurrencies. However, with Binance being a custodial wallet, the users don’t have complete ownership of their digital assets and customer support is a pain.
WazirX – Most trusted and Top Bitcoin Exchange in India
WazirX is the best and one of the most commonly used cryptocurrency wallets in India. WazirX allows users to buy, sell, and trade crypto assets like Bitcoin, Solana, Ripple and even meme tokens such as Doge and Shiba Inu. Wazirx is one of the best crypto wallets which gives the user the powerful and seamless experience across all platforms.
WazirX as a cryptocurrency wallet is recommended for: Indian crypto investors who have small portfolio size, mostly newbies who are not aware of other options. If you are one of those Bitcoin investor who likes to trade wrt INR and withdraw fiat and not crypto.
WazirX as a digital currency wallet is not recommended for: Crypto investors who has a descent knowledge of DEFI, and other wallets like Metamask, and Ledger, mainly advanced cryptocurrency investors. WazirX is also not recommended for investors with big portfolio size and plans to hold for a very long term.
Why should one choose WazirX as a Crypto currency Wallet:
- WazirX has 100+ well established cryptocurrencies giving the users a wide range to choose from.
- Customer support of WazirX is highly rated by the users. They provide support via phone, chat and they also have few tutorials for self help.
- WazirX has zero deposit fees and the process is also very simple.
- WazirX charges 0.0005 BTC per every Bitcoin transfer and no INR fees for withdrawals.
- Support on all platforms.
What I don’t like about WazirX crypto exchange:
- The inbuilt portfolio tracker is not informative enough and could use a bit of work.
- Some users have reported the long wait for KYC verification.
- WazirX withdrawal charges are much higher compared to other crypto exchanges offering web wallets.
Is WazirX the best cryptocurrency wallet for you?
Trusted by majority of the Indian crypto investors, WazirX is a good platform for storing digital coins. Given its large customer base, it is one among the best crypto exchanges and wallets in India. WazirX allows users to trade crypto with no trading fees and also has P2P trading.
CoinDCX: Best Indian Crypto Exchange App For Bitcoin Investment
CoinDCX was launched in 2018 to make cryptocurrency more accessible to Indians. It is one of the safest platforms in India to invest in crypto currency. CoinDCX allow users to trade and invest into various cryptos.
CoinDCX for storing crypto is recommended for: Indian investors who like to keep things simple. CoinDCX is sometimes also preferred because it lets the crypto holder to earn interest on the crypto coins they hold on their platform.
CoinDCX is not recommended for: Long term investors with big portfolio size. Since CoinDCX does not offer wide range of coins for trading, for anyone who likes buying new coins, CoinDCX is not a good option.
Why should you choose CoinDCX as a Bitcoin wallet?
- CoinDCX is very simple and easy to use.
- The user interface in the portfolio section is very thoughtful and very informative
- CoinDCX offers a very low trading fees for the users.
- Deposit charges are free of cost
- Offers earning interest on your crypto as a service.
What you may not like about CoinDCX platform?
- Selection of the crypto assets is very small.
- Some cryptos are non transferable to other wallets.
- Customer support is only through email and tickets which sometime takes forever to resolve.
Is CoinDCX the right crypto currency wallet for you?
CoinDCX is the best investment platform for users who are looking just for investing in popular cryptocurrencies. The trading aspect of the app is a bit weak when compared to the competition. It offers a good user interface and the best security making it one of the secure web crypto wallets in the India.
Coinbase wallet – Best Defi Wallet to Store Your ERC-20 Coins
The best and of the most secured option to store Crypto is Coinbase Wallet, which was introduced in 2018 by Coinbase Inc. A non-custodial cryptocurrency wallet, lets users access decentralized apps on several blockchains, store non-fungible tokens (NFTs), and purchase and store a variety of crypto assets.
Coinbase as a web wallet is recommended for: those crypto traders who likes to hold crypto under their custody. You hold your private key, as the coins you hold in Coinbase wallet can’t be controlled by Coinbase.
Coinbase is not recommended for: long term crypto holders with a sizeable portfolio size, but is a newbie. Anyone who can afford a ledger should store their coins on a cold wallet.
Why should you consider Coinbase wallet as your crypto wallet?
- Non-custodial wallet: You hold your own coins, and not Coinbase.
- Mobile App – The Coinbase app for Android and iOS are rated highly by the users.
What I don’t like about Coinbase as a wallet?
- You can’t store Bitcoin on Coinbase wallet. However, you can hold Bitcoin inside Coinbase account.
Is Coinbase crypto wallet the right one for you?
Coinbase is widely regarded as one of the best cryptocurrency exchanges and wallets in India. Although the Coinbase basic service’s interface is quick and easy to use, tracking expenses may be challenging without the more sophisticated Coinbase Pro.
MetaMask – Best Cryptocurrency Wallet online to store ERC20 coins (Browser Extension)ttttttttttttttt
The ability to transfer and receive tokens anonymously and securely are two of cryptocurrency’s major attractions of Metamask. Both of those are areas in which MetaMask shines. People all over the world love this wallet for its ease of use and its integration on the browser as a wallet, making it one of the best crypto wallets in India.
Users do not need to provide any personally identifying information, such as their name, address, or Social Security number, in order to use MetaMask; they merely need to download the app and establish a new wallet.
Furthermore, MetaMask is not a custodial wallet, which means that information is not kept in a centralized database, and the business does not gather user data from wallet use. Only the user’s chosen password or the 12 randomly generated words can be used to recover the wallet once it has been created, making it one of the most secure crypto wallets in India.
Depending on how quickly the exchange needs to execute transactions, users will be obligated to pay any gas costs to the blockchain for their transactions. Additionally, users will be levied a service charge for any swaps that varies from 0.3% to 0.875%. The website also warns customers that they should “expect to pay a processing charge, a MetaMask fee, and the market pricing for gas” while purchasing cryptocurrency.
Why should you consider MetaMask as your Crypto wallet?
- MetaMask is simple to set up on a computer and many devices. Create one wallet first, then use the 12 randomly generated words to import it onto other devices.
- MetaMask is merely a wallet, not an exchange. Users just need to download the browser extension in order to open a wallet; no personal identifiable data must be exchanged.
- Following the installation of MetaMask, users may create several wallet addresses across blockchains, offering even greater privacy and enabling users to designate wallets for certain sorts of transactions.
- Users of MetaMask may utilize wallets to hold non-fungible tokens (NFTs) and tokens compatible with Ethereum across a variety of blockchains, including as the Ethereum main chain, Avalanche, Polygon, the Binance BNB blockchain, and other test networks.
What I dislike about Metamask wallet:
- The 12 randomly generated words generated when creating a wallet is the sole way to recover a wallet. Technical support cannot assist customers in regaining access to their passwords or seed phrases since MetaMask is not a custodial wallet.
- Bitcoin, which is now the most popular cryptocurrency in the world, is not supported by MetaMask.
- Only the self-help site, the community discussion forum, and email are available as support methods. Additionally, support is only available for problems with the app. Support personnel cannot assist with stolen cryptocurrencies, lost transactions, forgotten seed phrases or lost passwords.
Is MetaMask the Ideal Cryptocurrency wallet India for you?
MetaMask is a well-liked wallet for a number of reasons, including its accessibility on a variety of devices, integration with exchange and NFT websites, support for numerous tokens on numerous blockchains, and simplicity.
Using the wallet often just involves following the on-screen instructions to transfer and receive cryptocurrencies or conduct online NFT trading. Beginners will value the ease with which they may buy, use, and trade Ethereum, while more experienced users will value the ability to customize their maximum gas fees in order to lower the cost of operating on the blockchain.
The MetaMask wallet is excellent for individuals who are familiar with cryptocurrencies, but it isn’t the ideal choice for those who are just getting started. Due to the wallet’s vulnerability to malware and social engineering assaults, users who are unaware of the warning signs to look out for run the danger of losing their money.
Users risk losing access to their crypto assets permanently since there is no way to change a password without the 12-word secret seed phrase. Before using MetaMask or any other tool, new users need to learn how to utilize crypto wallets.
Ledger – Best cold wallet
Ledger is a cold wallet also known as a hardware wallet which allows you to store your Bitcoin and other crypto assets you own. It is a small USB stick with a secure chip in it, which keeps your crypto assets encrypted. This is one the most preferred crypto wallets in India if you want to keep your crypto’s keys secure offline.
Ledger Nano S Plus
In order to safely store your cryptocurrencies offline, including non-fungible tokens (NFT), you can use the Ledger Nano S Plus hardware wallet. It is a long-awaited update to the company’s beginner-friendly crypto wallet designed for consumers who wish to personally safeguard their digital assets.
What makes the Nano S different from other crypto wallets in India?
- Nano S Plus has a bigger screen than the original Nano S (128x44px).
- Can run 100+ apps simultaneously.
- Has native support for NFTs. Has a feature to time out after a period of inactivity.
- Supports over 6000 tokens and coins.Easy and simple navigation
What you may dislike about this crypto hardware wallet?
- Directly purchasing crypto via the wallet is time-consuming.
- The new Nano S Plus is more expensive than the old one.
- Doesn’t have a Bluetooth connection.
- Compatibility with iOS is absent.
- Staking crypto via Ledger Live is not possible
Is Ledger Nano S the right wallet to store crypto in India for you?
One of the most advanced and feature-rich new hardware wallets available today is the Nano S Plus for a beginner. At a reasonable cost, it can assist you in safely managing the majority of digital assets, including both cryptocurrencies and NFTs. The fact that you can only stake a small number of the cryptos whose keys you keep on the device via Ledger Live is one of its biggest limitations.
Ledger Nano X
The Ledger Nano X is the company’s most capable cold wallet and a well-known brand in the field of crypto asset security. The Nano X was introduced to the market by Ledger in 2019 and has since been the company’s top-tier wallet. With the Nano X, you may keep your NFTs and the private keys to more than 5,500 digital assets offline. Unlike Ledger’s older Nano S Plus or discarded Nano S model, the Nano X also supports Bluetooth and iOS.
Why you should consider Nano X as your hardware wallet in India:
- Highly secure – CC EAL 5+ rating
- Nano X has a large screen
- Bluetooth enabled
- Can run 100+ apps simultaneously
- Has native support for NFTs
- Has a feature to time out after a period of inactivity
- Supports over 6000 tokens and coins
- Android and iOS compatible
- Staking crypto via Ledger lets you earn interest on your crypto.
Why you should not consider Nano X as your next crypto wallet?
- Very expensive
Is Ledger Nano X the ideal choice for a crypto wallet?
One of the most functional and secure hardware wallets available right now is the Nano X. If you invest in a variety of crypto assets, you’ll value the device’s 2MB of storage and the ease of managing your crypto while on the go thanks to Bluetooth. However, if you don’t use an iPhone and don’t want a lot of capacity, the less expensive Nano S Plus would probably be enough. Although Ledger’s staking user interface has never been a strong suit, it is a tiny price to pay for the security of holding the private keys to your digital assets offline while you put them to use.
Trezor – Best Cryptocurrency wallet in India with best built hardware
Trezor is also a hardware wallet, which allows you to store crypto assets you own in a decentralised manner. It is a small device with a touch screen and a secure chip in it, which keeps your crypto assets encrypted. One the best crypto wallet in India, Trezor allows you to keep your crypto’s keys secure offline.
Trezor Model T:
The Model T is Trezor’s newest wallet, and it was developed with an emphasis on better user experience and higher security. The LCD touchscreen with 240×240 pixels is its standout feature among the other crypto wallets in India. The device’s color screen must be used to input any secret data, and double-verification of transactions adds another level of protection. For portability and future-proofing, the Model T contains a microSD slot and a USB-C (both ends are female) connector.
Why you should consider Model T among other hardware wallets in India?
- Intuitive and clear touchscreen
- For increased protection, transactions are verified twice
- Features of the highest security to protect your currencies and tokens.
- A reputable wallet service with a good history.
Why you should not consider Model T as your crypto wallet in India?
- Very expensive when compared to its competitors
- Shipments are delayed
- Navigation is only via touchscreen
Is Trezor Model T the right crypto wallet for you in India?
Since it first launched over ten years ago, the Trezor has earned a reputation as a haven of safety for cryptocurrency owners. If you choose to get a Trezor Model T, you will not be disappointed because it is incredibly simple to use and has tried-and-true security features.
Trezor Model One:
The Trezor One is a hardware wallet for cryptocurrencies. It is a tool for safely storing cryptocurrency’s private keys in “cold” storage offline. When you put up your Trezor, it will offer the keys needed to sign off on transactions, which are accomplished by physically pressing buttons on the device. By guaranteeing that keys are always offline and requiring physical interaction to complete a transaction and avoid remote theft, its architecture safeguards your bitcoin, making it one of the best crypto hardware wallets in India to consider.
Why you should consider Model One as your crypto wallet?
- Clear and large screen
- Can seamlessly initiate trades through your Trezor
- One of the most tried-and-true hardware wallets in the world is the Trezor One.
Why you should not consider Model One as your crypto wallet in India?
- Trezor Model One is definitely much expensive than its rivals
- Limited support for coins, the newer Model T supports more
Is Trezor Model One the right wallet to store your crypto in India?
Since it first launched over ten years ago, the Trezor has earned a reputation as a haven of safety for cryptocurrency owners. If you choose to get a Trezor Model T, you will not be disappointed because it is incredibly simple to use and has tried-and-true security features.
Trust Wallet – Best Mobile Cryptocurrency Wallet in India
With Trust Wallet, users can store, transfer, receive, and stake more than 1 million cryptos and non-fungible tokens (NFTs) right from their smartphone. Trust Wallet was created with ease in mind. The simplicity will appeal to new crypto users, but if their account is compromised, they may run into issues.
The adaptability of Trust Wallet across blockchains is its standout quality. Users may send and receive Ethereum based coins, Bitcoin and cryptocurrencies and non-fungible tokens (NFTs) on the BNB Chain using a single software that can be downloaded to a smartphone (formerly known as the Binance Smart Chain).
Because of this, the wallet supports over 1 million tokens and enables users to buy a wide variety of cryptocurrencies through third-party vendors including Transak, MoonPay, Ramp Network, Mercuryo, Simplex, and Wyre. Through direct stakes from their wallets, users of Trust Wallet may now earn interest on their cryptocurrencies. There are 12 tokens that may be staked at the moment, including BNB, Tezos and Cosmos.
Additionally, new users may transfer their existing accounts to Trust Wallet. Users with MetaMask or MyEtherWallet accounts may backup and import wallets using their encryption keys, authenticator files, or secret recovery phrases. They can also import accounts using a public key to view the balance.
Why should you consider Trust wallet to store your cryptos?
- Numerous cryptocurrencies and NFTs are supported by Trust Wallet across a number of blockchains, including Bitcoin, the BNB Chain (formerly known as the Binance Smart Chain), and the Ethereum Main blockchain.
- Trust wallet is simple to set up on a phone. Create one wallet first, then use the 12 randomly generated words to import it onto other devices or to restore the account
- There are six distinct places to buy cryptocurrency, and 12 coins may be staked to earn interest.
Why shouldn’t you consider Trust Wallet in India?
- The 12 randomly generated words generated when creating a wallet is the sole way to recover a wallet. Technical support cannot assist customers in regaining access to their passwords
- Users risk losing their stored Bitcoin due to fraudulent decentralized software websites and phone customer care schemes.
- Users are compelled to utilize the built-in web browser to interact with decentralized apps since Trust Wallet does not connect with mobile browsers.
Trust Wallet can be downloaded and set up for free, and it just requires a few simple steps. However, this does not imply that using Trust Wallet is totally cost-free. Users are liable for any related gas costs when transferring cryptocurrencies and NFTs from Trust Wallet to another smart contract or wallet. However, what I have noticed in Trust wallet is that gas fees are very cheap.
Additionally, there will be charges for users who buy cryptocurrencies from one of the six third-party vendors. Those who own the app’s exclusive TWT token in their wallets are exempt from the extra cost Trust Wallet levies on cryptocurrency purchases made through their app.
Is Trust wallet the right cryptocurrency wallet in India for you?
Trust Wallet distinguishes apart from other cryptocurrency wallets since it supports more than 1 million cryptocurrencies on several blockchains. The program is aimed to lower the risk of cyberattacks while enabling users to utilise cryptocurrencies in their daily lives by restricting access to mobile devices.
Trust Wallet offers several benefits for people who live in areas where cryptocurrency payments are more widely accepted by users or who wish to store many different coins in one location. But anyone on either end of the spectrum could find the UI frustrating.
While inexperienced traders may not appreciate the restricted ability to connect with dApps to swap coins or trade NFTs, new cryptocurrency users will be upset by the high costs for purchasing cryptocurrency and the absence of customer assistance.
Exodus – Best cryptocurrency wallet in India for desktop
Exodus is the best cryptocurrency wallet for beginners since it is simple to use and gives you access to more than 150 assets. Although the wallet’s extensive feature set makes it a viable choice for just about everyone, it is especially well suited for novice cryptocurrency investors.
More than 150 different currencies are supported by Exodus over seven different blockchains. On the internal exchange of Exodus, users may trade cryptocurrencies as well as purchase and sell them.
Additionally, users can use the exchanges straight from the Exodus app, making it easier to move assets between the two, thanks to Exodus’ cooperation with FTX. Exodus just incorporated the Lightning Network as a payment method, which users will also discover.
The Lightning Network, in a nutshell, is a payment mechanism that handles transactions apart from the Bitcoin network. Exodus users who use this functionality will therefore experience quicker and more affordable Bitcoin (BTC) transactions.
What are some things I like about Exodus wallet?
- The Exodus user interface is simple to use and comprehend, therefore most users should find it to be straightforward.
- Over 150 coins are presently being traded in Exodus wallet, and that number is steadily increasing.
- Integrating Exodus with Defi platforms is simple.
What you may dislike about Exodus wallet?
- Only Bitcoin and Ethereum transactions are currently eligible for custom fees.
- Lack of an option to contact the customer support team via phone.
Exodus does not currently have access to your holdings or private keys, which is an important security-related point to be made clear. All holding and encryption for the wallet occurs on the user’s hard drive, not the Exodus platform, thanks to its non-custodial architecture.
Users provide a password to access their account once the platform has been downloaded. Users will be given a 12-word recovery phrase to use if they ever need to regain their account.
Is Exodus the right crypto wallet in India for you?
Exodus provides a wallet solution that is more than suitable for both novice and experienced cryptocurrency investors. Both categories will undoubtedly find the large variety of digital assets, simplicity of use, and self-custody appealing.
New users will feel secure knowing there haven’t been any security breaches in the previous five years, while more experienced traders will welcome the ability to stake assets and interface with Defi platforms. Novice users should feel at ease handling their digital assets because of the user interface’s visual appeal.
Exodus is on track to keep expanding the number of supported content and apps given the rate of its releases. Any cryptocurrency fanatic needs to use Exodus wallet, especially those just starting out on their cryptocurrency adventure. Even when users expand their understanding, Exodus is not a wallet that will be easily outgrown.
Blockchain.com – Top Cryptocurrency Wallet in India (Non-Custodial Website)
Blockchain.com is an online cryptocurrency exchange in India that offers margin trading options and rapid matching engines to ensure efficient and lucrative buying and selling of cryptocurrencies.
Additionally, Blockchain.com features a digital blockchain wallet that pays interest on money up to 13.5%. A blockchain explorer function with customisable statistics, candlestick charts, and graphs is also available. To determine which transactions and which currencies would be the most profitable right now, traders might look at the portfolios of market leaders.
Why should you consider BlockChain.com as your cryptocurrency wallet in India?
- Safe and secure – all the details of a transaction are encased in multiple layers of security.
- Low trading fees – has the low transaction fees on cryptos, and a low interest on funds which are being lent and also a high interest on the funds which are parked in the wallet.
- Support for four different fiat currencies.
- Traders are given access to the non-custodial wallet.
- The exchange is available in 25 different languages.
Why should you look into other crypto wallets in India?
- Crypto to crypto exchange pairs are limited to 40.
- Customer service is not the most reliable in the market.
Is Blockchain.com the right crypto wallet for you?
This Blockchain.com review may be summarized by stating that the website offers a wide range of top-notch products and services, but that opinions on it are generally divided. Customer service allegedly failed to reply to users’ persistent questions, according to users.
Some traders have also expressed worries about safety as well as the difficulties in carrying out wallet withdrawals. The exchange is still well-liked by those who trade digital currencies, nevertheless, despite everything. Over the course of the previous ten years of business, they have effectively increased their user base.
FTX – Best Crypto Exchange wallet to store Stablecoins
The rapidly growing cryptocurrency exchange FTX provides sophisticated trading alternatives including futures trading and leverage trading making it the best choice as a crypto wallet for advanced traders. Major stablecoins except USDT are pooled as USD. You can deposit TUSD and withdraw USDC without you needing to trade TUSD for USDC.
Let’s discuss about the pros of FTX:
- Less fees – The trading costs on FTX are some of the lowest among the exchanges. For instance, users of the company’s mobile app don’t pay any transaction fees. In addition, the site will cover many of the withdrawal costs for cryptocurrency.
- Advanced trading – FTX describes itself as being built “by traders for traders,” and it gives numerous alternatives that may appeal to that market. For instance, it provides futures trading and derivatives.
- NFTs – FTX offers a wide range of Nonfungible token to choose and purchase from.
- Minimum trade – $1 is the minimum amount required to buy cryptocurrency in BlockFi.
- Crypto to crypto trading – FTX offers 21 pairs of crypto to crypto trading.
Let’s discuss about the cons of FTX:
- Customer support – FTX unlike its rivals, doesn’t offer any live phone call support to its users. FTX pushes the customers to open a ticket to address the issue that their facing on the online portal.
- Selection – FTX offers only 21 well established coins.
- USDT is out of their stablecoin pool.
Is FTX the right cryptocurrency wallet for you?
For anyone who is looking for a Binance alternative, can rely on FTX for storing their coins. Those just starting out might find the comparatively cheap costs appealing. The more complicated products that FTX offers may appeal to more experienced traders, however others may be searching for a wider variety of cryptocurrencies.
BlockFi – Top Cryptocurrency Wallet in India for Newbies.
With the help of BlockFi, investors may purchase, sell, store, loan, and profit from interest-bearing loans on digital assets. Additionally, BlockFi members may benefit from the BlockFi Rewards Credit Card to receive rewards that are paid in cryptocurrencies, which is something very unique among other crypto trading platforms in India.
Crypto holders may easily manage their digital assets using the custodial crypto wallet, which is accessible online and as a mobile application.
Let us discuss about the advantages of BlockFi:
- Services – BlockFi gained its reputation by attempting to bring conventional banking services into the Bitcoin space. BlockFi does enable individuals to use cryptocurrency as collateral for loans, a service that many competitors do not provide.
- Crypto-to-crypto trading – Users of BlockFi may trade crypto assets with one another in 105 different ways.
- Minimum trade – $20 is the minimum amount required to buy cryptocurrency in BlockFi.
- Customer Support – On Monday through Friday, from 9:30 a.m. to 5 p.m. Eastern time, BlockFi offers live telephone customer service. The business also provides chatbot support, which it claims will assist in opening a ticket to link consumers to live support for ongoing issues.
Let’s discuss about the drawbacks of BlockFi:
- Accessibility – Due to its innovative strategy, which combines elements of the cryptocurrency world with some services that banks have historically provided, BlockFi has come under intense regulatory scrutiny. Its ability to offer all of its services has not been approved by all states, and in early 2022 it decided to cease adding new members to a programme that paid interest on cryptocurrency assets.
- Website navigation – It’s hard to discover certain crucial information on the BlockFi website, such as how to close your account.
- Transaction and trading fees – Although there are no trading costs on BlockFi’s platform, crypto assets are marked up by a spread of around 1%. Depending on the state of the market, the business warns that number may change.
- Lending platforms like BlockFi can stop withdrawals of the coins. We have seen such cases recently with Celsius, Vauld and many more such platforms where users stored their cryptocurrencies.
Is BlockFi the right cryptocurrency wallet for you?
If you want to get some cash without selling your cryptocurrency holdings, Blockfi may be a good option. The loans offered by BlockFi may be profitable. However, there are alternative platforms that offer comparable trading services and a greater range of availability if you’re looking for a platform to buy, sell, and trade a wide selection of crypto assets without using these features. If you understand the risk with CEFI platforms, and still prefer CEFI over DEFI, Blockfi can be good choice for storing your cryptocurrencies.
Important: Custodial vs Non Custodial wallets
Custodial wallets do not offer full ownership to your crypto assets. The exchange from which you are buying your cryptos will hold the private keys on behalf of you. In case if the company shuts down due to any reason or if the mainframe gets hacked, then say goodbye to all your crypto assets you owned. The company can also freeze all the transactions making it impossible to withdraw from your own crypto wallet. BlockFi, FTX, Binance, WazirX, CoinDCX are custodial crypto wallets.
Non custodial wallets on the other hand, gives you complete access to your crypto assets. You will be the sole owner of your cryptos. The full responsibility of storing your private keys is upon you. Metamask, Ledger, Trezor, Coinbase wallets are noncustodial wallets.
What are the steps you need to take in order to open a crypto wallet in India?
- Download the app
- Sign up and create an account (use your friends/family referrals for some perks)
- Create your private key
- Transfer your crypto assets to the wallet
Can I store all my crypto in one wallet?
It depends on the kind of crypto assets you own and the crypto wallet you choose. Not all crypto wallets support every cryptocurrency.
Which is the best mobile crypto wallet?
Trust wallet, Binance and FTX are some of the most famous and secure crypto wallets in India. Among these, my personal favorite crypto wallet for smartphones users is Trustwallet.
Are Bitcoin wallets free in India?
Most of the custodial wallets which come with the app are free of cost. However, if you choose to have a hardware wallet then it will come with a price tag.
Which are some of the safest crypto wallet to use without KYC?
Trustwallet, Ledger, Metamask are some top Bitcoin wallets that you can get, where KYC is not needed. You can also store altcoins.
Ledger vs Trezor: Which one is the best hardware crypto wallet company?
Both Ledger and Trezor are good crypto wallets for cold storage. The features are almost similar. I find Trezor hardware wallet expensive compare to Ledger wallets. You may choose any one between them.
Can I use Metamask for storing Bitcoins?
You can’t use Metamask to store Bitcoins. You can only store ERC-20 coins on Metamask.
Disclaimer: You should not regard any of the article’s material as advice of any kind since the information on this page does not represent investment advice, financial advice, trading advice, or any other kind of advice. You should not purchase, sell, or hold any cryptocurrencies, according to this article. Prior to making any investing decisions, do your own research and speak with a financial professional.