Cryptocurrency is a rapidly expanding sector, and many Indians are getting involved in this for investment purposes. To store and trade Bitcoin and other cryptocurrencies, you’ll need a crypto wallet. Today’s crypto wallets are packed with features that make trading cryptocurrency easier. However, with so many alternatives, choosing one option might be tough.
This article will tell you everything about crypto wallet India, how it works and the top 10 safest crypto wallets in India.
Crypto wallet is a software program or physical device that stores your cryptocurrency and allows you to send and receive transactions. Private keys and public keys are the two key pairs that make up a crypto wallet.
Private keys are typically stated as a string of alphanumeric characters for ease of use. It’s comparable to a bank account, with the exception that it’s controlled by a key that only you have access to. You utilize this private key to start transactions, which is known as “assigning”.
The public key is paired with the private key and gives a signal for receiving cryptocurrency transactions.
You have to share your personal information and generate a security password for creating a hosted crypto wallet. With a two-step verification process, you can securely create your cryptocurrency wallet.
Non-custody crypto wallets are often paired to an app that helps manage the private key. Without the private key, you cannot access your cryptos.
With a hardware wallet, you must download the compatible software from the official website to set up the wallet.
Crypto wallets are available in the form of software and hardware. Both these types of crypto wallets ensure a secure access to your cryptocurrency.
A crypto wallet doesn’t store any bitcoin, but the public and private key details to complete crypto transactions successfully. The coin is kept on a blockchain. It is a form of digital record that streamlines the operation of numerous decentralized cryptocurrencies.
A blockchain wallet is a cryptocurrency wallet, allowing people to manage Bitcoin, Ethereum and other cryptocurrencies. It simplifies transactions and ensures their security with cryptography signing. You can access Bitcoin wallet from any online device with utmost security. A blockchain wallet ensures safe fund transfer.
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Popular types of crypto wallets in India are: Desktop wallets, hardware wallets, web wallets & mobile wallets.
Desktop wallets keep your private keys on the hard drive of your local PC. They’re safer than mobile and online wallets. The only way you can lose is if someone hacks your computer when it is connected to the internet.
Bitcoin mobile wallets are apps that may be downloaded from the Google Play or Apple Store. App wallets are helpful for making smaller payments or paying for everyday items using bitcoins. It provides the same level of security as your smartphone.
Your private keys are stored on the servers of web bitcoin wallets. Crypto exchanges that provide accounts or wallets are web wallets that hold your bitcoins on their servers. The web wallets are accessible through the internet and are hosted by third-party servers. The corporation that runs the servers and exchanges could shut down or get access to your private keys, which can be risky.
Hardware wallets are physical devices that are popularly termed as “cold wallets” or “cold storage wallets.” They look quite similar to a USB stick. This type of Crypto wallet stores your private key for managing your cryptocurrency on a blockchain.
Hardware wallet is one of the safest options to store cryptocurrency because it is not connected to the internet. Without this gadget, a hacker halfway over the world will be unable to access your crypto.
There are many crypto wallets available online. So, we’d like to share our approach in selecting the top 10 best crypto wallet in India for you.
By following this rigorous selection process, we wanted to provide you with the best options for your cryptocurrency wallet needs in India.
Wallet Name | Type | Supported Cryptocurrencies | Security Features | Available On | Minimum Trade Value |
Binance | Exchange Wallet | Multiple | Two-Factor Authentication (2FA), Cold Storage, Withdrawal Whitelists | Android and iOS | INR 1500 |
WazirX | Exchange Wallet | Multiple | Two-Factor Authentication (2FA), Cold Storage, IP Whitelisting | Android and iOS | INR 100 |
Ledger Nano | Hardware Wallet | Multiple | Offline Storage, PIN Protection, Recovery Seed Phrase | PC | No Minimum Amount |
Coinbase | Exchange Wallet | Multiple | Two-Factor Authentication (2FA), Insurance, Hot and Cold Wallets | Android and iOS | INR 1 |
ZenGo | Mobile Wallet | Multiple | Biometric Authentication, Keyless Wallet, Multi-Signature | Android and iOS | INR 2500 |
CoinDCX | Exchange Wallet | Multiple | Two-Factor Authentication (2FA), Cold Storage, Withdrawal Whitelists | Android | INR 500 |
BuyUcoin | Exchange Wallet | Multiple | Two-Factor Authentication (2FA), Cold Storage, IP Whitelisting | Android | INR 100 |
ZebPay | Exchange Wallet | Multiple | Two-Factor Authentication (2FA), Cold Storage, Withdrawal Whitelists | Android and iOS | INR 100 |
Unocoin | Exchange Wallet | Bitcoin | Two-Factor Authentication (2FA), Cold Storage | Android | INR 1000 |
Guarda Wallet | Multi-Currency | Multiple | Encrypted Private Keys, Multi-Platform Support, Backup Options | Android | INR 100 |
Binance Wallet is one of the most well-known cryptocurrency exchanges. It provides a safe environment for trading over 250 cryptocurrencies. This web wallet has an API that you can use to link it with your current trading software.
WazirX Multi-Cryptocurrency Wallet is considered as one of the best crypto wallets in India. Since it was launched, it achieved rapid and massive popularity among users. To prevent identity theft and ensure secure transactions, it uses two-factor authentication or OTP-based authentication.
Ledger is a trusted hardware wallet brand in India. Ledger Nano X builds provides add-on features to Nano S and includes a built-in battery with better asset management and bluetooth connectivity.
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Coinbase Wallet is a digital asset wallet that protects your bitcoins, digital collectables, and other digital assets. The wallet supports many currencies and is completely insured, which is unusual in the bitcoin sector.
It allows you to keep your money in a secure location, and two-factor authentication assures that any user that logs into your account is legitimate.
ZenGo Wallet is a non-custodial mobile cryptocurrency wallet. It considers threshold signatures over private keys. This crypto wallet generates mathematical secret shares on your phone and your servers.
CoinDCX is considered India’s safest cryptocurrency exchange, with a mission to make cryptocurrency more accessible. It provides retail, HNI, and enterprise customers with crypto-based financial product investing and trading solutions.
Suggested Read: Best Cryptocurrency Exchange Software Companies for Crypto Trading
BuyUcoin is one of India’s most popular cryptocurrency wallets. With Light and Dark Mode, you can access all of your portfolios in one spot. Your crypto coins are stored in a secure offline wallet that is immune to hacking threats.
Encryption and hashing are among the most appreciated features of BuyU , along with the salting method, which prohibits fraud. The crypto exchange’s data is stored, decrypted, and transmitted on a separate hosting infrastructure.
ZebPay is a cryptocurrency exchange with a simple UI and comprehensive crypto trading tools. Users can use Bitcoin to make payments. You can also use this cryptocurrency wallet to establish trading alerts, trade pairings, and buy a variety of cryptocurrencies.
Unocoin is a bitcoin processor based in India that allows consumers to buy, sell, store, and receive bitcoins. It is considered as India’s most secure location for exchanging crypto assets. The wallet allows you to trade a range of digital assets in a secure network.
Guarda is a multi-platform, custody-free cryptocurrency wallet with a user-friendly interface for storing, managing, buying, exchanging, and staking cryptocurrencies. Guarda now supports over 50 major blockchains and tens of thousands of coins.
Using a cryptocurrency wallet in India, such as Bitcoin Wallet or Ethereum Wallet, offers several benefits:
Bitcoin wallets offer many advantages, such as providing control over your funds, security features, and easy access to the Bitcoin network. However, they also come with some disadvantages:
The wallets mentioned in this article offer a wide range of features and security measures that cater to different needs and preferences. From user-friendly interfaces to robust encryption protocols, these wallets ensure the safety of your digital assets. Whether you are a beginner or an experienced investor, there is a wallet on this list that will suit your requirements. So go ahead, explore these options, and start managing your crypto investments with confidence.
Suggested Read: Compare Best Software Available in the Market
The steps to open a crypto wallet are:
1. Download a crypto wallet app.
2. Create an account.
3. Store your private key.
4. Transfer crypto to your wallet.
5. Start exchange.
The Reserve Bank of India (RBI) and the union government have not given any sort of recognition to cryptocurrencies and, therefore, these are not legal in the country right now.
Binance and Coinbase are some of the crypto wallets that charge the cheapest fees.
Binance charges 0.10% spot-trading fees, and 4.5% on debit card purchases. Whereas Coinbase has a fee of 0.50% per trade, and charges 3.99% for credit card purchases.
Other Coinbase charges are 1.49% for bank account purchases or Coinbase wallet, and $10 for deposit and $25 for withdrawal when it comes to wire transfers.
WazirX and Coinbase are among the popular crypto wallets with the lowest withdrawal fee. On average, the applicable fee with WazirX is 0.2%, while Coinbase takes up to 0.5%.
These are some of the best and safest Bitcoin wallets:
1. Coinbase
2. Ledger Nano X
3. Zengo
4. Binance
Cold storage, also known as offline wallets, is one of the safest ways to store bitcoin because these are not accessible over the internet.
If you're only storing Bitcoin in the wallet, using a Bitcoin wallet costs nothing. If you're trying to complete a transaction, it will charge you a fee depending on what you're trying to do.
A blockchain wallet is a secure digital wallet that allows users to manage and store cryptocurrencies like Bitcoin and Ethereum. It simplifies transactions and ensures their security through cryptographic signatures
It's recommended to store cryptocurrencies in secure wallets, such as hardware wallets like Ledger Nano, for long-term storage. For everyday transactions, mobile or desktop wallets like ZenGo and Coinbase can be convenient.
Many crypto wallets are available for free, but some hardware wallets may have an upfront cost. However, users should be aware of potential transaction fees associated with sending and receiving cryptocurrencies.
Crypto wallet India can be safe if used correctly and chosen from reputable providers. Hardware wallets, like Ledger Nano, are among the safest options due to their offline storage and security features.
To create a Bitcoin wallet in India, choose a reputable wallet provider like CoinDCX or ZebPay. Sign up on their platform, complete the KYC process, and set up a secure password. Your wallet is then ready for Bitcoin transactions.
The best crypto wallet in India depends on individual preferences and needs. Some popular options include Binance, WazirX, and Ledger Nano for their security and user-friendly features. It's advisable to research and find the one that aligns with your requirements.
Related Categories: CryptoCurrency Exchange Software | Stock Market Software | Financial Management Software
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