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 wallets, how it works and top 10 safest crypto wallets in India.
Crypto wallet is a software programme 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 decentralised 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.
Suggested Read: What is Cryptocurrency? A Complete Cryptocurrency Guide For Beginners
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.
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.
Binance Features
Cryptocurrency Supported: BTC, BTG, ETH, DASH, ADA, XRP, NEO, TRX, etc.
Deposit Fees: No Fees Required
Withdrawal fees: Depends on the type of cryptocurrency.
Payment Methods: Credit or Debit Card, Cryptocurrency, Koinal, etc.
KYC: Required
Minimum Trade: $10
WazirX Multi-Cryptocurrency Wallet is considered as one of India’s best crypto wallets. 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.
WazirX Features:
Cryptocurrency Supported: Bitcoin, Ethereum, Ripple, Zilliqa, Tron, and 100+ other cryptocurrencies.
Deposit Fees: No Fees Required
Withdrawal fees: There is a cost of 0.0005 BTC for each Bitcoin withdrawal. No fee for INR withdrawals.
Payment Methods: Bank Transfer, UPI, NEFT & RTGS, and IMPS.
KYC: Required
Minimum Trade: INR 100
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.
Ledger Nano Features
Cryptocurrency Supported: Bitcoin, Dogecoin, Cardano DASH, Binance Coin, Ethereum, and EOS.
Deposit Fees: Every transaction is associated with a network fee, which can be high, low or standard.
Payment Methods: Credit card, BitPay, PayPal, and crypto.com Pay.
KYC: Not required
Minimum Trade: INR 100
Suggested Read: Best Crypto Payment Gateway in India to Accept Bitcoin
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.
Coinbase Bitcoin Wallet Features
Cryptocurrency Supported: Bitcoin, Ethereum, Dogecoin, Binance Coin, Dai, Maker, USDC, Tezos, Tether, Aave, Uniswap, Kyber Network, The Sandbox, Paxos Standard.
Deposit Fees: Free
Withdrawal fees: 0.5% to 4.5% depending on payment method
Payment Methods: Bitcoin, Ethereum, USD Coin, Debit or Credit card, Apple Pay, Bank transfer.
KYC: Required
Minimum Trade: $2
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.
ZenGo Features
Cryptocurrency Supported: Bitcoin, Ethereum, Dogecoin, Binance Coin, Dai, Maker, USDC, Tezos, Tether, Aave, Uniswap, Kyber Network, The Sandbox, Paxos Standard.
Deposit Fees: Free
Withdrawal fees: Depends on the type of cryptocurrency.
Payment Methods: Bitcoin, Ethereum, USD Coin, Debit or Credit card, Apple Pay, Bank transfer.
KYC: Required
Minimum Trade: $100 USD or 100 EUR
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.
CoinDCX Features:
Cryptocurrency Supported: Bitcoin, Tether, Ethereum, Shiba In,u XRP, Solana, etc.
Deposit Fees: Free
Withdrawal fees: Depends on the type of cryptocurrency.
Payment Methods: Credit card or debit card, bank transfer (ACH), UPI.
KYC: Required
Minimum Trade: INR 100
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.
BuyUcoin Features:
Cryptocurrency Supported: ETH, BTC, BNB, SOLANA, TETHER, ADA, XRP, DOGE, DOT, LTC, SHIB, etc.
Deposit Fees: 2% deposit fees
Withdrawal fees: Depending on the crypto coin you want to withdraw.
Payment Methods: Bank Transfer, BHIM UPI, Net banking, etc.
KYC: Required
Minimum Trade: INR 20
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.
ZebPay Features:
Cryptocurrency Supported: DOGE, LTC, BTC, BCH, ETH, XRP, TRX, ADA, ZRX, XLM, DAI, ACH, SHIB, etc.
Deposit Fees:
Withdrawal fees: There is a flat ₹10 fee for all withdrawals and 0.0006 BTC for Bitcoin withdrawal.
Payment Methods: Bank transfer, net banking, and UPI.
KYC: Required
Minimum Trade: INR 100
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.
Unicoin Bitcoin Wallet Features
Cryptocurrency Supported: Bitcoin, Ethereum, Dogecoin, Shiba Inu, Fantom, Litecoin, Ripple, Bitcoin Cash, EOS, Stellar, and more.
Deposit Fees: Depends on the type of cryptocurrency.
Withdrawal fees: Up to 0.7%
Payment Methods: Bank transfer, net banking, and UPI.
KYC: Required
Minimum Trade: INR 100
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.
Guarda Wallet Features
Cryptocurrency Supported: Binance Coin, Bitcoin, Ethereum, Cardano, Dogecoin.
Withdrawal fees: Customizable transaction fees, 3.5% crypto purchase fee.
Payment Methods: Bank transfer, Net banking, and UPI
KYC: Required
Minimum Trade: INR 100
Suggested Read: Compare Best Software Available in the Market
FAQs
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
Coinbase is one of the most trusted crypto wallets across the world. Among hardware crypto wallets, Trezor and Ledger are quite popular. Robinhood wallet is good for buying and selling in Crypto for free.
ZenGo, BuyU, WazirX are among the best mobile crypto wallets in India.
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.
Related Categories: CryptoCurrency Exchange Software | Stock Market Software | Financial Management Software
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