Cryptocurrency is a rapidly growing industry, and many Indians are getting involved for investment motives. A crypto wallet is needed to store and trade Bitcoin and other cryptocurrencies. Today’s crypto wallets are groove with features that make cryptocurrency trading easier. However, with so many options, selecting one may be tough.
This post will tell everything about crypto wallets, how they work, and best 7 crypto wallets in India.
What Is a Crypto Wallet?
A cryptocurrency wallet is a software program or physical device that stores your cryptocurrency and allows you to send and receive transactions. A cryptocurrency wallet contains two key pairs: private and public keys.
For ease of use, private keys are typically stated as a string of alphanumeric characters. It’s similar to a bank account, except that it’s controlled by a key that only you have. This private key is used to start transactions, which is known as “assigning.”
The public key is paired with the private key and provides a signal for receiving cryptocurrency transactions.
7 Best Bitcoin Wallets in India
Trezor Model T
SatoshiLabs’ TREZOR Model-T is a second generation Bitcoin/Altcoin hardware wallet. The TREZOR line debuted in 2014 with the TREZOR One (T-One), and it has become one of the most popular cryptocurrency hardware wallet solutions.
The Model-T has a similar footprint to the T-One, with the main difference being the colour touchscreen and lack of physical buttons. To improve security, the Model-T’s firmware (dubbed TREZOR Core) was written from scratch. This hardware wallet, like the T-One, is intended to be used safely even on malware-infected devices.
Features
- Supports more than 1650 coins and tokens.
- Advanced security measures.
- Improved usability thanks to the integrated touchscreen
- Mobile connectivity.
- Extra features for power users.
Pros
- Large touchscreen display in colour
- Simple to use
- Private keys are isolated in a Trezor Model T with PIN and password protection.
- Web browser, desktop OS, and Android are all supported.
- Supports over 1000 coins and tokens
- Buy cryptocurrencies with fiat money and exchange them in your wallet.
Cons
- There is no support for iOS.
- More expensive than the most other hardware wallets
- Only a limited number of cryptocurrencies can be purchased with fiat currency.
Ledger Nano X
The Ledger Nano X is Ledger’s newest hardware wallet, released in 2019 as an upgrade to the Ledge Nano S.
The device’s main idea is to be the simplest way to secure your Bitcoin and cryptocurrency offline. In the case of Ledger, the devices make use of something called as ‘secure element.’
This makes them more resistant to physical attacks and allows for more secure cold offline storage of your coins. This also protects the private keys from malware, resulting in improved security over other software wallets.
Features
- Ledger Live now includes an integrated cryptocurrency exchange.
- USB and Bluetooth interfaces
- 8-hour battery life
- Both iOS and Android are supported.
Pros
- It is simple to set up and use with a smartphone or tablet.
- All major blockchains and a wide range of tokens are supported.
- Simple to use.
- Adding coins is simple and quick.
- Multiple languages are supported.
- It is very portable and has a built-in battery.
Cons
- The price is higher than that of other hardware wallets.
- It is required to pair applications.
Binance
Binance grew steadily into the world’s largest cryptocurrency exchange by trading volume, processing more than $1 billion daily, after launching in July 2017. The impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees have all attributed to its rise in popularity.
Features
- It provides both simple and complex crypto trading exchange interfaces.
- Available on the web, iOS, and Android.
- Binance provides a safe location to store your digital assets.
- It is one of the most popular cryptocurrency wallets in India, with 24×7 help and support.
Pros
- Low non-instant and instant buy fees
- A large coin selection
- Numerous additional services
Cons
- Errors in account verification
- Not available in the United States
- The corporate structure is non-transparent.
WazirX
WazirX, an Indian crypto exchange, also provides a wallet service. You have a web-based or mobile-based cryptocurrency wallet linked to the WazirX exchange. WazirX has collaborated with Binance (the world’s largest cryptocurrency exchange).
To use the wallet, you must first open a WazirX account. On Wazirx, you can trade in over 200 pairs and store all cryptocurrencies in the wallet.
You can use the wallet to trade on the WazirX exchange and conduct P2P (buy/sell directly) transactions.
Features
- Identity verification systems will conduct KYC within a few hours of signing up.
- It allows peer-to-peer trading with no cryptocurrency trading fees.
- This digital currency wallet can process millions of transactions, in a matter of seconds.
Pros
- A wide range of crypto tokens are supported.
- There is no custody of fiat money.
- Free fiat/crypto swaps
- Smart Token Funds help in portfolio development.
- Simple user interface, suitable for novice traders.
Cons
- commissions for individual assets were overestimated
- There are no discounts for high trading volumes.
CoinDCX
CoinDCX is India’s safest cryptocurrency exchange, with the mission of making cryptocurrency more accessible. It offers retail, HNI, and enterprise clients with cryptocurrency-based financial product investing and trading solutions.
Features
- Trade cryptocurrency with a low fee, quickly and easily.
- CoinDCX is a safe and secure platform for developing a strong crypto portfolio.
- Encrypt all of your data to protect your passwords and personal information.
- It is a secure and simple way to start building a strong crypto portfolio.
- CoinDCX is a decentralized cryptocurrency exchange.
- 95% of the funds on our platform are kept in cold wallets.
Pros
- The most popular cryptocurrencies and coins can be found here.
- TradingView terminal is simple and functional.
- low commission charges
- Bug bounty program with cash incentives
- high levels of security
- Fixed-payment referral program
- significant leverage for spot and margin
Cons
- Only Indian rupees are represented in the fiat currency range.
- There are no demo accounts available.
Coinbase
Coinbase is a cryptocurrency exchange which also provides a wallet service. You get a mobile wallet to store and use your bitcoins and other cryptocurrencies.
The Coinbase app is decentralized from the crypto exchange, and the wallet is stored on your smartphone.
To keep your private keys safe, the app has a secure enclave (Secure Element Technology) that uses biometric authentication technology.
The Coinbase app is free to download from Google Play or Apple Store (depending on your mobile OS). And can be used to instantly transfer money or make payments.
Features
- The user interface is vibrant and simple to use.
- Coinbase has a reputation for being a safe place to buy and sell cryptocurrency.
- Coinbase is geared at newcomers, whereas Coinbase Pro is geared more experienced traders.
- Available on the web, iOS, and Android.
- As customers finish their training, Coinbase awards them with cryptocurrency.
Pros
- Simple to use for cryptocurrency newcomers
- A large number of cryptocurrencies are supported.
- Earning opportunities for cryptocurrency
- Coinbase Pro offers lower prices.
Cons
- Potentially high transaction fees
- Customer service issues
- Many altcoins are not accessible for trading.
Trust Wallet
Trust Bitcoin is a mobile app-based wallet that allows you to store bitcoins as well as other popular cryptocurrencies like Ethereum, Litecoin, Ripple, and 40 other blockchains.
Trust wallet has joined with Binance (the world’s largest crypto exchange) and is now an official cryptocurrency wallet of Binance. You can trade directly on the Binance exchange using your wallet.
With pin numbers and biometrics, Trust wallet protect your digital assets and private keys. The Trust wallet allows you to send and receive bitcoins via QR code.
Features
- Simple to Use Interface
- Free Download
- It never stores user information on its servers.
- No KYC Confirmation Required
- partnership with Binance
- Security and Privacy
Pros
- Simple and user-friendly interface
- Free to download
- There are no subscription fees.
- Track crypto prices within the app and set up price update notifications.
- A huge database of digital assets is supported.
- Staking
Cons
- Hardware wallets are still more secure.
- Fees are based on third-party providers.
- There isn’t a desktop version.
- Binance owns the company, which has faced regulatory issues in Canada.
- There is no method to recover wallets through customer support.
Different Types of Bitcoin Wallets:
- Hardware Bitcoin Wallets (aka Cold Storage)
Hardware wallets securely store a crypto user’s private keys offline, or “cold”, meaning that they are not connected to the internet, except when a user needs to connect to a computer briefly to complete a transaction. Crypto wallets which are software or web-based are “hot”, or permanently online, giving hackers more potential attack vectors through which to steal your funds. As a result, hardware wallets are nearly universally considered as a very safe option for keeping crypto assets out of the wrong hands.
- Desktop Bitcoin Wallets
Desktop wallets are applications that run on your desktop or laptop computer. They provide a streamlined, user-friendly interface for users to interact with their cryptocurrency holdings. In contrast to web or exchange wallets, which are always accessible, Desktop wallets only connect to the internet when necessary to complete transactions. They are often non-custodial, which means that the wallet owner is solely responsible for the safety of their private keys.
- Mobile Bitcoin Wallets
Mobile wallets allow users to spend or receive cryptocurrency quickly and securely anywhere they have their phone and an active internet connection.
- Web Bitcoin Wallets (aka Hot/Online/Hosted Wallets)
Web wallets are third-party wallets. Typically, a crypto exchange that offers easy access to a user’s holdings via a web browser.
How To Choose The Right Crypto Wallet
- Checking Company’s Reputation
It is important to find out how long the company has been in operation, who runs it, what services it provides, and whether the data is secure. If they provide you this information, that’s great; if they don’t, you should avoid using their wallet. Always analyse the company’s previous dealings with practices, data management practices, and other aspects.
- Security Features
When you decide to invest in something, the first thing that comes to mind is security, and cryptocurrency is no exception. When considering and determining whether the crypto wallet you are considering is secure or not, look for the following important security features:
- Authentication with two factors
- Access is password-protected.
- Logging out of a session in the best possible way
- Support for multiple signatures
- Technology Utilization
As open-source wallets are used, the code will be reviewed by third parties. It implies that it will be widely reported if anything goes awry. The vast majority of people who are using advanced resources do not feel safe when using such wallets. You must also determine how your private keys will be stored and who will have access to them – you or the server.
- Compatibility
A strong crypto wallet should be able to deal with a variety of gadgets. For example, white label biting programming is critical to the advancement of Windows, iOS, Android, and Linux. As it is ideal to have a variety of working frameworks, the wallet should have the capacity to accommodate as many individuals. As a result, be sure your crypto wallet is compatible with the device or software you’re using.
- Shared Account
If your wallet is passed on to someone else, it is important to get affirmation from all parties before proceeding with a transaction. This element is known as Multi-Sig, and it has recently appeared. Because of this capacity, purchasers can create multiple private keys for a single wallet, which is ideal for colleagues or families.
Conclusion
Bitcoins (crypto) are not currently used for payment in India. But, wallets can help you securely store your hard-earned crypto assets.
By providing private keys, the wallets give you complete control over your bitcoins. It is the safest way to keep your bitcoins as compared to your exchange account.
FAQ
Which is best Bitcoin wallet in India?
- Binance.
- Wazirx.
- Ledger.
- CoinDCX.
Which is safest Bitcoin wallet?
According to experts, Coinbase Wallet from the popular Coinbase exchange is the best bet for beginners. It’s easy to use, supports thousands of cryptos, and is noncustodial, which means you maintain control of your private keys.
Is WazirX a crypto wallet?
WazirX provides advanced crypto trading features such as TradingView, advanced chart trading, and Stop Limit orders. The exchange has the world’s first auto-matching P2P crypto engine, which has a high liquidity. You can instantly transfer funds between your WazirX and Binance wallets for a minimal fee.
Which Bitcoin wallet has lowest fees?
Best for Low Costs Coinbase Wallet
Unlike the popular Coinbase.com app, Coinbase Wallet has some of the lowest fees in the cryptocurrency wallet ecosystem, making it an appealing choice for active Web3 users.
