Coinbase India Review - Is It Legal? Is it Cheap?
There are plenty of options when it comes to buying, selling, transferring, and storing cryptocurrencies. Nevertheless, given that crypto is such a new and unpredictable commodity, taking the time to do your due diligence is vital. This means you should be taking the time to research all aspects of any given platform before investing your hard-earned funds. Either way, crypto enthusiasts are best served when they choose apps that are managed locally. For instance, Coinbase India is a popular app that helps residents of India manage their cryptocurrencies with ease. With that in mind, the following is an overview of this app.
Is Coinbase Legal in India?
If you are a resident of India interested in using the Coinbase app, rest assured that it is totally legal. Although there have been rumors and assumptions that the area will soon ban cryptocurrencies, presently, there is no real evidence that this will occur in the near future, if ever.
In fact, Coinbase has gone so far as to start creating a business presence in the country in order to prepare to do major business in the future. To do so, the corporation has acquired Agara, which is an AI-powered platform focusing on customer service and the customer experience. This move was made to ensure that Indian customers can easily purchase, trade, and manage their crypto wallets. The deal is said to be valued at between $40 to $50 million. Therefore, despite the fact that some may be suspicious of the situation, the signs indicate that the corporation plans to remain in operation for quite some time.
Indian Crypto Regulations
India has a checkered past with regard to cryptocurrencies. This is because the country has long since created policies to limit the convertibility of its currency. Nevertheless, it remains one of the fastest-growing crypto markets in the world. Either way, the central bank has been pushing for a central digital currency but has concerns about the private crypto market, and in February of 2023, the government decided to formally recognize crypt trading. However, the government seems to still be somewhat against it as it also decided to pose a large number of sanctions on the industry.
Specifically, the Indian government has opted to allow these trades while also mandating 30% of the income being made via these trades. So, while it allows these trades to occur, users must also be mindful that the costs associated with crypto are much higher than most markets. In essence, the government has decided to treat cryptocurrencies the same as earnings from speculation and gambling. So, while it can be quite lucrative, consumers must also be mindful of the fees before investing. Either way, this is secondary to the fact that the Indian crypto market grew 641%, which is 14% of global transaction value, between 2020 and 2021.
Is Coinbase safe in India?
No matter how the government feels about it, cryptocurrency is officially big business in India. Coinbase remains dedicated to developing this market while also keeping all customers' money safe and secure. This is the Coinbase motto universally, no matter what market they are operating in. Although it is not insured by the SIPC, it does offer crime insurance that helps protect some digital assets from cybersecurity threats and other breaches. So, although there are no guarantees when dealing with any type of investment, experts assert that Coinbase is essentially as safe as any other type of investment.
Coinbase India - General Information
When it comes to the Indian market, Coinbase had to create its own unique parameters for doing business. Here is a closer look at those general parameters.
-
💰 Account currency:
XBT
-
🚀 Minimum deposit:
Minimum deposit of two units of local currency (e.g., $2 or 2 Chilean pesos)
-
⚖️ Leverage:
Up to 1:3
-
💱 Spread:
Market
-
🔧 Instruments:
Dollars, cryptocurrencies
-
💹 Margin Call / Stop Out:
No
Coinbase India Pros and Cons
👍 Pros
• Low account minimums
•May earn rewards for certain cryptos
• Buy, trade, or store over 100 types of cryptos
• Offers educational investment resources, digital resources, customer support, and mobile access.
• It offers the ability to easily convert your paycheck without fees.
👎 Cons
• High transaction and trading fees
• Lower balances have higher fees
• Margin and crypto futures accounts not allowed
• Not helpful for users who want external wallets created by personal e-wall companies.
• Fewer transaction options than some other crypto platforms
Coinbase India – Fees
When it comes to the Indian market, Coinbase is expensive for low volume trading, while it's less expensive for high volume traders. Either way, Coinbase is a convenient platform that is not without its costs. For this reason, Coinbase has some of the highest fees in the industry. The breakdown of those fees is as follows:
Transaction Fees: The transaction fee for Coinbase is 0.5% per transaction.
Withdrawal Fees: On the other hand, withdrawal fees are handled differently. The platform charges a flat $0.55 fee per transaction, as well as up to 2.0% of the value of the transaction.
Therefore, when buying, selling, and trading, Indian customers, must be mindful of these fees, especially when engaged in low-volume trades.
Coinbase India - Supported Coins
Given the fact that the government is leery of platforms such as Coinbase, as well as for cryptocurrencies in general, there are fewer options for cryptocurrencies in the market. With that in mind, here is a list of some of the supported crypto coins in India:
Ethereum 2
Tether
USD Coin
Avalanche
MyNeighborAlice
Loom Network
Protocol
Render
Events
Quantstamp
Bonfida
Orca
Spice
DamnCool
League of Ancients
Order of the perverse
Shield Network
MRHB DeFi
Compound USDT
BigBang Core
And More
How to withdraw From Coinbase India
When it’s time to withdraw your funds from Coinbase, there are several steps that need to be taken.
Selling for Cash
If you are interested in selling your cryptos for cash, you should complete the following steps:
Start by clicking Buy /Sell on a web browser or tapping on the icon that allows you to Buy/Sell on the Coinbase mobile app.
Choose the “Sell” option.
Choose the crypto you would like to sell as well as the amount.
Select “Preview sell,” then select “Sell” to complete this transaction.
Cashing Out Your Funds
On the other hand, if you want to cash out your funds, you need to do the following:
If you are cashing out via web browser, click Buy / Sell on a web browser.
Choose “Sell.”
Choose the crypto you want to cash out and the amount.
Select “Preview sell," then select “Sell” to complete this action.
On the other hand, if you are using the Coinbase mobile app, you simply:
Select the “Cash out” option.
From there, simply input the amount you want to cash out, choose the destination of your transfer, then tap “Preview cash-out” to complete this step.
Lastly, tap “Cash Out Now” to finalize this transaction.
Summary. Is Coinbase India a Good Exchange?
Overall, although using Coinbase in India may be mildly more complex than investing in other countries, investing in Coinbase is still a worthwhile venture for Indian residents. Despite the fees, those who invest stand to earn sizable amounts of money for their investments.
Top 5 Coinbase Reviews
-
Comment
The platform's fees are notably high compared to other exchanges, eating into profits and making trading less attractive. Additionally, Coinbase's customer support can be slow and unresponsive. Overall, while Coinbase may be popular, its high fees, sluggish customer support, and limited coin offerings make it less than ideal for many traders.
-
Comment
Coinbase does not withdraw money from the account!!! After 3 years of working with them, my account suddenly became suspicious ... The other day I tried to withdraw money and was refused! Support began to communicate terribly uncivilized, I don’t even know what to think....
-
Comment
Reviews about Coinbase, in my opinion, speak for themselves. I have no confidence in these companies!
-
Comment
The company does not comply with its own regulations! Promises one thing, does another. So you can't trade. You have to trust the company, and I can't do that.
-
Comment
To begin with, Coinbase specializes in cryptocurrency trading only, so if you need other tools, Coinbase is definitely not your option. There is no demo account either, but with a $2 minimum deposit, this is forgivable. Moreover, several payment systems have been proposed for depositing funds, so there will definitely not be any problems. Education… Let's just say that I already know what is in Coinbase, as I have been trading for more than 5 years. But it will be useful for beginners. I consider Coinbase as a broker where you can learn how to trade, and then choose a broker according to your requirements. I’m talking about “learning to trade” literally: there are no investment offers in Coinbase. Only active cryptocurrency trading.
FAQs
Is India Banning Cryptocurrencies?
A. Although the country has been critical of cryptos, it has recently done an about-face and now seems to be embracing the use of cryptos.
How Many Countries Support the Coinbase App?
A. Over 100 countries support and allow the use of the Coinbase App.
Can you Get Rich from Investing in Cryptocurrencies?
A. Although there are no guarantees with any type of investing, yes, it is entirely possible to get rich by investing in cryptocurrencies.
Does India Have its Own Cryptocurrencies?
A. Yes, India has started to create its own cryptocurrencies, though they are not necessarily official. For instance, India Coin has been in existence since August of 2021. However, the Digital Rupee, which is still in development, is poised to become the first official cryptocurrency of the country.
Team that worked on the article
Johnathan M. is a U.S.-based writer and investor, a contributor to the Traders Union website. His two primary areas of expertise include finance and investing (specifically, forex and commodity trading) and religion/spirituality/meditation.
His experience includes writing articles for Investopedia.com, being the head writer for the Steve Pomeranz Show, a personal finance radio program on NPR. Johnathan is also an active currency (forex) trader, with over 20 years of investing experience.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).