By offering both a crypto exchange and lending platform for enthusiasts in the country, Vauld seems to be well placed amidst the ongoing cryptocurrency revolution and adoption in India. Recently, we at Coin Crunch India decided to do a comprehensive analysis of Vauld’s mobile app, its service, and overall customer experience. The idea was to see just how seamless and user-friendly the platform is, both for crypto novices and seasoned experts.
Here’s the long and short of it.
Users can sign up and create a free Vauld account through a variety of logins – Facebook, Twitter, Google, and even their Apple account. They then need to choose a unique username and strong password and complete their KYC verification to access their account and start trading.
Once this sign-up process is completed, we are greeted with a detailed and informative dashboard and the on-offer interest rates for crypto deposits. We’re also appointed individual account managers for quick guidance and support for a smooth and better experience. A good start, in short.
Interest rates on Vauld
One of the most interesting features about Vauld is undoubtedly the interest rates offered to users. Of course, the rate varies from crypto to crypto but can be earned simply by maintaining our balance in the Vauld wallet, with no lock ins. The yields can be as high as 9-11% on several stable coins.
The USDT interest rate was set at 11.57% at the time of writing, which astonishingly is nearly double the interest rate offered by most FDs in the country. Major cryptocurrencies such as Bitcoin and Ethereum deliver 5-7%, amongst the industry’s highest.
Buy/Sell Crypto on Vauld
Once you click on the buy/sell option on the homepage, you will be directed to a new tab that will display a detailed and comprehensive list of all the cryptocurrencies and stable coins you can trade on Vauld, and the different rates they can be bought and sold at in INR. The fees on Vauld are set at 0.05%, which has been reduced significantly from 0.25% and is by far the lowest in the Indian crypto trading scenario. This has been done consciously to be more customer-centric and encourage individuals to participate in this digital revolution.
Depositing INR on Vauld
Currently, Vauld is more of a closed-order book exchange on the app, which means the exchange rate is consistent and users will get the same conversion rate no matter the volume of the transaction. Once you have selected the amount against which you want to buy your choice of crypto or stable coins, you can deposit the amount in your account in INR through a simple process, and the payment methods can be NEFT, IMPS, or RTGS, depending on your preference.
Once the transaction has been carried out successfully, you will receive an instant notification. You can then simply ‘swipe’ to buy the desired crypto and stable coin against the amount you have deposited in your Vauld account. As soon as you have a crypto balance, it will immediately start earning interest!
Fixed Deposits on Vauld
FDs are available on Vauld for the token balance you have on the account, starting with a one-month term. The interest rate varies from token to token and is dependent on the duration for which the FD is being created.
Additionally, these FDs can be created for a selected percentage of your total token balance, say 50%, so that you are free to use the remaining 50% for trading or any other activity. You can click on ‘active orders’ to check the payout date and the interest earned on your FD seamlessly through the app’s user-friendly interface.
As the name suggests, this feature allows users to swap or exchange a cryptocurrency or stable coin for a different one, powered by Binance. This means there are order books from Binance to facilitate these transactions, which indicates that the liquidity is strong and promising.
Crypto loans on Vauld
Users can take a loan by collateralizing any of their available assets through this exclusive feature on the Vauld app. The minimum loan amount is $1000, with an interest rate of 12 APY as of January 2021.
Crypto and INR Withdrawals
Vauld offers its users instant crypto and INR withdrawals with minimum transaction fees and a smooth user interface that helps in fulfilling transactions seamlessly and quickly. For INR withdrawals, users can choose a bank account of their choice or simply input a UPI ID and submit the withdrawal request for instant and hassle-free withdrawals.
Referrals on Vauld
The referral system offered by Vauld is quite simple and straightforward: users get 40% of the fees on the trades of their referrals, 5% of the interest paid out on assets, and 5% of the overall interest accrued on their loans.
This has been created to encourage the participation and overall engagement of new users, and help them reach out to their friends and family, and integrate them in this crypto revolution as well.
Crypto OTC trading for Indian users
OTC trading is one of the most viable solutions available to help large crypto buyers overcome various obstacles they face in terms of liquidity, slow-selling velocity, and long-drawn retrievals. By introducing crypto OTC trading for Indian users, Vauld is removing these obstacles and facilitating trades that are instant, seamless, and hassle-free. The deal or transaction between buyers and sellers is safe and secure, thanks to the security measures that the Vauld team abides by, making the platform extremely efficient.
Additionally, Vauld offers a highly reliable liquidity management service, which implies that once the funds are deposited by a user, they go to a centralized pool where they are further allocated for lending and trading. This enables the platform to offer lucrative and attractive interest rates to its users.
Finally, fragmented market deals that often take on platforms such as WhatsApp are tackled by providing users better insights on their profits through clever new generation tech integration with seamless collaborations with global OTC providers.
In short – the Vauld experience is rewarding, seamless and quite frankly, a delight.
We have published a video review of Vauld with its tutorial as well. Do check it out!