Looking for the best cryptocurrency exchange in India? The Indian crypto trading market is growing in popularity as the world of cryptocurrencies and blockchain grows in prominence. There are various trading platforms accessible at the moment. This post is for you to get started with cryptocurrency trading. It contains 8 Best crypto exchange in India.
The regulatory landscape for cryptocurrencies in India has been subject to various changes and discussions. In 2018, the Reserve Bank of India (RBI), the country’s central bank, issued a circular that restricted banks from providing services to cryptocurrency-related businesses. However, this circular was later overturned by the Supreme Court of India in March 2020, which deemed it unconstitutional. This decision provided a boost to the cryptocurrency industry in the country.
Points to Consider Before Choosing a Cryptocurrency Exchange Platform:
When selecting the best cryptocurrency exchange for your needs, there are several factors to consider. Here are some key aspects to evaluate:
- Security: A secure platform is vital when storing sensitive information. As security precautions, look for two-factor authentication, multi-signature wallets, cold storage, and hardware wallets. Research the exchange’s track record regarding past security incidents and how they handle customer funds.
- Reputation and Trustworthiness: Consider the exchange’s reputation and credibility in the cryptocurrency community. Look for user reviews, online forums, and professional assessments to gauge the general sentiment towards the exchange. Established exchanges with a proven track record are generally considered more reliable.
- Supported Cryptocurrencies: Check the range of cryptocurrencies supported by the exchange. If you have specific coins or tokens you want to trade, ensure that the exchange offers them. Additionally, consider the availability of popular trading pairs and liquidity for the assets you wish to trade.
- User Experience: Evaluate the user interface and experience offered by the exchange. A well-designed and intuitive platform can make your trading experience more efficient and enjoyable. Consider features such as order types, charting tools, trade execution speed, and ease of depositing and withdrawing funds.
- Trading Fees: Exchanges charge trading fees for executing transactions. Compare the fee structures of different exchanges, including maker and taker fees, deposit and withdrawal fees, and any other charges. Consider how these fees may impact your trading volume and frequency.
- Liquidity: Liquidity is crucial for smooth trading. Higher liquidity ensures that there is sufficient trading volume and minimal slippage when executing orders. Exchanges with higher liquidity are generally preferred as they offer better price stability and easier order fulfillment.
- Regulatory Compliance: Check if the exchange complies with relevant regulatory requirements in your jurisdiction. Operating in a regulated environment can provide an added layer of protection for your funds and personal information.
- Customer Support: Evaluate the quality and availability of customer support provided by the exchange. Prompt and helpful customer support can be crucial if you encounter any issues or have inquiries regarding your account or transactions.
- Geographic Restrictions: Some exchanges have geographic restrictions, limiting access to users from specific countries. Ensure that the exchange you choose is available in your region.
- Additional Features: Consider any additional features offered by the exchange, such as margin trading, futures trading, lending/borrowing, or staking services. These features can provide additional opportunities and flexibility for your trading and investment strategies.
It’s important to conduct thorough research and due diligence before selecting a cryptocurrency exchange. Consider your specific needs, preferences, and risk tolerance when evaluating different platforms. It may also be helpful to start with a small deposit or use demo accounts (if available) to test the user experience and overall functionality of the exchange before committing significant funds.
Related Articles, You May Also Like:
- Best decentralized cryptocurrency exchanges(DEX): For advanced users, trading on decentralized exchanges can be a good idea for better security of the funds as the fund remains within the wallets only. It is not recommended for entry-level users.
- Best P2P crypto Exchanges: P2P exchanges are working on a peer-to-peer model where users transfer funds directly to a second party.
- Different types of cryptocurrency exchanges
Best Cryptocurrency Exchange In India
We have prepared a list of the Best Cryptocurrency exchanges in India so that you can choose the best crypto exchange to buy Bitcoin and other cryptocurrencies. Lets start with the list of exchange:
WazirX is a prominent cryptocurrency exchange in India. It was founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. WazirX provides a platform for users to buy, sell, and trade a wide range of cryptocurrencies. It plans to launch a fully functional crypto exchange that will support different cryptocurrency pairs, WazirX has also introduced its own token, the WRX Coin. The platform is designed to provide a seamless trading experience with features such as easy-to-use order placement, real-time market data, and interactive charts. It supports a variety of cryptocurrencies, including popular options such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others. It provides a wide range of trading pairs, allowing users to trade different cryptocurrencies against one another.
WazirX offers spot trading, which enables users to buy and sell cryptocurrencies at market prices. Additionally, it has a unique peer-to-peer (P2P) trading feature that facilitates direct transactions between buyers and sellers. The P2P platform allows users to trade cryptocurrencies using Indian Rupees (INR) without relying on traditional banking channels. WazirX has its native utility token called WRX. Users can hold WRX tokens to enjoy benefits such as trading fee discounts, earning rewards through trading competitions.
- Exchange charges a 0% fee on P2P trades and a 0.2% fee on spot trades.
- Users can get up to a 25% discount in exchange fee if the fee was paid using WRX tokens.
- The largest cryptocurrency exchange in India (acquired by Binance)
- OTC Counter: The exchange offers OTC (over-the-counter) trades if you are planning for an order of more than $50k
Visit Wazirx Exchange
Started in 2016, BuyUCoin is the oldest multi-asset crypto exchange still operating in India after the RBI ban. BuyUcoin is another of India’s market leaders in the Cryptocurrency market. It provides an easy and trusted platform to buy, trade, store, and accept many cryptocurrencies like Bitcoin, Ethereum, Ethereum Classic, List, NEM, Civic, Litecoin, Bitcoin Cash, and many more. It has serviced over 3.5 million clients by letting them trade in 200 cryptocurrencies with a simple user interface devoid of complicated features
BuyUcoin is having more than 250k users trading more than 30 crypto assets on the platform. Users can buy cryptocurrencies with the help of their credit cards directly within the exchange. BuyUcoin has also added the feature of recurring purchases so that users can invest as a SIP in crypto. BuyUcoin has developed and proposed a framework “sandbox” to regulate cryptocurrencies in India to avoid the possibility of a blanket ban on cryptos in India
- They charge a 0% fee using the EZ platform and a 0.24% fee on trading.
- Stores 95% of your funds offline to provide unhackable security.
- Fiat (INR) currency deposits and withdrawals are available without any fee.
- The exchange offers the NFT marketplace to buy and sell NFTs.
- BuyUcoins allows users to invest in crypto with small and recurrent deposits called SIP plans.
- It also offers users an OTC trade counter for large-scale orders.
- Users trading on BuyUcoins will get EZ cashback vouchers as a reward for trading.
Visit BuyuCoin Exchange
CoinDCX is another big cryptocurrency exchange in India. CoinDCX provides instant fiat-to-crypto conversions with zero fees so that users can have access to a diverse suite of financial products and services that are backed by industry-leading security processes and insurance protection. CoinDCX offers users an integrated suite of products, including DCXinsta, which is your one-stop-shop P2P to buy 100+ cryptocurrencies instantly with INR.
The CoinDCX platform in India is a user-friendly cryptocurrency exchange that also provides users with access to a Blockchain Wallet. The Coinbase Company has made a significant investment which has contributed to this platform becoming the most popular one for trading cryptocurrencies in India. The broad encouragement of bitcoin trading as well as the development of the cryptocurrency market in India. This trading platform makes buying or selling Bitcoin and other major cryptocurrencies denominated in Indian Rupees easy and quick. If you are interested in doing either of these things, you should check it out.
CoinDCX also offers to lend and staking services to earn passive income through holding their crypto investment. Currently, it provides staking for ETH2.0, EOS, NEO, ONe, QTUM, TRX, and Tezos (XTZ) coins but the rewards percentage is less than what is offered by other platforms.
Visit CoinDCX Exchange
Bitbns (think BITcoin Buy and Sell) is India based cryptocurrency exchange that was started by IIT graduates in 2017. After RBI ban P2P is the only way to buy and sell bitcoin. A few Indian exchanges including Bitbns are working with P2P model where users can directly buy and sell cryptocurrency in India directly. Users can start using Bitbns after completing their KYC. Bitbns is one of the biggest crypto exchanges in India with over 40 lack users. It offers services like spot trading, margin trading, crypto SIP, launchpad and many other crypto-realted services.
- The trading fee ranges between 0.25% to 0.03% depending upon your BNS coin holding
- The first exchange to launch recurring purchases as a SIP in crypto.
Visit Bitbns Exchange
Giottus is a new cryptocurrency exchange that also works with P2P model. They have a quick KYC process and it’s mandatory for all users. For me, it takes around 5 minutes to clear the KYC requirement with a copy of PANCARD and ADHAR. Currently, this exchange supports a list of coins including Bitcoin, Ethereum, BCH, Ripple, and Litecoin. They charge a flat fee of 0.25% for Buy orders while there is no fee for sell orders. Giottus platform is powered by a high-speed order matching engine capable of processing 50k transactions/second. They allow you to withdraw cash through Payments Gateways, NEFT, IMPS, and RGTS.
Visit Giottus Exchange
Zebpay is one of the oldest and largest cryptocurrency exchanges in India. Due to the ban imposed by RBI, Zebpay was moved to malta and also had one office in Singapore as well, and currently, it supports more than 150 countries. Zebpay charges a trading fee of 0.15% maker fee and 0.25% taker fee. They also charge different withdrawal fees for different cryptocurrencies. Zebpay app is also available for Android and iOS mobile phones. Download App
Users have praised Zebpay for its simple, clean, and user-friendly interface, as well as the ability to block all outgoing transactions with the touch of a button to ensure account(s) security.
Zebpay has also launched a crypto lending service. Users can earn a fixed interest rate of up to 6% for holding their crypto funds in Zebpay wallets.
CoinSwitch is basically a global aggregator service of crypto exchanges that was launched in 2017. In 2020, they launched a mobile app-only crypto investment platform called Coinswitch Kuber. Users can buy and sell cryptocurrency from their marketplace with the help of INR deposits. CoinSwitch Kuber is a cryptocurrency trading platform specific to the needs of the Indian market. It offers a variety of tools and resources such as charts, order books, news, wallets, and so on. Furthermore, the platform supports various languages, including English, Hindi, and others.
The platform includes a mobile app for both Android and iOS smartphones. Users can use the app to check their balances, make payments, deposit/withdraw funds, and so forth. Aside from these features, the app has a chat window to interact and assist.
Visit CoinSwitch Exchange
It is a renowned bitcoin company in India and is highly recommended for new bitcoin users due to its user-friendly interface and easy usage facility. An attractive thing about Unocoin is that updates are made periodically with the implementation of various additional features. It is an exclusive platform for those users who made bitcoin investments as a System Investment Plan (SIP). Regarding digital currency trading platforms, Unocoin is the industry standard bearer. Even if you do a lot of business with Unocoin, you may still be able to take advantage of the low gas prices and variable transaction fees it offers. You will have an advantage over your competitors if you use its trading application programming interface and construct trading bots that leverage its real-time market data.
Unocoin has significantly contributed to India’s campaign for cryptographic currency rights, aiding trade and the movement. You may complete the registration process; including adding your financial information, in less than ten minutes and starts trading immediately. This straightforward strategy has proven successful repeatedly, making it an excellent choice for novice crypto traders.
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History of Unocoin:
Unocoin was launched in Bangalore on September 28 at the Global bitcoin conference. It has been started with an investment of about 1.5 million US dollars ($1.5 million) made by the US and Indian citizens. At the time of its start, it holds around 30 employees and 100,000 users totally.
Characteristics of SIP or System Investment Plan:
- It is a conservative methodology for acquiring bitcoins.
- It offers low risk and efficiently cuts down financial expenses.
- It requires a fixed investment amount from the user at regular intervals.
This article covers list of best cryptocurrency exchange in India that are currently accessible in India. Each of these exchange stands out from the rest due to its exceptional characteristics compared to the others. WazirX, Unocoin, CoinDCX are among the best Indian crypto exchanges that were covered in this article. We hope that at the end of this piece, you will better understand which bitcoin trading app would serve your needs the best.
We will keep this article updated once we find out about any new cryptocurrency exchanges in India. Please provide your feedback related to the above exchanges in the comment section below.