The popularity of cryptocurrency trading has been on a steady rise in India over the years. As more and more traders join the market, new crypto exchanges are also popping up.
However, you should not just settle on any crypto exchange that promises to give you the best trading experience. Instead, it would be best to do thorough research before choosing a platform for trading your crypto assets.
However, choosing a reliable exchange requires traders to consider factors like the exchange’s liquidity, fees charged, and security.
Best Indian Cryptocurrency Exchanges
While trying out different crypto exchanges is the most effective way of choosing one that works best for you, most traders do not want all that hassle.
Luckily, some exchanges already stand out and will be suitable for any trader. Here we look at some of these outstanding exchanges in India to recommend buying Bitcoin and trading many other assets.
Wazirx is one of the largest and most trustworthy cryptocurrency exchanges in India. The exchange is based in Mumbai and has more users than most others.
Perhaps what makes it popular and trustworthy is that it is owned by Binance, one of the world’s leading exchanges, given its daily training volumes and number of traders.
Wazirx allows for peer-to-peer transactions that do not attract any fees. Also, the platform has a vibrant spot market with more than 100 tokens, including the company’s own WRX token. Fees for the spot market transactions are 0.2%, which is below the industry average.
The crypto exchange allows for smooth and easy trading across different platforms as it supports both web and mobile trading via iOS and Android devices.
Registration is straightforward, and the platform is designed for maximum safety as they also require KYC verification, which takes just a few hours.
When making deposits to buy bitcoin and other assets, the platform allows for easy INR payments and withdrawals. Also, there are various other supported methods like UPI, RTGS, and NEFT.
Binance is a global leader in crypto change as they have one of the largest and most liquid platforms in the world. Therefore, if you are in India and prefer to use a global company, they’re an unbeatable option.
There are hundreds of trade pairs available on the Binance platform. Also, when you and other currencies want to buy or sell Bitcoin, it offers pretty low fees that range between 0.012% to 0.1% depending on your average trading volume.
Getting started on the platform is also relatively easy as the registration is straightforward. And although the USD is the primary fiat currency on Binance, you can also make payments using several others, including INR, EUR, and GBR, to instantly get deposits in your Binance wallet.
One more thing that makes this the best cryptocurrency exchange is the inclusion of some advanced charting features and rich data for maximum profitability.
The Giottus crypto exchange is relatively new in the market, and like many other top bitcoin exchanges in India, it accommodates the P2P trade model.
Despite not having been around very long, the exchange supports many currencies, including all the top ones like bitcoin and ethereum.
You also do not have to worry about hefty trading fees when you want to sell cryptocurrency, as they charge only 0.25% per transaction. But there are no fees for the sellers.
The exchange is quite flexible when making payments, as users can use RGTS, NEFT, and various other methods.
Getting started on the cryptocurrency exchange is also super easy as there is nothing match to do. While there is still a KYC verification, they make the process super fast.
BuyUcoin has been in the crypto exchange business since 2016. The company allows crypto traders to exchange various currencies, including bitcoins, ripple, and ethereum.
Currently, they provide more than 130 trading pairs, which make the exchange one of the most versatile local trading platforms. What’s more, they have more than a million users.
Security is also at the heart of the system as they store over 95% of trader funds offline in cold storage. Therefore, you never have to worry about losing your virtual assets or funds in case of hacking.
BuyUcoin also has quite fair fees for the purchase and sale of crypto. They have a 0% fee for OTC transactions, and their maker/taker fee is just 0.24%.
If you want a cryptocurrency exchange that gives you the most flexibility in payments, Paxful is a perfect choice as it supports more than 300 escrow-backed payment methods.
When you want to buy bitcoin on the exchange, the process is relatively straightforward as you can quickly do it using INR.
What’s more, Paxful accommodates peer-2-peer transactions and multiple trading pairs with all common cryptos available.
There are no fees for those buying crypto, while the trading fee when you sell bitcoin depends on the payment method in use. But, the rates are within the industry average.
Also, the cryptocurrency exchange takes security seriously because besides requiring identity verification, there is also a 2-factor authentication for all important transactions.
OKEx is a Seychelles-based digital currency exchange platform with a global presence and is available for Indian traders.
What makes it a good choice for crypto exchange in India is that it offers instant order executions, a professional trading platform, low fees, and maximum security for traders.
OKEx seems to work best for the more experienced traders, given the advanced trading platform. However, they still have a demo account that can be highly useful for beginner traders.
With a daily trading volume of up to $1.5 billion, the exchange provides more than enough liquidity even for the large volume traders. Also, trading is cost-effective as the maker fee is 0.15% and taker fees are 0.2%.
Another thing that makes OKEx an excellent place to exchange digital assets is that it offers great customer support. They have multiple channels for reaching them, including a phone line, email ticketing system, and are available across most social media channels.
ChangeHero is another cryptocurrency exchange that tries to cater to all kinds of traders. Although it might not be as large as many others on this list, it is still a perfect place to make your bitcoin investment.
What makes it one of the best crypto exchanges in India is the fact that it is a non-custodial exchange, meaning they will not have any access to your private keys.
What’s more, you will not require any KYC verification, net banking integration, or even registration to use the exchange. Therefore, it is possible to maintain complete anonymity when trading.
There are no limits when it comes to transactions, and so you can trade as much as you want. Additionally, crypto trading is super fast as they complete the exchanges faster than most other companies out there.
ChangeHero is also one of those cryptocurrency exchanges that give customers 24/7 support to ensure the issues and queries are always resolved within the shortest time.
If your primary trading agender is to buy bitcoin or sell it, LocalBitcoins is one of the best crypto exchanges for you if you are in India.
The exchange aims to make crypto investments as straightforward as possible. It is a peer-to-peer market that makes it possible for traders to exchange their cryptocurrency for fiat currencies without ever using intermediary channels.
Additionally, the traders are in more control of the process, as LocalBitcoins allows them to post ads for what they want to sell and choose how they want to receive their payments, such as transfer to a bank account.
Selling and buying bitcoins on the exchange does not attract any fees. However, they charge a 1% fee for all trades advertised and completed.
Besides being one of the best crypto exchanges in the Indian market, ZebPay is also one of the oldest. Hence, for traders that prefer an exchange that has been around longer and has been tested, it is perfect.
Although it was initially headquartered in India, changes in regulations forced it to move its offices to Malta, but they still have a branch in Singapore. Also, the company now provides bitcoin and other cryptocurrencies exchange services in more than 150 countries.
ZebPay maintains more standard trading fees with a 0.15% maker fee and 0.25% taker fee. There are no deposit fees, but traders are charged withdrawal fees according to the channel they are using and the currency they are trading.
With this exchange, you can deposit with a bank transfer and through most other payment platforms. Also, it is easy to withdraw the money straight to your bank account.
If you want an exchange in India that makes it possible to trade on the go. ZebPay is a good choice as they have an excellent mobile app with all functionalities for both iOS and Android devices.
CoinDCX is another leading Indian company you should look into if you want to buy and sell cryptocurrency. They have also been around for some time and hence understand the market well.
Many traders love the exchange because it provides instant crypto to fiat exchange and vice versa. Therefore, you can easily buy bitcoin or any other currency you want with INR without requiring any external intermediary.
Converting your INR should also be cheaper since the exchange does not charge any fees for this. Security is also assured as they use some of the most advanced security processes and a robust insurance scheme.
The more than 100 different currencies on the exchange will create hundreds of more trading pairs, and the system also supports peer-to-peer transactions.
Bitcoin & Cryptocurrency Exchange Regulation In India
India is yet to come up with proper legislation of cryptocurrencies in the country. Although cryptos are not acceptable as legal tender, crypto exchanges are legal in India, allowing Indian users to trade freely.
There is no precise regulation on taxation for crypto traders, but they are required to pay taxes on any income they get from them based on the Indian income tax laws. There are also suggestions for introducing capital gains tax for profits made from bitcoin and other cryptocurrencies.
Things will probably change soon, given the ever-growing popularity of cryptocurrency trading. The government will want to tap in and earn some revenue from taxes and provide a framework to ensure the industry operates within the law.
Is it Safe to Exchange Digital Assets in India?
When trading crypto, the safety largely depends on the specific exchange you are using and not necessarily on where you are trading. But, there have not been any significant security concerns in the crypto industry in India over the years.
When choosing an exchange to buy or sell bitcoin, it is vital to look at the security system and features. Things like 2-factor authentication and KYC verification requirement are reasonable indications the exchange is safe.
Additionally, the exchanges with insurance for their traders and store most of the funds in offline cold storage are often the safest to use in India. Cold storage ensures your money is safe no matter what happens.
Which is the Best Mobile App for Crypto Exchanges in India?
Every crypto trader has their favorite mobile app that they prefer to use when trading. Most will typically use just what they use on their desktop as traders tend to stick with just one or a few exchanges.
However, for Indian traders, Wazirx seems to be the best option for web-based and mobile trading. Their mobile app works for iOS and Android devices and offers most of the functionalities and tools you get on their web platform.
There are more than enough exchanges in India, and so you should not have any difficulties finding the best cryptocurrency exchange to buy or sell your favorite coins. Most are local-based like Wazirx, but there are still many global exchanges like Binance and OKEx that operate in the Indian market.
However, as you choose one, it is crucial to ensure that what you settle for is secure enough and has an easy-to-use reading platform. Also, it should provide enough payment methods and not just restrict you to one like bank transfers.
Exchanges that also keep their trading, deposit, and withdrawal fees low are always the best as they will not eat up a lot of your profits when trading.
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