The best cryptocurrency exchange in India – Take your pick

Cryptocurrencies are the hottest topic on the web right now. They are constantly trending on Twitter and loads of people are interested in becoming the next crypto millionaire. Well, who can blame them? With such great stories of wealth creation, cryptos have shocked the entire world. Everyone wants in on the action and are looking for ways to trade. If you’re from India and are looking to enter the cryptocurrency market, then you are at the right place. Today, we are going to discuss the 4 biggest cryptocurrency exchange in India and help you decide the one that suits you the best.

Is cryptocurrency trading legal?

While crypto trading is not regulated in India, it is not illegal. As per clarifications from the CEOs of the crypto trading platforms operating in India, trading in bitcoins or other altcoins is 100% legal.

Therefore, this makes these crypto exchanges 100% legit and you can create an account with any of them without having to worry about legality.

Which are the biggest cryptocurrency exchanges in India?

As already mentioned in the beginning, there are 4 big crypto exchanges in India. Apart from these, there are other platforms that allow a person to trade in bitcoins, altcoins and many other new coins, but that is a story for another day.

Today, we are going to focus on the ones focused on the Indian crypto traders. So, without further ado, let’s begin.

1. WazirX

Founded in 2018, WazirX has risen to glory fast. They are a part of Binance Group which is the biggest global bitcoin & other altcoin trading platform with presence in over 180 countries.

It is one of the most famous cryto platform in India and is growing at a very fast pace. Their aim is to make crypto assets accessible to the masses and help them be a part of the revolution.

Company Stats –

• Founded – 2018
• Payment methods – Bank Transfer / UPI / Mobikwik / P2P
• Withdrawal methods – Bank transfer (instant @INR 10 per transaction & NEFT @INR 5 per transaction)
• Fees charged on deposits – NIL for P2P & bank. However, Mobikwik charges a gateway fee for the transaction (1.5% + GST).
• Fees charged on trading – 0.2% maker / taker on Spot & 0% on P2P

Pros –

• Largest collection of cryptos paired to INR
• Diverse product offerings included P2P trading and STF (Smart Token Fund)
• Rapid listing of new coins to help Indians get access to the latest cryptos
• Acquisition by Binance makes it the best positioned exchange for fast paced growth

Cons –

• Fees higher than CoinDCX
• No intraday trading facility
• Charges on withdrawal of money or digital assets

Final Take –

This is undoubtedly the most advanced market available for the Indian investor right now. They are constantly adding new coins and offer the best pick.

Their partnership with Binance is another strong point which makes WazirX a great choice for the more serious investors.

2. ZebPay

ZebPay is one of the oldest trading platforms for cryptocurrencies in the world. Launched in 2014, they have enjoyed a roller coaster ride much akin to the rise and fall of Bitcoin.

The platform was relaunched in India in 2020 after Supreme Court lifted the ban of cryptocurrencies in India. Since then, they have added a lot of functionalities to their service and are striving to become the best in the business.

Company Stats –

• Founded – 2014
• Payment methods – Net banking & bank transfers
• Withdrawal methods – To registered bank @ flat INR10 per withdrawal
• Fees charged on deposits – 1.77% on net banking and INR 7 on bank transfers
• Fees charged on spot trading – 0.15% maker / 0.25% taker and 0.10% intraday (INR/USDT and crypto pairings attract lower charges at 0.10% flat)

Pros –

• Lower fees than others
• Ability to do spot and intraday trading
• Other products like ZebPay lend to make passive income via staking your crypto assets
• Integrated lightning network transactions for better speed

Cons –

• Membership fee of 0.0001 BTC (bitcoin) per month for inactive accounts
• No STF / P2P facility available
• Fee on both deposits and withdrawal of fiat money

Final Take –

Being the oldest in the business, they have experience under their belt. However, the ban in 2018 by RBI broke their momentum. This resulted in them being a bit behind the competition at the moment.

They do not offer the same amount of options as Wazir, but can be a viable option if you’re only looking for bitcoins and major altcoins to invest in.

3. CoinDCX

Launched in 2018, CoinDCX is the trading and investment product offered by DCX, a Singapore based crypto financial service provider.

Their aim is to provide a user friendly crypto trading experience to the people of India.

Company Stats –

• Founded – 2017
• Payment methods – Mobikwik Wallet / NEFT / IMPS
• Withdrawal methods – To registered bank
• Fees charged on deposits – NIL for deposits from banks but Mobikwik charges a gateway fee (1.5% + GST)
• Fees charged on spot trading – 0.1%

Pros –

• Instant INR deposits (sometimes they do take time though)
• Lower fees when compared to WazirX
• Ability to do spot, futures and margin trades
• Other products like Lending & Staking to earn passive income through crypto holdings

Cons –

• Minimum threshold for withdrawals
• Less number of coin pairings, especially for INR
• Minimum volume thresholds for spot trading

Final Take –

This is the second best after WazirX when it comes to the number of coins available to trade via INR pairing. Apart from Spot trade, they also offer a plethora of other services including Margin & Futures trading and Lending & Staking your crypto for passive income.

If you’re looking for services above trading, then this might be the platform for you.

Additionally, new crypto traders can download the CoinDCX Go app that provides a very clean and simple UI for buying / selling currencies.

4. CoinSwitch Kuber

CoinSwitch Kuber is a part of the CoinSwitch group. The Kuber app is designed specifically for Indian investors and has the simplest UI of all the apps.

They are focusing on first time crypto investors and aim to help them get started with a simple step by step process.

Company Stats –

• Founded – 2017
• Payment methods – Bank / UPI / Mobikwik
• Withdrawal methods – To registered bank
• Fees charged on deposits – NIL for using UPI. Other methods may incur a gateway charge
• Fees charged on trading – I’ve been transacting for free but they do show a charge of 0-0.49% levied on the trade on their website

Pros –

• Best UI for new investors. You can literally buy & sell within minutes
• Ultra fast KYC
• Free trading (though not official, but have heard that the platform is free to use for the first 100 days)

Cons –

• New coins are generally not listed first here
• Prices of certain digital currencies is higher than the trading price on other exchange
• The ability to place a limit order is not available (except for Bitcoin)
• You can only trade using the mobile app. Not available for desktop / laptop

Final Take –

This is my favorite pick for the people who are new to the crypto market. The user interface is amazingly simple, the transactions are smooth and the overall experience is top-notch.

The only downside to this app is the fact that their list of cryptos is not as mature as the others. However, this should not be a problem for the new investors since you should be focusing on the fundamentally strong coins like Bitcoin, Ethereum, Litecoin, Matic, Binance, etc. in your beginning days as a trader.

Conclusion – To each his own!!

Now that you know about the various investing options, it’s time for you to take your pick.

All the exchanges detailed above have their own pros and cons. While some are aimed to the more seasoned industry veteran, others are aimed at the new crypto customer.

Hence, consider all their features and map them to your requirements. A few factors to take care of while choosing are –

• Is it easy to use?
• Is it the most useful option?
• Does it serve your long term purpose?
• Does it have the altcoins you want to put your funds in?
• Charges levied on transactions and ease of withdrawal.

So, what are you waiting for? Sign up for one of them today and start riding the crypto wave!!

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