The crypto market in India is experiencing a significant surge, with a growing number of Indians showing keen interest in investing in cryptocurrencies. As more individuals enter this dynamic space, it becomes crucial to identify the best crypto exchanges in India to facilitate secure and efficient trading.
In this article, we will explore the factors to consider when choosing an exchange and the leading platforms that cater to the needs of Indian crypto investors, traders, and enthusiasts.
How to Choose the Best Crypto Exchange in India?
Choosing the best crypto exchange in India comes down to your own personal preferences, needs and investment goals. An active trader would look for an option with high liquidity and trading volume. On the other hand, a beginner would look for an exchange with a user-friendly interface.
The bottom line is – ‘best’ is subjective. However, the following are some factors you can consider when choosing a crypto exchange that aligns with your goals and needs.
Reputation and Security Measures
Look for exchanges that have established a good reputation in the crypto community, especially in India. Positive user feedback and reviews are indicative of a trustworthy exchange that delivers on its promises and claims.
Equally important is the platform’s security measures. Choose an exchange that, at the bare minimum, implements basic security measures, like two-factor authentication, which adds an extra layer of protection and cold storage for user funds that prevent potential cyber-attacks.
It’s crucial to account for the overall cost of trading on each platform, especially if you’re a frequent trader, and how it aligns with your trading habits and investment goals. This may include trading fees, deposit and withdrawal fees, and other applicable charges.
Having access to a wide range of cryptocurrencies not only provides you with more investment opportunities but also allows you to capitalize on emerging trends and potential growth in different sectors of the crypto market.
That is why the best crypto exchanges in India would ideally have options beyond just the popular ones, like Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP), allowing you to diversify your portfolio based on your specific investment strategy.
Trading Volume and Liquidity
Higher liquidity and trading volume on an exchange contribute to smoother trading experiences and better price stability.
Look for exchanges with sufficient liquidity to facilitate your trading needs, whether that is faster order execution, minimizing slippages, maximizing the potential for favorable trades or a mix of all of the above.
If you’re an experienced trader, you may be more comfortable with complex features and layouts.
However, if you’re more of a beginner or passive investor, you might prefer a more user-friendly interface. This may include intuitive and easy navigation through different features and functionalities, a clutter-free layout, clear charts and easy-to-understand trading options.
Whatever it is, when looking for the best crypto exchanges in India, always consider the user interface of different exchanges and choose one that suits your needs and trading experience.
Choose an exchange that offers prompt and efficient customer support for resolving issues and addressing concerns, whether that is through email, live chat, or phone support.
The last thing you want is to be stuck with an exchange that leaves you hanging when you need help. So, don’t settle for an exchange that lacks good customer support, even if it has other appealing features. It can make your trading experience unnecessarily difficult.
Prioritize exchanges that align with your preferred deposit and withdrawal methods, whether it’s bank transfers, credit/debit cards or UPI (Unified Payments Interface).
In India, you may want to particularly look for exchanges that support UPI payment options since a majority of Indians, probably including you, prefer using UPI over other payment methods for its convenience and smoother transaction system.
If you’re interested in leveraging your positions or earning passive income with crypto, keep an eye out for additional features that some exchanges may offer, such as margin trading, lending, staking, or futures contracts.
Consider these additional features and see if they align with your overall trading and investing goals when looking for the best crypto exchanges in India.
Now that we know what factors we need to keep in mind when choosing the best crypto exchange in India. Let’s delve into the actual list –
Launched in 2018, WazirX is currently one of the biggest crypto exchanges in India, with over 6 million registered users.
The platform offers 200+ cryptocurrencies for trading and features a convenient peer-to-peer (P2P) system that enables instant fiat-to-crypto conversions at no cost.
With top-notch security measures like two-factor authentication, OTPs, bug bounties, regular security audits, and 95% of funds stored in cold storage, WazirX is considered one of India’s safest crypto exchanges.
However, it’s worth noting a couple of drawbacks. While the platform prioritizes security, it lacks an insurance fund to protect users in the event of hacks or scams.
Additionally, WazirX charges slightly higher fees than other exchanges, including a 0.2% trading fee and significant trading commissions for fund withdrawals.
Though WazirX doesn’t have additional trading and investment options like crypto margin trading or crypto staking and lending, it’s still one of the most reputable and trusted platforms within the Indian crypto community and definitely one of the best crypto exchanges in India.
Launched in 2018, CoinDCX is currently the largest and most comprehensive crypto exchange in India. The platform offers a user-friendly interface that simplifies trading for beginners while providing a wide range of features and options for veterans.
CoinDCX supports over 340 cryptocurrencies, providing ample choices for trading and investing. But it goes beyond basic trading by offering other crypto-related products, including margin trading, futures, lending, staking, and systematic investment plans (SIPs).
While margin trading on this platform provides users a 10x leverage, futures trading offers a leverage of 15x. Also, users can earn up to 16.25% in annual interest by lending their crypto.
CoinDCX prioritizes user safety and transparency a lot. As a result, the account opening process is thorough and involves several security checks. The platform also implements strong security measures, including two-factor authentication, cold storage for 95% of user funds, and insurance by BitGo for the remaining 5%.
Trading is pretty cost-effective on CoinDCX. The platform changes zero fees on deposit and withdrawal and 0.2% to 0.04% on trading commission, which decreases with higher trading volumes, incentivizing active traders.
With its comprehensive features, robust security measures, and competitive fees, CoinDCX emerges as one of the best crypto exchanges in India.
CoinSwitch, launched in 2017, has quickly gained popularity as an app-only crypto exchange in the Indian crypto space.
However, what sets CoinSwitch apart is its unique trading model that allows users to trade on different exchanges based on the best exchange rates available.
CoinSwitch doesn’t have its own liquidity. Instead, it acts as a search engine for traders and investors to find their preferred trading pairs at the best exchange rates. Due to this model, the platform has no fees, including no deposit or withdrawal fees.
Supporting over 100 cryptocurrencies, CoinSwitch offers a wide selection for users to trade and invest in and provides instant customer support through its live chatbot. However, the platform lacks additional features, like margin trading, crypto lending or staking.
The platform is ISO 270001 and SOC2 Type 2 certified, with standard security protocols like two-factor authentication and OTPs. Moreover, as a non-custodial exchange, CoinSwitch stands out by allowing users to own and control their private keys, unlike most centralized crypto exchanges that store users’ private keys in a cold storage setting.
Bitbns, launched in 2017, has solidified its position as one of the best crypto exchanges in India.
The platform stands out with an impressive 390+ supported cryptocurrencies and flexible trading fees based on trading volume, ranging from 0.25% to 0.03%, which is comparatively lower than other exchanges. While Bitbns does not charge a deposit fee, it has a withdrawal fee applicable to all transactions.
However, the platform offers more than just basic trading.
It boasts a thriving ecosystem featuring exciting referral and reward programs, educational materials to guide beginners, and a range of additional trading and investing options.
These options include crypto margin trading, futures trading, automated trading, crypto SIPs (with zero TDS on SIP transactions), and crypto staking (only for the native token BNS).
And lastly, users can choose between a virtual wallet or a hardware wallet based on their preferences.
From industry-standard security measures to reliable customer support, Bitbns offers an abundance of features, attractive offers and a well-rounded trading and investing experience for crypto enthusiasts in India.
ZebPay, launched in 2020 in India, has quickly amassed 5 million users, solidifying its position among the best crypto exchanges in India.
The platform supports 100+ cryptocurrencies, and trading fees vary based on the 30-day trading volume, typically ranging from 0.06% to 0.25%. Furthermore, the platform has no deposit or withdrawal fees.
Security is a top priority for ZebPay, with 98% of user funds stored in cold storage and transactions protected by robust security measures. These include proprietary security protocol Omnitrixx, a bug bounty program, OTPs, and two-factor authentication. ZebPay also holds an ISO 27001 certification.
But what sets ZebPay apart is the guaranteed fixed return of 4% on lending crypto. However, while ZebPay offers some excellent features and offers, it does have some limitations, like limited customer support channels and a lack of additional trading options like futures trading or margin trading.
UnoCoin, established in 2013, stands as one of India’s oldest crypto exchanges.
The platform falls short in various metrics, which could be the reason for its relatively smaller user base of over 2 million since its launch in 2013. For instance, UnoCoin only supports 80+ cryptocurrencies and charges a fixed 0.5% trading fee, which is comparatively higher than other exchanges.
However, UnoCoin has its own unique features that set it apart. For example, users can store their crypto across 40 UnoCoin Wallets, providing convenience and flexibility. Additionally, the platform introduces a first-of-its-kind Systematic Investment Plan (SIP) for Bitcoin and Ethereum.
Overall, UnoCoin is a reasonable option for beginners looking for stability and simplicity.
BuyUCoin, launched in 2016, stands out as one of the most beginner-friendly crypto exchanges on this list. The platform supports 130+ cryptocurrencies and charges a relatively low trading fee of 0.24% compared to other platforms.
BuyUCoin also offers numerous additional features, including futures trading, Systematic Crypto Investment Plans (SCIP), attractive cashback offers, a lifetime referral program, and even an NFT marketplace catering to NFT enthusiasts in India.
However, the platform lacks other popular features, like margin trading or crypto staking and lending. Additionally, users have expressed dissatisfaction with their customer support on multiple occasions.
So, there you go – the best crypto exchanges in India. As said before, what’s best will vary based on your personal preferences, needs and investment goals.
If you’re a beginner looking to start your investment journey, WazirX or Unocoin could be great for you. For veteran traders, exchanges like CoinDCX or Bitbns may be better. Looking for more flexibility, consider CoinSwitch.
Basically, this list has everything for everyone. All you have to do is identify your priorities and needs and choose accordingly.
Which is better: WazirX or CoinDCX?
Both WazirX and CoinDCX are popular and reputable crypto exchanges in India, each with its own strengths and limitations. The choice between the two depends on individual preferences and needs.
WazirX is one of the largest exchanges in India, offering a wide range of 200+ cryptocurrencies to trade, a user-friendly interface and robust security measures. However, WazirX has higher fees than other exchanges and lacks additional trading options like margin trading or staking.
On the other hand, CoinDCX is the largest and most holistic crypto exchange in India. It supports 340+ cryptocurrencies and offers various crypto-related products and features, including margin trading, futures, lending, staking, and systematic investment plans. CoinDCX also has a lower fee structure.
In short, if you’re looking for simplicity, WazirX may be better. But when it comes to a variety of features and options, CoinDCX wins any day.
Which crypto exchange has the lowest fees in India?
Overall, CoinDCX has the lowest fees in India, with a flexible trading fee structure of 0.2-0.4%, based on your trading volume, and zero fees on deposits and withdrawals.
However, CoinSwitch is a platform that helps its users trade on exchanges with the lowest trading fee. So, technically, CoinSwitch also has the lowest trading fee among Indian crypto exchanges.
Which is the safest crypto exchange in India?
WazirX is considered one of the safest crypto exchanges in India. It has established a reputation for robust security practices, including two-factor authentication, regular security audits, bug bounty programs, and cold storage for 95% of user funds. WazirX also has significant positive user feedback, contributing to its reputation as a reliable and secure platform.
Which crypto will boom in 2023 in India?
While it’s not possible for a coin to exclusively boom in India since crypto is a global market, Ethereum, Dogecoin, Shiba Inu, Polygon and Cardano are showing promising signs for a potential boom in 2023
However, the crypto market is highly volatile. Potential investors should be aware of the inherent risks involved, such as price fluctuations, regulatory changes, and market uncertainties. Engaging in crypto investments without proper research and risk management strategies can lead to significant losses.