Cryptocurrency investment has been increasing wildly over the past few years in India. According to estimates, there are 15 to 20 million cryptocurrency investors in India with total investments into crypto over Rs. 400 billion.
The number of users and the total investment has jumped substantially in the past few years, all thanks to the pandemic and aggressive advertisements by leading crypto exchanges in the country. The number is expected to go up even further in the coming months.
Here is all you need to know about the best crypto exchanges in India along with their features and fees:
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What is a cryptocurrency exchange?
A cryptocurrency exchange allows its users to buy, sell and trade cryptocurrencies on its platform. These exchanges are similar to the share market trading application available in their user interface where you can check prices of various cryptocurrencies, make an account, add money and buy and sell cryptocurrencies.
You can also trade one cryptocurrency with another. For instance, you can trade your Bitcoins with Litecoin or Ethereum and vice versa.
Important factors to consider
Before you finalize any of the exchanges listed below for your crypto investments, remember the following factors that you need to check:
- Accessibility
- Security
- Fees
- Liquidity
- Coins on offer
- Educational tools
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Best 5 crypto exchanges in India
Here are the top 5 crypto exchanges in India that you can consider for making investments into crypto. Always remember that crypto is a high-risk, high return category of investment and it is suggested that you only invest as per your capacity because of the high volatility of the price. Here is the list of 5 best crypto exchanges in India:
CoinDCX
It offers Bitcoin and 200+ other altcoins that you can buy or sell on the CoinDCX platform. This platform supports only INR to invest or trade in cryptos. You can deposit with the usual mediums like bank transfer, UPI, NEFT, IMPS, etc. CoinDCX was launched in 2018 and it currently has over 35 lakh registered users. It charges a modest .2% fee for buying and selling. CoinDCX does not charge any fee for deposits and withdrawals.
WazirX
It was launched in 2017 by Nischal Shetty and was acquired by Binance in 2019. Binance is among the largest cryptocurrency exchanges in the world. Offering 100+ cryptocurrencies on its platform, WazirX charges a .2% commission on every transaction on its platform which is similar to CoinDCX. Interestingly, WazirX allows you to invest with INR, USD, BTC, or even peer-to-peer. WazirX also has its coin as WRX. You can buy WRX with INR and then invest in other coins using it. The exchange charges Rs. 5.9 for deposits via NEFT, RTGS, and IMPS while there is no deposit fee for UPI.
Unocoin
Launched in 2013, Unocoin is one of the oldest exchanges in India. It is known for its simple user interface and has over 15 lakh registered users. Unocoin gives its users the flexibility to schedule their sales. In other words, you can line up your sell order at a given point in time in the future. As far as charges are concerned, Unocoin charges its users .7% in the first 60 days of usage after which it charges .5% which is much higher than CoinDCX and WazirX.
ZebPay
It is also one of the oldest crypto exchanges in India. It lets you trade in Bitcoin and other altcoins on its platform. It is one of the most secure crypto exchanges in India. There has not been even a single instance of hacking or security breach on ZebPay ever since it was launched in 2014. It has a slightly complicated commission structure. Starting with a membership fee of 0.0001 BTC per month which you can avoid by using the app regularly, it takes a 0.15% maker fee and 0.25% taker fee. However, in case you close the trade i.e. buys and sells on the same day, it only charges .10%. Deposits are fees for all cryptos. However, a deposit using UPI attracts a fee of Rs. 15, and 1.77% is charged for net banking deposits.
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Coinswitch Kuber
This platform was launched recently with the backing of VCs like Sequoia and more. Offering 100+ cryptos, Coinswitch Kuber claims it has the best trading rates in the market. Being the new kid on the block, Coinswitch Kuber recently launched an offer of no trading fee for the first 1 lakh customer for the first 100 days. However, the app needs to improve its UI & UX and include more detailed information about trades.
These are the best 5 crypto exchanges in India that you can consider when planning to invest in crypto. However, as crypto regulations are expected in the next few days, wait to get clarity on the stand of the Indian government on crypto before jumping onboard.
