Cryptocurrency exchanges have become the talk of the town due to the recent surge of crypto trading and investments. With over 200 cryptocurrency exchanges in the world, selecting the right exchange becomes extremely crucial for investors to keep their funds safe and protected from scams and frauds.
According to CNBC, The global cryptocurrency market is worth over $2 trillion
The cryptocurrency market is developing, and the sector remains largely unregulated, which makes it even more important for investors to distinguish between legitimate and fraudulent cryptocurrency exchanges. While selecting the right cryptocurrency exchange, investors must look for factors such as security, trading pairs, deposit and withdrawal charges, trading fees, liquidity, and user experience.
In this blog, we will take a deep dive into the top 12 cryptocurrency trading platforms in India, including their unique features and benefits. Additionally, we will discuss the factors to consider while selecting the right cryptocurrency exchange, and a step-by-step guide for opening a trading account. Stay tuned to explore the best cryptocurrency exchanges in India!
Factors to consider while selecting a cryptocurrency exchange
Cryptocurrency exchanges have been mushrooming lately, providing traders and investors with an array of options to buy and sell cryptocurrencies. However, it is essential to choose the right exchange to evade falling prey to unprecedented frauds and scams, considering the lack of regulations in this sector. Here are the crucial factors to consider that can help while selecting a cryptocurrency exchange.
Regulations and Compliance:
Regulatory compliance assures that the exchange follows the set guidelines, thereby providing transparency in its operations. Compliance also means that the funds lying with the exchange are safe and secure.
Security is of paramount importance when it comes to trading on a cryptocurrency exchange. Considering that cryptocurrencies are stored in digital wallets, it becomes vulnerable to hacks and cyber-attacks. Thus, selecting an exchange with robust security measures such as two-factor authentication (2FA), SSL encryption, cold storage, and regular audits can increase the safety of your funds.
Trading pairs and liquidity:
Liquidity refers to the exchange’s ability to execute orders without causing significant changes in the currency’s price. Always opt for an exchange with high liquidity, which makes it feasible to carry out transactions faster. The exchange should also offer trading pairs that interest you to trade in. Also, check for the trading volumes to understand the liquidity of the exchange.
Transaction fees and charges:
While selecting an exchange, take into account the fees charged by the exchange for trading, deposit, withdrawal, and transfer. Always compare the fees charged by other exchanges in the market to help you deduce the most reasonable exchange that will not affect your earnings.
Best Cryptocurrency Exchanges in India
With over 235 cryptocurrency exchanges available globally, selecting a reputable and trustworthy platform is crucial. Below listed are some of the best cryptocurrency exchanges in India, chosen based on several solid parameters that ensure the safety and quality of user experience.
According to Timesofindia, India is the second-largest market for cryptocurrency trading in the world.
Regarded as one of India’s safest and most transparent crypto trading platforms, CoinDCX provides a host of security checks done through automated software applications such as biometrics. It also offers self-custody wallets that enable users to transfer cryptocurrencies to their custody with just a single click.
CoinDCX supports INR as a fiat currency and provides a range of crypto-related products and services such as margin trading, futures, and lending options, staking, and a systematic investment plan in cryptocurrencies. The mobile app is available on Android and iOS, with a wide range of innovative educational materials on crypto trading strategies through vlogs and blogs.
CoinDCX also has an in-depth guide on earning passive income from cryptocurrencies. Trading fees on the platform begin at 0.2% and accept a minimum investment of INR 100.
WazirX is one of the leading cryptocurrency exchanges in India. The platform provides its users with a seamless and easy-to-use interface, making it one of the most beginner-friendly exchanges. WazirX boasts of strong security measures, including two-factor authentication and SSL encryption, which makes it a trusted platform for crypto traders. Additionally, WazirX offers its users zero-fee trading on certain cryptocurrencies.
WazirX supports over 80 cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Ripple. The mobile application is available both on Android and iOS. WazirX has successfully integrated the world of cryptocurrencies with the traditional financial system, providing a smooth trading experience.
With an ever-growing user base and increasing trading volumes, WazirX is one of the best crypto exchanges in India. Its focus on user experience is evident from its intuitive interface and range of educational material. The icing on the cake is the zero-fee trading on certain cryptocurrencies, which makes it a popular choice among traders. All in all, WazirX is definitely an exchange to watch out for!
The platform also has a direct transfer feature for fiat currency deposits that allow users to deposit INR directly via UPI, IMPS, or NEFT/RTGS. The trading fee on WazirX starts at 0.2%, with discounts when using the platform’s native token, WRX.
Are you looking for a simple and secure platform to trade cryptocurrency? ZebPay might be the exchange for you! This Indian-based exchange offers a user-friendly interface and an extensive range of features to facilitate trading. One of the most attractive aspects of ZebPay is its strict adherence to regulatory compliance, ensuring that users’ investments are always secure.
With ZebPay, users can buy and sell popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, with more options coming soon. The exchange offers low transaction fees, making it an affordable platform for both novice investors and seasoned traders. Additionally, ZebPay has a user-friendly mobile application that provides real-time updates and alerts on market trends, making it easier for users to make informed investment decisions at all times.
Overall, ZebPay is a great option for those looking for a reliable and user-friendly crypto trading platform. With more than 3 million users, it’s one of the most popular exchanges in India, and its robust security measures and low fees ensure that investments are always safe and profitable.
Other popular cryptocurrency exchanges in India
If you are looking for alternative cryptocurrency exchanges apart from the top three, then here are three popular options to explore in India.
Giottus offers features like instant deposit and withdrawal with 0% fees. It also offers crypto staking, which allows users to earn interest on their crypto holdings.
Bitbns facilitates margin trading, lending, futures, and options trading along with the regular spot trading. It offers a wide range of cryptocurrencies to trade and accepts INR deposits as well.
CoinSwitch Kuber is another popular option among Indian crypto traders. Its easy-to-use interface allows users to trade in more than 100 cryptocurrencies with just INR 100. It offers quick INR deposits and withdrawals via UPI, net banking, and credit/debit cards.
While these exchanges may not be as popular as the top three, they still offer a host of features and benefits to traders and investors alike. So, it might be worth exploring them if you are looking for a more diverse range of options.
How to open an account with a cryptocurrency exchange
Are you ready to jump into the world of crypto trading and make some profit? Opening an account with a cryptocurrency exchange is your first step towards this goal. The process is quite simple. Firstly, choose a suitable exchange from the list of the best cryptocurrency exchanges in India, based on the factors we discussed earlier. Then, register with the exchange by providing your credentials and personal information.
Next comes the KYC verification process, where you have to verify your identity by submitting your government-approved ID documents. After verification, you can deposit funds into your account using any available payment mode. Finally, start trading and buying/selling cryptocurrencies according to your investment decisions.
Opening an account with a cryptocurrency exchange might seem intimidating at first, but it is quite easy and straightforward. So, what are you waiting for? Join the world of crypto trading and earn some rewards.
Summary of the Best Cryptocurrency Exchanges in India: After thoroughly analysing and researching the most prominent cryptocurrency exchanges in India, a few have stood out from the rest. CoinDCX is regarded as one of the safest and transparent crypto trading platforms in India that offers a wide range of crypto-related products and services. WazirX is another prominent name that offers a seamless and intuitive user interface, with quick transaction processing and high liquidity.
ZebPay is also a well-established name in the Indian Crypto space, with robust security measures, low fees, and multiple modes of payment. Other popular exchanges include Giottus, Bitbns, and CoinSwitch Kuber.
In conclusion, select a cryptocurrency exchange that fulfils your trading priorities, and always do thorough research before trading. Happy Trading!