As of April 2023, more than 328 million Indians are trading or investing in cryptocurrencies. Hence, the significance of crypto exchanges in India cannot be stressed enough. Crypto exchanges are online platforms that facilitate the trading of cryptocurrencies. They offer individuals a means to buy, sell, and invest in cryptocurrencies like Bitcoin and Ethereum. With the growing interest in cryptocurrency investments, crypto exchanges have emerged as key players, offering users the opportunity to diversify their portfolios and potentially reap substantial gains in a rapidly evolving economy.
Cryptocurrencies in India
A recent report by analysis firm Chainanalysis stated that India is leading in Cryptocurrency adoption in Central & Southern Asia and Oceania. Presently, cryptocurrencies in India are in legal gray space, and gains from cryptocurrencies are taxed at high rates in the country. With changing dialogue and India’s leadership in the recent G20 Summit committing to regulating and not banning crypto, the future is expected to hold a more inclusive approach to digital currencies.
Criteria for Evaluating Crypto Exchanges
We can use the following parameters to evaluate and classify the best crypto exchanges for a well-rounded analysis.
Security measures
Security is crucial when evaluating crypto exchanges. This criterion includes features like two-factor authentication, encryption protocols, and cold storage of assets to safeguard users’ investments against cyber threats and hacks. The range of cryptocurrencies on the platform A diverse selection of cryptocurrencies allows users to explore various investment options. A comprehensive exchange should offer a broad range of digital assets beyond the popular ones, enabling users to choose where to invest. The platform should also offer beginners easier ways to invest in cryptocurrencies, such as diversified crypto baskets.
User Interface and Experience An intuitive and user-friendly interface enhances the overall investment experience. A well-designed platform with straightforward navigation and tools can make it easier for all novice and experienced users to invest efficiently.
Transaction fees Evaluating transaction fees and charges is necessary when trading. Exchanges may have different fee structures, including maker and taker fees and withdrawal and deposit fees, impacting how profitable trades can be. Some platforms charge exorbitant fees, which is a red flag. High fees can erode investment returns, so opt for apps with clearly defined and reasonable fee schedules. Being aware of the cost implications is vital for managing your investments effectively.
Customer Support and Reputation Reliable customer support is a lifeline, especially for beginners with questions or need assistance. Prioritize crypto exchange apps that offer responsive and knowledgeable customer support channels, including an extensive knowledge base to address concerns and provide answers promptly. Additionally, you can know more about the exchange’s reputation through user reviews and track records to gauge its trustworthiness and reliability in the crypto market.
Top crypto exchange apps in India
1. Mudrex
Mudrex is the best cryptocurrency app for beginners to invest in crypto and has over 1 million active users. This crypto app lets you buy from over 250+ crypto coins and invest in thematic crypto-baskets called Coin Sets. The platform also allows investors to invest in Coin Sets regularly through its SIP feature. Investors can even generate 10% interest by parking their money in Vault. The app lets users deposit INR or crypto for investing through various payment methods, including UPI and bank transfers.
Security: 2 Factor Authentication with Bank grade security, funds insured by Lloyds, London
UI: Intuitive and Easy to use
Fees: 0.2% on transactions
Supported cryptocurrencies: 250+ Coins supported
Minimum deposit: ₹ 500
Support: Chat, email, the knowledge base on the app
Pros
Wide range of products:
Coin Sets: thematic crypto baskets, which let you invest in sets of cryptocurrencies in 1-click at no additional cost.
Coins: Users can invest in coins of their choice
Vault: Earn 10% interest on your crypto investments
Intuitive UI and exhaustive knowledge base.
Secure, fast, and funds insured by Lloyds London.
Cons
Not best suited for day trading. Geared more towards an investor mentality.
Binance
Binance is a popular cryptocurrency trading platform enabling users to buy, sell, and trade digital assets globally. It has a user-friendly interface, mobile app, and advanced features like margin trading and stop-loss orders. Binance is known for its liquidity, reliability, and competitive fees, making it a go-to platform for many cryptocurrency traders. Security: 2 Factor Authentication, all user funds are insured.
UI: Designed for beginners and professional traders
Fees: 0.1% on transactions for regular users
Supported cryptocurrencies: 500+ Coins supported
Minimum deposit: None, but a trade should be a minimum of $10
Support: Live Chat, email, help center Pros:
A wide range of cryptocurrencies are available Minimal fees Binance has high liquidity and is trusted by many users Cons: Limited fiat trading options Customer service may be slow because of volume
WazirX
WazirX is one of India’s biggest crypto exchanges. Started in 2018, WazirX has grown to be one of the earliest exchanges in the Indian crypto market. It is a part of the Binance group, one of the world’s largest crypto exchanges, serving users in 180 countries. It enabled a P2P platform where users could trade among themselves. The CEO of WazirX was a pioneer behind the #IndiaWantsCrypto movement.
Security: 2 Factor Authentication
UI: Designed for beginners and pro traders
Fees: 0.2 – 0.1% on transactions for regular users
Supported cryptocurrencies: 300+ Coins supported
Minimum investment: ₹100
Support: Live Chat, email, help center Pros:
A wide range of cryptocurrencies are available Minimal fees Enables P2P transactions Cons: Some tools are not beginner-friendly
CoinDCX
Established in 2018, CoinDCX is a platform that enables users to invest, trade, and learn about cryptocurrencies. On the CoinDCX app, users can have single-point access to a diverse suite of crypto-based financial products and services. The exchange also provides easy deposit and withdrawal capabilities. CoinDCX offers a range of products like – DCXinsta, which helps change INR to crypto, DCXlend, a decentralized lending service, DCXmargin, with up to 6x leverage trades across more than 250 markets and DCXfutures, with up to 20x leverage trades on leading digital assets futures.
Security: 2 Factor Authentication, funds stored in cold wallets, and insured UI: Designed for beginners and pro traders
Fees: 0.025% – 0.075% for regular users
Supported cryptocurrencies: 100+ Coins supported
Minimum investment: ₹500
Support: Live Chat, email, help center Pros: All funds are insured The Futures trading allows for 15X leverage.
Minimal fees Cons: Some concepts like staking, margin and future trading are not beginner-friendly
5. Bitbns
Bitbns is an Indian exchange that enables users to buy cryptocurrency. Founded in 2017, the platform offers a range of products and services like bitdroplet, ascent, etc. Over 40 lakh people use the platform. The platform’s bitbns academy seeks to educate new entrants into the crypto world and introduces new concepts from the crypto world in a simplified manner.
Security: 2 Factor Authentication through Google authenticator UI: Designed for beginners and pro traders
Fees: 0.2 – 0.1% on transactions for regular users
Supported cryptocurrencies: 480+ Coins supported
Minimum investment: ₹100
Support: Live Chat, email, help center Pros:
A wide range of cryptocurrencies are available Minimal fees Enables P2P transactions Cons: Some tools are not beginner-friendly
Unocoin
Founded in July 2013, Unocoin was one of India’s first entrants into the crypto space. Unocoin’s mobile platform allows users to buy, sell, exchange, and engage in OTC trading easily. They also provide unique features, such as enabling a merchant gateway that accepts Bitcoin payments, paying for mobile and DTH recharge services using Bitcoin, etc. They even offer options to auto-sell Bitcoin and set up systematic buying plans for cryptocurrencies of their choice.
Security: 2 Factor Authentication and AES-256 Encryption for private keys stored offline. UI: Designed for beginners
Fees: Unocoin charges a fee of 0.5% to buy or sell bitcoin
Supported cryptocurrencies: 110+ Coins supported
Minimum investment: ₹ 1000
Support: call, email, help center Pros:
A wide range of cryptocurrencies are available Minimal fees Enables OTC bulk transactions Cons: Unocoin was hacked in 2017 Users need gold membership to reduce trading fees further
ZebPay
Zebpay is an exchange platform headquartered in Singapore. Since 2014, it has had over 5 million users and $10 Billion in fiat transactions. They relaunched in 2020 in India. Zebpay enables traders to trade, lend out their crypto, engage in OTC trading, and even offer flexible pricing, among other features. They even have many learning materials and provide market insights to their users.
Security: 2 Factor Authentication and stringent security UI: Designed for beginners and pro traders
Fees: 0.45 – 0.5% on transactions for regular users
Supported cryptocurrencies: 150+ Coins supported
Minimum investment: ₹100
Support: knowledgebase, Pros:
Zebpay takes security seriously Minimal fees on some deposits and transactions Enables crypto lending Cons: Support options are limited
CoinSwitch Kuber
CoinSwitch Kuber aims to make crypto trading simple for all users. It offers a range of coins for users to invest in. It also offers an advanced view for experienced traders. Users can even set up price alerts for their favorite cryptocurrencies. Users can even set up an SIP on the platform to use cryptocurrencies of their choice. They even have a learning-focused website called Switch with the latest updates from the crypto world.
Security: 2 Factor Authentication UI: Designed for beginners and pro traders
Fees: 0.1 – 0.1% on transactions for regular users
Supported cryptocurrencies: 90+ Coins supported
Minimum investment: ₹100
Support: Live Chat, email, help center Pros:
Minimal fees Easy to use Cryptocurrencies are classified categories for easy selection Cons: Does not support UPI
Limited coin options compared to other exchanges
BuyUcoin
Founded in July 2016, BuyUcoin is a crypto wallet and exchange platform where merchants and consumers can transact with digital assets like Bitcoin, Ethereum, Ripple, etc. BuyUcoin is on a mission “To bring cryptocurrencies in a million Indian pockets.” The exchange has features real-time spot trading, referral commissions, cashback, and more to give traders a complete investment experience. They even offer some systematic crypto investment plans or SCIPs. The exchange even has its own NFT marketplace.
Security: 2 Factor Authentication UI: Designed for beginners and pro traders
Fees: 0.24% Maker/Taker Fee per trade
Supported cryptocurrencies: 50+ Coins supported
Minimum investment: ₹500
Support: Email, Chat and website Pros:
One of the earliest exchanges in India Minimal fees Has their own NFT marketplace Cons: A limited number of coins Support options are limited
Kraken
Kraken is a US–based cryptocurrency exchange and one of the oldest exchanges globally. It entered India sometime in 2020 after the Supreme Court ruling. Kraken offers two versions of the app, Kraken for beginners and Kraken Pro for experienced traders. The company behind the app has been a player in the international markets since its inception in 2011. Users can participate in spot and margin trading on the app, among other options. Security: 2 Factor Authentication UI: Separate apps for beginners and pro traders
Fees: Fees are based on 30-day trading volume and capped at 0.16% Maker/ 0.26% Taker.
Supported cryptocurrencies: 200+ Coins supported
Minimum investment:$10
Support: Live Chat, email, phone Pros:
A wide range of cryptocurrencies are available Allows access to their NFT marketplace
Globally established exchange Cons: Some tools on the Kraken app are not beginner-friendly
Only accepts deposits in USD
Tips for Safe Crypto Investing in India
To invest in cryptocurrencies safely, you must remember a few things. 1. Secure your wallet with multi-factor authentication. This way, you will need to verify that you are trying to access your financial information and make decisions.
Next, update the app frequently to be on the latest version of the applications or turn on auto-updates. This way, you will not miss critical updates or bug fixes that may affect the security of your investment.
3. Remember to stay cautious. Malicious actors may reach out to you in a phishing attempt. Remember that most financial applications or their representatives do not ask for personal identifiers like OTPs over the phone or through communication.
Conclusion
Remember, while cryptocurrencies are exciting and new, caution must be exercised. Be safe with your investment strategy, and stand a chance to make exponential growth on your investments. You can choose one of these top 10 exchanges to begin your investment journey today and capitalize on the future of finance.