Best CoinDCX Alternative to Trade Cryptocurrencies In India

Anisa Batabyal
| 29 June, 2020 | 2 min

The increase in popularity of cryptocurrencies means many exchanges have sprung up, offering services with many features. But there are many factors to consider when choosing one from the other. It includes payment methods, the trading fees, transaction limits, speed of transaction, and, most importantly, security. The cryptocurrency exchange that you use should not just be easy to use but should be extremely secure since these digital currencies are prone to security breaches due to its high value in the market. In this article, three leading exchanges, namely the CoinDCX, Zebpay, and CoinSwitch are being compared to help you choose. Take a look!

CoinDCX

It is one of the popular cryptocurrency exchanges in India and was launched in the year 2018. Until recently, it allowed only trading between cryptocurrencies, but after the lifting of ban and easing of regulations, it became one of the first platforms to allow deposits and withdrawals directly from bank accounts. 

CoinDCX supports INR as a FIAT currency, and hence withdrawal and deposits can be made in INR. Apart from that, it also supports up to 209 cryptocurrencies, including DASH, BTC, ETH, XRP, etc. The platform accepts various payment methods like UPI and IMPS. Using CoinDCX, the user can instantly buy or sell in the spot market at a 0.1% maker and taker fee and in the futures market at 0.02% maker fees and 0.05% taker fees. There are no charges for deposits, but for withdrawal, the network fees will be charged to the user. The platform takes care of the security by following the two-factor authentication. The user accounts have to be KYC verified. 

Pros

  • Can be used to trade in a variety of coins
  • Has a huge number of trading pairs 
  • It charges a low transaction fee and also imposes minimum transaction limits
  • Can instantly buy and sell
  • Users can lend cryptos and earn interest. 
  • Can be used in multiple platforms and has a handy mobile app
  • Live customer support is available so that users get timely help

Cons

  • INR is the only FIAT currency option available currently
  • Verification needed for higher FIAT values

ZebPay

ZebPay is a cryptocurrency exchange that is one of the first Indian exchanges in India and started its operation in 2014. Last year, the company shut down its operations and was relaunched this June again. Post its relaunch, ZebPay is promoting its platform as a ‘stress-free’ trading experience. That means it is highly secure so that the users are not stressed about their digital assets getting hacked and stolen. 

Unlike other exchanges where the withdrawals take a longer duration, ZebPay is the first global cryptocurrency exchange that supports fast withdrawal. This means that Zebpay users can use their Bitcoins to make instant payments. 

ZebPay has changed its trading fees from its earlier 0.25% taker fees and 0.2% maker fees to 0. The user is not charged anything for trading cryptocurrencies but has to have a minimum balance in their wallet. There are no trading limits set and no withdrawal or deposit fees. 

Zebpay has had no security breaches until now as most of the cryptos are stored in cold wallets that are HSM signed. The platform is continuously tested by security experts for breaches. 

Pros

  • It is mobile friendly and offers an intuitive experience
  • You can make lightning payments
  • Has no trading fees

Cons

  • Limited range of FIAT currencies
  • Limited range of cryptocurrencies
  • The public market of this platform has very limited activity currently
  • Does not support USD 

CoinSwitch (The Most Preferred Crypto Exchange)

This Indian based cryptocurrency exchange aggregator was founded in 2017. It collects data from various exchanges across the world and displays it to its users. The users can then choose the best exchange rate from the displayed information. Many leading exchanges are integrated into CoinSwitch's platform, and hence the trading happens fast. There are no trading limits on most of the tokens. 

The platform offers support for INR as a FIAT currency and supports more than 300 cryptocurrencies, including BTC, ETH, XRP, ZIL, etc. CoinSwitch charges trading fees between 0 to 0.5% and has no withdrawal or deposit fees. 

Major trading exchanges like Changelly, Huobi, Binance, etc. can be used using a single account. Small amounts of Bitcoins can be brought anonymously without needing to create an account. But for larger transactions, KYC verified accounts have to be used. The platform can be accessed through a website or through mobile apps. 

CoinSwitch offers a user-friendly, smooth, and easy to use platform with helpful customer service for problem resolution. 

Pros

  • Easy to use and intuitive platform
  • 45,000+ currency trading pairs with access to more than 300+ cryptos
  • No limit on minimum transactions
  • Compare and get the best exchange rate
  • Fast transactions

Cons

  • Trading fees are based on the exchange used, and hence fees have to be checked. 

To conclude regarding CoinDCX vs ZebPay vs CoinSwitch - Which Should you Opt for? The answer is CoinSwitch. It is a one-stop platform for trading in different cryptocurrencies as major exchanges are easily accessible. It is ideal for beginners who want to get the best exchange rates possible using different trading pairs. 

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!