The Supreme court of India has lifted the ban on cryptocurrencies, and with that, people are back to investing in this. When the ban was imposed by the RBI, many exchanges that were popular closed shops. But now that cryptocurrencies have become legal in India, many exchanges have sprung up, but some are better than others. Here’s a list of such top cryptocurrency exchanges in India for trading:
It is the first cryptocurrency and altcoins aggregator in India and can be counted among the Best Crypto Exchanges to buy and sell Cryptocurrencies in 2020. It is a single platform exchange from around the world that are integrated so that the users get the best rates. It is among the only cryptocurrency exchanges in India that supports more than 300 cryptocurrencies. One of the major advantages of this platform is that users can trade anonymously and do not have to create an account. It is a secure platform to buy, sell, or trade, and your investment is safe from hacks and security frauds.
Investing or trading in CoinSwitch is simple as it has a user-friendly and intuitive interface. Moreover, you get access to about 45,000 or more cryptocoin exchange pairs. Purchasing them can be done using various modes of payment. Withdrawals or deposits are easy and fast. So is converting from INR to crypto, crypto to crypto, or crypto to INR! The transaction fee is also quite nominal and ranges from 0 to 0.49%. Additionally, the transactions made on CoinSwitch are fast and can take between 15 to 30 minutes for processing. But having said that, the transaction speed depends on the transaction size and blockchain capacity, but usually, they are processed fast. There are no transaction limits set on the platform.
The application can be accessed across multiple devices like your desktop, tablets, and smartphones, and it works seamlessly. The app can be downloaded from Google Play, and very soon, it will be available in the Apple store too. CoinSwitch is an ideal cryptocurrency exchange for beginners and professional traders alike. That is because it can be used to compare and find the best exchange rate possible by saving time for its investors. It has an excellent customer support team who will guide you through the process or help you resolve issues that you face during transactions.
It is one of the earliest to start operations in India and was the largest cryptocurrency local exchange until it was shut down last year. It has announced its relaunch under a new team, and people can start using this cryptocurrency exchange again. They are synonymous with innovations in this segment, and users can trade in up to 10 currencies. Zebpay charges a flat 0.4% trading fee and does not offer a P2P platform. The method of purchase of cryptocurrencies is through bank transfer, and KYC verifications are needed for creating accounts. Once the account is created, you can buy or sell cryptos and get it converted to INR or vice-versa.
It is a local exchange through which you can trade around 78 assets. Though it has no P2P trading platform like a few other exchanges, they offer other innovative solutions like SIP equivalent options using Bitcoins. A few important things to know about this exchange is that you can trade, buy or sell around 85 currencies, a nominal flat trading fee of 0.25% is charged, and the payment method is through bank transfer. While creating the account, KYC verification is required. The major benefits of using BitBNS are that it is safe and secure as it uses advanced security features, hassle-free trading through P2P deposits and withdrawals, 24/7 customer support, increased profits through margin trade, and much more.
It is among the leading exchanges in India and offers the most number of coins for trading and at the lowest transaction fees. The WazirX (WRX) is the coin introduced by the company, and trading can be done on the platform at discounted transaction fees. The WazirX was acquired by Binance, which is a leading global exchange and offers P2P services. It supports around 120 currencies and has one of the lowest trading fees of 0.1 to 0.2%. The users can buy cryptocurrencies through bank transfer, and KYC verification is required.
It can be counted among the oldest exchanges in India and is a pioneer as it introduced the first ATM for Bitcoins in India. The exchange can be used to trade about 30 cryptocurrencies with trading fees of flat 0.4%. The method of purchase of the digital assets is through bank transfer, and KYC verification is required to be completed for trading and other activities. The major drawback of this exchange is that it lacks trading pairs.
Now that you know some of the best cryptocurrency exchanges, here are some of the things to consider when choosing one over the other. These are:
Mode of purchase: Digital assets can be purchased using money (local currency) or using other cryptocurrencies (crypto to crypto).
Trading: Trading can be done through the exchange or through P2P trading. In P2P you can buy/sell directly from another person. Whereas in exchange, the trading happens automatically.
Cryptocurrencies: Some of the exchanges offer support for many coins while there are others that are restricted to the top few. Depending on your trading appetite, choose one.
When deciding on the best crypto exchange, it should not just be based on the volume of transactions or ranking. It should be based on ease of use, security, accessibility, fees, and trading tools.
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!