Cryptocurrencies have seen massive growth in India, with more and more people looking to invest in digital assets. Now, let’s review the outlines of the top 5 cryptocurrency exchanges in India based on factors like ease of use, fees, payment options, security, and more.
Summary of 5 Best Crypto Exchanges in India
Crypto investing has witnessed significant adoption among Indian users. For beginners starting their crypto investing journeys, experts recommend opting for exchanges regulated by the relevant Indian financial authorities for purchasing and trading Bitcoin, Ethereum and other cryptocurrencies. By leveraging bank transfers, credit/debit cards, or UPI for INR deposits, individuals can legally buy, sell, and hold digital assets.
After assessing the leading platforms prevalent in India, here are the 5 best crypto exchanges in India:
- WazirX – Best Overall Crypto Exchange in India
- Coinswitch Kuber – Best for Beginner Investors
- CoinDCX – Top Choice for Active Crypto Traders
- ZebPay – Ideal for Lightning Network Transactions
- BuyUcoin – Most Secure Indian Crypto Platform
Factors to Consider When Choosing the Best Crypto Exchanges in India
When selecting a crypto exchange or app, several aspects must be evaluated to determine the ideal fit for your needs:
- Regulatory compliance: Opt for platforms registered with India’s financial watchdogs like SEBI to ensure security and legitimacy.
- Ease of use: A clean, intuitive interface allows seamless onboarding and hassle-free crypto investing, especially for new users.
- Security: Robust safety measures like 2FA authentication, encryption, and cold storage wallets are paramount.
- Supported cryptocurrencies: Wider coin selection provides greater diversification and investment opportunities.
- Trading fees: Lower fees compared to the broader market save money on each transaction.
- Payment methods: Availability of seamless INR deposit options like UPI, IMPS, NEFT, and credit cards.
- Customer support: Prompt grievance redressal and 24/7 assistance via channels like live chat, calls, and emails.
Detailed Overview of the Best Crypto Exchanges in India
WazirX Overview:
Rated as the top crypto exchange in India, WazirX is known for its seamless peer-to-peer auto-matching platform, high liquidity, and smooth INR deposits via UPI and IMPS.
- Supports trading of over 200 cryptocurrencies including marquee names like Bitcoin, Ethereum etc.
- Trading fees as low as 0.2%
- Withdrawal fees depend on the coin, usually under ₹10 for BTC
- Deposits start from ₹100, with no upper limit
- UPI, IMPS, NEFT, RTGS transfers supported
- Robust security via 2FA, data encryption, bug bounty programs etc.
- Active community with referrals, contests, NFT launches etc.
Key Metrics
- 15 million users
- Daily trading volumes over $100 million
- 90% market share of P2P trading
CoinSwitch Kuber Overview
Positioning itself as ideal for crypto beginners, CoinSwitch Kuber is known for its intuitive interface, educational resources, and INR funding options.
- Supports 100+ coins including blue-chip assets like BTC, ETH, DOT, ADA etc.
- Maker-taker fee model with rates as low as 0.18%
- Free deposits, withdrawals
- Starts with just ₹100, daily limits to ₹1 lakh
- UPI, IMPS, NEFT transfers allowed
- Robust security via 2FA, 96% cold storage custody
- Informative blogs and videos for crypto investing basics
Key Metrics
- 10 million registered users
- Peak daily trading volumes around $93 million
- 4.8 rating on Android, 4.7 on iOS
CoinDCX Overview
Popular among active traders, CoinDCX provides a full-scale crypto trading experience with advanced charting & trading tools, liquidity pools, lending etc.
- 300+ coin support including DeFi tokens, NFTs, metaverse assets
- Maker fees as low as 0.075%, taker fees around 0.1%
- Free INR deposits via UPI, IMPS, NEFT etc.
- ₹100 minimum investment, no upper limit
- Margin & derivatives trading, staking, crypto loans and other earning options
- Secured by BitGo insurance, 2FA, DDoS protection
- DCX Learn platform for free crypto investing courses
Key Metrics
- 1.4 Cr+ registered users
- $2.5 billion in trading volume
- Up to $100 million funds insured by BitGo
ZebPay Overview
ZebPay distinguishes itself with its lightning fast payments network, zero deposit fees, and a 4% fixed return offering for crypto lending.
- Access to 40+ coins and 500+ trading pairs
- Fees between 0.09% to 0.25% based on 30-day activity
- Free deposits, withdrawals with IMPS, UPI, NEFT
- Minimum investable amount ₹100
- 4% APY for lending BTC, ETH, stablecoins on ZebPay
- Secure platform with 2FA, encrypted data, KYC
- ZebPay Lightning enables instant low-cost payments
Key Metrics
- 5.5 million registered users
- $24 billion in cumulative trading volume
- ZebPay Lightning handles 5,000+ BTC transactions per month
BuyUcoin Overview
BuyUcoin secures the top spot among Indian platforms when it comes to safety and security measures.
- Trading of 100+ cryptocurrencies
- 0.1 to 0.25% maker & taker fees
- Free deposits, nominal withdrawal charges
- Starts with just ₹100 as minimum investment
- Secured by insurance, 2FA, biometric authentication
- 90% of assets held in cold storage
- No reported breaches or security lapses so far
Key Metrics
- Over 1 million registered users
- $500 million in trading volume
- 4.5 rating on PlayStore
How to Purchase Cryptocurrencies in India
For beginners aiming to invest in digital currencies within India, adhere to this detailed, step-by-step guide for lawful and secure transactions:
- Choose a trusted, SEBI-approved exchange: Opt for platforms like WazirX, CoinSwitch highlighted in this guide.
- Sign-up and KYC: Provide your email/number for registration, complete KYC via PAN and other documents.
- Deposit INR: Transfer funds into your exchange wallet via UPI, IMPS, NEFT, credit/debit card etc.
- Buy cryptocurrencies: Search for your preferred coin, enter desired quantity and confirm purchase.
- Withdraw to personal wallets: For enhanced security, withdraw to a private wallet like MetaMask.
Legality and Regulation of Crypto Investing in India
While cryptocurrencies are currently unregulated in India, the proposed legislation is expected to provide an oversight framework. Some aspects regarding crypto in India:
Is Crypto Legal in India?
The legality of cryptocurrencies has been debated, but currently, there is no law prohibiting holding or trading them in India. The Supreme Court struck down a blanket crypto ban by RBI in 2020. Until a regulatory framework is introduced, investors can participate with proper KYC checks.
Crypto Taxation in India
Gains from crypto investments are taxable in India. From FY22, a flat 30% rate is applicable on income from crypto and other virtual assets above a certain threshold. In addition, 1% TDS will be levied on payments related to digital asset transfers exceeding ₹10,000. Proper documentation must be maintained for taxation.
Conclusion
By sticking to regulated, secure Indian platforms and maintaining records, beginners can participate in crypto investing legally. For hassle-free onboarding and a polished user experience, Mudrex stands out as the go-to app for Indian investors. With its safety measures, informative resources, and reasonable fees, Mudrex simplifies crypto adoption for the Indian masses.
FAQs
How do I pick the right crypto exchange in India as a beginner?
Assess factors like regulatory compliance, security measures, fees, payment options and coin selection before zeroing in on an exchange as a beginner. Platforms like WazirX, CoinSwitch, and ZebPay recommended in this guide are regulated and suitable for first-time crypto investors.
Is it safe to link bank accounts to crypto exchanges?
Yes, linking an Indian bank account to trades on SEBI-registered Indian exchanges via UPI, IMPS, and NEFT transfers is completely legal and safe. The platforms recommended here have robust encryption, and insurance protection and have not reported any security lapses.
What is the minimum amount I need to invest in crypto?
Most Indian crypto apps and exchanges like WazirX, and CoinDCX allow you to start with an investment of just ₹100-500. So, crypto is accessible even with modest capital. Maintain prudent position sizing and invest amounts you are comfortable with.
