In this guide, we’ll break down the best cryptocurrency exchanges in India — based on factors like ease of use, fees, and security!
Quick look: Best Crypto Exchanges in India
WazirX: Best Overall
Binance India: Best Foreign Exchange
Kraken: Best for Low Fees
Zebpay: Best for Mobile
Paxful: Best for Peer-to-Peer Trading
CoinDCX: Best for User Interface
Unocoin: Best for Security
WazirX
Best Overall
WazirX is one of India’s top cryptocurrency exchanges. The company is headquartered in Mumbai and serves more than 10 million users across the country!
Pros
User interface: WazirX offers a user-friendly interface for both desktop and mobile!
Low fees: WazirX has a flat fee of 0.2% on all transactions.
High selection: WazirX offers more than 450+ trading pairs of cryptocurrencies for customers — meaning that there’s a large variety of cryptocurrencies you can buy, sell, and trade on the platform.
Generous referral program: WazirX’s referral program allows you to earn 50% of every trading fee for users you refer to the exchange!
Cons
Regulatory issues: In the past, WazirX’s bank assets have been frozen and subsequently unfrozen by the Enforcement Directorate during an investigation into illegal Chinese loans.
Binance India
Best foreign exchange
Binance — the world’s biggest exchange by trading volume — is available in India!
Pros
Low fees: Binance offers some of the lowest fees for cryptocurrency investors. Trades are subject to a 0.1% standard fee.
Buy Bitcoin in INR: Unlike other foreign exchanges, Binance supports INR! Binance’s P2P marketplace allows you to buy Bitcoin and other cryptocurrencies in INR.
Large selection: Binance offers more than 500 cryptocurrencies to buy, sell, and trade.
Cons
No TDS Deduction: Unlike Indian-based exchanges, Binance India does not automatically deduct TDS — which means the burden is on the user to calculate and pay taxes on each transaction.
Regulatory issues: While the platform is available in India, Binance has run into regulatory issues in many different countries. The platform pulled out of the United States and Canada due to pressures from regulators.
Kraken
Best for low fees
Kraken is an American-based exchange that offers its full range of services to customers in India.
Low fees on Kraken Pro: Kraken Pro — the platform’s free advanced interface for traders — offers fees ranging from 0 - 0.26%.
Margin and derivative trading: Kraken offers margin and derivative trading — making it a great choice for experienced investors.
Highly secure: More than 95% of Kraken’s assets are held in cold storage to protect against potential hacks.
Cons
No TDS Deduction: Because Kraken is a foreign exchange, you may be required to deduct TDS manually.
Zebpay
Best for mobile
Zebpay is a mobile-only cryptocurrency exchange founded in India in 2014. Today, the company is headquartered in Singapore and serves more than 5 million customers worldwide.
Pros
Cryptocurrency selection: Zebpay supports 150+ crypto-assets.
Low fees: Zebpay has no fees on deposits, withdrawals, and crypto-to-crypto trades. However, you may pay fees of 0.5% or more on other crypto trades.
Zebpay loans: Zebpay supports borrowing and lending. You can earn up to 8.5% interest for lending your crypto on Zebpay!
TDS deduction: While Zebpay is no longer headquartered in India, the platform does deduct TDS for Indian users.
Cons
Poor customer service: In the past, customers have complained about Zebpay’s poor customer support.
Mobile-only: Currently, Zebpay is only available on mobile devices. The Zebpay app is available on iOs and Google Play.
Paxful
Best for peer-to-peer trading
Paxful is an online peer-to-peer Bitcoin marketplace. Unlike other exchanges in this list, Paxful allows users to buy and sell BTC directly from other users through a variety of methods — from in-person payment to online purchases.
Pros
Peer-to-peer: Because of the burdensome regulations that the Indian government has placed on cryptocurrency exchanges, many investors find peer-to-peer marketplaces like Paxful easier to use.
Escrow services: Paxful takes steps to ensure that cryptocurrencies go to the rightful owner. When a buyer and seller agree to a trade, the cryptocurrency is held in escrow. The crypto transaction will not be completed until the buyer and seller agree that the payment has been made.
Cons
Bitcoin only: Currently, Paxful only supports Bitcoin — which means it may not be a great option for investors looking for a wide selection of cryptocurrencies.
Prior shutdown: In April 2023, Paxful shut down for a month after regulatory issues and a wrongful termination lawsuit from one of the company’s co-founders.
Potential scams: It’s important to be cautious of potential scams when using a peer-to-peer marketplace.
CoinDCX
Best for user interface
CoinDCX is one of India’s biggest cryptocurrency exchanges — currently serving more than 14 million users!
Pros
Easy to use: CoinDCX has been praised for its easy-to-use interface on desktop and mobile!
Low fees: CoinDCX charges 0.2% fees on all spot trades.
Referral program: CoinDCX offers a 20% lifetime commission on trading fees from users who are referred to the platform.
Customer support: CoinDCX has been praised for offering responsive customer support!
Cons
No crypto withdrawals: Unlike other cryptocurrency exchanges, CoinDCX currently does not allow users to withdraw crypto-assets.
Unocoin
Best for security
Originally founded in 2013, Unocoin is India’s oldest cryptocurrency exchange! Today, Unocoin serves more than 2 million investors around the country.
Pros
Low fees: Unocoin charges fees of 0.5% on most transactions.
High security: 95% of Unocoin’s funds are stored offline — making a potential hack less likely.
Crypto baskets: Unocoin offers ‘cryptocurrency baskets’ — a selection of digital assets based on your risk tolerance and preferences.
Cons
Limited crypto selection: Unocoin offers 50+ cryptocurrencies including Bitcoin and Ethereum.
Lack of advanced features: Unocoin is designed for beginner investors and has limited features available for advanced traders.
Post a Comment