Top 10 Best Cryptocurrency Exchanges in India 2023
Cryptocurrency exchanges are platforms where you can buy, sell, and trade cryptocurrencies. They work similarly to stock exchanges but deal with cryptocurrencies like Bitcoin, Ethereum, Ripple, and many others.
There are two main types of cryptocurrency exchanges:
Centralized Exchanges (CEXs): These operate like traditional financial exchanges, where a centralized organization maintains and operates the platform. They often provide a user-friendly interface and additional services like customer support, but the users have to trust the central authority for the safety of their assets. Examples include Binance, Coinbase, and Kraken.
Decentralized Exchanges (DEXs): These exchanges operate without a central authority. Instead, they run on blockchain technology, and trades occur directly between users through an automated process called smart contracts. DEXs typically offer increased privacy and allow you to maintain control of your crypto assets, but they can be more difficult to use and often lack customer support. Examples include Uniswap, SushiSwap, and PancakeSwap.
It’s important to note that all cryptocurrency exchanges charge some form of fee (e.g., trading fees, withdrawal fees), and these can vary considerably between exchanges. Also, different exchanges support different cryptocurrencies, so the exchange you use will depend on what specific cryptocurrencies you’re interested in trading.
Finally, while cryptocurrency exchanges have many benefits, they also have risks. These include the risk of hacking, the potential for system failures, possible regulatory action, and more. Therefore, it’s essential to conduct thorough research and take precautions when using these platforms.
Why Cryptocurrency Exchanges are important
Cryptocurrency exchanges play a critical role in the broader cryptocurrency ecosystem for several reasons:
Liquidity Provision: They provide the necessary platform for buying and selling cryptocurrencies, thus ensuring liquidity in the market. Liquidity is a crucial aspect of any market because it allows for quicker transactions, more accurate price discovery, and reduced price volatility.
Price Discovery: Exchanges are vital for determining the price of cryptocurrencies based on supply and demand dynamics. Without these platforms, it would be challenging to establish a clear market price for a given cryptocurrency.
Accessibility: They offer a platform for anyone to access the crypto market. This not only includes individual investors but also institutional investors, who are becoming increasingly involved in the crypto space.
Investment Opportunities: Cryptocurrency exchanges offer a wide range of cryptocurrencies for trading. This variety gives investors the opportunity to diversify their portfolios and potentially benefit from the price appreciation of different cryptocurrencies.
Trading Tools and Services: Many cryptocurrency exchanges offer various tools (like advanced trading interfaces, futures trading, margin trading, etc.) and services (like staking, lending, etc.) to cater to different types of investors with different investment strategies.
Fiat Gateway: They often act as a bridge between traditional financial systems and the crypto world. Many exchanges allow users to buy crypto with fiat currencies (like USD, EUR, GBP, etc.), making it easier for individuals to enter the crypto market.
Security and Trust: Reputed cryptocurrency exchanges implement robust security measures, ensuring the safe custody of users’ assets. This trust is important in fostering wider adoption of cryptocurrencies.
History of Cryptocurrency Exchanges in India
The history of cryptocurrency exchanges in India is full of ups and downs due to the changing regulatory environment.
Early Development (Before 2018): The concept of cryptocurrencies and exchanges started to gain attention in India around 2013, with exchanges like Unocoin and Zebpay emerging. Initially, there were no specific regulations around cryptocurrencies, and businesses operated in somewhat of a legal gray area.
RBI’s Circular (2018): In April 2018, the Reserve Bank of India (RBI) issued a circular effectively banning regulated financial institutions from providing services to any individual or business dealing in cryptocurrencies. This led to a sudden stop in operations of several crypto exchanges, and others shifted to crypto-to-crypto trading or moved their operations overseas. Zebpay, one of the largest exchanges at the time, had to shut down its operations in India due to this circular.
Supreme Court Verdict (2020): In March 2020, the Supreme Court of India struck down the RBI’s circular, calling it unconstitutional. This decision led to a resurgence in the crypto market in India. Many exchanges like WazirX, CoinDCX, and Unocoin saw significant growth in their user base and trading volumes.
Ongoing Regulatory Uncertainty : Despite the Supreme Court ruling, the regulatory landscape for cryptocurrencies in India remains uncertain. The government has expressed concerns about cryptocurrencies due to issues related to money laundering, financing of illicit activities, tax evasion, and investor protection. At the same time, the government also acknowledges the potential of blockchain technology and is considering introducing its own digital currency. a cryptocurrency bill is being examined by the government.
Benefits of Cryptocurrency Exchanges
Cryptocurrency exchanges provide several benefits for individuals and organizations interested in buying, selling, and trading cryptocurrencies. These benefits include:
Liquidity: Cryptocurrency exchanges provide a marketplace where buyers and sellers can trade digital assets, which creates liquidity. Higher liquidity makes it easier for users to buy or sell cryptocurrencies without significantly affecting the market price.
Price Discovery: Cryptocurrency exchanges play a crucial role in price discovery, which is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers. This helps ensure that everyone in the market has access to the same information and can make informed decisions.
Ease of Access: Cryptocurrency exchanges make it relatively easy for individuals to participate in the crypto market. You can generally start trading after setting up an account and completing some identity verification steps.
Variety of Trading Options: Cryptocurrency exchanges offer a wide range of digital assets for trading. This not only provides opportunities for diversification but also allows users to engage with newer, less well-known cryptocurrencies.
Fiat to Crypto Transactions: Many cryptocurrency exchanges allow users to buy or sell cryptocurrency with fiat money (like USD, EUR, etc.). This provides an important bridge between traditional finance and the world of digital assets.
Advanced Trading Features: Some cryptocurrency exchanges offer advanced features like futures and options trading, margin trading, staking, lending, and more. These features can help experienced traders execute sophisticated trading strategies.
Security: Reputed cryptocurrency exchanges implement stringent security measures like two-factor authentication (2FA), cold storage, and encryption to secure users’ accounts and funds.
24/7 Market Access: Unlike traditional financial markets, cryptocurrency exchanges operate 24/7, giving traders the ability to trade at any time without worrying about market hours.
Best Cryptocurrency Exchanges in India
WazirX
CoinDCX
Unocoin
ZebPay
Bitbns
CoinSwitch Kuber
Giottus
BuyUcoin
Coinome
PocketBits
WazirX
WazirX is a cryptocurrency exchange based in India. The platform allows users to buy, sell, and trade a variety of cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, and many others.
Founded in 2018, WazirX gained significant popularity due to its user-friendly interface, security features, and a wide range of available cryptocurrencies. In 2019, it was acquired by Binance, one of the largest global cryptocurrency exchanges, which added to its credibility and exposure.
Features of WazirX :
Spot and Futures Trading: Users can engage in spot trading, which involves buying or selling a cryptocurrency for immediate delivery. They can also participate in futures trading, which involves speculating on the future price of a cryptocurrency.
WazirX Token (WRX): WazirX has its own native utility token, WRX. Users can earn WRX tokens as rewards for using the platform and can use them for various benefits, such as paying for transaction fees at a discounted rate.
Cross-Platform Trading: WazirX allows users to trade across multiple platforms. With the “WazirX-Binance Bridge,” users can move funds between WazirX and Binance accounts seamlessly.
Security: WazirX has implemented industry-standard security features like withdrawal whitelist, two-factor authentication (2FA), and encryption.
CoinDCX
CoinDCX is a cryptocurrency exchange based in India. It offers trading services for a wide range of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and many others. The platform was designed to provide a user-friendly experience for both beginners and experienced traders.
CoinDCX offers several features, including:
Spot Trading: This allows users to buy or sell cryptocurrencies instantly at the current market price.
Margin Trading: CoinDCX provides the option for users to trade with leverage, which means they can borrow money to potentially increase their buying power.
Futures Trading: This is a type of derivative trading that allows users to speculate on the future price of a particular cryptocurrency.
Staking: This feature allows users to earn passive income by holding certain cryptocurrencies in their CoinDCX wallet.
Lend: Users can lend their crypto assets to earn interest.
Insta: A feature which allows users to buy and sell cryptocurrencies instantly with INR (Indian Rupee).
CoinDCX also emphasizes security and claims to have robust measures in place to protect user funds. This includes keeping a majority of the funds in cold storage (offline), implementing two-factor authentication (2FA), and withdrawal whitelist feature.
It’s also important to remember that investing in cryptocurrencies is risky and can result in the loss of your entire investment. Always do your own research and consider your own risk tolerance when investing in cryptocurrencies.
Unocoin
Unocoin is a leading cryptocurrency exchange based in India. It was one of the first entrants into the Indian crypto space and offers a platform for users to buy, sell, store, and manage cryptocurrencies.
Here are some features and offerings of Unocoin:
Bitcoin and Altcoins: Unocoin initially started as a Bitcoin-only platform but eventually expanded to include other cryptocurrencies.
Buy/Sell Crypto: Users can easily buy or sell cryptocurrencies using Indian Rupees (INR).
Mobile App: Unocoin offers a mobile app available on both Android and iOS, allowing users to access their accounts and perform transactions from anywhere.
Security: Unocoin implements industry-standard security features such as two-factor authentication (2FA), and the majority of the customer funds are stored in cold storage (offline) to prevent theft.
Systematic Buying Plan (SBP): Similar to a SIP (Systematic Investment Plan) in traditional investments, Unocoin’s SBP feature allows users to allocate a specific amount of money to be automatically used to buy cryptocurrencies at regular intervals. This can potentially help mitigate the risk of market volatility.
Crypto lending: Users can also lend their cryptocurrencies on the platform to earn interest.
Crypto-to-Crypto Trading: This allows users to trade one cryptocurrency for another
ZebPay
ZebPay is one of the oldest and most prominent cryptocurrency exchanges in India.The platform has facilitated billions in transactions and serves customers in over 130 countries.
Here are some key features of ZebPay:
Extensive Cryptocurrency Support: ZebPay allows users to buy, sell, and trade a wide range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and many more.
Ease of Use: ZebPay has been recognized for its user-friendly interface that caters to both experienced traders and beginners alike.
Security: Security is a key focus for ZebPay. They use industry-leading security protocols, keep a majority of the funds in cold storage (offline), and have enabled features such as two-factor authentication (2FA).
ZebPay Earn: Users can earn passive income by holding certain cryptocurrencies in their ZebPay account.
Mobile App: ZebPay offers a fully-featured mobile application for both Android and iOS devices, making it easy for users to manage their crypto investments on the go.
Crypto-to-Crypto Trading: ZebPay allows users to directly trade one cryptocurrency for another.
Lightning Network: ZebPay is one of the few exchanges that has implemented the Bitcoin Lightning Network, a “layer 2” payment protocol that operates on top of a blockchain (most often Bitcoin). This enables faster transactions between participating nodes and has been hailed as a solution to Bitcoin’s scalability issues.
Bitbns
Bitbns is a cryptocurrency exchange based in India. It offers a platform for users to buy, sell, and trade a variety of cryptocurrencies. Here are some key features and offerings of Bitbns:
Multiple Cryptocurrencies: Bitbns supports a range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and many others. Users can trade these cryptocurrencies against Indian Rupees (INR) or other cryptocurrencies available on the platform.
Instant INR Deposits and Withdrawals: Bitbns provides a seamless experience for Indian users by allowing instant deposits and withdrawals in Indian Rupees (INR) through various payment methods such as UPI, IMPS, NEFT, and RTGS.
Margin Trading: Bitbns offers margin trading, allowing users to trade with borrowed funds to potentially amplify their trading positions.
Staking and Earn: Bitbns provides staking services for select cryptocurrencies, allowing users to earn passive income by holding and staking their crypto assets on the platform. They also offer various investment plans to earn fixed returns on cryptocurrencies.
Savings and Recurring Orders: Users can set up recurring orders to buy cryptocurrencies at regular intervals. This feature is similar to Systematic Investment Plans (SIPs) and helps users to invest in cryptocurrencies gradually.
Mobile Apps: Bitbns offers mobile applications for both Android and iOS devices, allowing users to access their accounts and trade cryptocurrencies on the go.
Trading APIs: Bitbns provides APIs (Application Programming Interfaces) for developers and traders to integrate their systems with the Bitbns platform for automated trading and accessing real-time market data.
CoinSwitch Kuber
CoinSwitch Kuber is a popular cryptocurrency exchange in India. It is a user-friendly platform that allows users to buy, sell, and trade a variety of cryptocurrencies. Here are some key features and offerings of CoinSwitch Kuber:
Cryptocurrency Selection: CoinSwitch Kuber supports a wide range of cryptocurrencies, including popular options like Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and many others. Users can trade these cryptocurrencies against Indian Rupees (INR) directly on the platform.
Simplified User Interface: CoinSwitch Kuber is designed with a user-friendly interface, making it accessible to both beginner and experienced traders. The platform aims to provide a seamless and intuitive trading experience.
Instant Deposits and Withdrawals: CoinSwitch Kuber offers instant INR deposits and withdrawals, allowing users to quickly fund their accounts or withdraw their funds.
Crypto-to-Crypto Trading: In addition to buying and selling cryptocurrencies with INR, CoinSwitch Kuber also supports crypto-to-crypto trading. Users can exchange one cryptocurrency for another directly on the platform.
Auto-Investing: CoinSwitch Kuber provides an auto-investing feature that allows users to set up recurring investments in cryptocurrencies. This feature enables users to automate their investments and gradually build their crypto portfolio.
Security: CoinSwitch Kuber emphasizes security and employs measures such as two-factor authentication (2FA) to protect user accounts. They also claim to keep the majority of user funds in secure cold storage wallets.
Mobile App: CoinSwitch Kuber offers a mobile application for both Android and iOS devices, providing users with the flexibility to trade cryptocurrencies on their smartphones.
Giottus
Giottus is a cryptocurrency exchange based in India. It provides a platform for users to buy, sell, and trade various cryptocurrencies. Here are some key points about Giottus:
Trading Options: Giottus offers a range of cryptocurrencies for trading, including popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and many others. Users can trade these cryptocurrencies against Indian Rupees (INR).
Security: Giottus emphasizes security measures to protect user funds and personal information. It implements industry-standard security practices such as two-factor authentication (2FA), cold storage wallets, and regular security audits.
User Experience: The platform aims to provide a user-friendly experience, making it accessible for both beginner and experienced traders. The interface is designed to be intuitive and offers features like real-time price charts, order books, and trading history.
Peer-to-Peer Trading: Giottus facilitates peer-to-peer (P2P) trading, allowing users to directly buy and sell cryptocurrencies with other users on the platform. This feature enables faster transactions and provides users with more liquidity options.
Verification Process: To comply with Know Your Customer (KYC) regulations, Giottus requires users to complete a verification process. This typically involves submitting identification documents, proof of address, and other required information.
Fees: Giottus charges fees for trading activities on its platform. The fee structure includes charges for depositing, withdrawing, and trading cryptocurrencies. The fee percentages may vary based on the trading volume and the type of order (market or limit).
Mobile App: Giottus offers a mobile application for iOS and Android devices, allowing users to trade on the go and access their accounts from anywhere.
BuyUcoin
BuyUcoin is an Indian cryptocurrency exchange that was launched in 2016. It provides a platform for users to buy, sell, and trade a variety of cryptocurrencies. Some of the notable features of BuyUcoin include:
Multiple cryptocurrencies: BuyUcoin supports a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and many others. It offers trading pairs with Indian rupees (INR) as well as crypto-to-crypto pairs.
User-friendly interface: The exchange aims to provide a user-friendly interface that makes it easy for beginners to navigate and execute trades. It offers a simple and intuitive trading platform.
Wallet services: BuyUcoin provides wallets for storing and managing cryptocurrencies. Users can securely store their digital assets within their BuyUcoin wallets.
Peer-to-peer trading: The platform facilitates peer-to-peer trading, allowing users to directly trade cryptocurrencies with other individuals on the platform.
Security measures: BuyUcoin employs various security measures to protect user funds and data, including two-factor authentication (2FA) and encryption protocols.
Therefore, for the most up-to-date and accurate information on BuyUcoin, I recommend visiting their official website or conducting an online search to review the latest features, fees, trading pairs, and user reviews.
Coinome
Coinome was an Indian cryptocurrency exchange that was operational until early 2019. It was launched as a joint venture between BillDesk, a leading Indian payment gateway, and Crypto Coins Exchange, a cryptocurrency exchange platform.
Coinome aimed to provide a user-friendly platform for Indian users to buy, sell, and trade cryptocurrencies. It offered trading pairs with Indian rupees (INR) and supported popular cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Ethereum (ETH).
However, due to regulatory uncertainties and challenging market conditions in the Indian cryptocurrency industry, Coinome announced the suspension of its trading services in May 2019. They advised users to withdraw their funds from the platform and closed new registrations.
Since then, there have been no significant updates or indications of a reactivation of Coinome’s services. It’s important to note that the cryptocurrency industry is dynamic, and exchange platforms can undergo changes, closures, or rebranding. Therefore, it’s advisable to check the latest information through official sources or conduct an online search for any recent developments regarding Coinome.
PocketBits
PocketBits is an Indian cryptocurrency exchange that was launched in 2016. It provides a platform for users to buy, sell, and trade various cryptocurrencies. Here are some key features of PocketBits:
Multiple cryptocurrencies: PocketBits supports a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and more. It offers trading pairs with Indian rupees (INR) as well as crypto-to-crypto pairs.
User-friendly interface: The exchange strives to offer a user-friendly interface that is easy to navigate, making it accessible to beginners. The platform aims to provide a seamless trading experience.
Instant INR deposits and withdrawals: PocketBits allows users to deposit and withdraw Indian rupees (INR) instantly using various payment methods, such as bank transfers and payment gateways.
High liquidity: The exchange claims to have high liquidity, which means there is a good volume of buy and sell orders, allowing for efficient trading.
Security measures: PocketBits implements security measures to safeguard user funds and data. This includes two-factor authentication (2FA) for enhanced account security.
Peer-to-peer trading: The platform facilitates peer-to-peer trading, enabling users to directly trade cryptocurrencies with other individuals on the platform.
Therefore, for the most up-to-date and accurate information on PocketBits, I recommend visiting their official website or conducting an online search to review the latest features, fees, trading pairs, and user reviews.