The buzz around the Indian cryptosphere is finally back after the Supreme Court of India lifted the two-year-old RBI’s ban on entities dealing with virtual currencies.
In these two dark years of the Indian cryptosphere, many established crypto exchanges had to shut their shops due to a lack of clear regulations. And, investors turned towards other global crypto exchanges due to lack of options in the Indian market.
But now, many crypto exchanges have started offering support to Indian customers and are witnessing a huge growth in demand. Therefore, let’s have a look at some of the best and most trusted cryptocurrency exchanges in India.
Best Indian Cryptocurrency Exchanges
|Best Crypto & Bitcoin Exchanges In India||Quick Links|
WazirX was founded in 2017 by three friends cum business partners, Nischal Shetty, Sameer Mhatre, and Siddhart Menon. WazirX is not just focused on the Indian market but also serves the global audience.
It has a fully functional exchange platform and also provides P2P services that make fiat-crypto-fiat conversion simpler and faster for everyone.
It enables trading on over 120 cryptocurrencies and has a flat trading fee of 0.2% on the spot market and no trading fee on the P2P market.
WazirX has introduced its token, the WRX coin, and it forms the backbone of the WazirX ecosystem. The maximum supply of the coin is capped at 1 billion.
The exchange requires KYC verification of its users and also allows bank transfer as one of the modes of payment. At the end of 2019, WazirX was acquired by Binance, the world’s largest exchange by volume.
Launched on April 7th, 2018, CoinDCX is a Singapore registered entity but operates from Mumbai, India. In a very short time, it has emerged as one of the top crypto exchanges in India.
The exchange is backed by some of the prominent global investors like Bain Capital Ventures, Polychain Capital, Coinbase Ventures, and BitMEX.
It has a diverse range of product suites that includes spot trading, margin trading, derivatives trading, insta-swaps, crypto convertors, and lending. And, it lists over 250 crypto assets on its platform.
CoinDCX also acts as an aggregator and allows trading on Binance, Huobi, and HitBTC using its platform. The trading fee is charged on a per-trade basis and it ranges between 0.1-0.2%. Users need to be KYC compliant to access the services of CoinDCX and it supports bank transfers, UPI, and IMPS.
CoinSwitch is a Bangalore-based crypto start-up that launched its service in June 2017. It is a crypto exchange aggregator and lets you trade through multiple large exchanges anonymously.
Users can connect to exchanges like Binance, Changelly, Huobi, KuCoin, Bittrex, HitBTC, and other leading exchanges around the world. It allows users to exchange and trade at the best rates in the market.
Through CoinSwitch, users can exchange over 300 cryptocurrencies and can trade in over 45,000 pairs. The exchange supports INR, USD, GBP, EUR, JPY, and RUB as a fiat currency option for conversion.
Regarding the trading fee, the transaction fee ranges between 0.00-0.49% per order and it depends on the type of exchange selected. To date, CoinSwitch has processed over $5 billion in crypto trades and offers a similar degree of trust and security for all INR based trades.
Paxful is a P2P bitcoin marketplace launched its services in 2015. It aims to become the Uber + PayPal of the bitcoin community. Just like, how eBay allows users to sell and buy products on its platform.
It offers over 300 ways to buy and sell bitcoin including credit cards, bank transfer, mobile wallets, Amazon gift cards, etc. And, due to its P2P nature, it hardly suffers from any geographical restriction and allows for a more decentralized trading environment. During the ban period in India, Paxful continued with its normal operations allowing traders to buy and sell bitcoin without any regulatory concerns.
Paxful provides a secure environment for both buyers and sellers through its escrow services for all bitcoin transactions. On Paxful, buyers don’t need to pay any fees, while sellers pay a 1% commission on every successful transaction.
CEX.io is a London, UK headquartered crypto exchange started in 2013, initially operated as a cloud mining service provider, known as Ghash.io. But, in 2015, it exited the cloud mining business, owning to fall in crypto prices and forayed into the crypto exchange business.
It is currently, one of the best crypto exchange platforms operating in the market and has a multi-functional trading platform. It offers instant buy options to users allowing users to buy major cryptocurrencies using fiat currencies.
The CEX.io Exchange allows trading in over 20 crypto assets, the CEX.io Broker is a margin trading platform based on CFDs. And, the CEX.io aggregator helps execute trades for clients at best rates and in the shortest possible time by connecting multiple liquidity providers.
The exchange requires users to fulfill the KYC and AML policies upon registration. Regarding the fee schedule, the exchange follows a maker fee-taker fee pricing model, and fees range between 0.10-0.25%.
Giottus is a Chennai-based P2P crypto exchange and is one of the fastest crypto exchanges in India.
It features a high-speed trade engine, provides high liquidity with the help of dedicated market makers and active traders, and has an unparalleled security architecture.
It supports trading in over 15 cryptocurrencies and has one of the lowest trading fees in India. The sell orders are charged 0.15% and buy orders are charged 0.25% on the total order value.
The platform allows free INR deposits and withdrawals and has an instant KYC feature, powered by Intelligent Identity Verification Module. The exchange is suitable for both beginners and high-frequency traders. On TrustPilot, the Giottus is one of the highest-rated exchanges with 4.8 stars and has over 85% positive reviews.
LocalBitcoins is a very popular and reputed P2P marketplace for buying and selling bitcoins. It was founded in 2012 in Finland and is one of the oldest Bitcoin exchanges in the market. LocalBitcoins has set a standard in the P2P industry in terms of reputation, security, and flexibility.
It supports a wide array of payment options including PayPal, wire transfer, bank transfer, MoneyGram, Cash, gift cards, etc. Due to its P2P structure, LocalBitcoins doesn’t face any geographical restrictions and is available in almost all countries.
Regarding trading fees, LocalBitcoins charge a 1% fee for every completed trade from the advertiser. On TrustPilot, LocalBitcoins have a very high approval rate with almost 90% of the reviews in the excellent category.
Final Words On Best Bitcoin (BTC) Exchanges In India
With crypto exchanges getting their wings back in India, they are now able to offer a wide range of services, which is helping to win the customers back.
The above-discussed cryptocurrency exchanges are best in India. It offers customized solutions as per the needs of the Indian users. You may not find the names of old exchanges, which used to rule the Indian crypto space before the ban was imposed, but the newer exchanges have come out strongly and have varied functions.
In the regular exchange segment, WazirX, CoinDCX, and CEX.io turn out to be a promising exchange and have a lot to offer to users. And, in the P2P segment, LocalBitcoins and Paxful should be preferred.