The cryptocurrency exchange market is expanding rapidly, with a number of exchanges being established globally. Coinbase, one of the largest exchanges in the United States, is expanding into Europe and Asia.
Meanwhile, established exchanges like Binance are also looking to expand into new markets. However, the cryptocurrency exchange market is still in its infancy, and there are a number of risks associated with it.
The most obvious risk is the risk of fraud, as exchanges are not regulated. However, in a regulatory environment that is yet to be established, a number of risks are also associated with cryptocurrency exchanges.
Among these risks are the risk of market manipulation, the risk of cybersecurity breaches, and the risk of fraud.
After the Supreme Court’s verdict revoking the ban of cryptocurrency imposed by the RBI, cryptocurrency exchanges are now able to directly take deposits and process withdrawal without any hassle through bank transfer and UPI.
Prior to the verdict almost all known cryptocurrency exchanges either halted their operations in India or started using the P2P feature for deposit and withdrawal.
Recently the government introduced a finance bill in 2022 that was passed in Lok Sabha with new crypto tax rules.
- A 30% flat tax on every profit.
- 1% TDS on every trade/transaction starting July.
- Loss setoff is not applicable with cryptocurrency trade.
Which according to us is another setback for the community and we are trying to still convince the government to rethink this bill.
There were a few exchanges that never left the Indian crypto community after the RBI ban and to date they are trying their level best to convince the government against the new tax bill.
Considering the risk involved and the amount of engagement shown by the India cryptocurrency exchanges we have compiled this shortlist.
Best Bitcoin Exchanges in India:
Acquired by Binance in 2019 and launched in March of 2018, WazirX is one of the biggest (according to volume, number of users) the biggest exchange in India.
You can purchase Bitcoin and multiple cryptocurrencies using direct deposit after verifying your bank account.
Multiple crypto trading pairs are provided as well as USDT and INR multiple pairs are also active on the exchange. The only issue I found is that the deposit confirmation takes a lot of time.
Zero charges for INR deposit and INR 10 for withdrawal. UPI transaction does not take a lot of time deposit/withdrawal takes generally within 5 minutes.
For fees and pairs being traded on this exchange, you can refer here. KYC is mandatory in order to deposit, withdraw and trade cryptos.
A mobile app is also available for both iOS and Android operating systems.
Operating from Mumbai, CoinDCX is another safest and trusted Bitcoin exchange in India, known mostly for its future and margin trading in the past. It provides its user’s the freedom to buy, sell and trade cryptocurrencies in more than 100+ available pairs.
The coinDCX platform is available both on the web and on mobile. The trading fee on this platform can be found here. You can refer to the same page for the withdrawal fee of Bitcoin.
Purchases can be made using crypto pairs and by depositing INR. A zero fee is applicable for INR deposits, withdrawal charges may vary. For crypto to crypto transactions, you do not need KYC.
Earlier they were allowing no KYC for up to INR 5000 for deposit and withdrawal. Now it is mandatory to pass KYC.
We have used this platform and we were quite happy with it. They have one of the most responsive support, they are very prompt and helpful.
Operating from Chennai and started in early 2018 by two IIM alumni Vikram Subburaj(CEO) and Arjun Vijay(COO). Giottus on one of the safest and another trusted Bitcoin exchanges in India.
For us what makes it unique is that they will credit your cryptocurrency in your wallet in just a single confirmation. Take an example of Bitcoin, on WazirX you have to wait for four confirmations but on this exchange, it is only one.
Another good thing about this exchange is KYC approval. They are known to process it within 5 minutes. It is better to check this page of the exchange if you want to check the fees here.
We have used this exchange since 2018 and we do use it to date, till today we have never faced any issue. They have awesome support and you can also reach them over a phone call.
Coinswitch is another Indian cryptocurrency exchange that started its operation in 2017. They shifted to another destination after the RBI blanket ban in 2018. They were again back by October of 2021.
They are now back and are one of the unicorns. The idea behind launching this exchange was to provide an easy way to invest in cryptocurrencies.
On this platform, you can invest in cryptocurrency for just INR 100. The same service is also provided by WazirX. We have never used this exchange but we have read a lot of positive reviews about this exchange.
INR deposit fees at the moment do not apply. Crypto transaction fees range from 0% to 0.5%, no withdrawal fee at the moment but there is a network fee. Please check this link for details.
Started in 2016, it is one of the oldest cryptocurrency exchanges in the list of best bitcoin exchanges. It is undoubtedly one of the market leaders in exchanges in India.
It is the first cryptocurrency exchange in India that started multi-cryptocurrency trading on its platform. As compared to other cryptocurrency exchanges it is one of the cheapest exchanges for trading.
It offers its users a taker trading fee of 0.84% and a maker trading fee of 0.42%. The industry average trading fees for takers are 0.25% and for makers, it is slightly less.
The withdrawal fee for Bitcoin is more as compared to the other listed Bitcoin exchanges in this list. It is 0.002 BTC, which is 150% above the industry average.
The above five as per my experience are the best Bitcoin trading platforms in India. Bitcoin rates provided on these Bitcoin exchanges are real-time and on par with the global price.
All of them have their presence on Telegram and are active 24/7. Half of the time issue does get resolved on telegram, incase if it does not then you can always raise a support ticket.
To date, I have never experienced any major issues in their service. They all have brilliant support, who are very helpful and are able to resolve all issues within 24 hours.
You can not only buy/sell Bitcoin on these cryptocurrency exchanges but also trade other cryptocurrencies. I personally recommend opening up an account on all of them.
In case if you do not find your altcoin traded on any one of them you can try the other. In general, all of them have listed all the major altcoins on their exchange.
If you introduce your family members or friends to these five exchanges then do use their referral program. All the above exchanges have a very rewarding referral program.
In the End:
I would never recommend anyone to hold their assets on a cryptocurrency exchange, it is always recommended to hold them on a cold wallet. In case if you are not familiar with a cold storage wallet.
It is a wallet that is not connected to the internet or is connected occasionally. The desktop and hardware wallet are the best examples of cold storage wallets.
Always do your own research before investing in cryptocurrencies.
Thanks for reading the article about the 5 trusted Bitcoin exchanges in India. I hope you enjoyed reading it as much as I enjoyed writing it for you.
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