crypto exchange ranking in india 2022

crypto exchange ranking in india 2022

The increase in popularity of cryptocurrencies has led to a significant rise in the number of cryptocurrency exchanges in India. Cryptocurrency exchanges simply act as a platform for buying and selling digital currencies and exchanging them for fiat currencies such as the Indian rupee (INR) or the U.S. dollar (USD).

Here’s our guide to help you choose a suitable cryptocurrency exchange depending on your financial goals.

Best Cryptocurrency Exchanges in India

1、WazirX

Pros & Cons

Pioneered the world’s first automated P2P trading platform.

Instant price alert feature on WazirXApp.

Beginner-friendly and easy user interface.

Offers more than 450 tradable cryptocurrency.

Presence on the web, android & iOS mobile, windows apps.

Trading fee is 0.2%, which is a bit on the higher side.

Less coin options as compared to its international parent company, Binance.

Charges a huge trading commission on withdrawal of funds.

Does not have an insurance fund for the hack cases.

2、CoinDCX

Pros & Cons

Facilitates fast order execution, arbitrage opportunities, and limitless trading.

Free deposit and withdrawal fee.

Charges less commission and which get even lower as trading volume increases.

Allows 15x leverage with future trading.

High cybersecurity measures such as solid encryption and password protection practices.

Only supports INR as the fiat currency.

Tedious process of opening an account.

Recent hike in trading fee from 0.1% to 0.2%.

3、CoinSwitch Kuber

Pros & Cons

Beginner-friendly and easy to use interface.

Facility of instant buy, sell and withdrawal.

Real-time live chatbot for instant user support.

No charge for deposits and withdrawals.

No demonstration or free trial is available as KYC is a must.

Only supports INR as the fiat currency.

4、Binance India

Pros & Cons

Standard commission is very low: 0.10%.

User-friendly experience along with high-tech features such as 3DS measure.

Very simple account opening process.

Supports several educational initiatives for educating Indian investors.

Corporate structure is not very transparent.

Customer support is inefficient.

5、UnoCoin

Pros & Cons

Enable users to opt for SBP to boost their returns.

Ensures better crypto lending feature, helps users hold the Bitcoin in the form of the mortgage USD or INR against it.

Good discounts on ‘Refer and Earn’ schemes

Limited live chatbot options.

Verification process is very tedious.

Costly Bitcoin prices and high transaction fees.

Supports INR as fiat currency and is only regulated in India.

6、Bitbns

Pros & Cons

Availability of a wide variety of crypto coins and tokens.

Enable the user to opt for a hardware wallet for storing cryptocurrencies.

Easy to use training system for novice traders.

Works only on web browsers, iOS, and Android.

INR and AED (Arab Emirate Dirham) are the only fiat currency options.

7、BuyUCoin

Pros & Cons

Lowest fee structure rates, no fee on trading through OTC wholesale desk.

Own its NFT marketplace.

Option of creating a virtual demo account.

It is only limited to Indian investors and deals only in INR as fiat currency.

Website interface looks mundane.

Dissatisfactory customer support services.

8、Zebpay

Pros & Cons

No-fee trading on select pairs.

Attractive reward and referral programs.

No fee on withdrawals and deposits of crypto.

Offering up to 10% for lending your crypto.

Supports very few coins and crypto trading pairs.

Not user-friendly and reputed as other top exchanges in India.

No real-time chatbot option.

Methodology

While evaluating and choosing the top cryptocurrency exchanges in India, Forbes Advisor analyzed these exchanges on the basis of the following parameters:

Research was conducted on the various cryptocurrency exchange platforms, based on their trading volumes, liquidity, crypto related products, trading experience, customer support services and number of registered users on the platform.

Examined what kind of tradable cryptocurrencies and trading pairs are available on the exchange platform, especially one with the high volumes like Bitcoin, Ethereum, and others.

Analyzed the platform’s level of security measures and whether they have legitimate buy and sell operations in India or not.

Compare the exchanges on the basis of their fee structure, which is well-explained on their official websites and also checked carefully, if there are any hidden charges involved or not.

The availability of deposit methods such as net banking, bank transfer, P2P and the minimum amount required to open an account with exchange. Read How To Buy Bitcoin In India to have a deeper understanding about trading in cryptocurrencies like Bitcoin in India.

The user interface experience of the exchange’s browser and mobile app, is one of the most important deciding factors in choosing the most suitable kind of cryptocurrency exchange.

Educational resources are also a very crucial factor in choosing an exchange, especially for novice traders. It is always advisable to look for a platform, loaded with relevant educational resources, that certainly helps a beginner to understand the complexities of this rapidly developing cryptocurrencies market.

The location, as many exchanges are unregulated or unstructured and some are available in a particular geographic area only.