Indian Cryptocurrency Market is growing tremendously.
The Indian crypto market is one place that has seen a lot of buzz despite a global economic slowdown. The credit to this goes to the country's apex judicial body, The Supreme Court of India, who overturned the Reserve Bank of India (RBI's) decision and lifted the ban on banks dealing with cryptocurrency exchanges.
This decision's effect on the Indian population can be observed by the surge in the buyer's and traders' activities and the cryptocurrency exchanges in India. The exchanges from outside the country recognize the potential gain as a positive boost to business and industry. The local, domestic exchanges or traders are also joining the bandwagon to ensure they don't get left out with a smaller part of the pie. Either way, for an investor, this seems like an opportunistic situation to be in. Check this graph, which shows that India's total cryptocurrency trading has soared to an all high.
A Digital Currency Exchange (DCE) or a Cryptocurrency Exchange is a business or platform through which traders and investors can buy, sell or trade their cryptocurrencies in exchange for other assets like cash or other digital currencies. You can choose one from the list below based on the level of functionality and security they offer and the user-experience you prefer. Be sure to check the credibility of the exchange and the transaction fees before opting for it. Here are some of the top cryptocurrency exchanges in India:
Top cryptocurrency exchanges in India:
WazirX: WazirX is a Mumbai-based cryptocurrency exchange that has been in the news because of its underdog nature. Considered one of the best exchanges in the country due to the variety of coins it offers, WazirX is a well-known name in the industry. In its pursuit to expand geographically, WazirX has recently acquired Binance Holdings, which is the world's largest exchange. WazirX also offers its coin, WazirX (WRX), that traders can buy at discounted prices on their website.
Unocoin: Founded in 2013, this Bengaluru-based exchange has the reputation of being one of India's oldest cryptocurrency exchanges. It deals with Bitcoin, Ether, and Tether. Unocoin offers benefits like Over The Counter (OTC) and Systematic Investment Plan (SIP) to its investors for trading ease. It also allows buying and selling in INR while matching the Bitcoin orders with other users, which is a significant advantage for the Indian traders.
Zebpay: Zebpay is among the largest and oldest cryptocurrency exchanges in the country. It developed its platform in 2015 and has been claimed to serve over 3 million users over the years. The platform is designed using a clutter-free approach. Users with little or no experience in crypto trading could also operate it with ease. It also boasts of multi-level security protocols with Omnitrix firewall protection, protecting users' privacy and data on its platform.
Coinswitch: Coinswitch offers its users a variety of 100+ cryptocurrencies and thousands of trading pairs to choose from and trade from. Traders can use several fiat currencies and even use their credit/debit cards to complete their transactions with ease on this exchange. It has also partnered with some of the leading cryptocurrency exchanges like Binance, Garuda, Coinomi, and more to ensure their customers get the most services under one roof.
CoinDCX: One of the most versatile crypto exchanges, CoinDCX, gives you the benefit to trade in over 200 coins with the highest liquidity. Headquartered in Mumbai, Maharashtra, CoinDCX provides its users with a wide range of financial services backed by robust insurance protection. It also offers an integrated suite that allows the users to buy different cryptocurrencies in one place with the Indian fiat. Some of the additional features provided by CoinDCX are price conversions, unlimited trading with a nearly limitless order book, and attractive interest rates on lending for its users.
BuyUcoin: BuyUcoin amassed immense popularity among cryptocurrency enthusiasts because it was among the peer-to-peer transaction model pioneers for its investors. This, coupled with the multi-cryptocurrencies available to choose from, making it a hit in the domestic cryptocurrency exchange markets. BuyUCoin also does not charge any money from the users for the withdrawal of INR from the wallet. Since its inception in 2016, BuyUcoin has conducted over USD 50 million in trade and continues to grow.
Colodax: Colodax was created to speed up the user transactions and trade executions while trading in cryptocurrencies. It is developed by the same team that made CrypDates; the emphasis on robust security systems has been one of their top priorities. All the user data is protected using elastic, multi-stage wallet strategies that allow cold storage of data spread across the country. The transaction speed is maintained by an automated monitoring platform that expedites transactions and helps the users in fast deposits and fast withdrawals.
Conclusion:
With the increasing competition in the cryptocurrency exchanges in India, the investors and crypto enthusiasts see this as a golden opportunity for them. The hype has amplified with the foreign exchanges either coming to India or partnering with the domestic players in the crypto market. It opens up the country's industry and will also give a much-needed push to the Indian crypto market compared to the fast advancing global markets. Suppose you are still considering which exchange, to begin with. In that case, you can even read up their blogs, and most of these crypto exchanges have investor education articles to help their users make the right choice.
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