Best Cryptocurrency Trading Platform in India – Which One Should You Use? If you’re looking to buy and sell cryptocurrency in India, there are several options available to you that can helps you to make your trading experience easier and faster. In this article, we will compare the top cryptocurrency trading platforms in India to help you determine which one is best for your needs. But first we will know some basic information about what is cryptocurrency and what is crypto exchanges?
What is cryptocurrency?
Cryptocurrency is a digital or virtual asset designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
Cryptocurrencies are decentralized; they are not subject to government or financial institution control. The prices of cryptocurrencies are highly volatile and can fluctuate wildly. This makes them an ideal target for investors looking to make quick profits. However, it also means that there is a high risk of loss associated with investing in cryptocurrencies.
There are many different types of cryptocurrency platforms in India, each with its own strengths and weaknesses. So, which one should you use?
What is Crypto exchanges?
Crypto exchanges are online platforms where you can buy, sell, or trade cryptocurrencies. They act as a middleman between buyers and sellers, and usually charge a small fee for their services. In India, there are a few popular crypto exchanges, such as WazirX, CoinDCX, CoinSwitch Kuber, etc.
So, which one is the best cryptocurrency trading platform in India? Well, that depends on your needs and preferences. If you're looking for a simple platform to buy and sell crypto, then WazirX would be a good choice. However, if you're looking for a more advanced platform with features like margin trading and derivatives trading, then CoinDCX would be a better option.
Ultimately, it's up to you to decide which platform is best for you.
So, Let's discuss 5 best cryprocurrency platforms in india and also we discuss their pros and cons.
5 Best Cryptocurrency Trading Platform in India
[1] WazirX
Fees - 0.2%
Cryptocurrencies Available - 200+
Minimum Investment Required - INR 100
WazirX, backed by the internationally-acclaimed Binance ecosystem, is one of the fastest growing cryptocurrency exchanges of India with more than 60 lakh registered users. This exchange offers a wide range of coins and tradable pairs at competitive trading fees. WazirX is also known for its user-friendly interface and advanced trading charts which is available across web, android, iOS and windows apps. It also runs a referral program which can make the users earn rewards up to 50% commission on every trade.
Pros:
• India’s first automated P2P trading platform.
• Instant price alert feature on WazirXApp.
• 95% of the funds are stored in cold storage.
• Good customer-service options such as live-chat.
Cons:
• Trading fee is 0.2%, which is a bit on the higher side.
• Lacks margin trading, crypto lending and staking.
• P2P platform only supports eight coins paired with USD Tether.
• Charges a huge trading commission on withdrawal of funds.
• Does not have an insurance fund in cases of hacks and frauds.
[2] CoinDCX
Cryptocurrencies Available - 340+
Minimum Investment Required - INR 100
CoinDCX is regarded as one of the safest crypto trading platforms of India. This platform provides a wide range of crypto related products and services such as margin trading, futures and lending options, staking and systematic investment plan in cryptocurrencies. CoinDCX mobile app is available both on android and iOS. It also offers its users a wide range of innovative educational material on crypto trading strategies via vlogs and blogs.
Pros:
• Facilitates fast order execution, arbitrage opportunities, and limitless trading.
• Free deposit and withdrawal fee.
• All funds are insured.
• 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 2FA password protection practices.
Cons:
• 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
Fees - 0.1%/ 0.1%
Cryptocurrencies Available - 90+
Minimum Investment Requirement - INR 100
Offering zero trading fee on all Bitcoin transactions, CoinSwitch Kuber is best-suited for beginners. The users can trade in more than 80 cryptocurrencies with as low as INR 100. This platform provides a variety of trading pairs such as INR to crypto exchange, crypto to crypto and crypto to INR trading. It has also launched the crypto rupee index, the benchmark index for measuring the performance of the Indian rupee-based crypto market. It also offers an extensive range of education training material on blockchain, non-fungible tokens (NFT) and cryptocurrencies in the form of videos and blogs.
Pros:
• 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.
Cons:
• No demonstration or free trial is available as KYC is a must.
• Only supports INR as the fiat currency.
• No margin trading and staking
[4] UnoCoin
Fees - NIL / 0.3%
Cryptocurrencies Available - 80+
Minimum Investment Required - INR 1,000
UnoCoin exchange is one of the leading and oldest exchanges for buying, selling and storing Bitcoin along with the other merchant processing activities. The user can trade in different 80 kinds of digital currencies on this platform. The users get free Bitcoins on sign-up and also earn 15% as reward of trading fee.
Pros:
• Enable users to opt for SBP to boost their returns.
• Ensures advanced crypto lending feature, helps users hold the Bitcoin in the form of the mortgage USD or INR against it.
• Attractive discounts on “Refer and Earn”schemes
Cons:
• 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.
• Not much of educational material on website
[5] Bitbns
Fees - 0.25%/ 0.25%
Cryptocurrencies Available - 390 +
Minimum Investment Requirement - INR 100
With almost 400 cryptocurrencies listed, Bitbns enables its users to trade in the wide variety of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Binance Coin and more. The total number of users registered with this platform is more than 40 lakh. Bitbns offer extensive education material on cryptocurrency space via various research reports and Bitbns academy. It runs several predict and win contests along with refer and earn programmes for existing and new users.
Pros:
• 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.
• Availability of extensive education material and research reports.
Cons:
• Works only on web browsers, iOS, and Android.
• Staking can be only done via Bitbns native coin BNS.
