India has never been kind to crypto traders yet global investors are making huge bets on the nation’s digital coin space. One of the biggest exchanges in terms of trade volume, Binance acquired an Indian crypto exchange, WazirX in November 2019. Last year, CoinDCX along with other secured exchange like San Francisco-based Coinbase and Seychelles based BitMEX entered India to facilitate crypto trading in India.

These investments took place despite vague regulations in the country. Since April 2018, financial institutions too restricted service provision for crypto exchange due to the Reserve Bank of India’s circular. The ban forced two major crypto exchanges to shut down though many others survived and are functioning without any assistance from Indian banks.

Though, many experts believe that crypto investments will continue in India particularly after a recent announcement made by the Supreme Court stating that banks and financial institutions must not cite RBI’s 2018 ban and bar crypto trading in India.

Top 5 Crypto Exchanges in India

1. WazirX

This one of the best crypto exchanges is a product developed by an Indian mind named Nischal Shetty. The exchange is performing well since its launch in 2017. To date, WazirX is been considered as one of the most used crypto trading platforms in India.

This crypto exchange provides its users with various crypto trading-related services and supports P2P exchange. The platform of WazirX is developed in a way that is compatible with almost every device such as MacBook, laptops, Android and iPhone.

WazirX fee and security in India

WazirX charges all its users a nominal fee of 0.2% as the maker and taker fees. They never charge on depositing a cryptocurrency for existing or new users. Though, this crypto exchange in India charges a significant fee when transfers are made through a bank. In case of withdrawals of a BTC, you have to pay 0.0005 and not Indian rupees.

Security-wise, WazirX provides a two-factor authentication every time you log in to your account. They will send you a notification and by accessing the notification tab on your device you need to complete every successful exchange. Other than this, an app lock is provided by the exchange to prevent any intruder access your wallet. They also secure major cryptocurrencies in cold storage.

WazirX payment mode

To trade cryptocurrency from the WazirX exchange, you can deposit cryptocurrencies, make IMPS, NEFT, bank transfer and UPI payments. Though, a fee of INR 5.9 is levied on bank transfers while for UPI, you do not have to pay a single penny.

Pros

• The Wazirx platform provides users with P2P trading without charging any fees.
• They work with one of the biggest exchanges in the world, Binance.
• The WazirX platform is very mobile friendly and has a simple user interface.

Cons

• The mobile application of WazirX has very limited functions as compared to other platforms.
• Their maker and taker fees are also a bit high.

2. BuyUcoin

Just like WazirX, this one of the best crypto exchanges in India is a product of three Indian minds. Launched in 2016, BuyUcoun allows its users to trade in Bitcoin and other cryptocurrencies easily from India. The exchange provides its users with a facility that helps them in storing or holding Bitcoins in the wallet.

Although BuyUcoin was the best when launched, it was shattered by Shinyhunters when they hacked the exchange information in 2021 January. The data breach risked significant information of more than 325k users using this platform.

BuyUcoin fees and security

BuyUcoin charges a deposit fee that further depends on their bank partners. Besides, a maker and taker fee are charged 2.4% and a NIL OTC fee. When you withdraw a Bitcoin, BuyUcoin charges 0.00125 BTC per BTC. Though, they do not charge when Bitcoins or any other cryptocurrency is deposited in the wallet.

This exchange in India encrypts the passwords of their users with the help of the Salting algorithm that prevents data access. 95% of the funds held by the company are stored in cold offline storage. To access the wallet, you have to go through two-factor authentication. However, their mobile app receives a rating of no more than 1.9/5 in the Google Play Store due to limited functionality reasons.

BuyUcoin payment mode

BuyUcoin accepts payments in India through credit/debit cards, net banking, NEFT, RTGS and UPI. More recently, they have joined with Mobikwik wallet from which you can easily deposit money for crypto trading.

Pros

• One of the best pros of this crypto exchange in India is that it does not charge any transaction fee.
• The exchange accepts online payments made through UPI.
• There are more than 30 types of crypto in which you can trade in BuyUcoin.

Cons

• The mobile application of BuyUcoin has poor reviews till now.
• Some of the important features available in crypto exchanges are missing.
• The platform suffered from a critical data breach more recently.

3. CoinDCX

CoinDCX is regarded as one of the friendliest crypto exchanges in India. The platform has huge investments made by Coinbase and is at present the biggest crypto exchange in India. In CoinDCX, you can get an option to trade in more than 100 cryptocurrencies available. Since CoinDCX teaches new beginners about crypto trading tricks and ways, they promote crypto-trading among Indian.

CoinDCX Fees and security

Like other crypto exchanges in India, CoinDCX charges you a minimal fee on bank deposits and UPI payments. Regarding maker and taker fees, they charge 0.1% which is way less than other crypto exchanges. Though, to withdraw a BTC, you will be charged 0.001 BTC for every BTC withdrawn.

CoinDCX is a reliable crypto trading platform since they keep only 5% of total cryptocurrencies in the users’ wallets. The personal information shared by you will be secured by the platform and not even an internal organization member can have an access to it. Like other exchanges, you will have to go through a two-factor authentication process along with a notifier with every exchange made in the wallet. CoinDCX comes with an additional insurance facility named Bitgo that covers losses in case of data breaches.

CoinDCX payment modes

To trade in CoinDCX, you can deposit either cryptocurrency or INR. They allow money deposits through net banking, bank transfer, UPI, NEFT and TRGS. To withdraw funds, you can make a direct transfer to your bank account.

Pros

• CoinDCX has the insurance facility to secure funds during a data breach.
• This exchange has the minimum maker and taker fee in India.
• UPI facility allows faster money deposits and bank transfer allows easy cash withdrawals.

Cons

• The only con in CoinDCX is that it charges high on BTC withdrawals.

4. Unocoin

One of the oldest crypto exchanges in India is Unocoin. The exchange provides users with an account and a device-independent trading platform from where more than a million traders can trade in Unocoin simultaneously from their mobile applications.

Unocoin fees and security

For every Bitcoin exchange, Unocoin charges 0.7% and when you reach a gold membership plan, the fees are reduced up to 5%. To withdraw a BTC, you have to pay 0.0005% per BTC. Maker and taker fees charged by this exchange is 0.9% along with government charges of 18% on every transaction fees.

Most of the traders’ assets are stored by Unocoin in their cold storage vaults. The address of the offline vault is generated in a computer that never connects with the internet for security reasons. Apart from it, two-factor authentication and notification facility are also available along with finger protection mobile application lock systems.

Unocoin payment modes

To withdraw money from Unocoin exchange, you can get them transferred directly to the bank account with bank transfer and NEFT facility. For depositing money, you can use UPI, bank transfer, credit/debit card or Mobikwik wallets.

Pros

• Unocoin provides high liquidity options.
• The investor’s assets are secured in special offline cold storage.

Cons

• Fees charged by Unocoin is comparatively higher than its competitors.

5. Bitbns

This is yet another one of the best crypto exchanges in India which is simple and attractive. The platform is designed in a way that can assist slow beginners in learning and fulfil investors requirements. The Bitbns exchange comes with various features and greater flexibility. The signup process can be completed in just two small steps: filling in necessary details and start trading. You will be amazed to know that Bitbns provide you with an option to automate your trade and make you decide in advance about the price at which you wish to sell your asset.

Bitbns fees and security

To trade in Bitbns, you will have to pay a flat 0.25 trading fee if you do not have a VIP pass. To get VIP service, you have to buy at least $25 worth of BNS tokens.

Bitbns platform is equipped with a Grade-A security feature that keeps users purchase securely. The platform invites security groups and people who study the platform and report in case of loopholes which leaves no chance of data breach. To reach for any kind of concern, you can raise a ticket after which their representatives will guide you accordingly.

Bitbns payment mode

All the major form of payments options are available in Bitbns like NEFT, UPI, net banking and peer-to-peer deposits.

Pros

• Bitbns provides a unique feature named Systematic investment in Bitcoins to the users.
• Higher liquidity is another pro of Bitbns.
• The deposit fee from UPI is 0 and the money deposited reflects in the account within minutes.

Cons

• To starts trading, you have to make a minimum investment of 1000 INR.
• As compared to other international exchanges, Bitbns fees are a little higher.