In this article, we’ll look at the best crypto exchanges in India, examining them in close detail. By the end, it will help you decide which crypto app to use for your crypto investing needs. So, without further ado, let’s get started.
Top Picks
Mudrex is among the best cryptocurrency investing apps.
Crypto Tracker
List of Top Cryptocurrency Exchanges and Apps in India
There are several crypto exchanges in India. While most focus on crypto trading, some of them encourage a long-term approach to crypto investing. Here are the top cryptocurrency exchanges and apps in India: Mudrex
With its ease of use and various investment options, Mudrex is the best crypto investing app in India. It offers over 350 coins and tokens to invest in, and the process of investing is pretty simple and fast. Deposit funds into your wallet, choose your coin or token, and invest your desired amount. That’s it. Moreover, it offers great security features like biometric authentication and storing users’ funds in cold wallets.
Mudrex not only allows you to invest in individual cryptocurrencies and tokens but also offers expert-curated, theme-based crypto baskets called “Coin Sets” that provide diversification and reduce risk. Relying on the performance of any one coin can be risky. Coin Sets help mitigate that risk by integrating several coins under one thematic umbrella.
It is one of Mudrex’s unique selling propositions (USPs) and the main reason why we recommend Mudrex as the best crypto app in India.
Key Features
Here are some of the features that allow Mudrex to stand out from the rest in the industry:
- Huge variety of coins: Mudrex features over 350 coins and tokens to invest in, from popular ones like Bitcoin (BTC) and Ethereum (ETH) to smaller ones like Osmosis (OSMO) and Neo (NEO).
- Coin Sets: These are expert-curated, diversified portfolios of coins/tokens based on popular themes from the crypto world. They’re rebalanced every month to ensure you keep up with the fast-paced crypto market.
- Security: Strong security features like data encryption, two-factor authentication (2FA), cold storage for funds, multi-sig technology, and regular security audits make Mudrex a highly trustworthy platform for investing.
- UPI: Mudrex supports UPI as a payment option, which is rare in the industry.
- Insurance: All funds managed by Mudrex are insured by the highly reputed Lloyd’s of London.
- Robust customer support: Mudrex offers customer support through various channels, including live chat, email, and phone.
- User-friendly interface: Mudrex has an intuitive, user-friendly interface that makes it easy for investors to navigate the app and invest in cryptocurrencies.
Regulatory Compliance
Mudrex takes pride in complying with all the relevant regulations concerning cryptocurrency exchanges in India and Europe. Here are some highlights:
- Mandatory know-your-customer (KYC) verification: Mudrex requires all users to undergo KYC verification before they can start investing on the app. This deters any bad actors from engaging in illegal activities.
- FIU-registered entity: Mudrex is registered with the Financial Intelligence Unit (FIU) as required by the Prevention of Money Laundering Act (PMLA) regulations in India. This registration covers compliance with KYC norms, record-keeping, reporting of suspicious transactions, appointment of a compliance officer, and engagement with regulatory authorities.
- Compliance with (European Union) EU Regulations: As part of its expansion to Europe, Mudrex complies with all the necessary regulations such as the EU’s General Data Protection Regulation (GDPR). It is also registered with Italy’s Organismo Agenti e Mediatori (OAM).
Minimum Investment
You can start investing on Mudrex with an amount as low as 100 INR. However, you have to deposit at least 500 INR into your Mudrex wallet before you can start investing.
Payment Methods
Mudrex supports payments via UPI and IMPS. It’s one of the few apps in India that supports UPI, making it a compelling investment platform.
Trading and Other Fees
Security
Mudrex takes pride in taking the security of its platform very seriously. Here are some of its main security features:
- Two-factor authentication
- Biometric authentication
- AES-256 encryption to protect sensitive customer data and ensure security for every transaction (banks, governments, and militaries around the world use this type of encryption)
- Hosted on secure cloud computing platforms including Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure
- All funds are insured by Lloyd’s of London
Pros & Cons
CoinDCX
CoinDCX, launched in 2018, is a prominent cryptocurrency exchange in India, known for its user-centric approach and security features. It provides swift fiat-to-crypto conversions and markets itself as beginner-friendly, drawing liquidity from global exchanges like Binance.
As a centralized platform, it’s registered in Singapore and offers a wide array of coins and trading pairs. CoinDCX has gained a reputation as one of India’s largest and safest exchanges, with a valuation of $1.1 billion, reflecting its significant standing in the cryptocurrency marketplace.
Key Features
- More than 500 cryptocurrencies available
- Various ways to earn, including staking, lending, futures, and margin trading
- Strong data encryption to protect user data
- Free courses for learning about cryptocurrencies and blockchain on its DCX Learn platform
- Advanced trading features on CoinDCX Pro
- API for access to CoinDCX’s optimum spreads and liquidity
Regulatory Compliance
As an FIU-registered entity, CoinDCX abides by all the PMLA regulations, including mandatory KYC verification for users and an anti-money laundering policy.
Minimum Investment
You can invest in crypto on CoinDCX starting from 100 INR.
Payment Methods
CoinDCX supports deposits in INR through IMPS, NEFT, RTGS, and Net Banking (for select banks).
Trading and Other Fees
Security
Here are the main security features of CoinDCX:
- Two-factor authentication (2FA)
- Encrypted user data
- About 95% of all funds are stored in multi-sig cold wallets
- Regular security audits that include stress, scenario, and penetration testing
- BitGo insures all funds upto $100 million
- DDoS protection
Pros & Cons
CoinSwitch
CoinSwitch has emerged as a formidable player in the cryptocurrency exchange market in India, distinguishing itself by aggregating liquidity from other leading exchanges. This allows users to trade cryptocurrencies at some of the best available rates. Though relatively young, it has attracted a large user base with its straightforward KYC process and commitment to security as a non-custodial exchange. CoinSwitch does not hold users’ funds, which is a significant trust factor for many users.
Its Pro version allows experienced traders to trade cryptocurrencies on multiple exchanges with one account and take advantage of features like analytics tools and limit orders.
Key Features
- Pools liquidity from top crypto exchanges in India and abroad
- Offers a Systematic Investment Plan (SIP) for cryptocurrencies
- CoinSwitch Pro allows you to trade crypto on multiple exchanges with a single account
Regulatory Compliance
As an FIU-registered entity, CoinSwitch abides by all the PMLA regulations, including mandatory KYC verification for users and having an anti-money laundering policy.
Minimum Investment
The minimum investment required on CoinSwitch is 100 INR.
Payment Methods
CoinSwitch supports payments in NEFT, RTGS, and IMPS.
Trading and Other Fees
Security
Here are the main security features of CoinSwitch:
- Two-factor authentication
- Advanced encryption
Pros & Cons
WazirX
WazirX, a rapidly expanding cryptocurrency exchange in India, boasts over 60 lakh registered users. It offers a high-liquidity, auto-matching peer-to-peer (P2P) platform in addition to an exchange, making transactions straightforward for its growing user base.
Key Features
- P2P platform: WazirX features a P2P platform where buyers and sellers can transact directly with WazirX acting as the escrow agent.
- WRX: Has its own cryptocurrency called WRX that can be used like any other cryptocurrency.
- Referral program: A lucrative referral program allows users to earn commissions, fostering a growing community of traders.
- No custody of fiat funds: WazirX does not hold custody of fiat funds, which is a feature that might appeal to certain users.
Regulatory Compliance
When it comes to compliance, WazirX is right up there with other top exchanges. It is registered with the Financial Intelligence Unit (FIU) and has an AML policy in place. It also requires KYC verification for all registered users.
Minimum Investment
WazirX requires a minimum investment of 100 INR.
Payment Methods
WazirX supports payments in NEFT, RTGS, and IMPS.
Trading and Other Fees
Security
Some of the security measures that WazirX has in place are as follows:
- Two-factor authentication
- Regular security audits
- A bug bounty program that rewards those who find vulnerabilities on WazirX’s website and apps
Pros & Cons
ZebPay
Launched initially in 2014 by Mahin Gupta, Sandeep Goenka, and Saurabh Agarwal, ZebPay quickly ascended to become one of the country’s largest platforms for cryptocurrency trading. As of 2023, boasting over 3 million users, ZebPay offers a user-friendly trading environment with features like lightning network payments and zero deposit fees. This makes it a strong contender in the crypto space.
ZebPay operates in Australia and Singapore in addition to India.
Key Features
Some of the main features that make ZebPay stand out from the other cryptocurrency exchanges in India are as follows:
- Lending: Users can lend crypto and earn a fixed interest at 4%.
- No Deposit Fee: Unlike some other exchanges, ZebPay does not charge any fee for deposits.
- Lightning Network Payments: The platform supports the lightning network that provides faster transactions and lower fees.
- Zero trading fees on select pairs
Regulatory Compliance
ZebPay complies with all the major cryptocurrency regulations in India as follows:
- Mandatory KYC verification for all users on the platform
- AML policy
In addition to the above, ZebPay has partnered with TaxNodes, an expert-assisted Income Tax Return (ITR) filing platform. This partnership aims to simplify the process of filing crypto taxes for ZebPay’s users.
Minimum Investment
ZebPay requires a minimum investment of 100 INR.
Payment Methods
ZebPay supports deposits via NEFT, IMPS, and RTGS.
Trading and Other Fees
Security
ZebPay takes security very seriously. Here are some of its notable security features:
- $100 million worth of insurance in partnership with BitGo
- It has partnered with Chainalysis to maintain the integrity of transactions on the blockchain.
- AML policy in place
- Mandatory KYC verification for all users
Pros & Cons
BitBNS
BitBNS made a huge splash when it launched in late 2017. By mid-2022, it emerged as the largest crypto exchange in India, replacing WazirX as the market leader, thanks to its resilient trading volumes. At one point in 2022, BitBNS had a whopping 82% market share, showcasing its dominance in the Indian crypto space.
Key Features
BitBNS has several interesting features, some of which are:
- Margin, futures, and options trading (options trading is available only on testnets as of this writing)
- Bracket orders that come with Trailing Stop Limit
- Referral program: BitBNS features a referral program where you can earn 50% of the trading fee for each successful referral.
- No TDS on SIP transactions
- Staking: Users can earn passive income by staking BNS, BitBNS’s native coin.
Regulatory Compliance
Being an Indian exchange, BitBNS complies with all the major crypto regulations in India. Here are some highlights:
- Complies with PMLA
- Mandatory KYC verification for all users
Minimum Investment
BitBNS requires a minimum investment of 100 INR.
Payment Methods
BitBNS supports payments in UPI, NEFT, IMPS, and RTGS.
Trading and Other Fees
Security
Here are some of BitBNS’s security features:
- Mandatory KYC verification
- Two-factor authentication
- Fingerprint/PIN authentication
Pros & Cons
Factors to Consider When Choosing a Crypto ExchangeChoosing the right crypto exchange for you isn’t easy. Before you make a decision, consider the following factors:
- Regulatory Compliance: Ensure the exchange complies with the regulatory guidelines set by the government. Compliance with laws such as Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols indicates a level of legitimacy and safety.
- Security Measures: Look for exchanges with robust security measures like two-factor authentication (2FA), cold storage, fund insurance, and data encryption.
- User Interface and Experience: Choose an exchange with an intuitive and user-friendly interface, especially if you’re a beginner. Ease of navigation and a clean design can enhance your trading experience.
- Supported Cryptocurrencies: Check if the exchange supports a wide variety of cryptocurrencies, especially those you are interested in investing in.
- Payment Options: Check the available payment options for depositing and withdrawing funds to ensure they meet your preferences.
- Reputation: Read user reviews and engage with crypto enthusiasts on Reddit, Discord, and other platforms to get a sense of the platform’s reputation and user satisfaction.
- Fees and Charges: Understand the fee structure of the exchange/app, including trading fees, deposit and withdrawal fees, and any other charges. Lower fees can save you a considerable amount of money over time.
- Customer Support: Look for platforms with responsive and helpful customer support, ready to assist you when you encounter issues. Ideally, the platform should have 24/7 phone, email, and live chat support.
- Trading Volume and Liquidity: High trading volume and liquidity indicate a healthy market and ease in buying or selling assets without affecting the price significantly.
- Tax Compliance Assistance: Some platforms provide tools or partnerships to help you comply with tax regulations related to your crypto investments. Choosing an exchange that can assist you with filing your crypto taxes can save you a lot of time.
Each factor is crucial in determining which cryptocurrency exchange or app will best meet your investment goals and provide a secure, user-friendly trading environment.
We know that considering all these factors when doing your research can be difficult. That’s why we’ve done the hard work for you and provided you with our top recommendations in this article.
Different Types of Exchanges
There are different types of cryptocurrency exchanges out there, each serving unique functions and catering to various user needs:
Centralized Exchanges (CEX)
These are the traditional and most common types of exchanges where the company provides a platform for users to trade cryptocurrencies. They act as a middleman between buyers and sellers and typically offer high liquidity and a broad selection of trading pairs. Examples include Binance, Coinbase, and Kraken.
Decentralized Exchanges (DEX)
DEXs operate without a central authority. This allows direct peer-to-peer cryptocurrency transactions to take place online securely and without the need for an intermediary. DEXs are known for promoting anonymity and are less susceptible to hacking. Examples include Uniswap, SushiSwap, and PancakeSwap.
Hybrid Exchanges
These combine features of both CEXs and DEXs, aiming to provide the liquidity and user-friendliness of centralized exchanges with the security and anonymity of decentralized platforms. Examples include Qurrex and Nash.
Derivatives Exchanges
These exchanges allow users to trade contracts that derive their value from the performance of an underlying asset rather than trading the asset itself. They often support margin trading and futures contracts. Examples include BitMEX and Bybit.
Each type of exchange offers different advantages and trade-offs in terms of liquidity, security, privacy, and ease of use. You should choose an exchange based on your specific trading needs and the level of control you wish to maintain over your transactions.
Crypto Exchange Fees Explained
When you venture into the world of cryptocurrency trading, one of the first things you’ll notice is that exchanges charge fees. Exchanges are businesses at the end of the day, and these fees are how they make money to keep their platforms running. Let’s break down the various kinds of fees you might encounter:
Trading Fees
Every time you buy or sell cryptocurrencies on an exchange, you’re charged a trading fee. This fee is usually a small percentage of the total trade amount. For example, if an exchange has a trading fee of 0.1%, and you buy 10,000 INR worth of Bitcoin, you’ll pay a 10 INR trading fee.
Deposit and Withdrawal Fees
When you deposit or withdraw funds from an exchange, you might be charged a fee. Deposit fees can be either a fixed amount or a percentage of the deposit amount. Withdrawal fees are usually fixed and can vary depending on the cryptocurrency. For instance, you might be charged a flat fee of 0.0005 BTC for withdrawing Bitcoin.
Maker and Taker Fees
In a trading pair (e.g., BTC-USD), makers are those who provide liquidity by placing a limit order, while takers are those who match existing orders. Makers usually pay lower fees than takers since they contribute to market liquidity. For example, a maker might pay a 0.1% fee while a taker pays a 0.2% fee.
Transaction Fees
Besides trading, deposits, and withdrawals, some exchanges charge a fee for transferring cryptocurrencies from your exchange wallet to another wallet. This fee is usually a flat rate, but it can also be a percentage of the transaction amount.
Margin Trading Fees
If you engage in margin trading, you’ll likely encounter margin fees. These are interest charges for the borrowed funds used in margin trading. The rate could be daily or hourly, varying from one exchange to another.
Listing Fees
If you’re a cryptocurrency developer looking to get your coin listed on an exchange, you might have to pay a listing fee. These fees can be quite substantial, depending on the exchange’s popularity and the visibility it can provide for your coin.
Monthly or Subscription Fees
Some exchanges offer premium features or memberships for a monthly or annual fee. These can provide lower trading fees, faster customer support, and other benefits. For example, CoinSwitch offers a paid Pro version that offers more features than the base version, like TradingView charts, limit orders, and access to multiple exchanges.
Inactivity Fees
If you leave your account inactive for a certain period, some exchanges might charge an inactivity fee. This is to encourage active trading and to maintain a lively market. For example, ZebPay charges a 0.0001 BTC “membership” fee for inactive Indian users (i.e., those who didn’t trade at all in the past month).
Understanding these fees can help you choose the right exchange and manage your funds wisely. It’s always a good idea to read the fee structure of any exchange you’re considering so there are no surprises down the line.
Conclusion
In conclusion, the best crypto exchanges in India include Mudrex, CoinDCX, CoinSwitch, WazirX, ZebPay, and BitBNS based on several factors like ease of use, security, fees, coin availability, and more.
Each platform has its strengths and weaknesses, catering to various needs and preferences. However, when it comes to simplicity, security, and a comprehensive set of features, Mudrex stands out as the top crypto app for investors in India.
Frequently Asked Questions (FAQs)
How can I buy cryptocurrency?
The easiest way to buy cryptocurrency is through a cryptocurrency exchange or investing app like Mudrex. Other ways to buy cryptocurrency include peer-to-peer (P2P) platforms, cryptocurrency wallet apps, crypto payment gateways, and gift cards.
Each method comes with its own set of benefits, risks, and fees. It’s crucial to do your research, understand the process involved, and ensure that you are dealing with reputable and secure platforms or individuals when buying cryptocurrency.
What should the investment strategy of a crypto beginner be?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose.
Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
How do I make sure a cryptocurrency exchange is legit?
To ensure a cryptocurrency exchange is legit, first check if it is registered with the relevant financial authorities. Look for a history of secure transactions and positive user reviews. Make sure it has strong security measures, like two-factor authentication and cold storage of funds.
Transparency in fee structure and customer support responsiveness are also good signs. Avoid exchanges with a history of security breaches or negative press. Always do thorough research before using any platform.
