Cryptocurrency exchanges are the platforms that allow users to buy and sell cryptocurrencies. Crypto exchanges act like stockbrokers except you do not need a Demat account to buy cryptocurrencies. Investing in Bitcoin and other cryptocurrencies have been made easy by cryptocurrency exchanges. You can trade crypto in India without any hassle.
To choose a cryptocurrency exchange, you should have to check supported cryptocurrencies, deposit and withdrawal options, trading fees, and security features of the platform.
List of Best Platforms to Buy Crypto in India
- Wazirx
- CoinDCX
- CoinSwitch
- Binance
- Kucoin
The number of cryptocurrency investors in India has gone up in the last two years. A lot of crypto exchanges have emerged and started crypto trading services for Indian users. Cryptocurrencies are the most popular investments as they returned massive gains to the investors since their origin. The risks involved in investing in cryptocurrencies should also be considered.
Taxes on Cryptocurrencies in India
The recent news of the GoI stance on cryptocurrencies is, as the Finance Minister of India mentioned they are going to levy 30% taxes on crypto gains and also 1% TDS. The tax law is going to be implemented from June 2022. It also makes us quite sure that the Indian government has no plans to ban cryptocurrencies in India. Except the taxes are high at the moment and govt. may consider reducing them over time.
Best Cryptocurrency Exchanges in India
Wazirx
Wazirx is the most popular cryptocurrency exchange in India. Wazirx also has the highest trading volume among all the cryptocurrency exchanges in India. Wazirx has both web and app platforms. Wazirx has a good user interface and quick buy option for beginners. KYC is mandatory to start trading crypto on Wazirx. Users can set up 2FA for increased security.
About 229 cryptocurrencies are supported to trade on Wazirx. Most traded crypto on Wazirx includes BTC, ETH, SHIB, MATIC, WRX, MANA, TRON, DOGE, XRP, etc.
- Trading Fees: 0.2%
- Min. deposit: Rs.100
- Deposit options: Net Banking(select banks), UPI(Mobikwik), P2P
- Min. withdrawal: Rs.1000
- Withdrawal Options: Bank withdrawal, NEFT
WRX is the exchange token of the Wazirx exchange. If you hold some WRX in your Wazirx, it provides you a discount in trading fees when you buy or sell any cryptocurrency.
How to trade crypto on Wazirx?
- Download the Wazirx app or signup on their website
- Fill out the details and complete KYC
- Deposit INR using the available options
- Use 'Quick Buy' or 'Exchange' tabs to buy cryptocurrencies
- Enter the amount and buy any crypto
- Go to the 'Funds' tab to check your balances after the purchase
CoinDCX
CoinDCX is a beginner-friendly cryptocurrency exchange in India. CoinDCX has a decent trading volume. The CoinDCX app is available in the play store and AppStore. The user interface of the app is very good. CoinDCX uses liquidity from international exchanges.KYC is mandatory if you want to deposit more than Rs.10,000.
Only 77 cryptocurrencies are supported on CoinDCX as of today. Most traded cryptocurrencies on CoinDCX are BTC, ETH, SHIB, ADA, SOL, MATIC, etc.
- Trading Fees: 0.1%
- Min. deposit: Rs.100
- Deposit options: UPI(Mobikwik), IMPS, NEFT(select banks)
- Min. withdrawal: Rs.500
- Withdrawal Options: Bank withdrawal
How to trade crypto on CoinDCX?
- Download the CoinDCX app and signup with your email here
- On the 'Home' tab, select 'Add funds' to deposit INR using the available options
- In the 'Prices' tab, select or search the cryptocurrency you want to buy
- Enter the amount and proceed to buy
- Check your purchases in 'My Investments'
CoinSwitch
CoinSwitch is a relatively new exchange. CoinSwitch is also a beginner-friendly cryptocurrency exchange in India. CoinSwitch app is available on the play store and app store. Coinswitch also uses liquidity from international exchanges. It means they fulfill your buy/sell using liquidity from other cryptocurrency exchanges. KYC is mandatory to trade crypto on coinswitch. Cryptocurrency withdrawals are temporarily suspended on Coinswitch.
About 108 cryptocurrencies are supported on CoinSwitch app. SHIB, BTC, ETH, DOGE are the most traded cryptocurrencies on Coinswitch.
- Trading Fees: 0.26%
- Min. deposit: Rs.100
- Deposit options: UPI, IMPS, NEFT
- Min. withdrawal: Rs.100
- Withdrawal Options: Bank withdrawal
How to trade crypto on CoinSwitch?
- Signup on their app here and complete the KYC
- Deposit INR using the options available
- Go to the 'Market' tab and select the cryptocurrency you want to buy
- After the purchase, check it in the 'Portfolio' tab
The cryptocurrency exchanges mentioned above are beginner-friendly. If you want to level up your cryptocurrency trading experience with high liquidity and more supported cryptocurrencies, you can choose the exchanges below to trade crypto. You can also transfer crypto from the Wazirx and CoinDCX to Binance and Kucoin and start trading there.
Binance
Binance is the world's largest cryptocurrency exchange. Binance has the highest trading volume among all other cryptocurrency exchanges. Binance has a full-fledged website and mobile app with a great user interface. Binance has various types of crypto markets like Spot, Derivatives, and Margin trading. KYC is mandatory to trade on Binance.
BNB is the exchange token of Binance. Users can get discounts on trading fees using BNB and can also participate in the Binance Launchpad. Binance has acquired Wazirx exchange in 2020. You can transfer multiple cryptocurrencies from Wazirx to Binance without any fee.
More than 360 cryptocurrencies are supported on Binance. BTC, ETH, BNB, GALA, AVAX, SOL, etc are the most traded cryptocurrencies on Binance.
- Trading Fees: 0.1%
- Min. deposit: ---
- Deposit options: P2P, Wazirx, Crypto-to-Crypto
- Min. withdrawal: ---
- Withdrawal options: P2P, Crypto-to-Crypto
Kucoin
Kucoin is one of the most popular cryptocurrency exchanges. Kucoin supports the most number of cryptocurrencies. Kucoin has both web and mobile app platforms to trade. The interface is not bad. KYC is not mandatory in Kucoin if your withdrawal is less than 1 BTC per day.
More than 590 cryptocurrencies are supported on Kucoin. BTC, ETH, LUNA, AVAX, XRP, SHIB are the most traded cryptocurrencies on Kucoin.
- Trading Fees: 0.1%
- Min. deposit: ---
- Deposit options: Crypto-to-Crypto
- Min. withdrawal: ---
- Withdrawal options: Crypto-to-Crypto
Binance and Kucoin are international exchanges and do not provide deposit or withdrawal options in INR. You have to transfer crypto across exchanges and sell them in Wazirx and cash out in INR.
There are many other cryptocurrency exchanges and platforms to buy cryptocurrency in India but these are good to start your cryptocurrency journey. Feel free to comment if you have any doubts regarding the information mentioned above.
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