It is easy finding a crypto exchange these days but somewhat hard to find the right one for you. So in this article, In this article, we will talk about the best bitcoin exchange and other cryptocurrency platforms in India.
- A bitcoin exchange is a trading platform helping investors trade bitcoin and other cryptocurrencies.
- WazirX, BuyUcoin, CoinDCX, Unocoin, and Bitbns can be considered the best crypto exchanges in India.
- WazirX is an Indian trading platform, later acquired by Binance, which provides many opportunities for traders. (Referral Code — ad4e888q)
- BuyUcoin is also an Indian trading platform with a minimum withdrawal fee on BTC when compared to its competitors. (Referral Code — buyucoin45120546)
- CoinDCX provides beginners with an opportunity to learn and kick start their trading journey and charge the minimum taker and maker fees. (Referral Code — 70297373)
- Unocoin is the oldest exchange in India and hence the most experienced. Yet, they charge a significant fee. (Referral Code — U-305402)
- Bitbns happens to one of the most simple, attractive, and secure platforms to trade your assets. (Referral Code — 64358)
What is a Bitcoin exchange?
Crypto investors need a platform to trade Bitcoin and other cryptocurrencies and exchanges provide this service. They help traders to keep a check on the fluctuating market values of cryptocurrencies and connect buyers and sellers to enable trading.
How does a bitcoin exchange work?
Almost all the exchanges follow a similar basic layout. The crypto platforms connect the buyers and sellers willing to make a trade. We can have an overview of their functioning as:
- To buy a bitcoin, you need to place an order at the price you wish to purchase.
- Now, to sell a bitcoin, a seller will have to place an order to sell his bitcoin.
- If both your and the seller’s price offering is the same, then the exchange connects you to the seller (in the backend), and the trade succeeds.
To begin your trading journey, we have listed some of the best trading platforms in India.
Best Bitcoin exchanges in India
Here are the top bitcoin exchanges in India.
WazirX is a product of the Indian brain of Nischal Shetty and is functioning since 2017. It is considered the most used trading exchange by Indians.
WazirX provide you with an app lock to prevent access to your wallet by an intruder. They also store the majority of cryptocurrencies in cold storage.
They charge a fee of 0.2% as a maker and taker fee. They do not charge any fee on depositing a cryptocurrency. However, they do charge a significant fee on bank transfers.
In the case of withdrawals, they charge 0.0005 BTC per BTC withdrawal and no INR withdrawal fee.
WazirX payment methods
WazirX accepts a deposit in cryptocurrencies, bank transfer, NEFT & RTGS, IMPS, and UPI. However, there’s a fee of INR 5.9 on bank transfers or NEFT, whereas there are almost no charges for UPI transactions.
WazirX Pros and cons
BuyUcoin is a product of three Indian brains and is running since 2016. You can use BuyUcoin to trade bitcoin and other cryptocurrencies. They also provide services to hold or store your Bitcoin in their wallets.
They are one of the best platforms for trading. However, Shinyhunters hacked them in January of 2021, which led to a breach and loss of 325k users’ private data.
They provide two-factor authentication and offer a mobile application. However, the mobile app has a rating of 1.9/5 on the google play store.
They charge a deposit fee, which depends on their banking partner, a maker/taker fee of 0.24%, and a NIL OTC fee.
On withdrawing a bitcoin, you’ll have to pay 0.00125 BTC per BTC. However, there are no charges on depositing a Bitcoin or any other cryptocurrency.
BuyUcoin payment methods
BuyUcoin Pros and cons
CoinDCX is a beginner-friendly crypto exchange. It has significant investment from Coinbase and is considered India’s biggest crypto exchange platform. They provide you with 100+ cryptocurrencies as an option to make an exchange.
The platform offers to teach beginners about trading and the market, hence promoting crypto trading.
They only have 5% of the total cryptocurrencies of their users in Hot wallets. All of your personal information is secure, and not even an internal member has access to them.
CoinDCX provides you with two-factor authentication and also a notification for every exchange in the process.
They even provide you with insurance by Bitgo, which will cover your losses in case of any security breach.
CoinDCX charges a fee on bank deposits. However, they charge no or a minimal fee on UPI deposits.
They charge you a 0.1% taker fee and a 0.1% maker fee, which is less when compared to their competitors.
However, they charge a significant amount of 0.001 BTC per BTC withdrawal.
CoinDCX payment methods
You can deposit either INR or a cryptocurrency to begin trading. They allow you to deposit INR through bank transfers, net banking, NEFT/RTGS, IMPS, and UPI.
To withdraw your funds in INR, you can make a direct bank transfer.
CoinDCX Pros and Cons
They store most of the traders’ assets in cold storage vaults. The addresses of these offline storages generate in a computer that will never connect to the internet in its lifetime.
Apart from this, Unocoin provides two-factor authentication, and you can lock your mobile application with fingerprint protection.
The exchange charges a 0.7% fee on Bitcoin exchanges, and on reaching the gold membership, it reduces to 0.5%. Whereas on withdrawing a bitcoin, Unocoin charges a fee of 0.0005% per BTC.
Unocoin also charges a maker fee of 0.4% and a taker fee of 0.6%, apart from the 18% government charges on transaction fees.
Unocoin payment methods
For a withdrawal, Unocoin transfers the amount directly to your bank account through NEFT or bank transfer.
However, you can use Mobikwik wallet, debit/credit cards, bank transfer, and UPI for making deposits.
Unocoin Pros and cons
Bitbns is one of the platforms with an attractive and simple user interface. It is designed keeping in mind the slow pace of a beginner and all the requirements of an investor.
They provide an extensive range of features with great flexibility. You can complete the signup process in two minor steps, i.e., fill in your details and begin trading.
Bitbns provides you with an option to automate your trades, deciding in advance at the price you wish to sell your assets.
Bitbns stores almost 95% of its traders’ assets in cold storage and handles its users’ privacy with the utmost care. Besides, Bitbns is equipped with the best Grade-A security feature, keeping all your purchases secure.
Bitbns invites security groups and individuals who study them across all the platforms and find loopholes in their system, leaving no chance for a breach.
They also provide two-factor authentication for user data safety. You can reach them by raising a ticket, and they would reach out to you regarding your concerns.
Bitbns charges a flat 0.25% trading fee from its users, excluding those with a VIP pass. You can quickly get a VIP service by having at least $25 worth of BNS tokens.
You can see their fee division in the table below:
Bitbns payment methods
Bitbns supports all the major payment options, including UPI. You can also deposit through NEFT, IMPS, RTGS, Net banking, and peer-to-peer deposits.
Bitbns Pros and cons
Considering all the features like security, beginner-friendly, the fee charged, user interface, deposit methods, we believe WazirX would be one of the best choices for a beginner. However, WazirX has a high maker and taker fee, which CoinDCX or Bitbns can replace.
Frequently Asked Questions
How to buy Bitcoin in India?
You can buy bitcoin from India’s trading platforms and then store them in your wallets. You can also buy a bitcoin through various platforms to provide peer-to-peer services, such as LocalBitcoins, WazirX, Paxful, etc.
How to invest in bitcoin in India?
There are numerous crypto exchanges in India, providing a trader opportunity to trade in some of the most popular cryptocurrencies and altcoins. You can begin your trading journey by reading our guide on How to Invest in Bitcoin in India?
Is bitcoin legal in India?
As per the prevailing situation, the Indian government is still formulating rules regarding cryptocurrency. Since there are no existing rules to govern crypto trading in India, it is neither legal nor illegal.
How to earn Bitcoin in India?
There are many ways to earn Bitcoin. One can be working in the field related to cryptocurrency and taking payments in terms of Bitcoins. You can also earn bitcoins by accepting them as a payment method at your business.
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Originally published at https://blog.coincodecap.com on February 18, 2021.