Investing in cryptocurrencies is becoming the new trend. The whole world is heading towards cryptocurrencies. Cryptocurrencies are giving tough competition to the traditional investment options like debt, equity, gold, etc.
People started to invest in cryptocurrencies, and currently, thousands of options are available to invest in digital currencies. This makes it difficult for investors to decide which cryptocurrency to choose and which cryptocurrency exchange to choose.
If you are also planning your investments, investing in cryptocurrency must have stuck your mind at least once. Have you ever let the thought pass just because you think that crypto is not a legal option or you don’t have any idea about how to invest in it?
Well, the first thing that you need to know is, investing in cryptocurrencies is not exactly illegal, at least not in India right now. So, you can choose to invest in cryptocurrencies and hold them in your portfolio. However, one cannot use these currencies as legal tender. Still, it is an excellent option for investment. Now that you can invest in cryptocurrencies, the question is how to proceed with investing in cryptos? To invest in a cryptocurrency, you need to register with a cryptocurrency exchange platform.
What is a Cryptocurrency Exchange?
Cryptocurrency exchanges help you get access to various cryptocurrencies available in the market. The exchange helps you buy and sell cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin, and many more on the go. These exchanges also allow you to buy and sell cryptos through mobile apps. They offer a simplified trading process so that everyone can easily buy and sell the digital currencies of their choice through easy-to-use mobile apps.
Here is a list of the Best cryptocurrency exchange in India that allow investing in various cryptocurrencies:
Let’s discuss each of these exchange platforms in detail:
WazirX was founded in the year 2017, and since then, the platform has gained tremendous popularity to become the fastest growing cryptocurrency exchange with more than 900,000 users. WazirX was acquired by Binance Holdings, the largest cryptocurrency exchange in the world. It is the most trustworthy and safest cryptocurrency exchange in India, allowing users to invest in Bitcoin, Ethereum, Ripple, Tron, Zilliqa, Matic, Litecoin, and more using INR, USD, and P2P.
The P2P system of WazirX simplifies the trading process of fiat currency as it matches the buyer with a seller and provides completely safe and speedy transactions. The exchange uses two-factor authentication like OTP-based authentication or App Authenticators for security. It also allows users to start trading in cryptocurrencies with just INR 100. Users can deposit the amount in the WazirX wallet through IMPS, NEFT, RTGS, and even UPI. The platform also provides the highest referral commission of 50% of the trading fee. WazirX exchange features are advanced trading charts, Stop-limit orders, and interactive trading views.
The exchange is available across five platforms: Android, iOS, Windows, macOS, and web.
The Mumbai-based crypto exchange platform was launched in April 2018 and is one of the most popular options amongst Indian investors. The exchange claims to offer trading in over 200 cryptocurrencies and has a monthly active customer base of more than one lakh users. It is an ISO-certified cryptocurrency exchange providing the highest liquidity. The platform offers minimal trading fees for deposits and free withdrawals to all users. For security, CoinDCX uses email and mobile OTP-based authentication.
The exchange charges a transaction fee of 0.1 percent for each buy and sell transaction and has a minimum withdrawal limit of INR 1000 without any transaction fee. The CoinDCX exchange only allows users to trade using INR. Users can deposit INR into the wallet through IMPS, NEFT, RTGS, UPI, and bank transfer. To start trading on the CoinDCX app, users need to verify their account using Google authenticator.
CoinDCX is available across Android, iOS, and the web. The platform offers two apps: CoinDCX and CoinDCX Go. The CoinDCX Go is a simpler app that lists only a few cryptocurrencies.
3. CoinSwitch Kuber
CoinSwitch was founded in the year 2017 as a global cryptocurrency aggregator and was launched as an Indian cryptocurrency exchange in June 2020. The cryptocurrency exchange is backed by investors including Ribbit Capital, Paradigm, Tiger Global Management, and Sequoia. CoinSwitch Kuber offers trading in more than 100 cryptocurrencies and has a user base of more than 4.5 million users.
CoinSwitch Kuber offers a user-friendly application that uses pin code to secure user’s accounts and allows users to deposit INR into the wallet through NEFT, UPI, and bank transfer. The exchange platform provides a withdrawal and transfer facility without any transaction fee, and it charges up to 0.49% of the total cost for each order, depending on the transaction. Moreover, CoinSwitch also has different selling and buying prices for each cryptocurrency.
Users can invest in CoinSwitch through their Android app, iOS app, or website.
Zebpay is another very popular cryptocurrency exchange application available in India. Launched in 2014, it is amongst some of the oldest cryptocurrency exchange app in the market. The exchange was relaunched in India in March 2020. Zebpay has a worldwide user database of over 3 million and boasts fiat transactions of over $2 billion over the years. To start trading in cryptocurrencies, users need to register with their mobile number and complete KYC details.
The exchange platform provides fast payments along with enhanced security controls that include a ‘Disable Outgoing Transactions’ feature. Zebpay allows users to trade in 200+ different cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, EOS, and Bitcoin Cash.
The minimum amount for depositing in Zebpay wallet is INR 100 through UPI and INR 1000 through other payment modes. The transaction fee for trading in cryptocurrencies through Zebpay is 0.15% maker fee and 0.25% taker fee. For intraday trading on Zebpay, the transaction charge is 0.1% of the total amount. Additionally, Zebpay also charges a monthly membership fee of 0.0001 BTC from inactive members (who don’t trade in a given month).
Users can invest in Zebpay through the android app, iOS app, or Zebpay website.
How to Choose the Best Cryptocurrency Exchange for Investing?
With a myriad of exchange options available in the market for investing in cryptocurrencies, it can be difficult for users to choose the right one. Here are a few points that you should consider while choosing the crypto exchange:
- Security: Do your research to find if the crypto exchange you are choosing for investing in cryptocurrency is secure and authentic. You want to invest in a platform that is secure as you want your investments to be safe. Many people have lost money investing in scam exchanges. Hence, before investing, check the exchange’s reputation and research the security protocols they use to keep your data and investment safe.
- Transaction fee: The fee structure of each exchange website is different from others. It is essential to understand the fee structure before investing, as this will help you know what you will be paying when investing or trading in cryptocurrency. Make sure that the exchange doesn’t have any hidden transaction fees. It is better to choose an exchange that offers a flat transaction fee.
- Currencies traded: Usually, crypto coins such as BTC and ETH are supported by all exchanges. However, there are thousands of coins and tokens available online where you can invest. So, when choosing the exchange, check if the coins and tokens you prefer are available for trading on the exchange so that you don’t have to look for other options to invest in a specific cryptocurrency.
- Customer Support: This is another important aspect to look for in an exchange platform. You would be heading to support services whenever you face problems in trading in cryptocurrency. So, if the exchange has a great support system, you can rest assured that your problem will be solved just by connecting with the support
Compare each platform based on the points mentioned above and choose the one that provides the highest security, fast and secure withdrawal and deposits, and affordable pricing options. Also, check the quality of customer support so you can quickly contact the support and resolve the issue if you face any problem while trading. Choosing the right exchange platform will help you enjoy safe and smooth trading.