Cryptocurrency Exchanges in India

14 Jul 2021  Read 2284 Views

The cryptocurrency market is only exploding in India. The US$ 91 Mn industry is expected to leapfrog in the coming years powered by growing awareness about digital currency. But tell us, are you aware?

Cryptocurrencies have indeed become a fad! No wonder why they're inching up in the investment avenues ladder, despite tough competition from incumbent asset classes like equity, debt, gold, etc.

Let's face it... whenever we sit on the couch planning our investment portfolio, cryptos often cross our mind, isn't it? But we let the thought pass, either because we feel cryptos are illegal or have no idea how to invest!

First thing first, cryptos aren't exactly illegal, not in India at least. So, you can actually invest in and hold cryptocurrencies as assets, though you can't use them as legal tender for buying stuff. But then, how to invest, you ask?

There are a lot of websites that offer bitcoin and altcoin trading services, but only a handful of them are in the most trustworthy category in terms of ease of use and popularity.

So, let’s discuss some of the well-known cryptocurrency exchanges in India:

BuyUcoin

In India, BuyUcoin is a pioneer in the crypto-currency business. The platform stores 95 percent of your cash offline for unhackable security. BuyUcoin now offers the functionality of recurring transactions, allowing people to participate in crypto as a SIP. To avoid a blanket ban on cryptocurrencies in India, it has developed ”sandbox” systems to track cryptocurrencies in the country. It provides an easy and secure platform for the purchase and exchange of various cryptocurrencies, including Bitcoin, Ethereum, Ethereum Classic, List, NEM, Civic, Litecoin, Bitcoin Cash, and many others.

Bitbns

Bitbns is a peer-to-peer (P2P) sharing site that accepts and sends bitcoins. With comprehensive tools and capabilities, Bitbns allows you to automate your orders. Bitbns, which now lists 98+ cryptocurrencies, will enable users to buy and sell cryptocurrencies at the absolute best rates and offers trading convenience, unlike any other cryptocurrency exchange. The peer-to-peer (P2P) paradigm allows users to buy and trade bitcoin without the need for a third party.

CoinDCX

CoinDCX, a cryptocurrency exchange situated in Mumbai, is one of the most popular choices among Indian crypto investors. Not only this, CoinDCX today is the largest cryptocurrency exchange in the country in terms of liquidity. It is especially advantageous for investors who want to trade INR to BTC on the site directly. The exchange claims to have around one lakh active members and more than 200 cryptocurrencies to choose from. The trading charge is low, and deposits and withdrawals are entirely free.

CoinSwitch Kuber

CoinSwitch Kuber is the cryptocurrency exchange for retail traders, with a simple user interface and a smooth user experience. CoinSwitch Kuber has over 4.5 million users and provides over 100 coins. Its users can trade instantly after completing KYC/AML requirements by tapping into the pooled liquidity of India's leading cryptocurrency exchanges. Sequoia Capital, Ribbit Capital, Kunal Shah, and Paradigm are among the exchange's backers.

Giottus

It offers free instant deposit and withdrawal of Rupees 24 hours a day, 7 days a week, with transactions taking only 10 seconds. Giottus Cold wallets are covered by a 100% cyber-theft insurance policy. They've also teamed up with Bitgo, a global leader in custodial services, to offer protection for your savings, including insurance coverage.

Unocoin

Unocoin is one of India's first cryptocurrency exchanges. It has a Merchant Gateway technology that allows online merchants to accept Bitcoin as a payment method. Some other notable aspect of the exchange is that it enables users to recharge and top up their wallets and use Bitcoins to recharge cell phones and DTH. Users can purchase and sell Bitcoin with Indian rupees on the exchange. Traders are also given a unique bitcoin address that automatically sells Bitcoin. It has over 1.2 million users.

WazirX

The exchange promises security and multilingual support. Binance Holdings, the world's largest cryptocurrency exchange by trading volume, purchased WazirX. WazirX's peer-to-peer (P2P) system provides a method of depositing and withdrawing fiat currency by matching buyers and sellers and ensuring trade safety and speed. Like Bitcoin and other cryptocurrencies, Wazir X has its own token listed at the exchange called “WRX”. It offers a seamless and powerful trading experience across all platforms - on Web, Android & iOS mobile, Windows, and Mac apps.

ZebPay

The platform trades Bitcoin, Ether, Litecoin, Ripple, Bitcoin Cash, EOS over six EUR-Crypto pairings and five Crypto-Crypto pairs. Zebpay delivers lightning-fast payments and better security controls with the’ Disable Outgoing Transactions’ function, including the ability to disable all outgoing transactions.

Conclusion

Though we have discussed some of the most prominent cryptocurrency exchanges in India, before making any transactions, one should examine aspects such as security, transaction fees, and the exchange's reliability.

Since it is difficult to track the transfer of funds in India, the government is taking several steps to monitor cryptocurrency transactions. It's worth remembering that investing in virtual currencies such as Bitcoin, Ethereum, and Mon-roe is unregulated in India (and not illegal, like most people believe it to be). We must wait to see how things turn out in favor or against this emerging technology.

Having said that, cryptocurrencies are, by nature, speculative. Hence, you must understand the risk that you undertake before making any investment decision just out of enthusiasm or FOMO.

Invest wisely!

About the Author: Utkarsha Kadam | 8 Post(s)

Utkarsha is a chartered accountant with a background in finance, auditing, and taxation. She enjoys simplifying complex financial concepts. She also cherishes sketching and playing badminton in her spare time.

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