Top 10 Crypto Exchanges in India for 2023: Review
In Brief
To make sure they get the best deal out of their investment, Indian investors are on the lookout for an exchange that has low fees but still offers plenty of features.
There are a number of crypto exchanges in India that offer users access to a variety of digital assets.
As the demand for cryptocurrencies continues to grow, so does the number of crypto exchanges in India.
The state of crypto in India
Increasingly more Indians are now turning to these exchanges as a viable option to invest in and trade digital currencies. As of now, approximately 97.5 million people have already invested in cryptocurrency, making up a whopping 7.1% of India’s population. Astonishingly, this number has been climbing rapidly and shows no signs of slowing down anytime soon.
Data gathered between August 2015 and June 2022 shows that India places third globally in terms of cryptocurrency exchange application downloads, as revealed by data from the Bank for International Exchange research paper. This staggering figure totaled 31.7 million downloads throughout India alone.
Despite the regulatory vagueness and disarray with regard to policies concerning cryptocurrency, India’s adoption rate of crypto assets continues to escalate swiftly. India ranked four in the Chainalysis 2022 Global Crypto Adoption Index, Vietnam, The Philippines, and Ukraine. While for a long time, the government was unsure of cryptocurrencies and even considered introducing a crypto ban, this didn’t come to be. Instead, in February 2022, the government announced its plan for a 30% tax on any profits derived from cryptocurrency trading. The Indian government is also looking into introducing a central bank digital currency, with The Reserve Bank of India launching a blockchain-based pilot in the retail segment of the market in December 2022.
Considering the high rate of adoption and the relatively high taxes on crypto, it is more crucial than it has ever been to make sure people in India get the best deal out of their investment. It’s no surprise that Indian investors are on the lookout for an exchange that has low fees but still offers plenty of features.
What is a crypto exchange?
Everyone knows what a regular exchange is: A market where traders and investors transact in stocks, bonds, commodities, options, futures, and other securities. A cryptocurrency exchange, on the other hand, is an online platform where traders can buy and sell digital currencies. The exchange acts as a middleman between buyers and sellers, allowing them to make profitable investments in cryptocurrencies.
To identify one of the top cryptocurrency exchanges in India, we need to have a look at their advantages and drawbacks. However, some things are simply a must, such as excellent security measures. Selecting the right cryptocurrency can be a daunting task, but with the help of reviews and ratings, it can be much easier.
Top 10 crypto exchanges in India in 2023
CoinDCX
Founded in 2018 and headquartered in Singapore, CoinDCX is a renowned centralized crypto exchange that offers its users an expansive array of over 440 coins and 1,140 trading pairs. One of the largest and most popular crypto exchanges in India, CoinDCX offers users access to a wide variety of digital assets and features, such as margin trading, staking rewards, and spot trading services. It also offers a mobile app to help users manage their portfolios and stay up-to-date on market conditions. CoinDCX charges a 0.04% trading fee on all trades, making it one of the lowest-cost exchanges in India.
Pros
- Low trading fees, just 0.04% on all trades.
- Ample choice of digital assets.
- Variety of features, including spot trading, margin trading, and staking rewards.
Cons
- Low liquidity for some assets.
- Limited customer support.
WazirX
Founded in 2018, Wazirx is India’s first and largest peer-to-peer cryptocurrency exchange that allows its users to buy and sell cryptocurrencies with no middleman involved. It currently supports over 60 coins, including major coins like Bitcoin, Ethereum, and Ripple. The app boasts super fast Know Your Customer and high security standards. As per its website, Wazirx is “investing in regular security audits to ensure a highly secured trading platform.”
Users also have access to features like margin trading and fiat-crypto trading pairs and can benefit from using an intuitive mobile app that makes it easy to stay up-to-date and manage portfolios on the go.
Unfortunately, there’s one major downside to the platform: It charges a 0.2% trading fee on all trades, making it one of the more expensive exchanges in India.
Pros
- A diverse selection of digital assets.
- Variety of features, including margin trading and trading pairings between fiat currencies and cryptocurrencies.
- User-friendly mobile app.
Cons
- High fees.
- Low liquidity for some assets.
- Limited customer support.
Bitbns
Founded in 2017, Bitbns is the first Indian cryptocurrency exchange that offers its users numerous features, such as margin trading, zero fees on deposits and withdrawals, an intuitive trading interface, and more. It currently supports over 300+ coins and 150+ crypto pairs. With 24-hour volume standing at $14.8 million, Bitbns is expected to grow exponentially in the coming years.
They offer users access to over 392+ digital assets, as well as fiat-crypto and margin trading services. Bitbns also has a mobile app that makes it easy to manage portfolios on the go.
Bitbns charges a 0.2% trading fee on all trades, making it one of the more expensive exchanges in India.
Pros
- Wide variety of digital assets available.
- Variety of features, such as margin trading and trading pairs between fiat money and cryptocurrencies.
Cons
- High fees.
- Low liquidity for some assets.
Unocoin
Unocoin is one of the oldest, most trusted, and most widely used cryptocurrency exchanges in India. Founded in 2013, Unocoin has become a leader in the Indian crypto market by providing users with more than 100+ digital assets. Users can also benefit from various features, such as spot trading services, wallet management tools, and more.
Unocoin also offers users access to other features, including margin trading and staking rewards. Moreover, they have an active presence in India’s crypto community by organizing various events and expanding their product offerings as well as offering educational courses for those who don’t know much about crypto.
Unocoin charges a 0.25% trading fee on all trades, making it one of the more expensive exchanges in India.
Pros
- Variety of digital assets.
- Intuitive mobile apps for Android and iOS.
Cons
- High trading fees.
- Liquidity issues when it comes to some assets.
- Limited customer support.
ZebPay
ZebPay is one of the most popular cryptocurrency exchanges in India. Founded in 2014, ZebPay was the first exchange to offer its users services such as zero fees on deposits and withdrawals, an intuitive trading interface, and more. It offers users access to more than 150+ digital assets, including Bitcoin, Ethereum, Ripple, and Litecoin. ZebPay also has a mobile app that makes it easy to manage portfolios on the go.
ZebPay charges a 0.35% trading fee on all trades, making it one of the more expensive exchanges in India.
Pros
- Variety of digital assets.
- Intuitive mobile app.
Cons
- High trading fees.
- Possible liquidity issues.
- Limited customer care.
BuyUcoin
BuyUcoin is a leading cryptocurrency exchange in India. Founded in 2016, BuyUcoin has become one of the most popular exchanges in India due to its easy-to-use platform and wide variety of services. This is one of the newer crypto exchanges in India and offers users access to more than 130+ digital assets, including Bitcoin, Ethereum, Ripple, and Litecoin. BuyUcoin also has a mobile app that makes it easy to manage portfolios on the go.
BuyUcoin charges a 0.5% trading fee on all trades, making it one of the more expensive exchanges in India.
Pros
- Variety of digital assets.
- Intuitive mobile app – The mobile app makes it easy to manage portfolios on the go.
Cons
- High trading fees.
- Liquidity issues.
- Limited customer support.
Giottus
Giottus is a relatively new cryptocurrency exchange in India. Founded in 2019, Giottus has quickly become one of the top ten exchanges in India due to its low fees and advanced features. Their 24-hour volume stands at $70,316,717.54 – a whopping 112.75% increase from the previous day.
It is one of the newest crypto exchanges in India and offers users access to more than 120+ digital assets, including Bitcoin, Ethereum, Ripple, and Litecoin. Giottus also has a mobile app that makes it easy to manage portfolios on the go.
Giottus charges a 0.4% trading fee on all trades, making it one of the more expensive exchanges in India.
Pros
- Variety of digital assets.
- Intuitive mobile app.
Cons
- High trading costs.
- Poor liquidity for some assets.
- Limited customer support.
BitBuddy
BitBuddy is a leading cryptocurrency exchange in India. Founded in 2018, BitBuddy has become one of the most popular exchanges in India due to its advanced features and customer-centric approach. This is also one of the newest crypto exchanges in India and offers users access to more than 100+ digital assets, including Bitcoin, Ethereum, Ripple, and Litecoin. BitBuddy also has a mobile app that makes it easy to manage portfolios on the go.
BitBuddy charges a 0.3% trading fee on all trades, making it one of the cheaper exchanges in India.
Pros
- Variety of digital assets.
- Intuitive mobile app.
- Low fees.
Cons
- Some assets may not have high liquidity.
- Limited customer support.
Conclusion
As you can see, there are a number of crypto exchanges in India that offer users access to a variety of digital assets. Each exchange has its own set of pros and cons, so it is important to do research before choosing the right one for you.
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Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Ken Gitonga is passionate about writing. His work involves writing crypto articles on SEO, TAs, News writing, Web3 articles, crypto price prediction, and white paper drafting. Ken is a content writer and marketer. He has worked in the SEO and content marketing industries for over 3 years and has helped businesses grow their online presence and traffic.
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Ken Gitonga is passionate about writing. His work involves writing crypto articles on SEO, TAs, News writing, Web3 articles, crypto price prediction, and white paper drafting. Ken is a content writer and marketer. He has worked in the SEO and content marketing industries for over 3 years and has helped businesses grow their online presence and traffic.
