The Appinop Blog

The increase in the price of Bitcoin captured the interest of people around the world. With the cryptocurrency frenzy working up a storm, India has also joined the race. Investors in India are also keen on investing in digital currencies that can help them reap great returns in the future. India has several cryptocurrency exchanges with investors pouring in billions of dollars. These exchanges can reshape the crypto industry in India. 

With every TV program showing ads on cryptocurrencies, no wonder you will feel an urge to know more about them. Before you enter, you need to know that cryptocurrency has no regulation. It is an independent asset that works on the blockchain. With more than millions of clients opting for crypto trading, the popularity of cryptocurrencies in India has skyrocketed. Are you interested in getting into the action? Then, here are some of the popular cryptocurrency exchange platforms you need to know about.

CoinDCX

It is a Mumbai-based start-up offering cryptocurrency trading in India. The cryptocurrency exchange launched in 2018 has more than 3.5 million investors. While the regulations caused problems when investors started depositing in Indian Rupees, the exchange has overcome the problem. It offers a special feature allowing investors to trade directly between the Indian Rupee and the specific cryptocurrency they have set their eyes on. Investors can access more than two hundred cryptocurrencies on the platform. It is one of the best exchanges that has withstood the troubles with ease.

Pros

• It has a minimal trading fee.
• The deposits and withdrawals remain free.
• Withdrawal takes place fast.
• Offer options for Insta buy and trading.

Cons

Like other crypto exchanges, the customer service has room for improvement.

Zebpay

Founded in 2014, Zebpay has emerged as one of the top cryptocurrency exchanges in India with huge popularity. It has attracted the attention of traders with a simple user interface and optimized security. The clean and light interface makes it easier for trading. What makes it special is the security feature disabling all outbound transactions with a single button click. Users can download the Zebpay app for iOS and Android to trade using mobile phones. The mobile trading offered by the exchange makes it easier for the users to access the exchange any time anywhere. With more than three million consumers using the platform, Zebpay has the ease of use and security needed for crypto trading worldwide.

Pros

• With the trading platform, you can complete network payments at lightning speed.
• Easy to use on your mobile phone.
• It is a versatile trading platform with several trading features.

Cons

• Since Zebpay comes under the category of hot wallet, it has an increased risk of malicious online attacks.
• The exchange is not regulated.
• It has a length user identity verification process.
• The exchange has a limited digital asset variety.
• You have no live chat option.
• The service providers hold the private key for the Zebpay wallet.

WazirX

It is the cryptocurrency exchange founded in March 2018 by Nischal Shetty, a computer science engineer. This exchange has created a buzz among investors on social media. The exchange allows the traders to invest in the Indian rupee, US dollar, and Bitcoin. Using the exchange, it becomes possible to make peer-to-peer transactions. Also, the cryptocurrency exchange has introduced its cryptocurrency WRX. Interested traders can buy it using Indian rupees and exchange it for other cryptocurrencies. The crypto app allows users to earn tokens by participating in contests featured on the app. In April 2021, the most popular crypto exchange Binance acquired this platform.

Pros

• It has better security.
• The user interface is user-friendly.
• It is easy to deposit or withdraw money using P2P, NEFT, and UPI.
• It has backing from the famous cryptocurrency exchange, Binance.
• The exchange offers referral programs.

Cons

• It has less liquidity compared to other exchanges.
• The exchange offers fewer trading pairs.
• The trading fees are on the higher side compared to Binance.
• Due to the server-side problem, the exchange’s app may not work during trade volume surges.

CoinSwitch Kuber

It is the Indian crypto exchange that garnered attention during the Indian Premier League. The marketing efforts during the IPL made this exchange a common name among people. The crypto exchange launched in 2017 has now become popular in India. The attractive feature of the exchange includes allowing traders to trade with a small sum of hundred rupees. It is the perfect exchange for new traders looking to understand the crypto market. So, they can trade using small amounts in the beginning before sinking large amounts.

Pros

• The user interface is convenient to operate.
• The exchange supports instant deposits and withdrawals in Indian rupees.
• It has a short KYC process for registering on the exchange.
• It has no transaction limit unless it has specific requirements.
• The exchange supports UPI, NEFT, and IMPS bank deposits.
• The exchange has impeccable customer service.

Cons

• Anonymity is not possible due to KYC becoming mandatory.
• It only supports the Indian rupee and no other feat currency.
• The exchange supports only Indian users.
• It does not support credit and debit cards.
• A slight delay exists between the actual price and the selling price.

Unocoin

Unocoin is the oldest cryptocurrency exchange operating in India. Established in the year 2013, the exchange started before digital currencies became popular in the country. The exchange has more than fifteen lakh registered investors.

Pros

• The app allows users to schedule sales allowing traders to automatically sell a specific amount of the digital currency on a particular date and time.
• It has liquidity benefits.
• Bitcoins stored in latency reserve ensure high security.

Cons

• It has a strenuous verification process making it difficult to navigate.
• Transaction fees are higher compared to other cryptocurrency platforms.
• Customer service is not so good.

Conclusion

The cryptocurrency exchanges operating in India allow traders to buy and sell digital currencies. Each platform has pros and cons. Hence, you need to do in-depth research to understand the exchange better. With better clarity, you can choose the best platform for trading.