Hi everyone, What’s up! In this blog I’m going to talk about the best Cryptocurrency Exchanges in India to invest in Bitcoin, Ethereum and any other cryptocurrency of your choice.
I’ll compare the 4 leading cryptocurrency apps in India – WazirX, Coinswitch Kuber, Binance and CoinDCX; and I’ll discuss all the factors that you need to consider before selecting any of the platforms. So, if you want to investing in Cryptocurrency and are confused on which platform you should start investing, then make sure to read till the end.
WazirX
Let’s start with the most common Cryptocurrency Exchange in India, i.e., WazirX. WazirX is the largest crypto exchange in India, and it is now partnered with Binance (which is world’s largest crypto exchange). WazirX offers 3 different trading segments that are helpful for new and professional traders. It offers over 70 cryptocurrencies and trading pairs. The STF (Smart Token Fund) facility is for the new cryptocurrency traders who do not have much knowledge about trading in crypto. They can tie up with experienced traders to help them grow their crypto portfolio over time. In return, they pay a small charge, which is 25% of the profits earned. WazirX does not charge any membership fee to its users.
Let’s talk about the Deposit and Withdrawal Charges on WazirX. It does not charge anything for INR Deposits, however a flat fee of Rs. 10 is charged every time you withdraw INR from your WazirX wallet. The minimum withdrawal amount for Bitcoin is 0.001 BTC and the maximum amount is 3 BTC. On every withdrawal of Bitcoin, WazirX charges a flat fee of 0.0006 BTC which is roughly 1600 rupees currently. The trading fee, in the spot market, is 0.2% for both the maker and taker.
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Now, if you are confused what is maker and taker fee; simply put, it is a fee structure used by trading platforms to charge traders for adding or removing liquidity on the exchange.
Check out: wazirx.com
Binance
Coming to the next leading crypto exchange in India, Binance. Binance is world’s largest cryptocurrency exchange, with over 240 coins supported. It offers one of the most competitive rates around. Binance also has its own coin, called Binance Coin which can be used to trade in cryptocurrencies and pay for fees on Binance.
Binance Coin is one of the most popular cryptocurrencies in today’s date. It offers its users Spot Trading & Margin Trading facility, and Peer to Peer (P2P) trading service. With margin trading, users can trade with leverage of up to 10 times on some coins. It also allows to trade in Futures and Derivatives. Using Binance Savings, you can also earn a return on your idle funds, the same way you would have earned interest from your Savings Bank Account. The trading fee on Binance is 0.1% for both maker and taker. The minimum withdrawal amount for Bitcoin is 0.0011 BTC and the withdrawal fee is 0.00057 BTC, which comes to 1500 rupees approximately.
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Coinswitch Kuber
Now, lets talk about Coinswitch Kuber. Coinswitch Kuber works as a global aggregator for cryptocurrency exchanges. It supports over hundred of cryptocurrencies. The interface of Coinswitch is very easy to access, seamless and fast. It can be operated by both, expert traders as well as people who are completely new to cryptocurrencies. The customer service of Coinswitch is also very supportive and responsive.
Another benefit of using Coinswitch is that the trading fees are very economical. There is no deposit or withdrawal fee on Coinswitch. The minimum withdrawal amount for Bitcoin is 0.001 BTC. The only problem that users seem to have faced with Coinswitch is that the price of the coins listed on the platform is always high at any given point compared to other cryptocurrency exchanges. The difference between buy and sell price is also the highest on Coinswitch at any point of time.
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CoinDCX
Let’s talk about the 4th leading cryptocurrency platform in India, CoinDCX. CoinDCX is one of the largest and the simplest Indian Cryptocurrency Exchanges, which draws liquidity from other exchanges including Binance. It’s beginner friendly and has backing from some notable names in the industry including Coinbase. A total of more than 3 billion has been invested into crypto by traders on this platform.
CoinDCX offers services like Instant Crypto Purchases, Spot Trading, Margin Trading, Futures Trading and Lending & Staking. CoinDCX supports over 100 cryptocurrencies, with even more for regular trading. Users can deposit money into their CoinDCX account using NEFT, Bank Transfer or Mobikwik Wallet. The Mobikwik Wallet option will incur a fee of 1% to 1.5% plus GST. All other deposits on CoinDCX are free. The trading fee is 0.2% for both maker and taker. For crypto withdrawals, there is a limit of 4 BTC per day without KYC, and no limit once your account has been verified.
CoinDCX also has an on-the-go mobile version of its platform, called CoinDCX Go. It is available on Google Play Store and App Store. Believe me, it’s very simple and takes only a minute to invest in Cryptocurrency using CoinDCX Go. Also, you get Rs. 100 worth of Bitcoin for free in your crypto wallet if you use the code “COINDCXGO”.
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Best Cryptocurrency app for you; Conclusion
So, concluding everything, if you are new to investing in cryptocurrency and are looking for an easy-to-use app, without much complex options, then you can go for CoinDCX or Coinswitch Kuber. Both these apps have a simple and clean interface, allowing you to invest in cryptocurrency with a single click. But, keep in mind, the price of cryptocurrencies on Coinswitch Kuber is relatively higher compared to the other platforms. If you want some assistance with investing in cryptocurrency, and don’t mind sharing a part of your profits with the experienced traders, then you can go with WazirX. Also, the charges on WazirX are minimal. I would recommend using Binance, only if you are an experienced crypto trader.
I hope you guys found this blog useful. I'll see you guys in the next blog, Thank you.
Disclaimer: This blog is only for educational purposes. Please conduct your own research or consult your financial advisor before investing your money.