10 Best Crypto Exchanges in India 2024

Top 10 Crypto Exchanges in India

The incredible growth in crypto trading has encouraged more people to partner with exchanges so they can invest effectively. Do you know that from April 2020 to January 2023, India's currency market has successfully grown from $923 million to $6.6 billion, and this trend will most probably continue?

This article looks at the top ten crypto exchanges in India and explores how each of these is unique.

If you live in India, the table below will help you find out the exchanges that may benefit you throughout your trading journey.

OKX (OKEx) - Platform With Optimal Commissions

OKX Review

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Another best crypto trading platform in India, OKX, is a one-stop platform that can help you discover the world of crypto and explore other financial assets such as NFTs, GameFi, and DApps. In addition, the platform allows you to convert almost 30 currencies into different cryptocurrencies within a few minutes.

What's more, OKX helps you grow. You have a chance to earn high and valuable yields, and you can also use your crypto assets to get a loan. The platform even allows you to access all the new tokens in the early stages of trading.

OKX also facilitates its users through research and market analysis so that you can learn a lot while trading. In addition, the exchange has its own intuitive app that helps you trade your favorite currency on the go.

One of the best things about this exchange is that it allows you to earn some free bitcoin as soon as you register. Moreover, this digital asset provider also has a 0.1% maker fee and a 0.5% taker fee.

ByBit - Best for Derivatives

Bybit Review

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Considered as an intuitive and best crypto exchange in India, ByBit allows you to get real-time data on the market and know about liquidity to stay ahead at all times. In addition, the platform offers flexible strategies for different traders with no or advanced experiences.

ByBit is famous for its well-structured derivative trading. The exchange can allow you to hedge or speculate different futures contract types. You can also opt for a VIP Program and meet the ambassador to obtain an exclusive derivative trading experience.

ByBit deals with several currencies, including Bitcoin and Ripple. The platform is entirely friendly and charges a trader fee of just 0.075%. The agent commission is also around 30%, again very attractive.

What's more, ByBit offers two-way authentication to offer excellent security during trading. Most importantly, ByBit's mobile-friendly app makes it easy to trade while you are on the go.

The platform also provides institutional services such as diversified strategies for trading and top-notch security. You can also become an institutional trader by submitting an application on the exchange's website.

Established in 2018, ByBit has quickly earned a place in the Indian crypto market. The flexibility it provides is unmatchable. Besides, its financial services for derivatives allow users to experience different trading options under one platform.

Binance

Binance Review

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Binance is one of the biggest crypto exchanges in the world. Founded in 2017, Binance operates as a decentralized exchange that offers its users more than 365 coins and currencies. Of course, Bitcoin is the most popular one, and you can buy it in INR through this crypto platform.

As one of the top trading platforms, Binance offers many different features. For instance, you can use it to buy crypto and avail yourself of the facility of features such as Binance Visa Card, Binance Pay, and Crypto Loans.

What's more, Binance also now offers you a chance to invest in NFTs and increase your investment possibilities.

Registering with Binance is quite convenient. That said, many customers believe that since it offers many features and trading options, Binance does provide a steep learning curve for most users.

Binance is one of the most affordable exchanges in India. It has a taker/maker fee structure, and the fee fluctuates according to the Binance Coin balance (BCB) and the overall trading volume. The maker and taker fees vary between 0% to 0.01%.

The platform also offers excellent security features, including address whitelisting, two-factor authentication, and device management. In addition, the exchange also provides features that can restrict access to a device.

Considering the size and features of this platform, there is no doubt that Binance is the best crypto exchange in India.

Huobi Global - Largest Exchange by Number of Investors

Huobi Global Review

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Huobi Global is one of the largest exchanges in India that contains a huge number of investors. From Bitcoin to Ethereum and Ripple, the exchange offers different global currencies for trade. Moreover, a Huobi Token, HT, a local currency, is also considered quite popular on the platform.

This exchange platform offers many different features. For instance, while you can use it to buy and sell crypto, you can also utilize it to experience spot trading and investing in derivatives.

Additionally, the Huobi wallet acts as a DeFi wallet that helps you securely store your currency professionally.

The facility of Huobi Earn is also unique as it can help you earn around 50% APY on crypto safely.

The fee structure at Huobi Global is quite simple and convenient. For instance, the opening maker fee is around 0.02% while the taker fee is 0.04%. These affordable fees and great features are why this exchange has a vast number of investors in India.

WazirX - Best Local Exchange

WazirX Review

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WazirX is considered India's most trusted crypto exchange India. You can buy Bitcoin India and other cryptocurrencies through this exchange, including Litecoin, Ripple, and Ethereum.

Founded by Nischal Shetty, WazirX is a secure trading platform that provides super-fast KYC (Know your customers) and is available across five different platforms. You can conveniently access this trading platform through iOS, Android, web, MAC apps, and Windows.

What's more, WazirX has a convenient and efficient design that offers quick transactions without any hurdles.

Other than dealing with various international currencies, WazirX also has its own crypto WRX, which you can easily purchase through INR.

The fee structure of WazirX is also quite simple. The fee for basic transactions is around 0.2%. Additionally, any trader with the internal token by WazirX gets a discount of 6.25% on all kinds of trading.

You can also use WazirX to access international currency investment opportunities. This is because WazirX has solid integration with the Binance app. Additionally, the platform also offers a paneer-to-peer trading engine to connect you with a similar trader like you.

In a nutshell, WazirX is one of the best local exchanges in India and allows Indians to benefit from the world of cryptocurrency.

eToro - Best Broker for Social Trading

eToro Review

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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

As one of the most respected exchanges in India and around the world, eToro is a platform used by more than 23 million people worldwide. What's more, the platform provides access to more than 20 currencies, so every trader has the opportunity to earn a crypto asset.

One of the best qualities of eToro is that this platform has an incredibly low fee. For example, the exchange doesn't charge any fee for closing or opening an account. Furthermore, the platform only has a fee for spreads which can be as low as 0.75%.

This trading platform is considered quite helpful for beginners with small funds. So, even if you have $10, you can use it to start trading on eToro.

Other than being a crypto exchange, eToro is also an ideal broker for social trading. You can use it for copy trading and benefit from digital assets in many different ways.

eToro has a user-friendly app and comes with an intuitive website that is relatively easy to navigate. All these factors make this broker quite popular among beginners.

Kraken - Best Educational Exchange

Kraken Review

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Kraken is a bitcoin and crypto exchange that can help you trade with 110 coins and currencies. This platform works as an education guide for both new and old cryptocurrency traders who want to experience this world to the fullest. There are many features that Kraken has to offer.

For starters, the platform proudly owns different crypto guides designed for anyone new to dealing with crypto. In addition, the resource center at Kraken is well-built and contains professionally-written articles for all novice crypto dealers.

What's more, the exchange strives to provide an intuitive experience. This crypto platform is designed for everyone from different funding options to an affordable fee structure regardless of their investing budgets.

Kraken helps you trade with many currencies and offers a simple financial structure. For example, the maker fee at Kraken starts from 0.16% on very standard trading pairs. Eventually, the fee can go as low as 0% as per your trading volume.

On the other hand, the taker fee starts from 0.26% and can go as low as 0.10% on every standard pair.

Bitfinex - Best Trading Platform for BTC

Bitfinex Review

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Considered the best trading platform for Bitcoin or BTC, Bitfinex is often the home or hub for digital assets. The cryptocurrency exchange contains many different trading features, provides access to many coins and offers deep liquidity. Moreover, it is the top bitcoin exchange in India.

What's more, Bitfinex has a customizable interface that gives every user a chance to get a personalized workstation. You can also enjoy a variety of trading categories and plans on the platform to trade without any restrictions.

Thankfully Indian traders can use Bitfinex. However, this service is not available for US traders anymore.

The maker and taker fee on the platform tends to decrease with increased trade volume. So, the maker fee at $0 30-day trade volume is 0.1%, and the taker fee is around 0.2%. However, at $30 million or more volume, the fees decrease to 0% and 0.1%, respectively.

Bitfinex doesn't charge any fee on deposits. However, bank wires are charged. Similarly, there is also a fee for withdrawals that depends on the transfer type or the type of currency being withdrawn.

The platform offers tight security for all its Indian and global users and is one of the safest exchanges worldwide.

BitMEX - the Best Platform for Long-term Investment

BitMEX Review

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BitMex is an advanced cryptocurrency exchange platform in India. This exchange is known for long-term investments as it offers immense trading possibilities and features that you can utilize through a long trading period.

You can use this exchange to buy crypto and purchase two different currencies, USDT and XBT. Other than that, the exchange also offers a BMEX Token for its users. This token is designed to upgrade the financial potential of your portfolio and allow you to experience new services and products throughout your trading journey with BitMex.

BitMex maker and taker fees are around 0.01% and 0.05%, respectively. You can avail different accounts on these fees according to the duration of your contract.

CryptoHopper - Best Auto Trading Platform

Cryptohopper Review

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Your capital is at risk.

CryptoHopper is considered a world-class automated bot for crypto trading. The platform is powered by artificial intelligence (AI) and helps you automate trading 24/7.

This platform allows you to be alert at all times to quickly adapt to trading patterns and learn new things on your own.

CryptoHopper also gives an opportunity for you to connect and manage your exchange accounts through one platform. Besides, it enables you to be on top of your game regarding tools such as triggers, short selling, and dollar cost averaging.

The platform offers different pricing options. For instance, if you want to avail yourself of the Pioneer package, you can do so for free. However, the Explorer and Adventurer plan comes with a fee of $19/month and $49/month, respectively. Additionally, the Hero plan is a pro trader package that costs around $99/month.

Is Crypto Legal in India?

According to an article published recently, the Finance Minister of India, Nirmala Sitharaman, has proposed a tax on cryptocurrency in order to recognize it in India. However, the government is still doubtful whether currencies such as Bitcoin should be legalized in India or not.

Right now, the Indian government doesn't consider any virtual asset as legal. It is because crypto assets have a value that two people determine. This means that the government can't authorize this value.

India doesn't consider Ethereum or Bitcoin legal, and any regulation for any cryptocurrency will also not be regarded as a legal tender.

However, according to experts, things may get better in the near future as more and more people are now interested in trading cryptocurrency and benefit from its gains.

How to Choose an Indian Crypto Exchange?

Here is a point we want to make. If you are a long-term investor who is just beginning to enter the world of cryptocurrency, any best crypto exchange in India will work for you.

However, if you aim to make short-term profits on trade or are interested in investing a large amount of money, considering some factors can reduce risk and increase the speed with convenience.

Below we will discuss some imperative factors that you should consider before opting for the best cryptocurrency trading platform in India.

Crypto Exchanges and their KYC

KYC or "Know Your Customer" is one compliance regulation that all crypto exchanges must follow. This regulation allows exchanges to identify their customers. In addition, this regulation makes it essential for you to upload your proof of address and name on the exchange before making any transaction.

Some exchanges in India, for instance, Vauld, take seconds to accept centrally-provided IDs and run on automated systems to eliminate any hurdles that may slow down the process of verification.

On the other hand, some customers agree that Binance takes a week or more to complete this process.

In a nutshell, a crypto exchange that offers a quick verification process is worth considering.

Currency Acceptance and Modes of Payment Available

As explained earlier, the Indian government has still not accepted cryptocurrency legally. So, it isn't relatively easy to pay money into an Indian crypto exchange.

For instance, WazirX welcomes UPI transactions that are pretty quick. However, while the Reserve Bank of India now accepts funds transfer in crypto exchanges, SBI, India's largest bank, is still finding ways to prevent UPI transactions.

This scenario does explain the reason why most Indians illegally verify themselves as non-Indians while registering with most International exchanges. As a non-Indian, it becomes convenient to use credit or debit cards to add money in exchange wallets.

Type of Cryptocurrencies or Coins

An exchange that offers a wide range of coins allows you to enjoy increased profits. For instance, the best cryptocurrency exchange in India provides many currency pairs, so you can easily trade instead of making two separate transactions.

Also, if an exchange offers different types of cryptocurrencies, it opens the door to many customers, making trading quite convenient.

Crypto Exchange Fees

Exchanges charge fees on almost everything, from withdrawing and depositing to lending and wallet transfers. The fee is usually charged as a percentage or a flat amount, and it varies for different users.

Choosing an exchange that charges an affordable fee is the best decision you can make. So, it is wise to evaluate the fee structure of different crypto exchanges before selecting the best one.

Financial Services

Crypto exchanges that offer more than just simple trading are worth considering. Exchanges that welcome you to the world of NFTs and derivatives allow you to experience other assets and increase your chances of profitability.

Mobile-friendliness

A smartphone app is a great way to experience trading on the go. It is why selecting an exchange that can offer you a mobile-friendly app should be your priority. This way, you can manage crypto trading from anywhere in the world.

Security

Almost all the largest exchanges in India are centralized, and they are responsible for handling the wallets of their users. Therefore, there haven't been any cases of security breaches as yet.

However, an exchange that offers good security held by a team of professionals is one of the best crypto brokers in India. This means that you can rely on it with your earnings.

User Support

Exchanges that offer excellent user support are pretty helpful. However, sometimes even the live-chats are useless, so help sections and video tutorials help a lot.

Some big crypto exchanges in India also have a high social media presence to make them accessible to the general public.

Reviews

It is always wise to go through customer reviews and experiences before going for an exchange in India. This factor allows you to draw an honest picture of what to expect from a platform.

Where to Store Crypto in India?

In India, you can store your coins or digital currency in a blockchain wallet. This wallet facilitates smooth payments and exchanges while keeping all transactions secure.

For instance, the WazirX wallet has a strong association and link with Binance. This means that this exchange is conveniently integrated with other global exchanges, offering a competitive technological edge over its competitors.

You can store your crypto in a hot or cold wallet. While a hot wallet is more prone to cyberattacks, it operates faster and offers more convenience in crypto trading.

On the other hand, you can't connect a cold wallet to the internet, making it less convenient. However, it is much safer than a hot wallet.

Where Can I Use Crypto in India?

Since India is slowly opening to the idea of digital currency, there is still some time when you can use your crypto to make some significant purchases in India.

That said, Uncoin is a trading site for Bitcoin that allows its users to buy vouchers from different brands using Bitcoin.

A cryptocurrency is an investment tool that can be used to make different purchases in the coming years. Moreover, it is a means of payment that can help you trade one digital currency for another.

Considering the scope of crypto, it is safe to say that India will finally consider this a valuable currency to sell and buy goods and services online.

Is Crypto a Good Investment?

Like anything in this world, crypto also has a few good and bad points. It is not an entirely good investment because of its high volatility and unregulated nature. Moreover, crypto is prone to cyber hacking, making it quite risky.

That said, a crypto investment has very high returns. Moreover, cryptocurrency transfer is fast and cheap, which makes it quite beneficial for earning quick money.

How to Buy Crypto in India

Buying crypto often feels like a daunting task but in reality, it only involves five easy steps:

Choose a platform

The first step is choosing an appropriate crypto trading platform. Choose one that is regulated by a regional or international regulatory body and that is officially listed on the said body’s website.

Another factor to consider is the fees, both trading and non-trading fees. Go through all the fine print to understand what will be required to trade on the platform and whether or not the conditions are conducive. Take note of issues such as minimum trading fees, and available assets.

Account setup

Next is the account setup. Follow the instructions provided by the platform while providing all necessary details. Ensure that all details provided are the same as those represented on official documents.

Deposit

Deposit the minimum deposit required by the platform, or more depending on your capability. It may be transferred to the platform via bank transfer or other online digital transfer methods.

Buy crypto

Use the amount deposited to purchase the crypto coin or asset of your choice. Ensure you have done adequate research to choose the best coin for your crypto investment goals.

Move your crypto assets to a secure wallet

Once you have your crypto assets, move them to a secure wallet to keep them safe as you plan your next move. The wallet will make the crypto assets easier to transact to use as you please.

Cryptocurrency Taxes in India

Just like every other kind of money making venture, cryptocurrency is taxed. Each country has its own laws that govern the taxation of cryptocurrency.

In India, cryptocurrencies are classified as virtual digital assets. They are therefore subject to taxation. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section 115BBH of the Virtual Digital Assets Taxation Scheme.

Traders need to take these deductions into account when calculating their crypto investment profits.

What Banks Work With Crypto in India?

Finding a bank that works well with crypto is an important factor in the success of crypto trading. Here are the top 10 crypto-friendly banks that are leading the way in embracing cryptocurrencies and helping to push massive crypto adoption in the country:

What crypto exchange is best for beginners in India?

Beginners need to be careful about the trading platforms they choose at the beginning of their trading journey. Here is why the above mentioned crypto exchanges are great for beginners in crypto trading:

• 1

  Simple Registration: The registration process for these platforms is easy for anyone to follow, especially beginners

• 2

  Free Demo Account: Demo accounts are important for traders who are serious about being successful in their trading. Therefore, a demo account is important for beginners

• 3

  Passive Earning Opportunities: Since the first few months to a year of trading will not generate any significant profits for traders, passive earning opportunities are a fantastic offer and clever option for beginners

• 4

  Crypto Trading Training: get free crash courses on the basics of trading from experts with these platforms. This training will help traders sift through the seemingly never-ending resources and get straight to the information that they really need. Beginner traders can still get additional information or even hire trainers or mentors if they have the resources to do so

How much do I need to start investing in crypto?

The amount each individual needs to start investing in crypto varies depending on the individual’s situation.

For example, if a trader has low risk tolerance, it would be better for them to invest a small amount of their capital. Often people are advised to invest no more than 5% of their capital, but this value can go to as low as 1%. It also depends on how well a trader diversifies their portfolio, the more diverse it is, the more risk that can be taken.

You could also go with the minimum investment of the platform of your choice for starters, then increase the amount from there. For example, the minimum deposit for SOLANA on Bybit, is 0.01 SOL.

Overall, it is better for beginners to start with small amounts as they try to get accustomed to the crypto investment world.

Is Cryptocurrency Trading Risky?

Yes, cryptocurrency trading is risky. That is why new traders are advised to be careful and weigh their options before embarking on a crypto journey.

Here are some of the ways that traders, both new and seasoned, can reduce the risks involved in crypto trading and save as much of their capital as possible.

Practice on a Demo Account for a Minimum of 6 Months

Trading on a live market is an emotional and nerve-wracking experience that can affect a trader’s decision-making skills. There are also a lot of details in the actual trading process that need mastery. Therefore, before trading, adequate practice in a simulated environment is a great way to reduce risk during live trading.

Have a Trading Plan

Before trading, it is advisable to have a plan. This plan will involve things such as what trading strategy you will use, and alternative contingency strategies in case of unexpected situations. The plan also dictates how much will be invested so that you do not end up spending too much capital.

Another advantage of having a plan is that traders can employ copy trading by mimicking the trades of other successful traders. This strategy makes trading slightly safer and can help improve profits.

Do Not Invest More Than 5% of Your Portfolio

While trading, capital is always at risk. Do not use a large percentage of your capital to invest in high-risk investments. Invest the majority of your earnings in traditional investments such as stocks.

Our Methodology

Our top 10 crypto exchanges in India were selected through different factors. Each exchange was given a rating and title according to its capabilities and performance.

We differentiated each exchange according to the financial services, amount of commissions, automation, and several other factors. Moreover, we also evaluated the reviews of users and their experiences to come up with a final rating for each crypto exchange in India.

What's more, their user-friendliness and access to the general public also played a role in finalizing their rating. The fee structure was also one of the reasons why we considered the above exchanges as the top 10 in India.