Top 10 Crypto Exchanges in India in 2022
The days when Indians put all of their money into Gold are long gone. Cryptocurrencies have become a popular new investment for many Indians, resulting in widespread acceptance.
Even while the country waits for clear crypto trading legislation, new players are joining the sector in greater numbers than ever before. Several new exchanges have sprung up due to this new surge of crypto trading.
Crypto exchanges are online marketplaces where you may purchase and sell cryptocurrency. Do you want to join in on the fun and become a part of the crypto craze? To begin started, there’s no better location than a reputable crypto exchange.
Cryptocurrency is a collection of binary data used to send and receive money. Cryptocurrencies are characterized as fiat currencies because they are neither backed by commodities nor converted.
Validators are used in numerous cryptosystems to keep the coin functioning. Token owners put their tokens in a proof-of-stake system. Users get proportional power over the token based on their stake in the exchange. Token more token ownership over time due to network fees, freshly generated tokens, or other compensation methods.
It has no physical form and is not sanctioned by a central authority. Digital money, unlike a central bank, is not backed by the government (CBDC). If a cryptocurrency is minted or created before release, or if a single issuer issues it, it is considered centralized. When implemented with decentralized governance, each cryptocurrency acts as a public financial transaction database by, most commonly, a blockchain.
A cryptocurrency is a marketable digital asset or digital form of money based on blockchain technology only available online. To authenticate and protect transactions, cryptocurrencies use encryption. Today, over a thousand different types of cryptocurrencies are in use, and proponents see them as a path to a more egalitarian future economy.
Bitcoin, the world’s first decentralized cryptocurrency, was released as open-source software in 2009. Following bitcoin’s introduction, a swarm of additional cryptocurrencies emerged.
The value of the cryptocurrency has been skyrocketing for several months. Every day, more investors join the frenzy, hoping to profit and reap the benefits of trading in a decentralized market.
Using a crypto exchange to invest in bitcoin makes it easier. Customers can use these online services, which are similar to stockbrokers, to purchase and sell digital currencies such as bitcoin, ethereum, and dogecoin, to mention a few.
To avoid becoming a victim of a scam or fraud, cryptocurrency investors should thoroughly research use before depositing funds.
What is the aim of a cryptocurrency exchange app?
Cryptocurrency exchange apps allow you to trade (buy and sell) a wide range of cryptocurrencies while on the go, which is ideal for beginners. You don’t need a laptop to process cryptos. These programs, on the other hand, make it simple to trade cryptos and gain access to the world of decentralized digital currency networks.
Because the process has been simplified and the mobile app interface is meant for quick learning, anyone can join up. The Google Play Store and the Apple App Store, respectively, have these apps for Android and iOS phones.
On bitcoin exchanges, what does KYC mean?
To comply with global “know your customer” requirements, you must upload your name and address ID verification before transacting anything. Value is an Indian exchange that takes central government-issued IDs and uses automated technologies to quickly overcome this barrier. The KYC process at Binance, according to some users, can take up to a week to complete.
Payment methods and currencies accepted by crypto exchanges-
Because Indian banking regulations haven’t formally embraced cryptocurrency, depositing funds into your exchange isn’t as simple as booking a train. WazirX, for example, prefers UPI transactions since they are quick.
Money transfers to forbidden by the Reserve Bank of India (RBI). Despite being resolved in September, India’s largest bank (SBI) continues to try to prevent its account holders from making UPI transactions to exchanges.
That explains why Indians occasionally take the potentially illegal approach of international deals in order to fund their exchange wallet using debit/credit cards.
Why is it important to choose coins or cryptocurrencies when choosing a crypto exchange?
Having a large number of coins and currency pairs to pick from increases profitability. Paypal, for example, sells only four major coins in two countries at a high price that devoted consumers may be willing to pay.
Companies like Coinbase, on the other hand, support tens of thousands of coins and currency pairs, like Ethereum-Bitcoin, Shiba Inu-Tether, and Solana-Bitcoin. Such currency pairs allow them, rather than requiring two transactions, to sell one coin and then buy the other.
Cryptocurrency exchange fees-
Fees on trades are profitable for the exchange, but they might be risky for a trader with narrow profit margins, from depositing to withdrawing, from instant selling and buying to futures trading, and from wallet transfers fees for everything.
They may charge a fixed price or a % of the total, with pricing variable by user tier and subject to change, making any direct comparison worthless at worst and bewildering at best.
Crypto exchanges provide a variety of financial services.
As the essential services of exchange become more commoditized, the better ones go further. Leverage, shorting, loan, and NFT art sales are all part of the derivatives universe.
Paypal would be on one end of the spectrum, with financial derivatives regarded too risky for European regulators, and Binance on the other end of the spectrum, with financial derivatives deemed too dangerous for European regulators.
Features and advantages of utilizing a mobile app to conduct a crypto exchange-
When investors are on the road, an easy-to-use smartphone app is useful because they don’t always have access to a larger screen with enough area for a lot of detailed data. The CoinDCX app, for example, strikes a compromise between convenience and complexity, whereas Vauld sacrifices nuance in favour of simplicity.
When it comes to crunch time, different crypto exchanges have different deal execution speeds.
Even when crypto transaction delays are taken into consideration, the speed with which challenge. When there is a flurry, the larger exchanges slow down, while the smaller ones crash (go down for maintenance) due to unexpectedly high traffic. Users during periods of significant volatility, they cannot sell but may buy, which exchanges claim is a way of ‘protecting’ their users.
The value of digital money and the security of user data on crypto exchanges-
All of India’s major exchanges are centralized, and the exchange is in charge of user wallets. Larger and growing exchanges are more likely to identify the need for a security team and to support it than smaller exchanges. Long-term crypto investors generally move their assets from an exchange to a private wallet, where they have more control and can lower risk.
User help is available on cryptocurrency exchanges.
You may still have questions or concerns after reading the tutorials and assistance section of the fair exchange. The most common options are to contact the company via email or live chat or to post on their forums to discuss the problem with others. On platforms like Twitter and Reddit, the larger exchanges can also maintain a social media presence.
India has a high level of bitcoin adoption, according to Chainalysis, a blockchain data company, ranking second out of 154 countries in June 2021. The worth of India’s digital currency sector has grown from $923 million in April 2020 to $6.6 billion in May 2021, according to premium research.
During this year’s T20 World Cup, self-regulated bitcoin enterprises were aggressively pushed. Given the attempts to improve awareness, now is an excellent time for a cryptocurrency trader aiming to develop wealth to assess their crypto exchange and make the most of it.
Following are Top 10 Crypto Exchanges in India 2022-
Coinbase Global, Inc.
A bitcoin trading platform established in the United States, Coinbase. With no physical headquarters, Coinbase is a remote-first firm. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of March 2021, it was the largest exchange in the United States by trading volume.
OKEx
A Seychelles-based cryptocurrency exchange offers a trading platform for a variety of cryptocurrencies. Spot and derivative trading are two of the exchange’s most essential characteristics. It was established in 2017. It is owned by Ok Group, which also operates the Okcoin cryptocurrency exchange.
The exchange surpassed Coinbase as the world’s largest cryptocurrency exchange by reported turnover in May 2018.
In June 2018, the platform became one of the first large exchanges to offer a white label cryptocurrency exchange service. Candidates must have at least $2.5 million in their accounts and have proven industry experience.
In November 2019, the Hong Kong Securities and Futures Commission published new digital asset exchange guidelines. (SFC). According to Reuters, OKEx anticipates only opting into the new legislation, but the higher standards will benefit the company.
The cryptocurrency exchange revealed on November 19, 2019, that they had launched their Indian Telegram channel a year before commencing their Indian operations.
On November 25, 2019, the company announced four partners for its global utility token “OKB.”
According to Reuters, OKEx achieved its greatest trade volume in February 2021, with $188 billion, up 26% from the previous month. Typically, a good price surge occurs five days after a new digital coin is posted on OKEx.
Binance
In terms of daily bitcoin trading volume, Binance is the most popular. The Cayman Islands-based company was founded in 2017.
Binance was founded by Changpeng Zhao, a developer who had previously worked on high-frequency trading software. Binance was created in China, but after tightening its cryptocurrency regulations, it relocated its offices outside of the nation.
In 2021, the US Department of Justice and the Internal Revenue Service investigated Binance on suspicion of money laundering and tax evasion. Binance was ordered by the Financial Conduct Authority of the United Kingdom to suspend all regulated operations in the United Kingdom in June 2021.
BuyUcoin India
With over a million customers and over 40 cryptocurrencies, it is well-known in India.
According to CoinMarketCap, BuyUcoin had a trading volume of $330 million in the fourth quarter of 2021.
Low withdrawal fees and an exceedingly user-friendly UI are two features that have made BuyUCoin popular among Indian clients.
Bitbns
Bitbns is yet another bitcoin trading platform. These apps, which are available for Android and iPhone, allow you to purchase and trade cryptocurrencies without having to go via a third party. Over 100 cryptocurrencies are included in the show, ranging from Bitcoin and Ethereum to the relatively new Shiba Inu.
Furthermore, thanks to its cooperation with leading cryptocurrency exchange OKEx, Bitbns provides trading convenience unequalled by any other cryptocurrency exchange.
Traders in India can buy USDT, LINK, AAVE, MATIC, and USDC with rupees via bank transfer, IMPS, and UPI by selecting Bitbns on OKEx’s buy/sell interface.
Due to the agreement, the company hopes to provide Indian traders with a fiat gateway, a variety of novel trading pairs, priority access to new coin/token releases, and high-return staking solutions.
CoinSwitch Kuber
During the recent IPL, CoinSwitch Kuber was a consistent advertising presence. This platform has received funding from Sequoia Capital and other well-known investors and venture capital firms.
It claims to offer the finest trading rates in the industry, as well as the ability to trade in over a hundred different cryptos. Create an account for trading on the app using your phone number. You won’t be allowed to trade until you’ve finished the KYC process.
Your app account can be secured with a four-digit pin code. Many people have flocked to CoinSwitch Kuber because of its simple user interface and excellent promotion. Deposits in INR can be made by NEFT, bank transfer, or UPI on the leading crypto exchange app.
The site, on the other hand, refuses to divulge information about its crypto-asset security measures. There is a need to improve the whole service system, and there aren’t enough trading details.
On Android and iPhone, CoinSwitch Kuber is accessible.
Zebpay
Zebpay is one of the most well-known bitcoin trading apps available. To begin trading, you can use your cell phone number to sign up and complete your KYC. On the platform, you can earn money by referring others.
You’ll get 50% of the trading fees collected through your connections for a year if you promote others to Zebpay by promoting bitcoin trading. For UPI, a minimum deposit of Rs 100 is required, whereas, for other payment methods, a minimum deposit of Rs 1,000 is required.
Fees are imposed by Zebpay across the board. The membership fee is 0.0001 BTC per month. You can save money by actively investing in the app, according to the app. It establishes a maker fee of 0.15 per cent and a taker fee of 0.25 per cent. You will only be charged a 0.10 per cent trading fee if you trade on the same day. With Zebpay, you can search for free.
You will be charged Rs 15 if you deposit through UPI and 1.77 per cent if you deposit through online banking. The platform charges Rs 10 for all withdrawals; the price for Bitcoins is 0.0006 BTC.
Zebpay is a mobile payment app for Android and iPhone.
CoinDCX
CoinDCX is widely regarded as the most versatile crypto asset trading platform in the country. It allows you to purchase and sell over 200 different trade coins. Furthermore, it the been sped up thanks to a one-time password (OTP) sent to your registered mobile number and email address.
One can learn about cryptocurrencies and how they work in the virtual world by investing in them by going to the app’s Settings menu. It has a 0.1 per cent maker and taker fee, as well as a Rs 1,000 free withdrawal limit. To allow you to deal in cryptos, this exchange platform only supports INR. NEFT, IMPS, RTGS, UPI, and regular bank transfers are all options for funding your account.
It has a lot of security features, which is a good thing. Users must first utilize the Google authenticate app to verify their identity, as trading will not be possible without it. A withdrawal password must be created, and it must be validated each time a withdrawal is made.
CoinDCX is an app that can be downloaded for Android and iPhone.
Unocoin
Unocoin, on the other hand, is noted for its easy-to-use interface and compatibility with a wide range of cryptocurrencies. While enrolling for the app, users must create an account and confirm that all KYC (Know Your Customer) requirements are met. From the profile tab, the software also has a tool for planning sales.
Customers of Unocoin pay a fee of 0.7 per cent when buying and the fee imposed by WazirX. This offer is valid for at least 60 days. The app will then prompt you to pay a 0.5 per cent fee to upgrade your membership to Gold.
Unocoin’s minimum deposit is Rs 1,000, which is higher than WazirX’s. When using NEFT, RTGS, IMPS, or UPI to deposit money, there are no costs. When using a MobiKwik wallet, however, there is a 2% transaction fee, and you also pay the price set by the banks when using debit or credit cards.
Finger ID and a PIN are among the biometric security options available. If you enter the wrong code with your biometric ID, the app will immediately log you out.
WazirX
It’s possible that you’ve noticed a lot of references to this name on social media recently, indicating that it’s popular. Payment methods accepted by this crypto trading platform include INR, USD, BTC, and even P2P. WazirX has its own cryptocurrency, WRX, which can be bought using rupees in India.
One of WazirX’s most popular features is the chance to earn coins by participating in various contests found in the app’s information section. Users can protect using two-factor authentication or an App passcode in their phone’s settings. WazirX charges both the taker and the maker a 0.2 per cent fee.
WazirX levies a 0.2 per cent fee to both the taker and the maker. You can use NEFT, RTGS, IMPS, and UPI to deposit any amount higher than Rs 100 in the WazirX wallet. The first three have a transaction fee of Rs 5.9, whereas UPI transactions are free.
edited and proofread by nikita sharma
