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With the ever-increasing number of cryptocurrency exchange being introduced, an exchange is quite a tough place to get noticed, or ranked. In this article, we aim to help you find the best cryptocurrency exchange for you. We have tried to make this list as comprehensive as possible, and as unbiased as possible. We take into consideration the following factors for ranking these exchanges:

While India is one of the fastest growing cryptocurrency markets in the world, it’s not among the most popular for crypto trading because of the lack of regulation and uncertainty that surrounds digital tokens in the country. But that isn’t stopping the country’s leading exchanges from aggressively expanding their footprint in the Indian crypto market. (P.S: This blog is rated “High” in accuracy and up to date.)

Adoption of cryptocurrencies is happening all over the world and India is not lagging behind. While industry experts have criticized some of the vague rules established by these cryptocurrency exchanges, some of the leaders continue to thrive with billions of dollars in trading volume.

Since cryptocurrencies will only increase in popularity, aspiring investors and small traders should choose a cryptocurrency exchange that promises a hassle-free investment experience and cares about user safety. With nearly 10,000 crore invested in various cryptocurrencies, many companies are opening their exchanges with user-friendly interfaces and effective anti-money laundering (AML) procedures. However, the problem is that there are too many scholarships on the market and you need to find one that meets your needs.

To address this issue and educate ordinary Indians looking to enter the crypto arena, we bring you this comprehensive guide full of facts and customer testimonials to help you invest in the right platform.

Analysis of cryptocurrency exchanges

Choosing a crypto currency for a long-term investment is a daunting task. You need to do a lot of research to know if the system will be reliable in the future and if it is the best option for users. But when it comes to sharing, the approach is completely different. Cryptocurrency exchanges can be evaluated on more than just technical aspects. To rank them properly, we need to study the following features of the scholarships and only then decide which one is the best Indian scholarship:

  1. Sociability
  2. Possibility to deposit/withdraw money
  3. Customer service
  4. Liquidity
  5. Large selection of crypto-currencies
  6. Low rates

Analysis of parameters of major cryptocurrency exchanges in India

Nearly 504 cryptocurrency exchanges once served thousands of markets around the world, but that number has shrunk to 377, according to Coinmarketcap. If we look only at the Indian markets, we see very few participants. Therefore, we have highlighted some of the most used cryptocurrency exchanges in India today.

  • WazirX
  • Coindcx
  • CoinSwitch
  • Unocoin
  • Bitbns

Note that each exchange introduces new updates regarding coin availability and other important rules, so be sure to follow these updates. Now that we’ve done that, let’s jump right into each exchange and determine which one is right for you.

WazirX

WazirX is undoubtedly one of the fastest growing cryptocurrency exchanges in India. WazirX was launched in 2018 and now has over 2 million active users. Statistical data of interest: The user base grew from 1 to 2 million in 78 days. This speaks volumes about the reliability of the platform. Even the founding members have influenced many cryptocurrency communities to participate in the blockchain revolution. WazirX’s biggest successes include its acquisition of Binance and the launch of its WRX coin. If you want to learn more about this room, you can read their white paper.

Ease of use – 9/10

The platform is very well designed and attracts attention, but what is even more interesting is the layout of the app. Users will have a great experience on this platform. The features are well matched and it only takes a few steps to make your first investment. It’s even easier to create an account and get verified on WazirX.

While many users appreciate the sleek interface, which reduces the number of steps to complete an order, the app also falls short in some areas. Some users suggest adding a P&L interface for portfolio investments. They find it important to keep track of the average price of each piece. This is a legitimate concern, as users need to know how their coins are doing on a daily basis, and including this information in the wallet interface would make their lives much easier.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Deposits and withdrawals – 7/10

Although WazirX’s system infrastructure claims to handle millions of transactions, there seems to be a persistent problem with INR deposits. In some situations, they have also decided not to accept deposits anymore. The main reason for this is their inability to adapt to an increase in demand. Dogecoin recently attracted millions of investors in India, but as demand grew, WazirX was no longer reliable in accepting deposits. It is important to note that this situation does not occur every day. So it is a good option for UPI deposits and withdrawals from the bank.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Customer service – 6/10

One of the most important aspects of the exchange is the customer support. We are dealing with a very volatile crypto-currency market, and at any moment a particular coin can collapse. So investors will face difficulties no matter what, and if they have problems with deposits and banking partners, the exchange should provide 24-hour customer support. In the case of WazirX, the response was rather disappointing. Some individual investors are still waiting for their money, while others are experiencing difficulties in withdrawing their money. However, some complaints are resolved through social media platforms such as Twitter, and the founders themselves pay close attention to these issues. Here’s a tweet from user WazirX, and we can see how much of an impact it has on their overall experience on the platform.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Liquidity – 7/10

This is an important factor for many investors because it determines how quickly coins can be bought and sold. When volumes are high, the exchange is likely to do well and offer competitive prices. In the case of WazirX, there is a liquidity and liquidity problem. However, this problem can be easily solved by connecting your trading account to Binance. Liquidity on Binance is very high and you will not experience any problems.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Selection of crypto-currencies – 8/10

Although the platform has only a few basic trading features, it offers an excellent commission-free P2P trading service. This is very beneficial, as there are now almost 70 parts in the system. While the platform covers all major cryptocurrencies, it doesn’t seem to add the trending ones like Solana. They are slowly being introduced, but many investors are unhappy because they are missing out on these opportunities.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Transaction and withdrawal fees – 8/10

WazirX charges between Rs 5 and 10 lakhs for recordings, and the price varies as the recording method is different every time. This is the case when users withdraw money through the app itself, but it will only cost Rs 5.9 lakh for bank transfers. There are no fees associated with UPI transactions.

Coin switch

Coinswitch is another big name in the Indian cryptocurrency market, and with the recent $20 million funding from Tiger, it is now valued at $500 million. The platform has achieved such a rating based on its user base, total transaction volume and supported currencies. It currently has over 4 million users and the total transaction volume is over $5 billion.

Ease of use – 9/10

One of the main reasons Coinswitch has such a large user base is its user interface. Most users find that the interface is very clear, making it very easy to keep track of prices.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Deposits and withdrawals – 7/10

Coinswitch is very similar to WazirX when it comes to INR deposits and withdrawals. They recently disabled the ability to deposit money, which has caused a lot of backlash against the platform. However, it is fair to say that they have performed well in the past and one incident cannot be used to judge their overall performance in terms of being able to deposit and withdraw money.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Customer service – 5/10

Customer service does not respond to requests like on other platforms. Coinswitch allows users to create tickets, but it takes a lot of time to look at each question and answer it with the right solution. Even reactivating an account takes a lot of time, and many users have turned to social media platforms in search of a solution. This shows how irresponsible the help desk is, and it needs to be corrected immediately.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Liquidity – 6/10

Although the company promises immediate trading, we find that many traders are disappointed by the platform’s low liquidity. Coinswitch promises the best prices for all cryptocurrencies, but there is a significant price difference due to their low liquidity. The company needs to find a way to bring its prices in line with other exchanges or it will lose a lot of active users.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Selection of crypto-currencies – 8/10

Coinswitch offers up to 100 crypto-currencies, and this number will only increase in the future. It’s a decent selection of cryptocurrencies, but we’ll have to wait and see if they add any hot cryptocurrencies.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Transaction and withdrawal fees – 5/10

This is one of the biggest problems with Coinswitch since its inception. They have hidden costs and many users who are not aware of this fact have to spend more on transaction fees compared to other exchanges. Although the site claims there are no fees, we have seen hundreds of users charge high transfer fees.

CoinDCX

Another major player in the Indian market is Coindcx. The platform has been in operation for over three years and is used by over 100,000 active users each month. The company has received a total of $5.5 million from three major investors – Polychain, Bain Capital Ventures and 100x Ventures. This exchange is currently attracting a lot of attention, mainly because of the number of coins listed on the platform.

Ease of use – 8/10

Coindcx is better than WazirX, but not as good as Coinswitch in terms of usability and interface. The graphics have a better presentation and the price tracking features are better. Another advantage of this platform is its ease of use. This saves a lot of unnecessary steps and makes beginners feel more at ease.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Deposits and withdrawals – 8/10

Although the platform is still in its infancy, it provides smooth transactions and withdrawals. Users can deposit money in INR instantly, but it takes about six hours for the money to appear in their bank account. In the case of cryptocurrencies, almost all withdrawals are instantaneous, within minutes.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Customer service – 8/10

Customer service is always unpredictable when it comes to crypto-currency exchanges, and the same goes for Coindcx. In recent weeks, we have seen a significant increase in the number of active users and the volume of transactions. As a result, the support team could not meet the growing demand. However, Coindcx seems to have a strong support team that is always there for its users. Users also don’t have to worry about time zones because Coindcx offers 24/7 support.

Liquidity – 7/10

Coindcx is one of the largest cash aggregators in India and has entered into several partnership agreements over the past few years to ensure a seamless trading experience for every user. Last year we saw Coindcx become the official liquidity provider for Unilend, so it’s pretty reliable in terms of ensuring smooth exchanges.

Selection of crypto-currencies – 9/10

One of the biggest advantages of this crypto-currency exchange is its wide selection of crypto-currencies. Around 210 different cryptocurrencies are registered on the platform, which is the highest among all exchanges in India. Many altcoins will be listed, which could give small investors more opportunities, but one problem that usually arises with so many coins is that a significant portion of them could turn out to be fake. Therefore, it is important to do proper research and invest wisely.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Transaction and withdrawal fees – 6/10

Trade commissions range from 0.04% to 0.06% for customers and producers respectively. This is better than most platforms, as the industry currently charges 0.10-0.15%. In terms of withdrawals, Coindcx charges around 0.0006BTC; if we convert this figure into a percentage and compare it to the industry average, we see that it is 60% higher.

BitBNS

Launched in 2017, Bitbns is rapidly increasing the number of monthly active users on its platform, and it now supports quite a few coins. Like all major exchanges, Bitbns uses a P2P model for crypto currency transactions. With 1.2 million active users, Bitbns is gaining the trust of Indian users largely due to its strong customer support and clean interface.

Ease of use – 9/10

The platform is currently running in the test net simulator with a clean trading environment that is very similar to the main interface. After studying the feedback from different user groups, we found that most of them had an excellent trading and investment experience with Bitbns. Its simplicity helps users navigate the platform and find ideal investment opportunities.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Deposits and withdrawals – 8/10

Deposits can be made with fiat, bitcoin or any other listed crypto currency. Bitbns essentially offers two approaches to deposits and withdrawals. You can use P2P directly or switch to direct bank transfer. This includes both UPI and NEFT. Bitbns has also included coupons called BidforX which can also be used for deposits.

Liquidity – 6/10

Many users are happy with the platform, but one issue they continue to raise is liquidity. Due to the low liquidity, the spread of tokens is huge, which affects the overall user experience. The situation might improve in the future, but for now it is not on the same level as other major Indian cryptocurrency exchanges.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Customer service – 9/10

Indian cryptocurrency exchanges have never been known for their exceptional customer support, but Bitbns is slowly proving to be the best option in this particular category. It may not be perfect, but the support team is more responsive than other crypto currency trading platforms.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Selection of crypto-currencies – 8/10

Bitbns currently has over 101 coins on its list, and the list has grown significantly since its launch. The platform always offers the best prices at any time, and users don’t have to worry about their orders because Bitbns offers automation. Security and authentication tools contribute significantly to user security.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Transaction and withdrawal fees – 7/10

Bitbns has many programs to provide a systematic investment to its users. They charge a fixed commission of 0.25% on transactions, which is significantly higher than on other exchanges. You can avoid this by using their VIP pass, which can be quickly purchased with $25 worth of BNS chips. The table below shows the distribution of their fees:

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Unocoin

This cryptocurrency exchange has been around for over nine years, and in that time it has served over 1.33 million customers and executed 8 million orders. They currently serve over 1.7 million active users and their main advantages are advanced APIs and competitive pricing. The platform also offers OTC trading, which allows users to invest and buy assets in bulk. Unocoin offers many other unique opportunities related to credit and asset trading.

Ease of use – 6/10

Simplicity has played an important role in the adoption of Unocoin as a crypto-currency exchange. The design is intuitive and the apps help beginners understand how the platform works. At this stage, users feel confident to trade on Unocoin, but the system has not yet reached the level of Coinswitch or WazirX.

Top 5 Crypto Exchanges in India, Ranked: In-Depth Analysis

Deposits and withdrawals – 7/10

The platform recently announced that it would allow direct deposits and withdrawals in INR. Unocoin also noted that users will now be able to use their Mobikwik wallet to make instant deposits. The platform also offers new payment options – IMPS and NEFT. The platform still needs to make some improvements in terms of deposit options and make UPI transactions more viable.

Liquidity – 8/10

The exchange has excellent liquidity aggregators as partners who always meet the high demands. Since it only offers bitcoin, there will be no problem with low liquidity.

Customer service – 7/10

Since the only customer service option is email, Unocoin is ineffective in responding to user requests. Although there is an organized system, users must wait several days before their problem is resolved. This behavior is often observed when the platform is used intensively.

Selection of crypto-currencies – 5/10

Only 50 cryptocurrencies are listed, which is not a good selection for users who want to explore other altcoins. The only digital asset they have is bitcoin, but that may change in the near future. We can expect some more coins to be added this year, but for now Unocoin is not the best choice if you want to diversify in the crypto-currency markets.

Transaction and withdrawal fees – 7/10

Unocoin’s cost allocation is a bit more complicated than other exchanges, but the costs are listed during a transaction. Initially, users will be charged a commission of 0.7% on all orders placed. Unocoin has another fee, called a service charge, of 15% which is levied by the government. The manufacturer’s and baker’s commissions are 0.4% and 0.6% respectively.

Supplement

It is likely that cryptocurrencies will completely take over the financial system, and this will happen largely thanks to underlying technologies like blockchain. If you want to participate in this revolution, you need a reliable exchange platform.

We have looked at the major stock exchanges in India and all of them are currently facing different challenges.

But it’s Bitbns that provides a seamless experience for every user. You may need to work on the interface and design, but the platform is rarely down.

If you like the traditional order book, WazirX is your best choice. This platform also has decent customer service and a solid foundation. Those that are not strongly recommended are Unocoin and Coinswitch. The currency selection is not diversified and users are charged higher transaction fees.

The cryptocurrency markets may offer you the best return on your capital, but if your stock market crashes at the wrong time, you will have to bear the consequences. Therefore, it is crucial for every investor and trader to choose the right crypto currency exchange.

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Frequently Asked Questions

Which Indian crypto exchange is best?

With the Indian cryptocurrency market booming, more and more Indians are interested in how to trade in crypto. Unlike other markets, which have a single primary exchange, India’s cryptocurrency market is extremely fragmented, with an estimated 30–40 exchanges operating in the country. Each offers a unique set of features, but each also faces a range of unique challenges, like regulatory uncertainty, insufficient liquidity, and poor user interfaces. As the cryptocurrency market in India matures, traders are looking for better platforms on which to trade. But although there are many crypto exchanges in the country, none of them are perfect. That’s why so many people are looking for the best crypto exchange in India.

Which crypto exchange is best?

The OnionPool cryptocurrency exchange is one of India’s most trusted exchanges. It’s known for its excellent customer service and top-notch security. It’s also one of the top trading platforms for ICO tokens, which is why it’s often a top choice for crypto traders. The exchange offers a wide variety of coins and tokens, including some lesser-known cryptocurrencies like ONION, BCAP, and REP. Choosing a crypto exchange can be pretty intimidating. There are so many things to consider: how safe is it? What are its fees? What is the selection of coins and tokens? And don’t forget about regulation. Most of us, however, simply want an exchange that’s easy to use, has great customer service, and is secure.

What are the top 5 Cryptocurrencies?

Many people have heard about Bitcoin, but few people understand cryptocurrencies. Many people dismiss them as a bubble, saying that they are only in it for the money, and that they’ll dump their coins the moment they have a chance. And indeed, there are many people who are only in it for the money. But there are also many people who truly believe in the technology and are in Bitcoin and other cryptocurrencies for the long haul. Here are some of the top cryptocurrencies. You’ve heard about Bitcoin and think it’s pretty cool, but you’re not sure how to get started? You’ve heard that cryptocurrencies are all the rage right now, but you’re not sure why? Luckily, you’ve stumbled across the perfect (crypto exchange) for beginners! Let me be your guide through this exciting new world and point you in the direction of the best cryptocurrencies to buy.

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