How to choose the best Cryptocurrency exchange in India
Cryptocurrency exchange gained a lot of growth in recent years. The instability of the worldwide market due to COVID-19 prompted investors, especially in India, to get into an alternative way of investment. This cryptocurrency market grabbed their interest, and they went all the way to make them count in the new way of investment. More than 15 exchanges lead the cryptocurrency market in India, and some more are mushrooming due to the popularity and demand of distorted investors. Now such exchanges are witnessing a daily trading volume of around 1000 Crores, and more people are trying their hand to make a fortune from such investments. However, still, many are sceptical of this kind of investment due to the absence of any central regulation and involvement.
So, suppose you are also in the same boat and looking for proper guidance on crypto investment. In that case, this blog will help you acquire an extensive insight on the basics of cryptocurrency trading, cryptocurrency exchanges along their offerings in India. So, continue reading.
The Recent Advancement of Cryptocurrency in India
Cryptocurrency is a digital currency that is decentralized and runs on blockchain technology which stores the information related to your transaction. It encrypts the transactions and ensures top-notch security. Cryptocurrency eliminates the forgery of your transaction and offers the most convenient way of both trading and investment. On the other hand, the upsurge of the price insisted the enthusiasts dive into the world of Cryptocurrency.
Cryptocurrency came into the limelight with a major bull on in the late part of 2020 and the dawn of 2021. It opened up many opportunities for the traders who were looking for a fresh aspect during the dread of Covid 19, along with good ROI. In the same way, the Indian cryptocurrency investors re-energized with the RBI clarification on 2018 circular that the banks can’t prevent their customers from dealing with Cryptocurrency. Alongside, the Supreme Court of India also showed a positive sign on this, and the investors welcomed such attempts. Soon after such approaches, the market witnessed huge interest from the investors to trade various cryptocurrencies available. These things uplift the movement of cryptocurrency exchanges in India, and many start-ups showed enormous interest in this new way of trading & investment.
The cryptocurrency exchanges are like usual stock exchanges that convert Indian Rupee into your favourite Cryptocurrency when you buy and vice versa when you sell. The cryptocurrency exchanges in India offer intuitive platforms to the investors and traders to buy popular coins like Bitcoin, Ethereum, TRON, Doge, Shiba Inu, Ripple and Polygon Matic.
At present, bitcoin, the most valued Cryptocurrency, saw a huge decline in its volume amidst a ban on mining in China. Still, the “buy-in dip” concept boosted traders to invest in bitcoin, and other altcoins as the market has a lot of potential to flourish in the coming time. If you would like to count yourself in and experience the new-age investment, here are some of the Indian Cryptocurrency exchanges where you can trade bitcoin and altcoin based on your preferences.
WazirX
WazirX, the most popular cryptocurrency exchange in India, ensures an easy-to-use interface and super-easy deposit and withdrawal process. Founded in Mumbai, the cryptocurrency exchange app was unveiled in 2017 and later taken over by Binance Holding. WaZriX is simple, and for this, you don’t have any expertise in trading. The application offers a live open order book for trading along with integrated charting tools for data analysis on historical trends and price movements. The most exclusive feature of WaZirX is its integrated P2P transaction engine with Binance Fiat Gateway Platform. with WaZirX; you can trade on more than 70 cryptocurrencies with a withdrawal fee of between 5 to 10 INR.
Zebpay
Zebpay is another cryptocurrency exchange platform founded in 2015 in Singapore but handled in an Indian operation from Ahmedabad. Zebpay ensures the latest safety and security features for the traders and also offers a low transaction fee to entice users across the globe. Zebpay makes six cryptos and 15 trading pairs available in its platform for its users.
CoinSwitch Kuber
Coin switch Kuber is popular among Indian traders due to its simplicity and constancy in cryptocurrency trading. It allows the users to access the combined liquidity of renowned cryptocurrency exchanges to grab the best deal. With CoinSwitch Kuber, you can trade at the very moment you set up your trading account. CoinSwitch Kuber offers a clear interface and guarantees an intuitive and smooth user experience, gaining enormous trust in Indian crypto users. CoinSwitch Kuber Is suitable for both novice and expert traders.
CoinDCX
CoinDCX is one of the growing cryptocurrency exchanges in India, especially due to its security features. The exchange guarantees instant fiat to cryptocurrency conversion with zero additional fees. CoinDCX looks forward to offering its users convenient access to varied financial products and services. The Indian cryptocurrency exchange also supports the latest security features along with excellent insurance protection. Launched in 2018, CoinDCX has already seen manifold growth along with cryptocurrency market cap owing to its fastest onboarding process and highest liquidity.
Why has Cryptocurrency become so popular in India?
Cryptocurrency is going all the way to occupy a leading role in the Indian financial domain. It entices the investors, and the total market cap is escalating every day as the new-age currencies are secure and free from forgery. Besides this, there are countless advantages with Cryptocurrency, which we will discuss below.
Round the Clock Trading
Cryptocurrency trading is available even in the middle of the light, and you can trade anywhere. You only need an exchange along with a proper internet connection. Moreover, you can also monitor the rates frequently round the clock.
Utmost Security
Cryptocurrency trading relies on blockchain technology, so all the transactions are completely encrypted and free from falsification. So, it attracts a greater number of users to experience the hottest currencies and make a fortune.
Complete Transparency
All the transactions in cryptocurrency exchange are scrutinized through computer networks using blockchain. Due to this, no one can modify or edit those transactions, so Cryptocurrency ensures complete transparency.
What Are the Criteria for Choosing Crypto Exchanges?
There are a significant number of cryptocurrency exchanges available for traders and investors in India. Besides this, there are a lot of start-ups in the making. Therefore, choosing the best one is the toughest decision for the traders. Choosing the best Cryptocurrency is necessary as it is the primary step for getting into the crypto world. It will also help you overcome the threat of Cryptocurrency along with the regulatory aspects in a country like India. So going through the guide, you will find the necessary information and count on the exchanges for purchasing Bitcoin, Ethereum and others.
We also discussed different cryptocurrency exchanges in India along with their benefits. These exchanges try to outshine each other by offering investors a better experience. Hence, we come up with a list of exchanges and necessary criteria for your benefit. We hope the guide will help you choose the right cryptocurrency exchange and trade your preferred currency.
Authenticity and Security
It is the foremost criteria that you look for while choosing the best cryptocurrency exchange. So, conduct intensive research on the legitimacy and security of the crypto exchange platform. There is a great risk of losing billions of dollars in the crypto market as there is no such principle authority. So check the reputation of the crypto exchange, review its website and social media platforms and also.
Traders have lost billions of dollars to scam platforms. Hence, ensure you check the reputation of the platform and the various security protocols they have in place to secure your data and funds.
Mode of Payment
As cryptocurrencies are decentralized, the method of payment for buying the coins differs from exchange to exchange. Some of them offer bank transfer options, credit & debit card payments; few accept digital wallet payments or even PayPal. So as cryptocurrency enthusiasts, you must study all the payment options and choose the one that suits you. However, always remember to go for an exchange that offers you a platform to get into the crypto market without much stress.
Access Supported Currencies
Most cryptocurrency exchanges in India support fundamental currencies like Bitcoin and Ethereum. But the world of Cryptocurrency is not only about the two. There are thousands of currencies like Binance, Cardano, Ripple, Dodge and more. So, it is necessary to explore the exchanges and their supported currencies and tokens to access the exposure.
Fee Structure
It’s all about money; you can lose it or even make a fortune with Cryptocurrency. Still, it is inevitable to comprehend the fee structure of the crypto exchange before going deep down. Usually, the transaction fee structure is different across cryptocurrency exchanges. So, avoid the exchanges that incur hidden transaction fees and go for the one that offers a flexible payment structure.
UX & UI
UX & UI, user experience and user interface are two important aspects that you must consider while choosing the best cryptocurrency exchange in India. Any exchange with an exceptional UX and alluring UI makes it easy for the users to navigate and trade. You should also check the quality of customer service and other customer-related aspects while choosing the same. Without the availability of a user-friendly and easy to navigate the platform, your journey in the cryptocurrency environment will be gloomy. So go deep into it, spend some time and then only make the decision.
How to Use the Best Cryptocurrency Exchange in India
Curious to know the effective usage of the best cryptocurrency exchange? Let’s guide you with the stepwise method.
- Find the best cryptocurrency exchange and register of your choiceInput your correct details and verify the same by meeting KYC standards
- Explore your cryptocurrency exchange account and fund it using your preferred payment methods.
- Once you have the fund in your account, search for the coin you wish to buy and proceed with buying.
- Store the bought currency in the cryptocurrency wallet for higher returns or trade the same based on your preferences.
EndNote
Although Cryptocurrency is not legal in India and not even regulated, there is an emerging interest among the investors in the country. The government is designing a roadmap to set up a framework on this, which is the reason behind the upswing of cryptocurrency exchanges. However, there are many ambiguities behind digital currency, so you must not get involved directly without research. We hope this guide will help you avail a great insight into choosing the best cryptocurrency exchange in India, along with detail on Cryptocurrency.
