This article is related to an affiliate advertising program and The New Indian Express's journalists were not involved in production of this article.
Introduction
Are you looking for a cryptocurrency exchange in India? The cryptocurrency platform is gaining popularity rapidly, and people are willing to invest in it. The financial industry is entering a new frontier with cryptocurrency trading, and you must have the tools available to take full advantage of this new environment. Therefore, the cryptocurrency trading app is one of the most crucial tools.
What is a Cryptocurrency, And How Does It Work?
Without the assistance of a central monetary institution like a bank or the government, it is possible to trade a digital asset known as a cryptocurrency (crypto). Cryptocurrencies are created using cryptographic techniques, allowing users to buy, sell, and exchange them without risk.
Blockchain is a method that underpins Bitcoin and the majority of other cryptocurrencies, retaining a tamper-proof record of all transactions and ownership information. Blockchain technology solves the issue of prohibiting individuals from duplicating their assets and trying to use them twice, which plagued earlier attempts to establish solely digital currencies.
Individual cryptocurrencies can be referred to as coins or tokens depending on how they are utilised. Some can be used to engage in specialised software programs like games and financial products, while others can be used as stores of value or as units to exchange goods and services.
Our Top Picks
Best Overall - Delta Exchange
The Delta Exchange cryptocurrency exchange app is India's best overall cryptocurrency exchange.
Best For Intraday Trading And Crypto Lending - Zebpay
The best for intraday trading and crypto lending is Zebpay, which can verify your account instantly.
Best Cryptocurrency Exchange For Indians - Binance
Binance has more than 600 cryptocurrencies and is the fastest exchange for Indians.
Best Cryptocurrency Exchange With The Highest Coin Coverage - Bitbns
Bitbns is the best cryptocurrency exchange with the highest coin coverage and trading software, available on Android and iOS, allowing users to buy and trade cryptocurrencies without a third party.
List Of Best Cryptocurrency Exchange Apps In India
1. Delta Exchange
Delta Exchange is an easy-to-use cryptocurrency derivative trading platform. It uses a multi-factor security system to protect digital assets.
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2. WazirX
This is undoubtedly one of India's most rapidly expanding bitcoin exchange applications. This enables users to purchase a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and others.
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3. Binance
One of the crypto platforms in India is Binance. Trades are charged usury fees, and the platform supports 600 coins.
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4. CoinSwitch Kuber
The goal of CoinSwitch Kuber is to democratise cryptocurrency investment. Like Krypto, over 150 nations, including India, value this bitcoin trade tool.
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5. Zebpay
Another country's earliest bitcoin trade app is Zebpay. It's that easy to sign up - just provide your KYC! The fact that this program has a "refer and earn" option is intriguing.
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6. Unocoin
This cryptocurrency exchange claims to be India's first crypto asset and blockchain enterprise. It is proud to have over a million investors now. Investors get access to hundreds of cryptocurrencies.
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7. CoinDCX
One of India's most flexible cryptocurrency trading platforms is CoinDCX. Its security feature is undoubtedly noteworthy. This is because users must authenticate themselves before they can engage in trading.
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8. Bitbns
This cryptocurrency trading software, which is accessible on Android and iOS, allows users to purchase and trade cryptocurrencies without the participation of a third party.
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9. BuyUcoin
Among the cryptocurrency assets you can trade and store are bitcoin, polkadot, Ethereum, and ripple. It features real-time spot trading, a forever free wallet, cashback, and lifetime commissions when you refer friends.
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10. Capital
The capital enables users to trade cryptocurrency alongside stocks, commodities, currencies, market indexes, ETFs, and other assets without incurring trading costs.
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What Are The Different Types Of Cryptocurrency Exchanges?
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Centralised Exchanges or CEX
The most popular sort of platform for crypto trading, these exchanges provide quick, straightforward procedures combined with a very user-friendly layout. As the name implies, a single body governs and controls these exchanges.
To prevent inconsistencies, the business records and validates every order or transaction. The user deposits money into a wallet that the CEX manages. Additionally, the user must comply with the KYC standards, which involve sharing personal data, to establish an account here.
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Decentralised Exchanges Or DEX
These exchanges are genuinely decentralised because no company or institution regulates them. A decentralised application and intelligent contracts execute the trades on the exchange. However, no KYC or personal information is required. A DEX is more secure since it is automated and backed by smart contracts written with security checks in mind. A DEX's interface differs from a CEX’s, which generally affects its speed and volume. CEXs may prove more beneficial for beginners than DEXs for experienced traders.
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Hybrid Exchanges Or HEX
Both centralised and decentralised exchanges offer advantages that hybrid exchanges do not. It's still early days for a hybrid cryptocurrency exchange. It preserves anonymity and security, precisely as decentralised exchanges do, yet has the liquidity feature of centralised platforms. One of the most noticeable elements of HEX trading is the absence of taker and gas costs.
What To Look For To Pick The Right Indian Crypto Exchange?
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Supported Coins:
The best cryptocurrency exchanges provide a wide selection of tradeable coins, enabling investors to maximise their profits by trading different crypto assets.
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User Interface:
The exchange's user interface must be tested for safety. Mobile and web application security is a top priority. Digital tokens are susceptible to theft and hacking, so they shouldn't be disregarded.
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Fees:
Every crypto exchange will charge the same fees. However, the charges and the level they cut into your revenue will vary from sale to sale. A transaction charge of 0.2% or less will often be found on the best platforms. Before deciding on a crypto exchange, you should examine the trading, deposit, withdrawal, and balance transfer fees.
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Regulation
A well-regulated exchange is much safer to use than one that isn't, making it one of the most crucial factors to consider when selecting an exchange.
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Deposit And Withdrawal Options:
To make it simple for investors to transfer money into and out of their accounts, crypto exchanges should accept various payment options.
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Account Security:
It is advisable to choose crypto exchanges that use multiple layers of security, such as two-factor authentication and a cold storage rate of 95% or greater.
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Customer Support:
Ensure you have various payment methods, 24x7 customer support, a mobile phone application, etc. Investing/trading can be made more enjoyable by these small features. Also, look at customer reviews and ratings for mobile applications. The quality of the service will be evident from this.
Cryptocurrency Exchanges Charge Different Fees
Different cryptocurrency exchanges in India impose varying prices. Here are the various expenses entailed:
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Joining Fee:
In India, most cryptocurrency exchanges offer free registration, including WazirX, ZebPay, and Bitbns. Inactive accounts may be charged a minimal fee.
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Deposit Fee:
Crypto exchanges charge this fee when users deposit money to initiate buying or selling. Users can transfer money via payment service providers, Mobikwik, crypto wallets, UPI, net banking, or bank transfers to determine the deposit fee amount.
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Trading Charge:
Cryptocurrency exchange fees are mainly composed of trading charges. A trader may be charged a flat percentage or a charge depending on the orders, such as making and taking orders. We must first understand the Maker and Taker fees before moving forward.
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Withdrawal Fee:
Some exchangers charge users when they withdraw money from a fiat currency. When a user makes a sell order on the exchange, the money is available for withdrawal once it appears in the user’s wallet. The users may be charged for full or partial withdrawals from their registered bank. The user may also withdraw coins, which come as a penalty.
Frequently Asked Questions:
1. How to purchase cryptocurrency in India?
You need a cryptocurrency exchange to buy and sell crypto coins to own a cryptocurrency. Once you've chosen a business, you'll need to fund your account to begin trading cryptocurrencies. Regulatory issues in India have disabled UPI and Mobikwik payments. You can make deposits via bank account, net banking, and P2P transfers. You can buy your favourite coin quickly and easily once your account is credited with the money.
2. Is it possible to convert cryptocurrency into cash?
Yes! Users can easily convert fiat money to cryptocurrency or vice versa with an exchange platform.
3. Best bitcoin trading app
If you are looking for the best bitcoin trading app, you must go for Zebpay, Unicoin, WazirX, and Bitbns.
Conclusion:
A different option for making passive money at home is through the trading of digital currencies. Most individuals use mobile applications to trade cryptocurrency since they can do it on the go. When selecting the best cryptocurrency trading software, consider the costs, spreads, acceptance of deposit options, and liquidity.
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