Best Crypto Exchanges India 2024

The cryptocurrency market in India has experienced significant growth in recent years, with more investors looking to buy, sell, and trade digital assets.

However, with numerous crypto exchanges available, it can be challenging to determine which platform best suits your needs.

In this article, we’ll explore the 5 best crypto exchanges in India for 2024, comparing their fees, security features, pros, and cons.

5 Best Crypto Exchanges in India 2024

Navigating the world of cryptocurrencies can be daunting, especially for beginners. Choosing the right exchange is crucial for a safe and efficient trading experience. Let’s have a look at the best ones in India as of 2024.

1. CoinSwitch

CoinSwitch, founded in 2017, is one of the most user-friendly crypto exchanges in India, making it an excellent choice for beginners.The platform offers a simple and intuitive interface, allowing users to easily buy, sell, and trade cryptocurrencies without any prior trading experience.

One of the standout features of CoinSwitch is its support for over 100 cryptocurrencies, providing users with a wide range of options to diversify their portfolios.The exchange also boasts low trading fees, with a flat 0.1% fee for both makers and takers, making it an attractive choice for cost-conscious traders.

However, CoinSwitch does have some limitations. The platform lacks advanced trading features, such as margin trading or futures contracts, which may be a drawback for experienced traders seeking more sophisticated tools.
Additionally, the exchange does not offer margin trading, which may limit the potential returns for some users.

✅ Pros:

● Supports 100+ cryptocurrencies
● Easy-to-use interface
● Low trading fees (0.1% for makers and takers)

❌ Cons:

● Limited advanced trading features
● No margin trading

2. WazirX

WazirX, acquired by Binance in 2019, is another popular crypto exchange in India, offering a wide range of cryptocurrencies and a unique peer-to-peer (P2P) trading feature.

The P2P trading option allows users to buy and sell cryptocurrencies directly with each other, providing an alternative to traditional exchange-based trading.

One of the key advantages of WazirX is its extensive support for over 200 cryptocurrencies, giving users access to a diverse range of digital assets. The exchange also offers competitive trading fees, with a 0.1% fee for makers and a 0.25% fee for takers.

However, WazirX has faced some challenges in terms of customer support, with some users reporting delays in resolving issues.
Additionally, the platform has experienced occasional downtime, which can be frustrating for traders looking to execute time-sensitive transactions.

✅ Pros:

● Supports 200+ cryptocurrencies
● P2P trading available
● Low trading fees (0.1% for makers, 0.25% for takers)

❌ Cons:

● Limited customer support
● Occasional platform downtime

3. CoinDCX

CoinDCX, launched in 2018, has quickly become a popular choice among Indian crypto traders due to its advanced trading features and competitive fees. The exchange offers a range of trading options, including spot trading, margin trading, and futures contracts, catering to both beginner and experienced traders.

One of the key benefits of CoinDCX is its support for over 200 cryptocurrencies, providing users with a diverse selection of digital assets. The platform also offers competitive trading fees, with rates ranging from 0.04% to 0.5% based on the user’s 30-day trading volume.
However, CoinDCX’s interface may be somewhat complex for beginners, as the platform is geared towards more experienced traders.
Additionally, the exchange could improve its educational resources to help new users navigate the world of cryptocurrencies more easily.

✅ Pros:

● Supports 200+ cryptocurrencies
● Advanced trading features (margin trading, futures)
● Low trading fees (0.04% to 0.5% based on 30-day trading volume)

❌ Cons:

● Complex interface for beginners
● Limited educational resources

4. ZebPay

ZebPay, one of the oldest crypto exchanges in India, offers a user-friendly platform and a unique crypto lending feature. The exchange has been in operation since 2014 and has built a reputation for reliability and security.
One of the standout features of ZebPay is its support for over 150 cryptocurrencies, giving users a wide range of options for trading and investing.

The platform also offers a crypto lending feature, allowing users to earn up to 4% interest on their holdings, providing a passive income opportunity for long-term investors.

ZebPay also supports the Lightning Network, enabling faster and more cost-effective transactions for Bitcoin users. However, the exchange does have higher trading fees compared to some of its competitors, which may be a consideration for frequent traders.

Additionally, ZebPay lacks some of the advanced trading features offered by other exchanges, such as margin trading or futures contracts.

✅ Pros:

● Supports 150+ cryptocurrencies
● Crypto lending available (earn 4% interest)
● Supports Lightning Network for faster transactions

❌ Cons:

● Higher trading fees compared to other exchanges
● Limited advanced trading features

5. Bitbns

Bitbns, launched in 2017, is known for its margin trading and futures contracts, making it a popular choice among experienced traders. The exchange offers a range of advanced trading tools and features, allowing users to employ more sophisticated trading strategies.
One of the key advantages of Bitbns is its support for over 400 cryptocurrencies, providing users with an extensive selection of digital assets to trade. The platform also offers discounted trading fees for users who hold the exchange’s native token, BNS, incentivizing loyalty and long-term engagement.
However, like CoinDCX, Bitbns’ interface may be somewhat complex for beginners, as the platform is geared towards more experienced traders. The exchange could also benefit from expanding its educational resources to help new users navigate the platform more easily.

✅ Pros:

● Supports 400+ cryptocurrencies
● Margin trading and futures contracts available
● Discounted trading fees for BNS token holders

❌ Cons:

● Complex interface for beginners
● Limited educational resources

Why Not to Store Your Cryptos on an Exchange?

While crypto exchanges provide a convenient way to buy, sell, and trade cryptocurrencies, it’s crucial to understand the risks associated with storing your digital assets on these platforms:

1. Security risks: Exchanges are often targeted by hackers, and if the platform is compromised, your funds could be stolen.
2. Lack of control: When you store your cryptocurrencies on an exchange, you don’t have complete control over your private keys, which means you don’t truly own your assets.
3. Exchange insolvency: If an exchange faces financial difficulties or goes bankrupt, you may lose access to your funds.

Introducing Cold Wallets: A Safer Alternative

Storing cryptocurrencies on exchanges can be risky, as hackers have an easier time gaining access and taking control of your private keys and assets.

To mitigate these risks, consider using a cold hardware wallet like Material Bitcoin to securely store your cryptocurrencies offline. Cold wallets provide an additional layer of security by keeping your private keys offline and away from potential hackers.

Material Bitcoin offers robust cold wallets made from AISI 304L stainless steel, ensuring fire and water resistance, which are ideal for long-term storage without the fear of digital theft or physical damage.
These wallets are considered some of the best crypto wallets in India due to their superior security features and user-friendly design. With 24/7 online support, Material Bitcoin makes it easy for users to safely store their cryptocurrencies, even if they are new to the world of cold storage.

For more information on the best crypto projects in India, check out our comprehensive guide that covers the top 9 projects, including Polygon, WazirX, and SingularityNET.

FAQ’s:

Which is the best crypto exchange in India?

The best crypto exchange in India depends on your individual needs and preferences. CoinSwitch, WazirX, and CoinDCX are among the top choices for their user-friendly interfaces, wide range of supported cryptocurrencies, and competitive fees.

Is crypto exchange legal in India?

Yes, cryptocurrency exchanges are legal in India. However, they must comply with the country’s regulations, such as mandatory KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.

How do I buy crypto in India?

You can buy crypto by registering on a crypto exchange, completing KYC procedures, and then purchasing through various payment methods like bank transfer, credit card, or UPI.

Which crypto exchange is most used in India?

WazirX and CoinSwitch are among the most widely used crypto exchanges in India, with millions of registered users.

Which is the best crypto exchange for trading in India?

For advanced traders, CoinDCX and Bitbns offer a range of trading features, such as margin trading and futures contracts. However, beginners may prefer user-friendly platforms like CoinSwitch or WazirX.

Conclusion

Choosing the right crypto exchange in India is more than just comparing fees and features; it’s about finding a platform that aligns with your trading style, security needs, and investment goals.
Whether you’re a beginner drawn to CoinSwitch’s simplicity, an advanced trader leveraging CoinDCX’s tools, or someone in between, there’s a platform out there for you.
While the convenience of exchanges is undeniable, safeguarding your digital treasures with cold storage solutions like Material Bitcoin is a wise move.
Dive into the crypto world with confidence, armed with knowledge and a keen sense of security. Happy trading!