Investors used to prefer traditional investments as their top and safest option. But now, many are turning to digital currencies, showing a big change in their interests.
When Bitcoin and Ethereum reach their highest prices ever, and there’s a lot of excitement about coins like Dogecoin on “X” (formerly Twitter), it encourages people who like cryptocurrency to invest even more in the hope of making a lot of money.
Because many people around the world are using cryptocurrencies, there are now a lot more places where you can trade them. A cryptocurrency exchange is like a marketplace where you can buy and sell digital currencies. Coinmarketcap, a popular website for tracking cryptocurrency prices, keeps tabs on 220 different crypto exchanges.
This guide from Ruby Currency Advisor India will show you the top cryptocurrency exchanges in India for 2024, considering how good they are, what features they have, and how well they work.
Top Cryptocurrency Exchanges of 2024
- CoinDCX: Best for people who are good at trading cryptocurrency.
- CTSkola: Best for people who are just starting.
- CoinSwitch: Best for people who are new to cryptocurrency.
- WazirX: Best for people who are new or getting better at trading cryptocurrency.
- Mudrex: Best for themed groups of cryptocurrency.
- ZebPay: Best for people who want to trade cryptocurrency within the same day or lend cryptocurrency.
- Bitbns: Best for people who want advanced trading options.
- UnoCoin: Best for young people who are getting into cryptocurrency.
- BuyUcoin: Best for people who want to earn points as they trade.
- Giottus: Best for people who want to stake their cryptocurrency.
List of Top Cryptocurrency Exchanges
CoinDCX is seen as a very safe and clear cryptocurrency trading site in India. When people sign up, they go through many security checks done by computer programs like biometrics. This site also lets users keep their wallets, so they can move their cryptocurrencies with one click.
CoinDCX offers many different things like trading with borrowed money, earning rewards by participating in staking, setting up regular investments, trading contracts for the future, and lending options for cryptocurrencies. You can use their mobile app on both Android and iOS.
They also share helpful information on crypto trading strategies through videos and blog posts. CoinDCX has a detailed guide on making money from cryptocurrencies that are not actively being used.
- Money: You can use Indian Rupees.
- Deposits: You can use NEFT, RTGS, and IMPS.
- Choices: You can do SIP, buy small amounts, and trade for the future quickly.
- Borrowing: You can borrow up to ten times the money you have for trading.
- Loaning: If you lend your cryptocurrencies, you can earn up to 16.25% interest each year.
- Safety: There are strong safety steps, like needing two steps to log in (2FA). Most of the money is kept safely offline.
- More Stuff: There’s also a news app to keep you updated.
|Quickly execute orders, find chances to profit from price differences, and trade without limits.
|Only allows INR as the Indian money.
|No fees for depositing or withdrawing money.
|The hard job of starting an account.
|Your funds are protected by another company.
|Pay less in fees, and fees decrease as you trade more.
|Trade futures with up to 15 times the money you have.
|Your account is secure with strong encryption, biometrics, and triple-password protection.
CTSkola lets you trade over 70 different cryptocurrencies. It’s good for people who are new to crypto because it’s easy to use. You can make transactions quickly and easily, whether it’s a one-time purchase or a regular one.
|Easy-to-use interface and simple buying process.
|Only supports INR as the fiat currency.
|Positive user feedback and secure features.
|Minimal convenience charges.
CoinSwitch is great for newbies because it has cheap fees for Bitcoin trades. You can trade over 100 cryptocurrencies starting at just INR 100 with its simple interface. CoinSwitch lets you trade between INR and cryptocurrencies, supporting INR crypto trading. It even created a benchmark index to track how well the Indian rupee-based crypto market is doing, called the crypto rupee index.
It provides lots of educational stuff about blockchain, NFTs, and cryptocurrencies. You can find it in the ‘LEARN’ part of our app too.
- Supported Currency: Only accepts Indian Rupees (INR) for deposits and withdrawals.
- Deposits: Accepts payments through NEFT, RTGS, and IMPS.
- Transactions: Charges a fee for Bitcoin transactions according to terms and conditions.
- Products: Provides investment products like SIP in Bitcoin for better returns.
- Security: Uses strong password protection with 2FA and OTP for safety.
|Simple interface suitable for beginners and is easy to use.
|Bitcoin transactions don’t have a free trading fee.
|Buy, sell, and withdraw instantly.
|There’s no trial available.
|Live chatbot available for immediate user support.
|Only Indian Rupees are supported as the regular currency.
|Deposits and withdrawals are free of charge.
|You can’t trade with borrowed money or stake coins.
WazirX is a popular crypto exchange in India. Over 6 million people have signed up to use it. You can trade many different pairs and coins on WazirX, and the fees are low. It’s easy to use, with nice charts for trading. You can use it on Windows, the web, Android, and iOS. WazirX has a program where if you refer someone, you can get rewards, up to 50% of what they trade.
- Supported Currencies: You can invest in INR, U.S. dollars, and Bitcoin. Also, you can do peer-to-peer (P2P) transactions.
- WRX Currency: WazirX has its currency called WRX. You can buy WRX using INR and exchange it for other cryptocurrencies like Bitcoin, Ethereum, or Dogecoin.
- Products: WazirX offers a smart token fund (STF) that helps new users find expert traders and manage their crypto portfolio.
- P2P Option: You can use the platform’s P2P option for deposits, which is free. It helps you convert your regular money into crypto instantly.
- App Features: The mobile app comes with detailed charts, live-market updates, and quick buy/sell options.
- Transactions: You can make fast payments through a lightning network.
- Security: The platform has a high level of security with a multi-signature wallet system that follows strict KYC regulations.
- Educational Material: WazirX provides a variety of educational materials through its blogs.
|India has its first trading platform where people can trade directly with each other automatically.
|The trading fee is 0.2%, which is quite high.
|You get instant alerts about prices on the WazirXApp.
|It doesn’t offer margin trading, crypto lending, or staking.
|Almost all the money is kept safely in cold storage.
|The P2P platform only works with eight coins paired with USD Tether.
|You can talk to customer service easily using live chat.
|It charges a big trading fee when you take out your money.
|There’s no insurance fund for hacks or fraud.
Mudrex is a top cryptocurrency investing app in India. It started in 2018 with a focus on safe, long-term investing. You can easily invest in over 350 cryptocurrencies on this platform. There are no fees for depositing crypto, and it keeps your money secure in cold wallets and uses biometric authentication.
Mudrex is special because it gives users “Coin Sets” which are like expert-made collections of different cryptocurrencies based on themes. This helps spread out risk and makes it safer. Mudrex is clear about its competitive fees, and its interfaces are easy to use. More than a million people have invested with Mudrex, and 96% of them are happy with the service.
- Many Crypto Coins: You can trade over 350 cryptocurrencies, from popular ones like Bitcoin and Ethereum to lesser-known ones like Neo and Osmosis.
- Safety: Mudrex keeps your account safe with strong security features like two-factor authentication, encrypting data, using multisig technology, storing funds in cold storage, and regularly checking for security issues.
- Coin Sets: These are groups of coins picked by experts based on popular themes in the cryptocurrency world. They help you have a mix of different kinds of coins in your portfolio.
- UPI Transactions: Mudrex offers a rare option for users to pay with UPI, a type of payment method.
- Insurance: Mudrex makes sure your money is safe by insuring it with Lloyd’s of London, a well-known insurance company.
|There are over 350 different cryptos you can use.
|Not good for traders who work professionally because it’s more about investing for the long term.
|You can pay using UPI.
|There are no fees when you deposit crypto.
|Coin Sets have a special feature.
|Safety is very strong.
Many investors like ZebPay because they can make money from their unused cryptocurrencies. ZebPay promises users a fixed return of 4% if they lend out their cryptocurrencies. Right now, ZebPay supports over 150 different cryptocurrencies and has almost five million users.
Zebpay is great for quick trading during the day because it lets you make payments fast and with lower fees if you’re making the trade happen. Plus, if it’s your first trade, you might get some cashback. They also give rewards every month to the people who make the best trades.
- You can borrow cryptocurrencies like Bitcoin, Ethereum, Polygon, Binance Coin, and Tether and earn up to 4% interest.
- ZebPay keeps your coins safe with strong security. Most of the coins (98%) are stored in cold wallets. They also have a program where people can find problems and get rewarded.
- You can trade six EUR-crypto pairs and five crypto-crypto pairs including Bitcoin, Ether, Litecoin, Ripple, and Bitcoin Cash.
- You can make quick payments using a lightning network.
- ZebPay is available in India, Australia, and Singapore.
- ZebPay offers courses about cryptocurrencies and updates about the crypto world through blogs.
|You get good and sure profits when you lend cryptocurrency.
|It only allows trading for a small number of coins and crypto pairs.
|Trade certain pairs without paying fees.
|It’s not easy to use and not as well-known as other popular exchanges in India.
|Get rewards and bonuses for referring others.
|There’s no live chatbot available.
|No fees when you deposit or withdraw cryptocurrency.
|Also, there’s no option for margin trading or staking.
|High safety measures are in place.
Bitbns lets people trade nearly 500 different cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Over 4 million active users use Bitbns. They provide lots of educational stuff about cryptocurrency through Bitbns academies and research reports. Also, they have contests where you can predict and win, and programs where you can earn by referring new users.
In 2022, Bitbns made history by being the first crypto exchange to help cryptocurrency investors with taxes. They don’t take any taxes from SIP transactions, so investors who invest regularly for at least 12 months don’t need to worry about paying taxes upfront.
Bitbns crypto exchange is well-known among Indian cryptocurrency investors because it added metaverse tokens like DEAPcoin, Alien World, TRACE, RFOX, and Klaytn (KLAY) recently.
- Wallet: You can pick a regular e-wallet or get a Bitbns hardware wallet to keep your money safe.
- Trading: You can do different types of trading, like margin trading for experts and automated trading. There’s also training for beginners.
- Staking: You can earn money by staking BNS coins.
- Fees: You won’t be charged for depositing money, but there’s a fee for withdrawing.
- Alerts: You’ll get instant alerts about prices for different types of orders, like bracket, limit, and stop-limit orders, with charts.
- Products: You can invest in Bitcoin through SIP or boost returns with FIP, which is like a fixed deposit for crypto investments.
- Referral Programs: There are various referral programs where you can earn rewards.
- Supported Currency: You can use U.S. Dollar, INR, and Arab Emirate Dirham (AED) on the platform.
- Educational Material: Bitbns Academy offers online lessons and resources about Cryptocurrency and Blockchain.
|Lowest fee for trading Bitcoin.
|It only works on Android, web browsers, and iOS.
|No fees for depositing money, whether it’s through UPI, P2P, or a bank.
|You can only stake using BNS (Bitbns native coin).
|Many different kinds of crypto coins and tokens are available.
|Users can choose to use a hardware wallet to keep their cryptocurrencies safe.
|Simple training system for new traders.
|Lots of research reports and educational materials are available.
The UnoCoin cryptocurrency exchange is one of the oldest places to trade digital money. It has been around for ten years, helping people buy, sell, and keep Bitcoin, as well as handle other money transactions. Users can trade more than 100 different types of digital money here. When you sign up, UnoCoin gives you free Bitcoins, and if you refer friends, you can earn 15% of the fees from their transactions.
- Products: We’ve started plans where you can buy Bitcoin and Ethereum easily, starting from just INR 10.
- Fees: When you buy or sell Bitcoin, we charge a fee of 0.5%.
- Lending: We help with lending for big trades, making it easier to trade in large amounts.
- Wallets: You can buy and keep coins in over 40 different Unocoin Wallets.
- Deposits: You need at least INR 1,000 to deposit money, and you can use options like IMPS, NEFT, and RTGS.
- Registered Users: We have more than 2 million users signed up.
- Ease of Usage: You can use Bitcoin to recharge your mobile phones or DTH services.
- Other Features: We have a feature called crypto basket, where you can spread out your investments based on market trends. Also, our “Gold Member” accounts offer higher limits for buying and selling, and lower fees.
|Allow users to choose SBP to increase their earnings.
|Few chatbot options are available.
|Offer an advanced crypto lending feature that lets users use their Bitcoin as collateral for holding U.S. Dollars or INR.
|The verification process is boring.
|Get appealing discounts through the “Refer and Earn” programs.
|Bitcoin prices are expensive and the fees for transactions are high.
|It accepts INR as regular currency and is only controlled in India.
|There isn’t a lot of educational material on the website.
BuyUcoin is a favorite crypto exchange for young users because it’s easy to use. It offers things like a free wallet, real-time trading, and rewards for inviting friends. Over one million people have signed up. New users get free BTC, and they can earn more rewards by inviting friends. BuyUcoin also has fun contests like Predict to earn crypto.
- Supported Currencies: You can use Indian Rupees (INR) to buy and sell cryptocurrencies.
- Trading: You can trade cryptocurrencies in different ways like buying and selling immediately, making future trades, and trading in large amounts. You can also set limits on your trades and see charts to help you.
- Fees: You won’t be charged for depositing money or verifying your identity (KYC). There are also no fees for certain types of large trades.
- Offers: You can get special deals like cashback when you buy cryptocurrencies.
- Products: They’ve launched a plan called systematic crypto investment plans (SCIP) to help you make the most money from your investments.
- Crypto Pairs: You can trade over 130 pairs of cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and others, all using Indian Rupees.
- App Features: They have an easy-to-use mobile app for both iOS and Android.
- Educational Material: You can learn about the latest news and updates in the world of cryptocurrencies, NFTs, and blockchain technology in their ‘learn’ section.
|Indian investors can only trade in INR on this website.
|Has its own NFT store.
|They can’t do margin trading, lending, or staking.
|Can make a pretend account online.
|The website looks boring.
|Customer support isn’t good.
Giottus is becoming one of the quickest-growing places to trade cryptocurrencies in the country. You can use Giottus to trade different cryptocurrencies and make money. They offer features like fixed deposits, SIPs, and creating a basket of themed coins for long-term investing in cryptocurrencies.
Giottus is getting ready to start a new service where people can buy and sell unique digital items (NFTs) and borrow money. Users can also earn rewards by referring others to the service, giving them a chance to get up to 10,000 tokens. Additionally, they can make more money by staking their cryptocurrency coins, potentially earning over 10% in passive income.
- Supported Currency: Only INR is accepted.
- Deposits: You can deposit money using NEFT, RTGS, and IMPS.
- Staking: You can stake your coins.
- NFTs and Lending: They will be available later.
- Trading: You can trade using an easy-to-use interface with features like real-time order books, high liquidity, charting tools, and trade history.
- Advanced Features: You can invest regularly (SIP) from hourly to monthly. Earn up to 25% interest on fixed deposits of cryptocurrencies. Invest in curated crypto theme baskets.
- Ease of Usage: Buy and sell crypto in multiple languages including Hindi, Tamil, Telugu, and Bengali.
|A popular app on Android and iPhone.
|No trading with borrowed money and no lending crypto.
|Focuses on INR pairs.
|Fewer types of advanced trading.
|The app supports many languages and has customer service.
|Only accepts Indian rupees for regular currency.
|Money is insured.
|Sellers don’t pay a fee to make trades.
Ruby Currency Advisor looked at ten things to pick the best cryptocurrency exchanges in India:
- Basic and advanced trading features
- Margin trading and crypto lending services
- Educational resources
- Number of cryptocurrencies available for trading
- Trading fees
- Safety and security measures
- User Feedback
- Customer support services
- How easy it is to deposit and withdraw money
- Platform availability
What Is A Cryptocurrency Exchange And How Does It Work?
A cryptocurrency exchange is like an online shop where people trade digital money. It helps buyers and sellers swap cryptocurrencies using different types of money, both digital and regular. You can put money in using methods like direct bank transfers or online banking. The exchange takes a fee for every trade you make.
After you finish creating an account on a cryptocurrency website, you can use it to trade digital money such as bitcoin (BTC), ethereum (ETH), Ripple (XRP), Solana (SOL), dogecoin (DOGE), and more. You can buy crypto with regular money like the U.S. dollar or INR, or swap one type of cryptocurrency for another.
To start trading, investors need to put money in their crypto exchange account or the wallet given by the exchange. If you’re making a lot of trades, it’s safer to have your own crypto wallet. Users can see the prices of different cryptos, which change depending on how much people want them and how many are available. Now, users can buy crypto by placing an order, which gets listed with other buy and sell orders.
What Are The Different Types of Cryptocurrency Exchanges
Centralized Exchange or CEX
These cryptocurrency exchanges are like the basic platforms that make trading digital money easy. They have a simple interface for users. A central authority controls and regulates them, as the name suggests.
The company records and checks every order or transaction to prevent mistakes. Your money goes into a wallet managed by the CEX. To create an account, you must meet KYC rules and share your personal details.
Decentralized Exchanges or DEX
Cryptocurrency exchanges like these work without a central authority overseeing them. They use smart contracts and decentralized apps to handle trades automatically. You don’t need to provide personal information or go through Know Your Customer (KYC) checks here. Decentralized exchanges (DEXs) are considered safer because their smart contracts are carefully designed with security in mind.
But DEXs are not as easy to use as CEXs. This usually makes transactions slower and reduces how many can be done. CEXs might be better for people who are new to trading, while DEXs might be better for those who have more experience.
Hybrid Exchanges or HEX
Hybrid exchanges combine good parts from both decentralized and centralized exchanges. A hybrid crypto exchange is still being developed. It works like centralized platforms with liquidity and keeps transactions anonymous and secure, like decentralized exchanges. One big plus of HEX trading is that there are no taker fees or gas fees.
Understanding Crypto Exchange Fees
In India, various cryptocurrency trading platforms have different fees that they charge. Let’s explore these charges more closely.
In India, most of the trading platforms such as WazirX, CTSkola, Zebpay, Unocoin, and Bitbns don’t charge users to join. But if you don’t use your account, there might be a small fee deducted.
When you put money into the crypto exchange to start buying or selling, you have to pay a fee. The amount of the fee depends on how you send the money – using payment services, credit or debit cards, a crypto wallet, peer-to-peer, or online banking transfers.
The fees you pay when you trade crypto are really important. These fees can be a percentage of the amount you buy or sell, or they can depend on the kind of orders you place. There are maker fees and taker fees, and they work differently. So, it’s crucial to know about maker and taker fees before you trade more.
A maker is someone who adds liquidity to the exchange by selling cryptocurrency.
A taker is someone who buys cryptocurrencies, taking them from the available pool of liquidity.
Both the person who creates the transaction and the one who accepts it have to pay fees, but usually, the person who creates it pays less.
Fees for trading can be different depending on the exchange you use. They can range from nothing to 0.25% in most places. Some exchanges say they don’t charge any fees, but they might make money through the spread, which is the difference between buying and selling prices. Usually, this spread is higher than the trading fee. So, it’s important to check carefully.
Some crypto exchanges make users pay to take money out as regular cash. When you sell your cryptocurrency on the exchange, the money goes into your wallet. You can take out some or all of it into your bank account, but there might be a fee. You can also take out cryptocurrency, but that also costs money.
Crypto Wallet vs Crypto Exchange
|It’s a software program that keeps your cryptocurrency safe.
|It is a website or mobile app that lets you buy and sell cryptocurrencies at a fixed price and with security.
|Gives you complete power over your Private key and lets you move money around.
|Does not provide full access to your private key.
|Wallet only allows storing your digital currencies. One cannot buy or sell via wallet.
|Crypto Exchange is the platform which offers buying, selling and trading.
|The person who owns cryptocurrencies is completely responsible for keeping them safe and secure.
|The exchange takes care of handling your cryptocurrencies and will arrange your storage for you without needing your input.
|If you want to have complete control over your cryptocurrencies and find them easy to get to, you should choose wallets.
|If you like trading a lot and want to make the most money from buying and selling cryptocurrencies, then using a crypto exchange is the best choice for you.