5 Best Crypto Exchanges in India

What Are the Top 5 Crypto Exchanges in India?

India is fast becoming one of the biggest markets for cryptocurrency trading. Here is a list of five of the best centralized crypto exchanges that you can use in India based on the number of users, and sorted by monthly visits based on Similarweb data: WazirX, ZebPay, CoinDCX, CoinSwitch, and Unocoin.

Key Takeaways

• India is a large market for cryptocurrency exchanges.

• Most cryptocurrency exchanges support INR deposits via IMPS, NEFT, or RTGS.

• Most crypto exchanges in India do not levy fees for crypto deposits, although they levy variable fees for crypto withdrawals.

• Like all centralized exchanges, undergoing KYC is mandatory for users to trade on Indian crypto exchanges.

India is the most populated country in the world, with over a billion residents, and is becoming a massive potential market for crypto traders.

With a median age of 28.2 years, India is a thriving digital economy that is open to exploring, embracing, and adapting to new technologies. Yet, despite the increasing popularity of cryptocurrency trading in India, many traders have been facing difficulties due to the lack of reliable and trustworthy crypto exchanges. 

But that is not to say there are no reputable crypto exchanges in India.

Here, we’ve put together a list of the 5 best crypto exchanges in India, each with a different unique value proposition. Some provide greater functionalities, while others provide a more beginner-friendly UI. The exchanges in this list are selected as they have the highest number of users among all crypto exchanges in India, and exchanges are listed according to their monthly visitors on Similarweb. 

State of Cryptocurrency in India

In Chainalysis’s 2023 Global Crypto Adoption Index, India emerged as the leader in grassroots crypto adoption. However, crypto in India is facing fierce headwinds, including a 1 per cent Tax Deducted at Source (TDS) rate and a ban on nine crypto exchanges (Binance, KuCoin, Bittrex, Bitstamp, MEXC Global, Huobi, Kraken, gate.io and Bitfinex) for operating illegally in India. Investors with funds in these non-compliant crypto exchanges are advised to transfer their funds to compliant platforms, such as the five featured in this article below.

WazirX: Exchange with the Most Volume Traded

WazirX is a cryptocurrency exchange platform that was launched in India in 2018. It was founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. It is one of the most popular cryptocurrency exchanges in India, with over 15 million users, and based on Similarweb data, it has almost 1.3 million monthly visits. 

WazirX is a relatively safe exchange with a good track record of security. It has never been hacked and stores 95% of its funds in cold storage. WazirX has also shared its exchange reserves, which can be found on CoinGecko here. 

WazirX supports over 200 cryptocurrencies as of time of writing. Users can opt to buy crypto on WazirX either through the order book exchange or through P2P where buyers are matched with sellers with WazirX holding the crypto in escrow until payment is successfully made. 

Please note that no cryptocurrency exchange is 100% safe, and there is always a risk of losing funds due to hacking or other security breaches. Do your due diligence and always take precautions to protect your funds, like transferring long term holdings to a cold wallet.

Trading and Other Fees

WazirX levies different types of fees based on a variety of factors. These fees vary depending on the type of trade, the payment method used, and also based on the user's account level.

However, the primary factor of your trading fee slab will be how much WRX you hold. WRX is the utility token of the WazirX exchange, and holding these tokens will enable you to lower trading fees.

For spot trading, WazirX charges a fee of 0.4%, assuming you do not hold any WRX. You can get the detailed breakup of the fees here.

For P2P trading, WazirX does not charge any fees.

For crypto withdrawals,  fees vary for each asset and can be found here.

For crypto deposits, users are charged no fee.

Additionally, 1% is deducted from every trade as TDS (Tax Deducted at Source) as per Indian regulations. In some cases, a TDS of 5% is deductible.

INR Payment Methods

WazirX currently supports only RTGS, IMPS, and NEFT methods of INR deposit.

The exchange has discontinued support for UPI and MobiKwik.

There are no fees for depositing INR into WazirX.

Alternatively, you can buy USDT directly using INR into your account with the P2P method. This method allows you to deposit funds into WazirX account using UPI, RTGS, IMPS, and NEFT.

Customer Support

The primary channel for support on WazirX is through their Help Center.

To interact with customer support, you can use their live chat feature, which is available from 2:30 AM to 7:30 PM (UTC).

Safety and Security

WazirX is committed to security and has a number of measures in place to protect user funds. These measures include:

• Two-factor authentication

• Cold storage for 95% of user funds

• Regular security audits

• Hack bounty program

KYC Requirements

WazirX requires users to complete KYC verification to withdraw INR funds. The KYC process is simple and can be completed online.

CoinDCX: Exchange with 500+ Cryptocurrencies

CoinDCX is a quickly growing crypto exchange in India, with over 13 million users, with 464.5K monthly traffic based on Similarweb data. It was established in 2018 by Sumit Gupta and Neeraj Khandelwal.

The exchange has seen massive growth in recent months, and in 2022, it was the highest-valued crypto company in India at $2.15 billion. 

You can purchase over 500 crypto assets on the CoinDCX exchange, and the exchange regularly provides its Proof of Reserves audit report.

The exchange regularly organizes networking events to spread product awareness.

Trading and Other Fees

CoinDCX has a clearly defined fee structure for trading and withdrawals.

The trading fees depend on the users' VIP level, which is determined by their 30-day trading volume. Higher the VIP level, the lower the fees.

For spot trading, the trading fee tops at 0.5% for Maker and Taker. The fee decreases as the level increases.

For futures trading, the trading fee tops at 0.025% for Maker and 0.075% for Taker. The fee decreases as the level increases.

For INR deposits and withdrawals, the exchange levies no fees. Users can withdraw or deposit fiat currency at no additional cost.

For crypto deposits, there is no fee. It is completely free.

For crypto withdrawals, the fee varies based on the cryptocurrency.

INR Payment Methods

You can deposit fiat currency (INR) into your CoinDCX wallet through IMPS, NEFT or RTGS.

CoinDCX also supports INR deposit via NetBanking for select banks only.

Customer Support

CoinDCX has a two main channels for customer support.

You can write to the support team by sending an email to support@coindcx.com.

Alternatively, you can chat with customer support through their integrated live chat feature.

Safety and Security

CoinDCX is one of the most secure crypto exchanges in India where 95% of their assets are stored in multi-sig cold wallets and the rest in hot wallets.

Users can also enable 2FA (Two-Factor Authentication) for an added layer of security while logging into their accounts.

All users' funds are also insured by BitGo. This is useful in case hackers drain funds from the exchange.

KYC Requirements

All users are required to complete KYC before using CoinDCX's services. This can be done online and is important to stay compliant with local laws and regulations.

CoinSwitch: Beginner-Friendly Crypto Exchange

CoinSwitch takes a different approach compared to most other cryptocurrencies. This exchange pools liquidity from other domestic and international exchanges in an effort to provide the best rates for investors.

The exchange was founded by Ashish Singhal and Vimal Sagar Tiwari in 2017. In a short span of about 5 years, the exchange has amassed over 18 million users, with monthly traffic of 358.8K according to Similarweb data, and the team grew to over 500 employees.

CoinSwitch supports over 100 cryptocurrencies, and the exchange has facilitated over $6 billion worth of crypto trades since inception.

The exchange also releases its Proof of Reserves periodically.

Trading and Other Fees

CoinSwitch fees are not as transparent as one might expect.

For trading, the fees vary from 0% (as a type of seasonal discount) to 0.49%.

For trading on CoinSwitch Pro, the fee levied is 0.1%. Volume-based discounts are also applicable.

For INR deposits and withdrawals, CoinSwitch does not charge any fees.

As per the Finance Act of 2022, 1% TDS (Tax Deducated at Source) is applicable on all transactions on the platform.

INR Payment Methods

CoinSwitch supports INR deposits only via bank transfer through IMPS, RTGS, and NEFT.

UPI was supported earlier, but not anymore.

Customer Support

CoinSwitch offers round-the-clock support on all days of the week via email or chat.

Alternatively, you can even request a call back for phone support.

Safety and Security

CoinSwitch is one of the most reliable crypto exchanges in India because they have absolutely no leverage on users’ funds. This means, unlike some other exchanges, they do not lend your funds or use them in any way.

CoinSwitch’s business model is primarily based on commissions from trades executed by users.

By maintaining a 1:1 asset holding ratio and using industry-leading custody services, CoinSwitch stays away from any liquidity issues.

KYC Requirements

Users should complete KYC checks in order to be able to use all of CoinSwitch’s services. The process can be completed online, but all documents have to be uploaded in real-time (no uploads from galleries or camera rolls are allowed).

ZebPay: Crypto Exchange for Tier 2, 3 City Users

ZebPay is one of the oldest and most reliable cryptocurrency exchanges in India, dating back to 2014. It was founded by Sandeep Goenka, Mahin Gupta, and Saurabh Agrawal.

It is one of the most popular crypto exchanges in India, with almost 237K monthly visitors based on Similarweb data, along with over 5 million users and more than $10 billion in fiat transactions.

ZebPay supports more than 80 cryptocurrencies.

The exchange has not provided Proof of Reserves.

Trading and Other Fees

• For trading, the fee varies based on the VIP level of the user, which is determined by their 30-day trading volume.

• Assuming the user is new, the fee would be 0.45% for Maker, 0.5% for Taker, 0.3% for Intraday, and 0.5% for Quick Trade. As the level increases, the fees decrease.

• For all transactions, 1% (5% in some cases) is deducted as TDS (Tax Deducted at Source) according to Indian laws.

• For trading inactivity (of 1 month), a Membership Fee of 0.0001 BTC or its equivalent is applicable.

• For fiat withdrawals, ZebPay charges ₹15 as fee.

• For crypto withdrawals, the fee varies from asset to asset.

• For INR deposits, ZebPay supports instant deposits at ₹12 per deposit.

• For crypto deposits, no fee is levied. Crypto deposits are completely free on ZebPay.

• For enhanced KYC, ZebPay charges ₹500. This KYC allows for greater limits and higher transaction thresholds.

INR Payment Methods

ZebPay currently supports instant deposits via IMPS, NEFT, and RTGS for users who have completed their KYC process.

You can learn how to deposit fiat currency into your ZebPay account here.

Customer Support

ZebPay users have only one mode of communication: raising a ticket.

The exchange claims to be working to add more modes of communication.

Safety and Security

ZebPay has taken a lot of effort to secure users' funds. Almost 98% of their funds are stored in air-gapped HSM wallets.

The exchange uses a reliable and proprietary security system, Omnitrixx, to protect all transactions.

KYC Requirements

KYC is mandatory to use ZebPay to its fullest. Otherwise, you will encounter several limitations.

The KYC verification process can be completed online.

Unocoin: India’s First Crypto Exchange

Unocoin is India's first and oldest crypto asset and blockchain company, supporting over 85 cryptocurrencies. It was founded in 2013 by Sathvik Vishwanath and Vikram Nikkam.

The exchange has catered to over 23 million customers since its inception in 2013, with around 54K in monthly traffic according to Similarweb, and also periodically releases its Proof of Reserves report. 

Trading and Other Fees

Unocoin charges 0.5% as trading fees.

18% IGST is also applicable on the transaction fee.

For crypto deposits, Unocoin does not charge any fee.

For inactive accounts, a custodial fee of 0.0001 BTC (inclusive of 18% GST) is applicable.

INR Payment Methods

To deposit INR into Unocoin, use RTGS, IMPS, or NEFT method of bank transfer.

UPI, MobiKwik and Virtual Bank Deposit have been disabled.

Customer Support

To get support for Unocoin services from the team, raise a ticket be heading over to their Support Center.

Safety and Security

Unocoin is one of the oldest and most reliable crypto exchanges in India.

As per the June 2023 Proof of Reserves report released in July 2023, the exchange holds over 93% of its assets in cold storage.

KYC Requirements

Unocoin users are mandatorily required to complete KYC before they can start trading on the exchange.

The process consists of 4 steps and can be completed online.

Summary of Top 5 Indian Crypto Exchanges

Below is a summary of the top 5 crypto exchanges that cater to the Indian audience.

Conclusion

The Indian crypto market is thriving and is expected to surpass $80 billion by 2030.

The government's stance seems to be shifting from a "ban crypto" mindset to a "regulate crypto" mindset, which is beneficial for all web3 enthusiasts. The central bank of India has even launched a pilot program of its CBDC, and some states are exploring the possibility of integrating blockchain technology within their local economy.

The exchanges mentioned in this article have thrived in bull markets and survived in harsh bear markets despite regulatory uncertainty. So, we can expect them to hold their ground better when the regulatory landscape becomes more favorable.

This article is neither a definitive answer nor a solicitation to use any of their exchanges. Use it only as a starting point for your research and seek professional assistance before investing in volatile assets.

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Sankrit K

Sankrit is a content writer and a subject matter expert in web3. He has worked with notable companies, including Ledger, Alchemy, and MoonPay. Sankrit specializes in helping web3 brands create content that is easy to understand while accurately explaining technical concepts.