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Top Crypto Exchanges in India: 2023 Study

4.1
| by
Lim Yu Qian
-

What are the Biggest India Crypto Exchanges?

The biggest crypto exchange in India is Bitbns, which has a majority market share of 79.1% across the country’s top 4 centralized cryptocurrency exchanges (CEXs) in 2023. WazirX trails behind as the second largest India crypto exchange with an 11.1% market share, followed by CoinDCX (6.6% market share) and ZebPay (3.1% market share). 

Market share among the top India crypto exchanges have remained relatively stable this year, with the rankings unchanged so far, compared to the fluctuations last year.

WazirX had previously been the top India crypto exchange in early 2022, when its share of the market ranged between 38.7% to 65.3%. However, Bitbns overtook WazirX in June 2022, after WazirX’s market share fell for the third consecutive month to 34.6%.

Bitbns subsequently more than doubled its market share from 37.0% in June, to 82.0% in December 2022, by capturing market share away from all of the other top India crypto exchanges. WazirX lost the most market share, but managed to remain as the second biggest crypto exchange in India.

While CoinDCX has mostly been consistent in outperforming ZebPay in these two years, ZebPay briefly held a higher market share in January 2022, and again in October 2022 by a narrow margin of less than 0.1 percentage point.

Besides Bitbns, WazirX, CoinDCX and ZebPay, other crypto exchanges and trading platforms that serve the India market specifically include Koinbx, BuyUCoin, Coinswitch and Giottus.

How Much is the Crypto Trading Volume in India?

The total volume of crypto traded in India is $2.61 billion in 2023 so far, across the top 4 crypto exchanges from January to May. This is 82.3% less than the $14.78 billion total crypto trading volume recorded during the same period in 2022. The significant drop in trading volume on India crypto exchanges is steeper than the 76.6% decrease in Indonesia crypto trading volumes, likely because of the more unfavorable and uncertain regulatory environment for crypto in India.

India’s top crypto exchanges saw three consecutive quarters of decrease in total trading volume last year, driven largely by a sharp slowdown in trading activity on former market leader WazirX. Quarterly crypto trading volume experienced decreases of 45.6% in Q2, then 59.4% in Q3 and 30.6% in Q4. 

The average monthly crypto trading volume in India was $1.66 billion in 2022, and has shrunk to less than a third with an average monthly crypto trading volume of $0.52 billion in 2023. Furthermore, total monthly trading volume across the top 4 India crypto exchanges has declined continuously for four months since February 2023. As a result, total monthly crypto trading volume in India has broken below 2022’s all-year low of $0.44 billion in December, to reach $0.35 billion in May 2023.

Bitbns Market Share & Trading Volume

The market share of Bitbns has grown from 21.6% at the start of 2022, to 79.1% in 2023, across the top 4 India crypto exchanges. Bitbns has dominated as the largest crypto exchange in India since mid 2022, when it replaced WazirX as the market leader, due to resilient trading volumes amid a challenging macro environment.

Bitbns’ market share reached a 2022 low of 17.2% in March, then climbed to a peak of 82.0% in December. In 2023 to date, Bitbns’ share of the India crypto exchange market has ranged from 65.8% to 79.1%.

India investors generated $6.52 billion in annual crypto trading volume on Bitbns in 2022, and average monthly crypto trading volume stood at $0.54 billion. In comparison, Bitbns’ total crypto trading volume is only around $2.07 billion for the first half of this year, and average monthly trading volume is currently at $0.38 billion.

WazirX Market Share & Trading Volume

WazirX’s market share among the top crypto exchanges in India has fallen from 65.3% at the start of 2022, to 11.1% in 2023. As a result, WazirX is now only the second biggest India crypto exchange and is far behind Bitbns in terms of market share.

Despite capturing an all-year high share of 65.3% in both January and March, WazirX repeatedly lost market share over the months and ended at a low of 8.5% in December last year. In 2023 to date, WazirX’s market share has recovered slightly to a range of 11.1% to 17.5%.

Annual crypto trading volume on WazirX reached $9.60 billion in 2022 alone, which was the highest compared to the other top crypto exchanges in India. However, WazirX also suffered seven consecutive months of decrease in trading volume, from April to October 2022. This has led to a significant drop in WazirX’s average monthly crypto trading volume from $0.80 billion last year, to $0.07 billion this year. For the first half of 2023, total crypto trading volume on WazirX is around $0.37 billion.

CoinDCX Market Share & Trading Volume

CoinDCX has seen a slight gain in market share among the top India crypto exchanges, from 5.4% at the start of 2022, to 6.6% in 2023. That said, CoinDCX’s market share has fluctuated in a wider range over the months, from 5.2% to 21.8% in 2022 and from 6.6% to 12.9% in 2023 to date.

India investors traded $2.41 billion worth of crypto on CoinDCX in 2022, with an average monthly trading volume of $0.20 billion. In comparison, CoinDCX has only recorded a total trading volume of around $0.26 billion for the first half of this year, with average monthly trading volume at $0.05 billion.

ZebPay Market Share & Trading Volume

ZebPay’s market share has fallen from 7.7% at the start of 2022, to 3.2% in 2023, across the top India crypto exchanges. ZebPay has had the most consistent market share performance during this period, staying within a narrow range of 4.2% to 8.8% in 2022, and 3.0% to 5.2% in 2023 to date.

India crypto investors generated $1.41 billion in trading volume on ZebPay in 2022, at an average monthly trading volume of $0.12 billion. ZebPay’s total crypto trading volume is only at around $0.11 billion for the first half of this year, with the monthly average trading volume at $0.02 billion.

Market Share of Top 4 India Crypto Exchanges

India’s top 4 crypto exchanges or CEXs, ranked by market share as of June 2023, are as follows:

Rank India Crypto Exchange Market Share (%)
1 Bitbns 79.1%
2 WazirX 11.1%
3 CoinDCX 6.6%
4 ZebPay 3.1%

 

India Crypto Trading Volume

Monthly total cryptocurrency trading volume across the top 4 crypto exchanges in India, from January 2022 to May 2023, are as follows:

Month India Crypto Trading Volume (US$)
Jan 2022 $3.53 billion
Feb 2022 $3.14 billion
Mar 2022 $3.73 billion
Apr 2022 $2.39 billion
May 2022 $1.99 billion
Jun 2022 $1.27 billion
Jul 2022 $0.83 billion
Aug 2022 $0.79 billion
Sep 2022 $0.68 billion
Oct 2022 $0.55 billion
Nov 2022 $0.60 billion
Dec 2022 $0.44 billion
Jan 2023 $0.62 billion
Feb 2023 $0.57 billion
Mar 2023 $0.57 billion
Apr 2023 $0.50 billion
May 2023 $0.35 billion

Methodology

The study examined the top 4 India centralized crypto exchanges (CEXs) by trading volume, based on CoinGecko's normalized data from January 1, 2022 to June 16, 2023. The study selected CEXs that serve the India market specifically and are tracked on CoinGecko. CEXs with data that was determined to have low reliability were excluded.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to find out more about centralized crypto exchanges? Check out our studies on the top CEXs worldwide, top Japan CEXs and top Thailand CEXs.

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Lim Yu Qian
Lim Yu Qian
Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

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