- Date : 16/11/2021
- Read: 4 mins
Considering the increasing interest Indians show in investing in cryptocurrencies, many domestic and international cryptocurrency exchanges have begun to offer cryptocurrency investment services to people in India.
In the last couple of years, Bitcoin and altcoins have gained a lot of popularity in India. The RBI did try to ban cryptocurrencies, but this was overruled by the Supreme Court. The government is planning to regulate cryptocurrency rather than ban it, for which it is planning to introduce a Bill in the Parliament.
All this and the recent rally in cryptocurrencies have spurred greater interest in investing in cryptocurrencies. In this article, we will learn about some exchanges from where you can buy/invest in cryptocurrencies.
Crypto investing: Where to buy
You can invest in cryptocurrencies in India through cryptocurrency exchanges based in India or elsewhere. Here is a list of some popular cryptocurrency exchanges that are accessible in India:
As seen in the above table, the cryptocurrency exchanges have been ranked based on trading volumes. Let us learn more about some of these exchanges:
WazirX is one of India's largest cryptocurrency exchanges. It offers trading in Bitcoin and several other cryptocurrencies and boasts of features such as super-fast KYC for account opening, lightning speed transactions, best-in-class security, and a simple and efficient design. It also provides an NFT (non-fungible token) marketplace for NFT creators and collectors. A couple of years ago, WazirX was acquired by Binance, the world’s leading cryptocurrency exchange.
CoinDCX aims to make cryptocurrency accessible to Indian investors with simpler, secure, and compliant solutions. It has the distinction of becoming India's first crypto unicorn start-up. As of November 2021, it has a user base of over 6 million users. CoinDCX allows you to start investing in cryptocurrencies with as little an amount as Rs 100.
Zebpay, which started operations in 2014, is one of India’s earliest cryptocurrency exchanges. As of November 2021, it has a customer base of over 5 million users and has facilitated cryptocurrency transactions worth more than $10 billion. It also has a Zebpay Lending Platform that pays you fixed returns on your crypto holdings.
4) CoinSwitch Kuber
CoinSwitch Kuber supports trading in 80+ cryptocurrencies. It started operations in 2017. As of November 2021, it has more than 11 million customers who have done cryptocurrency trades worth more than Rs 1 lakh crore.
Unocoin started operations in 2013, and as of November 2021, it has over 1.5 million users. It offers the Systematic Buying Plan (SBP) for Bitcoin purchases. Just like a mutual fund SIP, through the SBP, you can invest a specified amount regularly in Bitcoin. It helps you benefit from rupee cost averaging (RCA). Unocoin also allows users to recharge their mobiles, DTH, etc., using Bitcoin.
Choosing a cryptocurrency exchange
In addition to the exchanges listed above, there are many others that offer cryptocurrency services to people in India. While choosing one, you should consider features such as ease of account opening, ease of trading, the number of cryptocurrencies offered, speed of executing transactions, security features, lending platform, fees, etc.
Based on the above features and your specific needs, you should choose a cryptocurrency exchange that offers you convenience and the best value for your money. And once you purchase the cryptocurrency of your choice, don’t forget to store them securely in a crypto wallet!
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.