- Date : 26/05/2021
- Read: 3 mins
India has a vibrant crypto trading market with some well-established platforms for you to trade in.
Cryptocurrency was banned in India in 2018 by the Reserve Bank of India. However, last year this ban was overturned by the Supreme Court. This was a welcome move for Indian investors, particularly the digitally savvy. There is a growing number of Indians who are busy investing and trading in the crypto market, and the increasing number of crypto trading platforms and bitcoin exchanges bear testimony to this fact.
While Binance Exchange is considered to be the largest crypto platform in the world, here are some other popular cryptocurrency exchange platforms.
- WazirX is an Indian bitcoin and cryptocurrency exchange where you can engage in ethereum, ripple, litecoin and bitcoin trading, to name a few. They charge 0.2% on their spot platform. WazirX highlights the simplicity of the user experience, fast transaction speeds, and world-class safety among its key features. Apart from the exchange, WazirX also facilitates P2P transaction capabilities.
- Coin DCX also features among the top crypto exchanges in India, particularly among beginners. You can build your crypto portfolio through instant transactions on its user friendly platform. Expert traders can use Coin DCX through a single access and with very low spreads. Users can buy and sell on its spot trading, margin, and futures platforms in over 250 cryptocurrencies at a 0.1% trading fee. You can also invest in its decentralised lending service.
- Unocoin is used by over 1.5 million people and is among the oldest crypto exchange platforms in India. It assures safety with offline data storage and two-factor authentication. UPI and bank transfer are also allowed. However, bitcoin trading charge tends to be on the higher side at 0.7%.
- Bitbns is another popular cryptocurrency trading platform for starters, It boasts of grade-A security and follows the practice of 95% storage in offline cold storage. While providing selling and buying bitcoin facility, Bitbns accepts UPI and banking transfers, as well as P2P deposits. Its trading fee ranges from 0.03% to 0.25% depending on the level.
- ZebPay provides a crypto trading platform and wallet service to securely send and receive cryptocurrencies. It has been around in the cryptocurrency market since 2014 and has served over 3 million customers. As an added security feature, ZebPay has a feature to disable outgoing transactions. The trading fees are 0.15% on the maker, 0.25% on the taker, and 0.1% on intraday.
The Indian government has pushed for a bill to ban all private cryptocurrencies in India, as reported in January 2021. It also has plans to introduce a digital version of the rupee using the technological framework of cryptocurrencies. However, Nischal Shetty, the founder of WazirX, responded to this by tweeting that the rich will continue to invest in crypto overseas, while ordinary citizens will miss out on this investment opportunity.
It remains to be seen how things pan out India. However, what is certain is that vibrant and dynamic cryptocurrencies will continue to grow as an investment choice around the world.