Top 10 Crypto Exchanges in India in 2022
Cryptocurrency is a set of binary data that may be used to make payments. Cryptocurrencies are neither backed by nor convertible into commodities, they are classified as fiat currencies. To keep the coin running, validators are utilised in several crypto schemes. In a proof-of-stake system, token owners put their tokens up as collateral. In exchange, users receive proportional control over the token based on their stake. Due to network fees, newly minted tokens, or other compensation ways, token stakes often gain higher token ownership over time.
It is not authorized by a centralised authority and has no physical form. Unlike a central bank, digital money is not backed by a government (CBDC). A cryptocurrency is deemed centralised if minted or manufactured before issuance or issued by a single issuer. When implemented with decentralised governance, each cryptocurrency uses distributed ledger technology, often a blockchain, to act as a public financial transaction database.
A cryptocurrency is a marketable digital asset or digital form of money exclusively available online and based on blockchain technology. Cryptocurrencies use encryption to authenticate and protect transactions. There are over a thousand distinct cryptocurrencies in use today, and proponents see them as the way to a more equitable future economy.
In 2009, the first decentralised cryptocurrency, Bitcoin, was released as open-source software. Following the launch of bitcoin, a slew of new cryptocurrencies developed.
For the past several months, the value of the cryptocurrency has been soaring. Every day, more investors join the frenzy in the hopes of profiting and reaping the benefits of transacting in a decentralised market. Investing in cryptocurrency is made easier with the use of a crypto exchange. Customers can buy and sell digital currencies like bitcoin, ethereum, and dogecoin, to name a few, using these online services, which are comparable to stockbrokers. To avoid being a victim of a scam or fraud, crypto investors should extensively investigate the exchange they intend to use before placing their money there.
What is a cryptocurrency exchange app’s purpose?
For the beginner, cryptocurrency exchange apps allow you to trade (buy and sell) a wide selection of cryptocurrencies while on the go. To process cryptos, you don’t need a laptop. These programmes, on the other hand, make trading cryptos and accessing the realm of decentralised digital currency networks simple. Anyone may sign up because the process has been streamlined and the mobile app layout is designed for quick learning. These apps for Android and iOS phones are available in the Google Play Store and Apple App Store, respectively.
What does KYC mean on cryptocurrency exchanges?
Before transacting anything, you must upload your name and address ID verification to comply with global ‘know your customer rules. Vauld is an example of an Indian exchange that accepts central government-issued IDs and employs automated technologies to cross this hurdle quickly. According to some users, the KYC process at Binance can take up to a week to complete.
Methods of payment and currency accepted on crypto exchanges-
Paying money into your exchange isn’t as simple as booking a train because Indian banking regulators haven’t officially accepted crypto. WazirX, for example, favours UPI transactions since they are reasonably fast. The Reserve Bank of India (RBI) prohibited money transfers to cryptocurrency exchanges. Even though the problem was rectified in September, India’s largest bank (SBI) is still attempting to block its account customers from making UPI transfers to exchanges. That helps to explain why Indians occasionally go the potentially illegal route of registering/verifying as non-Indian on overseas deals to utilise debit/credit cards to fund their exchange wallet.
Why does selecting coins or cryptocurrencies matter when choosing a crypto exchange?
Profitability is increased by having many coins and currency pairs to choose from. Paypal, for example, sells only four major coins in two countries at a high price that committed users may justify. On the other extreme, companies like Coinbase support hundreds of coins and thousands of currency pairs, such as Ethereum-Bitcoin, Shiba Inu-Tether, and Solana-Bitcoin. Instead of requiring two transactions to sell one coin and then acquire the other, such currency pairings allow quick swaps between them.
Fees on crypto exchanges-
Fees on trades are profitable for an exchange, but they can be dangerous for a trader with thin profit margins. Exchanges impose fees for everything from depositing to withdrawing, from instant selling and buying to futures trading, and from wallet transfers to lending/borrowing. They may charge a flat fee or a percentage, with pricing varying by user tier and subject to change, rendering any direct comparison meaningless at worst and perplexing at best.
Financial services offered by crypto exchanges-
As an exchange’s core services are becoming commoditised, the better ones go further. Welcome to the world of derivatives, which includes leverage, shorting, lending, and NFT art sales. Paypal would be at one end of the scale, with financial derivatives deemed too risky for European regulators, and Binance at the other, with financial derivatives, deemed too dangerous for European regulators.
Features and benefits of having a crypto exchange on the go using a mobile app-
An easy-to-use smartphone app is helpful for investors who don’t always have access to a larger screen with enough room for a lot of detailed charts when they’re on the go. For example, the CoinDCX app finds a balance between convenience and intricacy, whereas Vauld sacrifices nuance in favour of ease.
Various crypto exchanges have different trade execution speeds when it comes to crunch time-
Even after accounting for crypto transaction delays, the speed with which all exchanges are serving India execute trades has remained a sore issue. When a frenzy of market activity and significant opportunities open up, the more extensive exchanges slow while, the smaller ones crash (down for repair) due to unexpectedly high traffic. Users have also discovered that they cannot sell but can buy during periods of high volatility, which exchanges claim is a manner of ‘protecting’ their users.
The significance of digital currency and user data security on crypto exchanges-
All India’s leading exchanges are centralised, with the exchange handling user wallets. Compared to smaller exchanges, larger and growing deals are more likely to see the need for a security team to fund it. Long-term investors typically shift their crypto holdings from an exchange to a private wallet where they have more control to reduce risk.
On crypto exchanges, there is user support-
Even after reading the tutorials and assistance part of the fair exchange, you may still have queries or concerns. The main choices are to contact the company via email or live chat or to post on their forums to discuss the issue with other people. The larger exchanges can also maintain a social media presence on sites like Twitter and Reddit.
According to Chainalysis, a blockchain data platform, India has a high level of bitcoin adoption, ranking second out of 154 nations in June 2021. According to premium research, the value of India’s digital currency sector has expanded from $923 million in April 2020 to $6.6 billion in May 2021.
Recently, self-regulated cryptocurrency companies were heavily promoted during this year’s T20 World Cup. Given the efforts to raise awareness, now is a good time for a cryptocurrency trader looking to build wealth to evaluate their crypto exchange to get the most out of it.
Following are Top 10 Crypto Exchanges in India 2022-
1. WazirX
One may have recently noticed a number of mentions of this name on social media, indicating that it is popular. This crypto trading programme accepts INR, USD, BTC, and even P2P as payment methods. WazirX has its own cryptocurrency, WRX, which can be purchased with Indian rupees.
WazirX’s ability to earn coins by participating in various contests accessible in the app’s information section is one of its most popular features. Users can secure their accounts by enabling two-factor authentication (two-factor authentication) or an App passcode in their phone’s settings. WazirX charges a 0.2 per cent fee to both the taker and the maker. WazirX charges both the taker and the maker a 0.2 percent fee. You can deposit any amount greater than Rs 100 in the WazirX wallet via NEFT, RTGS, IMPS, and UPI. The first three charge Rs 5.9 per transaction, whereas UPI transactions are free.
2. Unocoin
Unocoin, on the other hand, is known for its user-friendly interface and interoperability with a variety of cryptocurrencies. Users must make an account and ensure that all KYC (criteria are completed while registering for the app. The software also provides a tool to plan sales from the profile tab. When purchasing and selling assets, Unocoin customers pay a fee of 0.7 per cent, which is higher than the fee charged by WazirX. This rate is good for at least 60 days of usage. After that, the app will ask for a 0.5 per cent fee to upgrade your membership to Gold.
Unocoin has a Rs 1,000 minimum deposit, greater than WazirX’s. Users are not charged fees while depositing money using NEFT, RTGS, IMPS, or UPI. However, there is a 2% transaction fee when using a MobiKwik wallet, and you additionally pay the price set by the banks when using debit or credit cards. It offers biometric security features like finger ID and passcode. The app will instantly log you out if you enter the incorrect code coupled with your biometric ID.
3. CoinDCX
CoinDCX is largely considered the country’s most versatile crypto asset trading platform. It lets you buy and sell more than 200 different trade coins. Furthermore, a one-time password (OTP) given to your registered mobile number and email address have sped up the entire setup process.
By heading to the app’s Settings menu, one can learn about cryptocurrencies and how they work in the virtual world by investing in them. It charges a 0.1 per cent maker and taker fee and a free withdrawal limit of Rs 1,000. This exchange programme only supports INR to allow you to deal in cryptos. Your account can be funded using NEFT, IMPS, RTGS, UPI, or a traditional bank transfer.
It offers a wide range of security features, which is positive. Users must first use the Google authenticate app to verify their identity because you won’t trade if you don’t have it. One need to create a withdrawal password, which must be confirmed each time you make a withdrawal.
CoinDCX is available for Android and iPhone.
4. Zebpay
Zebpay it’s one of the most established bitcoin trading apps on the market. You can use your cell phone number to sign up and complete your KYC to start trading. Refer-and-earn is supported on the platform. If you refer others to join Zebpay by promoting bitcoin trading, you’ll receive 50% of the trading fees generated through your contacts for a year. A minimum deposit of Rs 100 is needed for UPI, a minimum deposit of Rs 1,000 is required for other payment methods.
Zebpay imposes fees across the board. It charges 0.0001 BTC per month for membership. According to the app, you can save money by actively investing in the app. It sets a 0.15 per cent maker fee and a 0.25 per cent taker fee. If you trade on the same day, you will only be charged a 0.10 per cent trading fee. All cryptos can be deposited for free with Zebpay. However, if you deposit through UPI, you will be charged Rs 15, and if you deposit through online banking, you will be charged 1.77 per cent. For all withdrawals, the platform levies Rs 10; for Bitcoins, the price is 0.0006 BTC.
Zebpay is available on Android and iPhone.
5. CoinSwitch Kuber
CoinSwitch Kuber was a constant advertising presence during the recent IPL. Sequoia Capital and other well-known investors and venture capital firms have invested in this platform. It promises to provide the best trading rates in the business and allow you to trade in up to a hundred different cryptos. Using your phone number, create an account for trading on the app. You will not be able to trade until the KYC procedure is completed.
A four-digit pin code can be used to secure your app account. Because of its simple user interface and great promotion, many have flocked to CoinSwitch Kuber. On the top crypto exchange app, deposits in INR can be made by NEFT, bank transfer, or UPI. On the other hand, the site refuses to reveal details regarding its crypto-asset security methods. The overall service system has to be enhanced, and there aren’t enough trading details.
CoinSwitch Kuber is available on Android and iPhone.
6. Bitbns
Bitbns is another bitcoin trading programme available. These apps, available for Android and iPhone, allow you to buy and sell altcoins without the use of a middleman. The show features over 100 cryptocurrencies, ranging from Bitcoin and Ethereum to the relatively new Shiba Inu. Furthermore, Bitbns delivers trading ease unmatched by any other cryptocurrency exchange thanks to its partnership with major cryptocurrency exchange OKEx.
Traders in India can purchase USDT, LINK, AAVE, MATIC, and USDC with a rupee through bank transfer, IMPS, and UPI by selecting Bitbns through OKEx’s buy/sell interface. The company wants to give Indian traders a fiat gateway, a choice of novel trading pairs, priority access to new coin/token releases, and high-return staking products due to the partnership.
7. BuyUcoin India
It is famous in India, with over a million customers and more than 40 cryptocurrencies.
BuyUcoin had a trading volume of $330 million in the fourth quarter of 2021, according to CoinMarketCap.
Some of the characteristics that have made BuyUCoin famous among Indian customers are low withdrawal fees and an incredibly user-friendly UI.
8. Binance
Binance is the largest globally in terms of daily cryptocurrency trading volume. Established in 2017 and is based out of the Cayman Islands.
Changpeng Zhao, a developer who had designed high-frequency trading software, launched Binance. Binance was founded in China but moved its headquarters out of the country after tightening its cryptocurrencies.
Binance was investigated by the US Department of Justice and the Internal Revenue Service in 2021 on charges of money laundering and tax evasion. In June 2021, the Financial Conduct Authority of the United Kingdom ordered Binance to cease all regulated operations in the United Kingdom.
9. OKEx
A cryptocurrency exchange established in the Seychelles provides a trading platform for many cryptocurrencies. Two of the exchange’s most important features are spot and derivative trading. It was founded in 2017. It is owned by Ok Group, which also runs a cryptocurrency exchange called Okcoin.
In May 2018, the exchange overtook Coinbase as the world’s largest cryptocurrency exchange by reported turnover.
The platform is one of the first major exchanges to launch a white label cryptocurrency exchange service in June 2018. Candidates are needed to have proven industry experience and $2.5 million in their accounts.
The Hong Kong Securities and Futures Commission, issued new digital asset exchange guidelines in November 2019. (SFC). According to Reuters, OKEx expects a small number of exchanges to opt into the new laws, but the new standards are beneficial to the business.
On November 19, 2019, the cryptocurrency exchange announced that they had started their Indian Telegram channel a year before launching their Indian operations.
The company announced four partners for its global utility token “OKB” on November 25, 2019.
According to Reuters, OKEx had its highest trading volume in February 2021, up 26% from the last month to $188 billion. Typically, five days after a new cryptocurrency coin is listed on OKEx, and the new coin shows a positive price spike.
10. Coinbase Global, Inc.
Coinbase, a cryptocurrency trading platform based in the United States. Coinbase is a remote-first company with no physical headquarters. Brian Armstrong and Fred Ehrsam launched the company in 2012, and as of March 2021, it was the largest exchange in the United States by trading volume.
Edited and published by Ashlyn
