India in general welcomed crypto investment opportunities with open arms in 2020. Day trading crypto was seen as a treasure trove of making financial gains even while the whole economy seemed to have collapsed during the COVID pandemic. Within a span of a year, millions have registered their trading accounts in India. Cryptocurrency trading is picking up with top crypto exchanges witnessing a meteoric rise in their subscriptions offering crypto investment portfolio management services and products.
If you’re thinking of joining in to make your own fortune day trading crypto then you need to know what top crypto exchanges are offering precisely. So you can compare them based on some minimum criteria (e.g. trading fees, security etc) to find the best cryptocurrency exchange in India, suited to your crypto investment goals.
You need to look at any exchange in terms of whether it fulfills certain basic conditions for activities related to day trading crypto or not. For instance:-
The above criteria can be used to rate any exchange you want to consider using for creating your crypto investment portfolio. Let’s explore some of the top crypto exchanges that are popular amongst Indian traders and investors for cryptocurrency trading in 2021.
The following top crypto exchanges in India are emerging as popular choices for day trading crypto.
CoinDCX is mobile-friendly, one of the top crypto exchanges and trading apps based in Singapore. CoinDCX boasts of over 4 million Indian subscribers supporting over 500 crypto tokens to trade on the app. It offers spot market, margin, futures, and lend services.
Its signup is easy and requires a one-time password (OTP) sent to your mobile number and email address. The KYC procedure involves identifying yourself with a PAN card and any of your other government-authorized IDs. CoinDCX security intensive featuring two-factor authentication – insured by BitGo, with encrypted passwords and personal data. 95% of all funds are stored in multi-sig cold wallets. CoinDCX also has some impressive investors in the crypto investment arena, namely Coinbase Ventures, BainCapital Ventures, Polychain Capital and BitMex.
CoinDCX offers DCXinsta, a single window P2P to buy 100+ cryptocurrencies instantly with INR. CoinDCX also offers lending and staking services to earn passive income through holding their crypto investment. Currently it provides staking for ETH2.0, EOS, NEO, ONe, QTUM, TRX and Tezos (XTZ).
|Provides liquidity to support the growing number of crypto trading pairs.||User verification becomes tedious for higher fiat values.|
|Charges low trading fees.||INR is the only FIAT currency supported by the platform.|
|The platform has the largest range of crypto coins for Indian traders.|
|With futures trading, CoinDCX allows 20x leverage.|
|The platform accepts easy payment gateways such as UPI and IMPS.|
|With margin trading, CoinDCX allows 6x leverage on various crypto assets.|
The CoinDCX exchange charges a 0.04% fee for takers and a 0.06% fee for makers. It charges low fees compared to current industry standards, which is 0.10% for takers and 0.15% for makers. This low trading fee, however, gets negated with a high withdrawal fee. CoinDCX charges around 0.001 BTC fees on every BTC withdrawal.
WazirX, started in Mumbai is a Binance-owned Indian crypto exchange and one of the country’s top crypto exchanges. WazirX has a native cryptocurrency utility token – WazirX coin (WRX). Similar to Binance, they offer a P2P trading engine that intelligently pairs cryptocurrency trading users to trade amongst each other. WazirX has an intuitive interface across desktop and mobile devices, with a fast signup and verification process.
WazirX claims to be India's "most trusted Bitcoin and Cryptocurrency exchange." through investment in regular security audits. Cryptocurrency trading users are put through a know-your-customer (KYC) process, and their crypto investment accounts are secured using two-factor authentication (2FA) and one-time password (OTP). WazirX also stores 95% of users' funds offline in cold storage.
|Smooth and efficient cryptocurrency trading experience across all platforms-web, Android & iOS mobile, Windows, and Mac applications.||Fails to provide high liquidity.|
|Smart Token Fund enables Indian investors to expand and diversify the crypto portfolio early.||Stopped offering crypto lending services since March 2021.|
|Acquired by Binance, which is one of the top crypto exchanges in the world.||The platform charges a high fee for withdrawing crypto assets.|
|Allows INR deposits made through UPI.|
|The fund takes a percentage of profits and provides insurance for the users.|
|Allows users to create and collect NFTs.|
The trading fee at WazirX is 0.2% for both the maker and the taker. Unlike most cryptocurrency trading pairs, the platform charges 0% fees for USDT/INR transactions only. The Smart Token Fund transactions are charged with 25% fees on profits. The platform has a minimum buy order limit of 5 USDT, and it also implies a maximum buy order of 100,000 USDT. The withdrawal fees on WazirX are 0.0006 BTC.
Binance as a crypto investment platform supports the most flexible payment methods ,including the credit/debit card, using Simplex and P2P cryptocurrency trading to buy cryptocurrency using an escrow system.
Crypto Investors and traders can make money on Binance in many ways:
|A secure platform and wallets on one of the largest and most trusted exchanges.||More suitable for advanced users|
|Lower fees as compared to other exchanges||Difficult account verification|
|A large variety of cryptocurrency trading pairs|
Binance as one of the top crypto exchanges in India offers lower transaction fees compared to other exchanges. Its Fee structure has been segregated into three different types of fees which are the deposit/withdrawal fee, trading fee and P2P fees.
There is generally no fee charged in India when making a deposit but there is a certain % charged depending on the type of fiat currencies being deposited. A withdrawal fee is charged depending on the crypto.
A flat trading fees of 0.1% is charged for both maker and takers if you are paying with crypto while the fee will be 0.75% if you are paying with BNB
Get 10% off on Binance trading fees.
Coinswitch Kuber is an India based mobile only crypto exchange. It supports over 100 crypto and currently has over 5
million crypto traders. Users can start cryptocurrency trading with no more than just INR 100 on this platform. The
platform does not charge users for deposits or withdrawals. Users can place limit orders as well.
The platform offers a referral program as well. Multiple modes of payment supported are UPI transfer, IMPS, RTGS and NEFT.
CoinSwitch allows zero cost for deposit or withdrawal, for the first hundred days of trading.
|Accepts INR deposits instantly.||The platform is not available for demo or free trial as updating KYC details is mandatory.|
|Withdrawals can be made with bank transfers and various either payment methods.||Lacks tools for day trading crypto|
|Simplistic UI which makes it beginner-friendly.||The platform helps people buy cryptocurrency by only using INR as crypto-to-crypto exchanges are currently not supported.|
|Fast KYC process, which completes online verification within minutes.||It doesn’t support credit and debit cards|
|Great user reviews on Google Playstore.||It is available only via the mobile app|
|58 cryptocurrencies supported, which can be traded with INR.|
|Real-time live chat service for responsive customer support.|
CoinSwitch Kuber fees are not disclosed on the website. Information on the trading fees is provided exclusively via the customer support team through live chat. The company has stated in these chats that it doesn’t charge any fee as yet.
Determining the best amongst the top cryptocurrency exchanges in India is not an easy task. For some, the best exchange for cryptocurrency in India would be CoinSwitch Kuber, due to ease of use and does not charge a hefty fee.
Amongst experienced crypto traders, their favourite is WazirX due to its explosive growth over the past years. It is also one of the safest and reliable exchange apps for Indian investors. It allows Indians to buy and sell Ripple, Bitcoin, Tron, Ethereum, and over 100 other cryptocurrencies, becoming a driving force behind adoption of the crypto economy.
CoinDCX, the Mumbai-based cryptocurrency exchange, is also popular for cryptocurrency trading and crypto investment, handling more than one lakh active traders every day.
Binance, with global exposure and the right tools for day trading crypto is also a favourable choice, but amongst seasoned crypto traders. Overall, the low trading fees of these exchanges is also worth considering.
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