Best Crypto Exchange In India For July 2023 |

Best Crypto Exchange In India For July 2023

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Best Cryptocurrency Exchanges Of 2023

CoinDCX: Best for Advanced Crypto Traders
CoinSwitch: Best for Beginners
WazirX: Best for Novice and Intermediate Crypto Traders
ZebPay: Best for Intraday Trading and Crypto Lending
BITmarkets: Best for Spot and Future Trading
Kraken India: Best for Advanced Crypto Traders
Bitbns: Best for Advanced Trading Features
UnoCoin: Best for New-Age and Millennial Users
BuyUCoin: Best for Earning Reward Points.
Giottus: Best for Crypto Staking

List Of Best Cryptocurrency Exchanges

Compare the Best Cryptocurrency Exchanges of India

Cryptocurrency Exchange	Forbes Advisor Rating	Crypto Coins Available	Fees (Maker/Taker)	Minimum Investment Required (INR)	LEARN MORE
CoinDCX	4.5	340+	0.2%/ 0.2%	100	View More
CoinSwitch	4.4	100+	0.1%/ 0.1%	100	View More
WazirX	4.4	200+	0.2%/ 0.2%	100	View More
ZebPay	4.0	100+	0.15%/0.25%	100	View More
BITmarkets	4.0	100+	0.5%/0.5%	500	View More
Kraken India	3.8	200+	0.16%/0.26%	820	View More
Bitbns	3.5	390 +	0.25%/ 0.25%	100	View More
UnoCoin	3.5	80+	NIL / 0.3%	1,000	View More
BuyUCoin	3.5	130+	0.24%/0.24%	20	View More
Giottus	3.5	120+	0.20%- Nil	100	View More

Methodology

While evaluating and choosing the top cryptocurrency exchanges in India, Forbes Advisor analyzed these exchanges on the basis of the following ten parameters:

Basic And Advanced Trading Features
Margin Trading And Crypto Lending Services
Educational Resources
Number of tradable Cryptocurrencies
Trading Fees Structure
Safety and Security Measures
User Feedback
Customer Support Services
Ease of Deposit And Withdrawal
Platform Availability

What Is A Cryptocurrency Exchange And How Does It Work?

Cryptocurrency exchange is an online trading platform that acts like an intermediary between buyer and seller of cryptocurrencies.These platforms enable trading in cryptocurrencies in exchange for digital and fiat currencies. These exchanges facilitate a user to deposit money via methods such as direct bank transfer, net banking or P2P etc and charge a commission or fee for every transaction done using its services.

When you are done with setting up an account with a cryptocurrency exchange, then it enables you to buy and sell digital currencies such as like bitcoin (BTC), ethereum (ETH), Ripple (XRP), Solana (SOL), dogecoin (DOGE), and so on. The user can purchase crypto by using a fiat currency like the U.S. dollar or INR, or by trading one form of crypto against another.

To initiate the trading process, the user is supposed to fund their exchange account or a wallet which is provided to them by the exchange platform. However, if you do bulk orders then it is recommended to set up your own crypto wallet for better security and safety. The user can easily view the trading prices of various cryptocurrencies, which are determined by the market forces of demand and supply parameters. Now, the user can now easily place a buy order in order to purchase the selected cryptocurrency. The order is then generated into the order book along with other buy and sell orders.

What Are The Different Types of Cryptocurrency Exchanges

Centralized Exchanges or CEX

These kinds of exchanges are the most common kind of platform that ensures easy, simple processes along with a very smooth user interface of crypto trading. As the name suggests, a central entity is responsible for governing and regulating these exchanges.

Every order or transaction is recorded, validated by the company to avoid any further discrepancies. The user’s fund is deposited in the wallet, managed by the CEX. And, to open an account here, the user needs to fulfill the KYC requirements where personal information of the user is shared.

Decentralized Exchanges or DEX

These kinds of exchanges are truly decentralized in nature, meaning there is no company or institution regulating these exchanges. The trades that take place on the exchange are fully automated and are executed through smart contracts and decentralized applications. At the same time, no KYC and no personal information is required here. DEXs are known to be more secure as they are automated via smart contracts, which are being written keeping required security checks in mind.

However, the interface of DEXs is not as smooth as CEXs, which generally impacts transaction speed and its volume. CEXs might prove to be more useful for beginners and novice traders and DEXs for experienced ones.

Hybrid Exchanges or HEX

Hybrid exchanges have the best features of both decentralized and centralized exchanges. A hybrid crypto exchange is still in a developemental phase. It has the liquidity feature just like the centralized platforms and maintains the anonymity and security, like the decentralized exchanges. One of the most notable features while transacting through HEX trading is that, there are no taker fees and gas fees involved here.

Understanding Crypto Exchange Fees

In India, different cryptocurrency exchanges levies different charges and fees. Let’s have a look in more detail at what these charges are:

Joining Fee

Majority of the cryptocurrency exchanges in India, such as WazirX, Zebpay, Bitbns and Unocoin, have completely waived off the joining fee. However, there may be a very small amount of membership fee in the case of inactive accounts.

Deposit Fee

This fee is charged when the user deposits money or coins to the crypto exchange to initiate the buying or selling. Deposit fee amount depends totally on how the user has transferred the money, whether through payment service providers, credit or debit cards, a crypto wallet, P2P or via net banking transfers.

Trading Charges

Trading charges are the most important part of cryptocurrency exchange’s fee mechanism. Trading fees may be levied as a flat percentage of the amount of crypto that a trader buys or sells, or an exchange may charge according to the orders placed, such as makers and takers, are charged differently. So before going further, it is crucial to understand- Maker and Taker fees.

A maker is a party that creates liquidity on the exchange by selling cryptocurrency

A taker is a party that takes it off the liquidity by buying the cryptocurrencies.

Both maker and taker pays a certain amount of fees for the transaction. However, makers generally pay less.

The trading charges vary across exchanges, ranging from almost 0% to 0.25% in most of the exchanges. However, it is to be noted that certain exchanges claim to charge the user zero fees, one must look carefully, that if they are charging in the form of spread — the difference between the rate of buying or selling the cryptocurrency. And, generally this rate is higher as compared to the trading fee.

Withdrawal Fee

Some exchanges charge the user on the withdrawal of money into fiat. Withdrawing money happens when a user places a sell order on the exchange and then the funds reflect in his or her wallet. The user here can withdraw money fully or partially, into their registered bank account, for which he or she may be charged. The user also has the option of making a withdrawal in coins, that also has a cost attached.

Crypto Wallet VS Crypto Exchange

Cryptocurrency Wallet	Cryptocurrency Exchange
It is a software program which stores your cryptocurrencies.	It is a website or a mobile app which lets you buy and sell cryptocurrencies at a given price and with security.
Allows full control over your private key and transfer of funds.	Does not provide full access to your private key.
Wallet only allows storing your digital currencies. One cannot buy or sell via wallet.	Exchange is the platform which offers buying, selling and trading.
A user is solely responsible for the safety and security of their cryptos.	The exchange is responsible for managing your cryptocurrencies and will set up your storage automatically.
If you want full control over your cryptocurrencies and wish to have easy access then you must go for wallets.	If you are an avid trader and want to buy and sell crypto to maximize returns, then crypto exchange is the best option for you.

What To Look For When Choosing A Crypto Exchange?

Security: This is the most important factor while selecting the cryptocurrency exchange. Always choose that exchange which has enough cold storage and insurance back-up for your stored funds. If something happens to the exchange, it must be in the position to return back your currencies immediately.

Secondly, the best exchanges will run bug bounty programs which helps in pointing out the shortcomings and vulnerability in the exchange network. They will also have two-factor authentication and robust safety measures which further helps user’s holdings against crypto hacks and severe attacks.

Variety of Investment/Trading Options: Before selecting the best crypto exchange for you, always consider these following factors while choosing the best one:

What kind of different trading avenues and options do they provide?
How many trading pairs and coins the exchange supports?
Do they offer alternative crypto products such as staking, lending, futures?
Does the exchange have their own wallet?
What is the minimum deposit amount and payment modes?

Liquidity: Liquidity refers to how quickly you are able to convert your coins into fiat currency or vice-versa. Always select the exchange with a good liquidity feature. To determine the liquidity of an exchange, you can always refer to their 24-hour trading volume, which means the higher the better. Also, refer to the real-time trading volume data of the various exchanges, then compare them and select the best one.

Other Features: A cryptocurrency exchange should be one go to platform which is enriched with all the best features such as responsive customer support, lucrative rewards and referral programs, easy user interface, wide range of educational materials and research reports, price alerts, various options of payment modes, which makes your trading experience smooth and easy.

Fees: All the exchanges charge fees in some or the other way. You must see which exchange is charging what sort of fees and should not impact your earnings. Before selecting the most suitable exchange, always compare the trading, deposit, withdrawal and transfer charges, which will give you a fair idea on the charges and fees which a particular exchange is levying upon users.

A good crypto exchange will have higher user base and trading volumes. Do not opt for an exchange which is offering you lowest fees or high rewards. As cryptocurrencies are highly volatile in nature, select your crypto exchange only after proper market understanding and research.

How To Open A Crypto Exchange Account?

The process of opening an account with any of these exchanges is fairly simple. After selecting an appropriate exchange, a user needs to follow these steps to open a trading account:

Download the cryptocurrency exchange’s app from play store (Android) or from apple store (iOS) or sign up directly from the exchange’s official website.
Open the respective app where you will be asked to log-in or sign-up. Click the “sign-up” option as you are a new user.
Enter your e-mail address and password. Then, a confirmation email will be sent to your given email ID.
Go to your respective email inbox and click on the link to verify your email.
The app then prompts you to click on your security options. Majority of the app allows you to skip this step, but it is advisable to select your security options at this stage only.
After this step, you are required to fill-in all the required personal information such as name, address, date of birth, PAN card and Aadhar card details as to complete the KYC formalities.
Once the required information is submitted, you will get a confirmation notification from the exchange. Now, your account is fully functional for placing its first transaction.

If you want to know more on how to purchase a cryptocurrency, read How To Buy Cryptocurrency.

Featured Partners For Cryptocurrency

Skilling

Welcome Bonus On First Deposit:

Get $30 in your verified trading account on your first deposit.

Variety:

Trade CFDs in crypto, forex, stocks, metals, commodities & more!

Intuitive & Cheap:

Designed for traders of all levels, from beginners to professionals.

Invest Now

On Skillling’s secure website

Uphold

Grow Your Passive Income

250+ cryptoassets available

Why Uphold

Just $1 minimum deposit

Fees

Enjoy 0% bank deposit & withdrawal fees*

Invest Now

On Uphold’s Website

Please invest carefully, your capital is at risk

Next Up In Crypto

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Read the full article

How to be sure a crypto exchange is legitimate and secure?

A quick search and background check about the app will surely help to confirm the exchange’s legitimacy. Keep these following points in mind to be sure about whether the exchange is legitimate and secured:

Always check the exchange’s trading volume and liquidity.
Keep an eye on their security measures.
See if the deposits and crypto funds have insurance back-up or not.
Check the exchange’s deposit and withdrawal limits and pricing structure.

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