KEYTAKEAWAYS
- Top 6 crypto exchanges in India for 2024: WazirX, CoinDCX, Mudrex, CoinSwitch, ZebPay, and Unocoin, with Bitget as an excellent alternative.
- Key factors to consider: security measures, reputation, cryptocurrency selection, liquidity, user experience, fees, additional features, and customer support.
- Crypto taxation in India: 30% tax on gains, 1% TDS on large transactions, and specific reporting requirements for all crypto activities.
- KEY TAKEAWAYS
- BEST CRYPTO TRADING PLATFORM #1: WAZIRX
- BEST CRYPTO TRADING PLATFORM #2: COINDCX
- BEST CRYPTO TRADING PLATFORM #3: MUDREX
- BEST CRYPTO TRADING PLATFORM #4: COINSWITCH
- BEST CRYPTO TRADING PLATFORM #5: ZEBPAY
- BEST CRYPTO TRADING PLATFORM #6: UNOCOIN
- BEST CRYPTO TRADING PLATFORM ALTERNATIVE: BITGET
- HOW IS CRYPTO TAXED IN INDIA? | THE BASICS
- CRYPTO PLATFORM & TRADING FEES | THE BASICS
- WHAT TO CONSIDER WHEN PICKING AN EXCHANGE IN INDIA | THE BASICS
- COINRANK’S PICK OF THE BEST CRYPTO TRADING PLATFORM
- FAQS
- DISCLAIMER
- WRITER’S INTRO
CONTENT
As India embraces crypto and plans a digital currency, interest surges. We examine the best crypto trading platform to help you navigate this booming market.
India is quickly becoming one of the major players in crypto, with projections showing the sector will hit $6.6 billion by 2024, according to Statista Market Insights.
This surge is driven by increased adoption of digital assets, push for financial transparency, and technological innovations. With over 19 million crypto investors in India, mostly aged 18-35, it’s clear crypto’s becoming a significant part of the financial future.
In this article, we’ve carefully selected the best crypto trading platform in India to help you narrow down your decisions. Some exchanges offer user-friendly interfaces perfect for beginners, while others boast advanced functionality for seasoned traders. Let’s see which platforms might suit your needs!
BEST CRYPTO TRADING PLATFORM #1: WAZIRX
(source: WazirX)
What makes it the best crypto trading platform? WazirX, launched in 2018, has grown into one of India’s best crypto trading platform with nearly 15 million registered users. It offers over 350 cryptocurrencies and numerous trading pairs across platforms including Windows, web, Android, and iOS.
Key Features
- User-friendly interface with advanced trading charts
- Wide range of cryptocurrencies (350+)
- Native WRX token for fee discounts
- Smart Token Fund for beginners
- Available on multiple platforms
Pros
- High liquidity and trading volume
- Fast transaction processing
- Strong security measures (2FA, cold storage)
- Referral program with up to 50% rewards on trades
- Supports multiple Indian banks for deposits/withdrawals
Cons
- Major security breach in July 2024
- Lacks crypto lending and staking features
- Subject to regulatory scrutiny
- Customer support issues reported
BEST CRYPTO TRADING PLATFORM #2: COINDCX
(source: CoinDCX)
What makes it the best crypto trading platform? With over 13 million users and a $2.15 billion valuation as of 2022, CoinDCX offers access to more than 500 cryptocurrencies. The platform supports spot, margin, and futures trading, catering to both beginners and experienced traders. CoinDCX stores 95% of assets in multi-signature cold wallets and is available on web, Android, and iOS platforms.
Key Features
- Wide range of cryptocurrencies (500+)
- Multiple trading options (spot, margin, futures)
- Advanced trading tools with TradingView integration
- Staking and Systematic Investment Plans (SIP)
- Educational resources for crypto trading
Pros
- Strong security measures (95% funds in cold storage, BitGo insurance)
- Competitive trading fees with VIP tier system
- Free INR deposits and withdrawals
- Margin trading with up to 6x leverage, futures with up to 15x
- Regular Proof of Reserves audit reports
Cons
- Limited to Indian market (INR only)
- Lengthy account opening process
- Lower leverage compared to some international exchanges
- Customer support could be improved
BEST CRYPTO TRADING PLATFORM #3: MUDREX
(source: Mudrex)
What makes it the best crypto trading platform? Mudrex has over 2 million users and offers access to 350+ cryptocurrencies, with unique features like “Coin Sets” for diversified investing. Known for its user-friendly interface and strong security measures, Mudrex caters to crypto investors at all levels.
Key Features
- 350+ cryptocurrencies available
- “Coin Sets” for theme-based investing
- Futures trading with up to 20x leverage
- UPI (Unified Payments Interface) and bank transfer support for INR
- Strong security measures (cold storage, 2FA)
Pros
- User-friendly interface
- No fees on crypto deposits
- Diverse investment options (spot, futures, Coin Sets)
- 24/7 customer support
- Integrated tax reporting tools
Cons
- High withdrawal fees
- Limited country support (primarily India-focused)
- UI can be slow to load at times
- Lacks advanced trading features
BEST CRYPTO TRADING PLATFORM #4: COINSWITCH
(source: CoinSwitch)
What makes it the best crypto trading platform? CoinSwitch is a cryptocurrency exchange aggregator with over 18 million users that pools liquidity from multiple platforms to offer competitive rates. By maintaining a 1:1 asset holding ratio and not leveraging users’ funds, CoinSwitch enhances security and mitigates liquidity risks.
Key Features
- 100+ cryptocurrencies available
- Liquidity aggregation from multiple exchanges
- INR support for deposits and withdrawals
- User-friendly mobile app interface
- Educational resources for crypto beginners
Pros
- Easy to use, especially for beginners
- No fees on INR deposits and withdrawals
- Competitive exchange rates
- Instant buy, sell, and withdrawal options
- 24/7 customer support
Cons
- Limited to INR as the only fiat currency
- No margin trading or staking options
- Lack of advanced trading features
BEST CRYPTO TRADING PLATFORM #5: ZEBPAY
(source: ZebPay)
What makes it the best crypto trading platform? ZebPay serves over 6 million users and stands out for its instant trading, curated crypto portfolios, and lending features, ZebPay stands out for its strong security measures, storing 98% of user funds in cold wallets, and its proprietary Omnitrixx security system.
Key Features
- 150+ cryptocurrencies available
- Crypto lending with returns from 0.2% to 8.5%
- Curated crypto portfolios (CryptoPacks)
- Instant trading via lightning network
- Strong security (98% funds in cold storage)
Pros
- Established reputation in India
- Attractive fixed returns on crypto lending
- Occasional zero-fee trading on certain pairs
- Competitive rates for crypto deposits/withdrawals
- Available in India, Australia, and Singapore
Cons
- Interface may be less user-friendly for beginners
- No margin trading or staking options
- Monthly inactivity fee if no trades are made
- Enhanced KYC comes with an additional fee
BEST CRYPTO TRADING PLATFORM #6: UNOCOIN
(source: Unocoin)
What makes it the best crypto trading platform? Unocoin, founded in 2013, is India’s first and oldest cryptocurrency exchange, supporting over 120 cryptocurrencies. With over 2 million customers served since inception, it’s a well-established player in the Indian crypto market.
Key Features
- 120+ cryptocurrencies available
- Systematic Buying Plans (SBP) for Bitcoin and Ethereum
- Over-the-counter (OTC) trading for bulk transactions
- 40+ Unocoin Wallets for storing various coins
- Regular Proof of Reserves reports
Pros
- Long-standing reputation in India
- SBP option for as little as INR 10
- Crypto lending feature
- 93% of assets held in cold storage
- “Gold Member” accounts with higher limits and lower fees
Cons
- Limited customer support options
- Tedious verification process
- Only supports INR as fiat currency
- Limited educational resources on the website
BEST CRYPTO TRADING PLATFORM ALTERNATIVE: BITGET
(source: Bitget)
Bitget is one of the world’s best crypto trading platform and it has recently set its sights on the Indian market as a high priority. With over 8 million users worldwide, Bitget offers a wide range of trading options including spot, futures, and margin trading. The exchange is actively working to establish a strong presence in India, currently in discussions with the Financial Intelligence Unit (FIU) for VASP registration to ensure full compliance with local regulations.
Key Features
- 800+ cryptocurrencies available
- Copy trading platform
- Spot, futures, and margin trading
- $300 million Protection Fund
Pros
- High liquidity and low fees
- Strong security measures (163% reserve ratio)
- Copy trading benefits for followers and copied traders
- Comprehensive educational resources via Bitget Academy
- 24/7 customer support with fast response times
Cons
- Services restricted in some regions
- Currently limited accessibility for new Indian users
HOW IS CRYPTO TAXED IN INDIA? | THE BASICS
India introduced specific crypto tax laws in 2022, bringing clarity to the taxation of virtual digital assets. These rules apply to all crypto transactions, regardless of their classification as capital gains or business income. Here are some key points to remember:
| Terms | Rules |
|---|---|
| Profit Tax | 30% flat tax on all crypto gains |
| Transaction Tax (TDS) | 1% on sales over ₹50,000 yearly |
| Gifting Rules | Taxable if over ₹50,000, except from family |
| Loss Treatment | Can’t offset losses against other gains/income |
| Mining and Staking | 30% tax; mined crypto acquisition cost is zero |
CRYPTO PLATFORM & TRADING FEES | THE BASICS
When you’re trading crypto, it’s important to understand the fees involved. These can eat into your profits if you’re not careful. Here’s a quick rundown of the main fees you might encounter on your chosen best crypto trading platform:
Account Fees
- Most exchanges don’t charge for opening an account
- Some may have inactivity fees for dormant accounts
Deposit Fees
- Vary based on your deposit method (bank transfer, credit card, etc.)
- Many exchanges offer free deposits for certain methods
Trading Fees
(The main cost of using an exchange)
- Usually range from 0% to 0.5% per trade
- Often split into ‘maker’ and ‘taker’ fees
- Makers add liquidity (place limit orders)
- Takers remove liquidity (place market orders)
- Maker fees are typically lower to encourage liquidity
Withdrawal Fees
- Charged when moving crypto off the exchange
- Fees vary by cryptocurrency and withdrawal method
- Fiat withdrawals might have different fees than crypto withdrawals
Remember, some exchanges might advertise “zero fees” but make money on the spread (the difference between buy and sell prices). Always check the full fee structure before choosing an exchange.
WHAT TO CONSIDER WHEN PICKING AN EXCHANGE IN INDIA | THE BASICS
When selecting any best crypto trading platform, keep these important points in mind:
1. Security First: Keep Your Coins Safe!
- Look for exchanges with strong security measures
- Check for features like cold storage and two-factor authentication
- Consider exchanges with insurance for stored funds
2. Reputation Matters: No One Likes a Shady Exchange
- Research the exchange’s track record
- Look for user reviews and community feedback
3. Cryptocurrency Selection: More Coins, More Fun!
- Ensure the exchange offers the coins you want to trade
- Consider future trading plans – does the exchange support a wide range of cryptos?
4. Liquidity: Slow Trades Are a Snooze Fest
- Higher liquidity means faster trades and better prices
- Check the 24-hour trading volume as an indicator
5. User Experience: Trading Shouldn’t Feel Like Rocket Science
- Choose an interface that matches your skill level
- Consider mobile app availability for on-the-go trading
6. Fees: Keep More of What You Earn
- Compare fee structures across exchanges
- Look beyond just trading fees – consider deposit and withdrawal fees too
7. Additional Features: Extras Are the Cherry on Top
- Some exchanges offer staking, lending, or futures trading
- Educational resources can be valuable, especially for beginners
8. Customer Support: Your Lifeline When Crypto Gets Crazy
- Responsive customer service can be crucial when issues arise
- Check for multiple support channels (chat, email, phone)
COINRANK’S PICK OF THE BEST CRYPTO TRADING PLATFORM
Here is a summary of the top-rated crypto trading platforms popular among Indian investors.
- WazirX: Best crypto trading platform for high liquidity and diverse trading options
- CoinDCX: Best crypto trading platform for advanced traders with multiple trading types
- Mudrex: Best crypto trading platform for diversified investing with “Coin Sets”
- CoinSwitch: Best crypto trading platform for beginners seeking competitive rates
- ZebPay: Best crypto trading platform for instant trading and crypto lending
- Unocoin: Best crypto trading platform for long-standing reputation and systematic buying plans
- Bitget: Best crypto trading platform for copy trading and international exposure
Read more about our top crypto picks:
- Best Crypto Trading Course for Free in 2024
- 10 Best Technical Indicators for Crypto Trading in 2024
- 4 Best Crypto Trading Tools for Success in 2024
- 4 Best Low Market Cap Crypto to Consider if You’re Bored With Bitcoin
Learn about crypto basics:
- Margin Trading Crypto in 2024: What It is, How It Works & Top 5 Platforms
- What is Sector in Crypto? A Comprehensive Guide
- What Are Decentralized Apps (DApps)?
- Crypto Cold Wallet vs. Hot Wallet: What’s the Difference
Beginner’s guide to buying crypto:
- 14 Ways To Earn Passive Income With Crypto in 2024
- Bitget Futures Trading: A Comprehensive Beginner’s Guide
- Copy Trading Crypto Like a Pro on Bitget | Bitget Review 2024
- Bitget Copy Trading Explained: How It Works and Why You Might Need It
FAQS
- Is crypto legal in India?
Crypto trading is legal but not recognized as legal tender. There’s a 30% tax on gains and 1% TDS on large transactions.
- How to make sure a crypto exchange is legitimate and safe?
Check FIU registration, liquidity, security measures, and user reviews. Verify insurance coverage and fee structure before using.
- Which crypto is most used in India?
Bitcoin, Toncoin, and Shiba Inu are the most popular cryptocurrencies in India, based on their market capitalization.
- What are the top crypto trading platforms in India?
WazirX, CoinDCX, Mudrex, CoinSwitch, ZebPay, and Unocoin are among the best crypto trading platforms available for Indian users.
- How is crypto taxed in India?
India imposes a 30% tax on crypto gains. There’s also a 1% TDS on transactions exceeding INR 50,000 annually.
- What features should I look for in a crypto exchange?
Look for security measures, user-friendly interface, variety of cryptocurrencies, liquidity, competitive fees, and reliable customer support.
