Estimated reading time: 11 minutes
It is easy finding a crypto exchange these days but somewhat hard to find the right one for you. WazirX, CoinDCX, etc. are two of the five best bitcoin exchanges in India. Being a beginner WazirX/ CoinDCX would be the best option for you.
|Crypto platform||Fee||Security||Mobile friendly||Overall||Deposit Option|
Table of Contents
- A bitcoin exchange is a trading platform helping investors trade bitcoin and other cryptocurrencies.
- WazirX, BuyUcoin, CoinDCX, Unocoin, and Bitbns can be considered the best crypto exchanges in India.
- WazirX is an Indian trading platform, later acquired by Binance (Get 10% OFF your trading fees), which provides many opportunities for traders.
- BuyUcoin is also an Indian trading platform with a minimum withdrawal fee on BTC when compared to its competitors.
- CoinDCX provides beginners with an opportunity to learn and kick start their trading journey and charge the minimum taker and maker fees.
- Unocoin is the oldest exchange in India and hence the most experienced. Yet, they charge a significant fee.
- Bitbns happens to one of the most simple, attractive, and secure platforms to trade your assets.
What is a Bitcoin exchange?
Crypto investors need a platform to trade Bitcoin and other cryptocurrencies and exchanges provide this service. They help traders to keep a check on the fluctuating market values of cryptocurrencies and connect buyers and sellers to enable trading.
How does a bitcoin exchange work?
Almost all the exchanges follow a similar basic layout. The crypto platforms connect the buyers and sellers willing to make a trade. We can have an overview of their functioning as:
- To buy/ sell a bitcoin, you need to place a Limit or Market order.
- If both your and the seller’s price offering is the same, then the exchange connects you to the seller (in the backend), and the trade succeeds.
To begin your trading journey, we have listed some of the best trading platforms in India.
Best Bitcoin exchanges in India
Here are the top bitcoin exchanges in India.
WazirX is a product of the Indian brain of Nischal Shetty and is functioning since 2017. It is considered the most used trading exchange by Indians. Further, the platform offers various services such as WazirX P2P, STF, OTC Desk, and an NFT MarketPlace. In addition, it facilitates the direct transfer of funds to Binance without any fees. To learn more, read our WazirX review.
Is WazirX Safe?
Yes, WazirX is entirely safe to use as it offers two-factor authentication for every login. Further, they notify via mail and from the notifications tab of mobile for every trade completing a successful exchange.
WazirX provides you with an app lock to prevent access to your wallet by an intruder. They also store the majority of cryptocurrencies in cold storage.
They charge a fee of 0.2% as a maker and taker fee. They do not charge any fee for depositing a cryptocurrency. However, they do charge a significant fee on bank transfers.
In the case of withdrawals, they charge 0.0005 BTC per BTC withdrawal and INR 10 withdrawal fees.
WazirX Customer Support
WazirX offers an efficient customer support service. You can reach them out by using their request form present on the support page. Moreover, the platform also has a dedicated phone support team to serve its users. You can call WazirX customer care number 0124-6124101 / 0124-4189201 or on their toll-free number 1800-309-4499.
WazirX payment methods
WazirX accepts a deposit in cryptocurrencies, bank transfers, WairX P2P, and Mobikwik. However, there’s a fee of INR 5.9 on bank transfers or NEFT, whereas there are almost no charges for UPI transactions.
WazirX Pros and cons
|They work with Binance (the biggest crypto exchange in the world).||They charge a high maker and taker fee.|
|The platform provides P2P trading with no trading fees.||Only some basic features are available on the mobile application.|
|The platform is mobile friendly with a simple user interface.|
BuyUcoin is a product developed by three Indian brains and is running since 2016. You can use BuyUcoin to trade bitcoin and other cryptocurrencies. They also provide services to hold or store your Bitcoin in their wallet.
They are one of the best platforms for trading. However, Shinyhunters hacked them in January 2021, which led to a breach and loss of 325k users’ private data. To learn more about BuyUcoin, read our BuyUcoin review.
Is BuyUcoin Safe?
Yes, BuyUcoin is a safe platform as it encrypts users’ passwords using the Salting algorithm, preventing access to the data. Moreover, they store 95% of funds in cold offline storage and provide two-factor authentication. The BuyUcoin mobile application is available on google play store and the apple store.
BuyUcoin deposit fees depend on their banking partner, a maker/taker fee of 0.24%, and no fee is charged for OTC desk transactions.
On withdrawing a bitcoin, you’ll have to pay 0.00125 BTC per BTC. However, there are no charges for depositing a Bitcoin or any other cryptocurrency.
BuyUcoin payment methods
BuyUcoin accepts payments through debit cards, credit cards, NEFT & RTGS, net banking, and UPI. You can also connect your Mobikwik wallet and deposit using it to the BuyUcoin wallet.
BuyUcoin Pros and Cons
|They offer several payment options.||Specific security features are not present on the website.|
|You can trade in more than 40 types of cryptocurrency available.||The platform offers low liquidity.|
|The OTC desk transactions are absolutely free.||BuyUcoin permits trade only in Indian currency for Indian users.|
CoinDCX is a beginner-friendly crypto exchange. It has significant investment from Coinbase and is considered India’s biggest crypto exchange platform. Further, they also provide you with 100+ cryptocurrencies as an option to make an exchange. The platform offers to teach beginners about trading and the market, hence promoting crypto trading. To learn more, read the CoinDCX review.
Is CoinDCX safe?
Yes, CoinDCX can be considered a safe platform. All of your personal information is secure, and not even an internal member has access to them. Moreover, CoinDCX provides you with two-factor authentication and also a notification for every exchange in the process. They even provide you with insurance by Bitgo, which will cover your losses in case of any security breach.
CoinDCX charges a fee on bank deposits. However, they charge no or a minimal fee on UPI deposits. Further, when talking about the trading fees, they charge you a 0.04% taker fee and a 0.06% maker fee. Also, they charge a significant amount of 0.001 BTC per BTC withdrawal.
CoinDCX payment methods
You can deposit either INR or a cryptocurrency to begin trading. They allow you to deposit INR through bank transfers, net banking, NEFT/RTGS, IMPS, and UPI.
To withdraw your funds in INR, you can make a direct bank transfer.
CoinDCX Pros and Cons
|The exchange charges one of the minimum maker and taker fees.||Charge a significant fee on Bitcoin withdrawal.|
|Provide insurance to the assets of traders.|
|Support UPI for faster deposits.|
Unocoin is one of the oldest cryptocurrency exchanges in India. The platform has an effective user interface supporting multi-crypto assets. Moreover, it has a mobile application that allows users to invest simply by creating an account and getting done with the KYC. Additionally, the Unocoin customer care service is focused on serving the needs of its users.
Is Unocoin safe?
Yes, Unocoin is a safe platform as it provides two-factor authentication. Apart from this, you can secure your mobile application with fingerprint protection. Whenever you enter a wrong password or the application doesn’t recognize your fingerprint, the application logs you out.
The exchange charges a 0.7% fee on Bitcoin exchanges, and on reaching the gold membership, it reduces to 0.5%. Whereas on withdrawing a bitcoin, Unocoin charges a fee of 0.0005% per BTC.
Unocoin also charges a maker fee of 0.4% and a taker fee of 0.6%, apart from the 18% government charges on transaction fees.
Unocoin payment methods
For a withdrawal, Unocoin transfers the amount directly to your bank account through NEFT or bank transfer. However, you can use Mobikwik wallet, debit/credit cards, bank transfer, and UPI for making deposits.
Unocoin Pros and Cons
|They store investors’ assets in cold storage.||Fees are higher as compared to its competitors.|
|Apart from the Mobikwik wallet, UPI is also accepted.|
|They provide high liquidity.|
Bitbns is one of the platforms with an attractive and simple user interface. It is designed keeping in mind the slow pace of a beginner and all the requirements of an investor. You can also have a great experience by using Bitbns mobile app. Moreover, Bitbns provides you with an option to automate your trades, deciding in advance at what price you wish to sell your assets. To learn more, read our Bitbns review.
Is Bitbns Safe?
Yes, Bitbns is safe as it handles its users’ privacy with the utmost care. Besides, Bitbns is also equipped with the best Grade-A security feature, keeping all your purchases secure. Moreover, the platform invites security groups and individuals who study them across all the platforms and find loopholes in their system, leaving no chance for a breach. They also provide two-factor authentication for user data safety. You can reach them by raising a ticket, and they would reach out to you regarding your concerns.
Bitbns charges a flat 0.25% trading fee from its users, excluding those with a VIP pass. You can quickly get a VIP service by having at least $25 worth of BNS tokens.
You can see their fee division in the table below:
Bitbns payment methods
Bitbns supports all the major payment options, including UPI. You can also deposit through NEFT, IMPS, RTGS, Net banking, and peer-to-peer deposits.
Bitbns Customer Support
Bitbns Pros and Cons
|They provide higher liquidity as compared to their competitors.||The minimum deposit amount is INR 1000.|
|They provide a unique feature called Systematic investment in Bitcoins.||They charge a high fee compared to other international exchanges.|
|The deposit fee through UPI is almost zero and reflects in Bitbns wallet in 5 minutes.|
Considering all the features like security, beginner-friendly, the fee charged, user interface, deposit methods, we believe WazirX would be one of the best choices for a beginner. However, WazirX has a high maker and taker fee, which CoinDCX or Bitbns can replace. The above best bitcoin exchanges in India will offer you a great trading experience.
Frequently Asked Questions
How to buy Bitcoin in India?
How to invest in bitcoin in India?
There are numerous crypto exchanges in India, providing a trader opportunity to trade in some of the most popular cryptocurrencies and altcoins. You can begin your trading journey by reading our guide on How to Invest in Bitcoin in India?
How to earn Bitcoin in India?
There are many ways to earn Bitcoin. One can be working in the field related to cryptocurrency and taking payments in terms of Bitcoins. You can also earn bitcoins by accepting them as a payment method at your business.
What does Alias mean in WazirX?
Alias simply refers to an alternate name. While entering a payment option on WazirX, you are asked to fill in the alias. Therefore, in this section, you are supposed to enter your name and other details that are required.