Disclosure: This review contains affiliate links. If you open an account through them we may earn a commission at no extra cost to you. It does not change our fee figures, our scoring or our conclusions. Crypto trading carries risk, and nothing here is financial advice.
How we reviewed Mudrex
Every fee in this review comes from Mudrex’s own published schedule and product pages, not from a comparison site. We read the fee table tier by tier, checked what GST and TDS apply to and what they do not, and looked up each product on the page Mudrex sells it from. Where Mudrex does not publish something, such as derivatives volume or an insurance fund, we say so rather than estimate it.
The short version
- Mudrex is cheap to trade futures on and costly to hold spot on. Futures start at 0.05%. Spot starts at 0.45%, which is roughly double what CoinDCX charges.
- The real draw is INR margin. You can post rupees directly as futures margin, so there is no USDT conversion on the way in or the way out.
- The trap is the withdrawal fee. Moving crypto off Mudrex costs 2% of the amount, minimum $0.50. On ₹1,00,000 that is ₹2,000.
- It is broader than a crypto exchange. 600+ crypto perps, crude oil and metals at up to 50x, and 20 US stock perpetuals, all from one rupee balance.
- FIU-IND registered, roughly 3 million users, and no publicly reported breach. It also publishes no proof of reserves and no insurance-fund figure.
What Mudrex actually is now
If you remember Mudrex from a few years ago, you remember a different company. It launched in 2018 out of Y Combinator as an algorithmic trading product, where you built or copied strategies that ran against your exchange account through an API. Those products are gone. Strategy Builder and Mudrex Invest no longer appear anywhere on the site.
What replaced them is a retail exchange aimed squarely at Indian traders. Roughly 3 million people hold accounts, it carries FIU-IND registration under the PMLA framework, and rupees move in and out over UPI and bank transfer. The four founders came out of IIT Bombay and IIT Kanpur, and the company keeps a US registration alongside its Bengaluru base.
That history matters for one practical reason. Plenty of older reviews still describe the bot platform, so if you are comparing notes across sites, check what product the reviewer actually used.
What Mudrex costs, tier by tier
Mudrex publishes seven volume tiers for spot and seven for futures. Almost every retail account sits in Tier 0, so that is the number that matters most.
| 30-day volume | Spot fee | Futures fee |
|---|---|---|
| Under ₹2,00,000 (Tier 0) | 0.45% | 0.05% |
| ₹2,00,000 – ₹10,00,000 | 0.42% | Tiered down |
| ₹10,00,000 – ₹75,00,000 | 0.25% | Tiered down |
| ₹75,00,000 – ₹5 Cr | 0.22% | Tiered down |
| ₹5 Cr – ₹20 Cr | 0.17% | Tiered down |
| ₹20 Cr – ₹50 Cr | 0.15% | Tiered down |
| Above ₹50 Cr / ₹2,500 Cr | 0.12% | 0.030% |
Two things get added on top, and they change the real number. GST of 18% applies to every spot buy and sell, and to futures trading fees as well. A 1% TDS is withheld on spot sells, which is the standard Indian requirement rather than anything Mudrex chose. So a Tier 0 spot buy really costs about 0.53% once GST lands, and a futures trade costs about 0.059%.
Funding payments on perpetuals escape both, which is worth knowing if you hold positions across funding windows.
The 2% withdrawal fee
Here’s the charge that catches people. Moving crypto off Mudrex costs 2% of the amount withdrawn, with a minimum of $0.50. Most exchanges charge a flat network fee that has nothing to do with how much you are moving, so a large withdrawal costs roughly the same as a small one. On Mudrex it scales. Take ₹5,00,000 off the platform and you pay ₹10,000 for the privilege.
If you plan to hold long term in your own hardware wallet, price that in before you start. It is the single strongest argument against using Mudrex as your accumulation account. Selling back to INR and withdrawing rupees avoids it, and INR withdrawals are free.
Two smaller charges are easy to miss. Web3 token buys and sells cost 1.5% each way, and redeeming a Coin Set within 30 days costs 1%, falling to nothing after a month.
Futures: the part Mudrex does well
Mudrex lists more than 600 crypto perpetual contracts with leverage up to 100x. That alone is unremarkable; plenty of venues offer more. What is genuinely different is the margin currency.
You can post INR directly as futures margin and see your profit and loss in rupees. On most exchanges an Indian trader buys USDT first, trades against it, then converts back, paying a spread at both ends and taking currency risk in between. Mudrex removes that round trip. For anyone trading size from an Indian bank account, that is a bigger saving than a few basis points on the fee. USDT-margined contracts are there too if you prefer settling in stablecoins.
At 0.05% the base futures fee undercuts most centralised venues, and it drops to 0.030% at the top tier. Funding works the way it does everywhere: longs pay shorts when the market leans bullish, and the reverse when it leans bearish.
Commodities and US stocks from a rupee balance
Mudrex also lists crude oil and metals as USDT-settled perpetuals at up to 50x, running 24/7 rather than on exchange hours, with entries from as little as ₹100. In May 2026 it added 20 US stock perpetuals covering Apple, Tesla, Amazon, Microsoft, NVIDIA and others.
Mudrex is honest about the catch on those, and so are we: the contracts trade around the clock but the liquidity does not. Spreads widen outside US market hours, which in India means the book is thinnest during your daytime and best between roughly 7:00 PM and 1:30 AM IST.
Coin Sets and SIP, for people who don’t want to pick
Coin Sets are curated baskets built around a theme, and they rebalance on their own. You buy the set rather than picking the individual tokens inside it. A crypto SIP sits alongside them, letting you put in a fixed amount on a schedule the way an equity SIP works.
This is the clearest descendant of the old Mudrex Invest product, rebuilt as something you hold on the platform rather than a strategy running against an API elsewhere. Just watch the 30-day redemption window, because selling out early costs 1%.
How safe is it?
Mudrex holds FIU-IND registration, which is the mandatory compliance step for any exchange serving Indian users under the PMLA framework. Several global names only cleared that bar after paying penalties. It has no publicly reported breach, which is more than CoinDCX can say after attackers drained $44 million from an internal wallet in July 2025.
The gap is disclosure. Mudrex describes its custody as secure infrastructure with partners, but it publishes no proof of reserves, no insurance-fund size, and no derivatives volume or open interest. CoinDCX publishes quarterly proof of reserves and names a ₹57.5 crore protection fund. On transparency Mudrex is behind, and a clean record is not the same thing as a verified one.
Mudrex vs the other Indian exchanges
| Exchange | Base spot fee | INR futures margin | Assets | Proof of reserves |
|---|---|---|---|---|
| Mudrex | 0.45% | Yes | 650+ | Not published |
| CoinDCX | 0.20% | Yes | 500+ | Quarterly |
| CoinSwitch | 0.04–0.4% | Yes, Pro platform | 170+ | Published |
| Open a Mudrex account → | ||||
Read across that table and the split is clear. If you mostly buy and hold, CoinDCX costs you less than half as much per trade and shows you its reserves. If you mostly trade perpetuals from a rupee balance, Mudrex is cheaper where it counts and gives you commodities and US names that neither rival lists.
Pros and cons
✅ Pros
- INR-margined perpetuals, so no USDT round trip
- Futures from 0.05%, under most centralised venues
- 600+ crypto perps plus commodities and 20 US stock perps
- FIU-IND registered with no reported breach
- Free INR deposits and withdrawals over UPI
- Coin Sets and SIP for hands-off investing
❌ Cons
- 2% crypto withdrawal fee, minimum $0.50
- 0.45% base spot fee, roughly double CoinDCX
- 18% GST lands on top of every fee
- No proof of reserves or insurance-fund figure
- Thin US-perp liquidity outside US market hours
- Needs an Indian bank account and PAN
Expert tip
Use Mudrex for the thing it prices well and move the rest elsewhere. Trade perpetuals here with INR margin, then take profits back to rupees and withdraw INR, which is free. Sending coins out costs 2% every time, so if you are building a long-term stack you want to buy it somewhere with a flat network fee and move it to self-custody once.
7 questions people ask about Mudrex
Is Mudrex legal in India?
Yes. Mudrex is registered with India’s Financial Intelligence Unit, the mandatory step for exchanges serving Indian users under the PMLA framework. Crypto itself is legal to hold and trade in India, and gains are taxed at 30% with 1% TDS on sales.
What does Mudrex charge?
Spot starts at 0.45% and falls to 0.12% at the top volume tier. Futures start at 0.05% and fall to 0.030%. GST of 18% applies on top of both, and crypto withdrawals cost 2% of the amount with a $0.50 minimum.
Can I use INR as futures margin?
Yes, and it is the main reason to pick Mudrex. You post rupees directly and your profit and loss shows in rupees, so you skip converting to USDT and back. USDT-margined contracts are available if you prefer.
Does Mudrex still offer trading bots?
No. Strategy Builder and Mudrex Invest, the algorithmic products the company launched with in 2018, have been retired. Coin Sets and SIP are the closest current equivalents, and both are held on the platform rather than run against an outside exchange.
Has Mudrex ever been hacked?
There is no publicly reported breach of Mudrex. That is a genuine point in its favour, though the company publishes neither proof of reserves nor an insurance-fund figure, so the strength of its custody cannot be checked from outside.
How do I withdraw money from Mudrex?
Selling to INR and withdrawing rupees to your bank is free. Withdrawing crypto to an outside wallet costs 2% of the amount, so for anything sizeable the rupee route is far cheaper.
Can I trade US stocks on Mudrex?
You can trade perpetual contracts that track 20 US-listed companies, including Apple, Tesla and NVIDIA. You never own the shares. Liquidity is thinnest outside US market hours, which for Indian traders means the best window runs from about 7:00 PM to 1:30 AM IST.
The bottom line
Mudrex has become a good futures venue attached to an expensive spot exchange. Rupee margin is a real advantage that the fee table alone does not show, and the spread of crypto, commodity and US stock perpetuals under one INR balance is something no other Indian platform matches right now.
But the 0.45% spot fee and the 2% crypto withdrawal make it a poor place to accumulate and hold. Use it for what it prices well, keep your long-term stack somewhere cheaper, and treat the missing proof of reserves as a reason to withdraw profits rather than leave them sitting.
Fees verified against Mudrex’s published fee schedule and product pages in September 2026. Fee tiers and product availability change, so check the current schedule before you trade.
Related reading
Indian exchanges
- Best crypto exchanges in India (all nine FIU-registered options ranked)
- CoinDCX review (the cheaper spot alternative)
- CoinSwitch review (simplest first buy)
- Crypto tax in India (the 30% rule and 1% TDS explained)
Futures and leverage
- Best crypto futures exchanges (how Mudrex ranks against global venues)
- Best crypto exchanges (the global comparison)
- Crypto margin trading exchanges
Keeping your coins safe
- Best hardware wallets (where to move a long-term stack)
- Best crypto wallets
- Bitcoin wallets for Indian users
