Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Each year, we conduct an extensive review of crypto trading platforms available in India. To arrive at these picks, we compared user experience, fees, payment methods and selection of coins for dozens of platforms.
You may want to use multiple exchanges to benefit from their unique combination of services, such as using one for its range of coins and another for access to NFTs or staking services.
Finder India’s best crypto exchanges and trading platforms for 2023
Our selection of best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards but is updated by our editorial team throughout the year to reflect changes in the market.
The platforms we've picked are those we've evaluated to be the best for certain product features or categories – you can read more in our full methodology. If we show a "Promoted" pick, it's been chosen from among our commercial partners and is based on factors that include special features or offers and the commission we receive.
Keep in mind that these picks are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks.
Kraken is one of the longest-running platforms in the industry. It's also a feature-rich exchange that puts a strong emphasis on education, which is why it won Finder's 2022 Crypto Trading Platform award for best global crypto exchange.
Kraken is popular with over 9 million users and has a daily trading volume of US$500 million, which makes it one of the world's largest exchanges. But for overall features and trading tools, Kraken really excels. It's clearly made for traders, but it doesn't leave novices behind.
Kraken has a broad range of staking options and advanced trading features. It prides itself on offering low spreads and providing deep liquidity across markets. This means that you don't need to worry as much about slippage.
While new traders may feel daunted by the exchange at first, the large variety of guides Kraken offers can help anyone learn about cryptocurrency and how to trade it. Meanwhile, more experienced traders will appreciate the platform's easy-to-navigate user interface (UI). They'll also be pleasantly surprised by how straightforward it is to trade and manage assets via the platform.
200+ supported coins
Launched in 2013 â one of the longest-running crypto exchanges
Low fees for active traders
Earn yield through staking
High-quality educational guides and tools
Doesnât allow INR deposits
Higher fees for credit card purchases
No crypto debit card available for spending, unlike some alternatives
Fees and deposit methods
Bank transfer,Credit card,Cryptocurrency,Debit card,Apple Pay,Google Pay
WazirX is India's largest centralised cryptocurrency exchange, and it's a go-to platform for Indian users who want to trade cryptocurrencies with ease. With over 6 million registered users and a monthly trading volume above $5 billion, WazirX has become one of the most popular cryptocurrency exchanges in India.
We’ve picked WazirX as the best overall Indian crypto exchange thanks to its user-friendly interface and impressive auto-matching P2P machine with high liquidity. The exchange offers over 225 cryptocurrencies and accepts fiat deposits for different currencies. But do note that WazirX only accepts Indian rupees (INR) for bank transfers, and the rest of the supported fiat currencies are only available for P2P transactions.
A unique feature of WazirX is its Smart Token Funds (STF), which allows users to connect with expert traders who can help manage their assets. The exchange also offers means to earn passive yield, such as token mining, airdrops, and its referral program.
Overall, WazirX is the a solid choice for Indian users who want to trade cryptocurrencies with ease, convenience, and security.
CoinDCX is a leading cryptocurrency exchange that offers a range of advanced features and services to help users manage their crypto investments.
CoinDCX's Liquidity Services — an OTC exchange for trades over US$20,000 in size — is particularly beneficial for high volume traders, as it offers access to a deep pool of liquidity and tight spreads. With a dedicated account manager, high net worth individuals and institutions can enjoy customised solutions that cater to their specific needs.
In addition to its Liquidity Services, CoinDCX offers a range of other features and benefits, including margin trading, futures, lending options, staking, systematic investment plans and over 200 cryptocurrencies to choose from.
For beginners, CoinDCX also provides a variety of innovative educational materials through its DCX Learn feature.
Crypto.com was our pick for the best NFT exchange because it makes buying, selling and minting NFTs simple.
The platform enables you to browse popular collections and upcoming drops and even read about the content creator and their inspiration behind the NFT artwork. You can also register as a creator and mint your own NFTs directly to the Crypto.com native blockchain, Cronos.
All NFTs on Crypto.com are verified. This means that scams and fake NFTs are a lot less common than on other platforms. Crypto.com features digital collections from large and reputable brands including Aston Martin and Paris Saint-Germain.
Depending on the listing type, you can submit a bid at auction or purchase NFTs at a fixed sale price. You can also sign up to receive email notifications any time there's an upcoming NFT drop.
Verified artists and collections
NFTs minted on the Crypto.com native blockchain
Supports NFTs on four different blockchains
Purchase NFTs with crypto or fiat
Mobile and web browser compatible
Doesnât allow direct INR deposits
Does not support all blockchains
Less range than competitor NFT platforms
Payouts must be requested and approved before you receive NFT sale proceeds to your Crypto.com wallet
Fees and deposit methods
Bank transfer,Credit card,Cryptocurrency,Debit card,PayPal
Cryptocurrency: Fees vary
Maker - 0-0.075% Taker - 0.05-0.075%
6. BuyUcoin – Best for Systematic Crypto Investment Plans (SCIPs)
BuyUcoin is an excellent platform for individuals interested in building a diversified crypto portfolio by dollar-cost averaging into baskets of cryptos.
Its Systematic Crypto Investment Plans (SCIPs) enable investors to start with as little as INR 100 and invest in a basket of top-performing assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Chainlink (LINK), and Polkadot (DOT) on a daily, weekly, monthly, or quarterly basis.
In addition to SCIPs, BuyUcoin offers several other features, including a spot market for single cryptocurrencies, crypto futures contracts and an OTC desk. Users can also enjoy lifetime referral commissions.
Broad selection of SCIPs
Supports 130+ cryptocurrencies
Wide range of resources for beginners
Advanced charting tools for more experienced traders
Has its own NFT marketplace
User-friendly app on iOS and Android
No advanced options like margin trading
Doesn't offer yield-bearing lending and staking services
Bybit is a leading crypto derivatives exchange as per trading volume.
The Singapore-based exchange offers a wide range of advanced trading types, ranging from perpetual and futures contracts that use stablecoins like USDT and USDC as collateral to inverse perpetual and futures contracts that use the coin or token itself as collateral. As a result, Bybit is ideal for experienced crypto investors who understand leveraged trading and the risks involved.
In addition to derivatives trading, Bybit also supports instant buys as well as a spot market and provides a variety of crypto-earning products. Moreover, Bybit's platform is an all-in-one platform for minting, purchasing, and bidding on NFTs, making it an attractive option for traders intrigued by the NFT market.
Many assets offered, including cryptos and NFTs
Trade with up to 100x leverage
Low trading fees
Digital assets stored in multi-sig cold storage wallets
Doesnât allow INR deposits
Leveraged trading is high risk, as losses can exceed deposits
Limited spot trading pairs
Derivatives trading is not advised for beginners
Fees and deposit methods
Bank transfer,Credit card,Cryptocurrency,Debit card,P2P
ZebPay is a cryptocurrency exchange that makes it easy for you to buy, sell, and trade 150+ cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and more. With its user-friendly interface, competitive fees, and advanced security features, ZebPay is a popular choice for both new and experienced crypto investors.
Most notably, you can earn attractive interest rates of up to 1.5% per year on crypto assets, making it a great way to put their crypto to work and earn passive income. Plus, with a range of lock-in periods or low deposit amounts, you have the flexibility to manage your investments as they see fit.
Zebpay also offers competitive trading fees. Maker fees are 0.15% and taker fees are 0.25%.
It falls short in terms of advanced features to attract new customers. Additionally, traders looking for a broader selection of altcoins and sophisticated trading tools may need to seek out other options.
Competitive trading fees of 0.25% and lower
Up to 1.5% APY for crypto fixed deposits
Multiple deposit and withdrawal options for Indian rupees
24/7 customer support
Does not support margin trading or USD transactions
Inactive accounts will incur a monthly wallet fee of 0.0001 BTC (or crypto equivalent)
CoinSwitch is a top-rated crypto app that offers a simple and secure way to buy, sell, and trade cryptocurrencies. With its user-friendly interface and advanced security features, CoinSwitch is an ideal app for both beginners and experienced crypto investors to access hundreds of digital assets at the best prices with one easy-to-use terminal.
One of the most prominent features of CoinSwitch is its ability to compare and find the best rates for users, making it easy to get the best deal when buying or selling cryptocurrencies. With over 400 supported cryptocurrencies, users can quickly find the right coin for their needs and make transactions with just a few taps.
CoinSwitch also offers a range of other features and benefits, including 24/7 customer support, fast transactions and a seamless user experience. Plus, with advanced security features like two-factor authentication and SSL encryption, users can trust that their transactions are safe and secure.
Bitbns is a leading cryptocurrency exchange that offers a range of advanced features and order types. Established in 2017 by Buyhatke Internet Pvt. Ltd, Bitbns offers access to over 350 cryptocurrencies and stablecoins, making it a go-to platform for traders of all levels. With the ability to trade with as little as INR 100, Bitbns offers a low barrier to entry for those who’re just getting started.
The exchange offers price alerts, margin trading, limit orders, and investment calculators, giving traders an edge in the market. Moreover, the exchange has a comprehensive training system that helps beginners understand the ins and outs of cryptocurrency trading, making it an excellent platform to learn.
Bitbns has received positive reviews on both the App Store and Google Play store, with users praising its user-friendly interface, advanced features and quick customer support.
Offers over 350 digital assets
Intuitive and easy-to-use interface
Mobile trading available
Round-the-clock customer support
Tiered fee structure may not be competitive for low-volume traders
Unocoin is a user-friendly cryptocurrency exchange that offers a simple and secure way for beginners to buy, sell, and trade over 100 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), Ripple (XRP) and Stellar (XLM). With its intuitive interface and step-by-step guides, Unocoin is the ideal exchange for those new to the world of crypto.
To help newbies learn more about cryptocurrencies and trading strategies, Unocoin offers a wide range of educational resources, including video tutorials, blogs, and webinars. Along with 24/7 customer support, users can get answers to their questions and resolve any issues quickly and efficiently.
Unocoin also offers a range of other features and benefits, including a robust trading engine, multiple order types, and advanced security measures like two-factor authentication and SSL encryption.
As for trading fees, Unocoin charges an industry average of 0.5%, but high-volume traders, market makers and sub-brokers are entitled to a competitive dynamic fee structure.
Wide range of advanced features, trading tools and resources
Multiple payment options
Systematic Buying Plan (SBP) enables you to make regular crypto purchases on a fixed schedule
Supports INR deposits and withdrawals
Lengthy KYC verification process
Customer service is below average
Fees and deposit methods
Bank transfer,PayU Money
Net banking: 1.9% PayU Money: 1.9%
0.5-0.7% Maker: 0.4% Taker: 0.6%
13. Giottus – Best multilingual exchange for Indian users
Giottus is a popular cryptocurrency exchange that provides a secure and convenient way for Indians to trade digital currencies. The platform supports more than 20 Indian languages, making it perfect for Indian users who are not comfortable with English.
Giottus offers its customers access to over 300 types of digital assets and the ability to purchase professionally-curated baskets of diversified assets.
The platform also provides other exciting features such as Systematic Investment Plans (SIP), fixed deposits, and crypto staking to cater to different investment goals.
Low trading fees
Multilingual platform (English and 20+ Indian languages)
Krypto is a top-rated cryptocurrency trading aggregator in India that allows buying and selling over 100 cryptocurrencies with INR at the best rates. The platform enables users to compare prices and access the pooled liquidity of different exchanges, all with 0% trading fees.
Krypto stands out as the best platform for crypto payments, thanks to its integration with the Krypto Pay feature. This unique feature enables users to make payments to any vendor with a UPI address or credit/debit card machine, making it incredibly convenient to spend cryptocurrencies. Additionally, the 'Send Crypto' feature allows users to send any cryptocurrency to their peers for free, making it an excellent platform for peer-to-peer transactions.
The Krypto mobile app, available on the Google Play Store, provides users with the convenience of trading on-the-go, making it an excellent choice for users who want to stay connected to the crypto market at all times.
Free and instant fiat deposits and withdrawals
Convenient Krypto Pay feature
Zero trading fees
Fast KYC process
Lacks advanced trading features such as limit orders and margin trading
Fees and deposit methods
Why you can trust Finder's crypto experts
Our comparison tables are completely free to use. We link you directly to the platform's secure sign-up page and we'll never ask you for personal details. Better still, we regularly have exclusive offers that you won't find anywhere else.
We've researched and rated dozens of exchanges as part of our
Finder Crypto Trading Platform Awards. We've published hundreds of guides and our in-house experts are regularly called upon for commentary in Nasdaq and The Street.
Unlike other crypto media, we're not owned by an exchange or investment firm. Our opinions are our own and we put our readers first to help you find the crypto trading product that's right for you.
We're here to help
We're a team of crypto nerds with extensive experience in investing, trading and decentralised finance but we also remember how it feels to be a beginner. We give you first-hand reviews of what it's like to use these products – without jargon.
How to choose the best crypto exchange in India
It's important to research a wide range of crypto platforms and compare the pros and cons of each option. The best crypto exchange for you depends on what you're looking for, so consider the following:
If you're a crypto novice, getting started buying and selling coins and tokens can be complicated and confusing. On the other hand, experienced traders may want a platform with special features such as advanced charting and order types, plus the option to trade on margin.
If you're a beginner at crypto trading, look for a platform with a straightforward user interface that's easy to understand.
Can you deposit funds into your account via bank transfer, credit card and/or PayPal? The more payment options an exchange has, the more convenient it generally is to use. Make sure your exchange has deposit and withdrawal options that work for you. Remember to check the fees associated with different methods.
First, consider the type of trades you want to place. Some exchanges offer these trading options:
Both fiat-to-crypto and crypto-to-crypto
For example, if you want to buy BTC with Indian rupees, you'll need to find a platform that allows you to buy coins via bank transfer or card. Alternatively, if you want to exchange your BTC or ETH holdings for another cryptocurrency, you'll want a platform that offers direct crypto-to-crypto trades.
Consider which currencies you want to trade and which platforms list those currencies in one or more trading pairs:
Cryptocurrencies. There are thousands of different cryptocurrencies in existence, so don't expect to find them all listed on any single platform. Major cryptocurrencies such as BTC, ETH, XRP and others in the top 20 coins by market capitalisation are listed on an extensive range of exchanges. However, rarer altcoins may be much harder to find.
Fiat currencies. If you want to buy crypto with Indian rupees, check which currencies the platform accepts.
You can find an overview of the crypto assets and fiat currencies that each exchange supports in the table. Read the full review for a more detailed analysis.
From depositing to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform? Consider your payment method, the currencies you want to use and any discounts you may be entitled to when completing these calculations. For instance, fees for credit card purchases are usually higher than for a bank transfer.
You can find detailed information on fees for each exchange by clicking on the "View details" text in the table.
Are there any limits on the amount you can deposit into your account or the amount of cryptocurrency you can buy or sell per transaction or per day? This question typically only applies to what some colloquially call "crypto whales" or people who make transactions ranging in value from hundreds of thousands to millions of Indian rupees.
Most exchanges that require the Know Your Customer (KYC) process allow you to deposit and withdraw tens of thousands of Indian rupees per day. This is more than most average traders deposit and withdraw on a daily basis.
How can you access your trading account? Certain platforms only allow you to trade through a web browser, but some have mobile apps. If trading on the go is important to you, it's worth reading up on whether or not the exchange has a mobile app and how easy it is to use.
Lending involves loaning out your cryptocurrency to other users or businesses who pay you a fee for doing so. Staking involves locking up your assets to help them secure a blockchain network.
Before using any exchange to generate yield, make sure you understand the risks involved, what type of earning the exchange offers and whether it's appropriate for your needs.
The price of a digital asset is determined by whatever people are willing to pay for it.
Most brokers or instant buy services charge a fee as part of the service it provides. This means you will pay anywhere from a fraction of a percent to a few percent more than the going rate of the asset when you make the purchase.
If you purchase your asset in the spot market, you can set the price that you want to pay and then wait for your order to be filled. For example, if you are willing to pay US$21,000 for 1 BTC, then you can set a limit order to buy BTC at that price in hopes that someone is willing to sell it to you at that price.
The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there's a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.
One of the biggest benefits of trading on larger crypto exchanges is they get enough orders to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.
You can check websites such as CoinGecko or CoinMarketCap to get a better idea of an exchange's level of liquidity.
Most centralised crypto exchanges these days require you to complete a KYC or identity verification process.
But some exchanges still let you deposit crypto and trade crypto-to-crypto without completing the KYC process.
The said exchanges may not be properly regulated, so please proceed with caution if you choose to use these, especially if they are located offshore.
Keep in mind that these exchanges may limit the amount of crypto you can withdraw from the exchange on a daily basis.
For exchanges that require the KYC process, verification requirements vary. You will likely need to provide some or all of the following:
Your email address and phone number
Proof of ID
Proof of address
A photo of yourself holding a signed declaration
If you need to provide a wide range of personal information, it's important to be sure you're dealing with a trusted exchange.
It's also a good idea to research how long you can expect the verification process to take. For some exchanges, it can take up to 2–3 business days while others are near-instant.
Finally, be aware that some exchanges require you to complete additional verification tasks to unlock full account features and permit higher transaction limits.
What is the difference between a brokerage and an exchange? How long will it take for your transaction to be completed? Is one better than the other?
Broker. Brokers buy and sell cryptocurrency to you. They typically charge a convenience fee for this, which may be hidden as a spread or markup on the going market rate.
The advantage of using a broker is your transactions should be instant. When you purchase crypto using either the fiat you've deposited into your account or with a credit card, that crypto should be available to you right away.
The same goes for when you decide to sell your crypto for fiat. You sell the broker your crypto in exchange for fiat and the fiat should instantly register in your account.
Exchange. An exchange has a spot market, which is where users come to place buy and sell orders on the open market. Doing so allows you to set a specific price for an asset. For instance, if you think the price of Bitcoin will go down from US$23,000 to US$21,000, you can set an order for US$21,000 and wait for it to be filled. Likewise, you can set an order to sell your assets for a higher price than what is being offered.
Exchanges may also offer brokerage services.
Most exchanges allow you to withdraw crypto to your own wallet. This is sometimes not the case with brokers.
Whether you use an exchange or broker will come down to your own needs and whether you plan to trade regularly or make a few one-off purchases now and then.
Security is a crucial factor to consider when choosing a crypto exchange.
There have been more than a handful of cases in which exchanges have been hacked in crypto's history, so do your research on what security measures are in place to protect your funds.
Questions you should ask include the following:
Is the exchange ld and regulated by the proper authorities?
Is 2-factor authentication (2FA) – a code sent to your phone each time you log in – supported?
What percentage of customer funds are stored offline or in cold storage? Cold storage refers to storing the private keys to digital assets somewhere offline to greatly reduce the ability for hackers to access the assets.
What level of verification is required to open an account?
Have you checked the exchange's trust score on CoinGecko or CER?
In India, cryptocurrency regulation is still evolving and there is currently no comprehensive legal framework for cryptocurrencies. The Reserve Bank of India (RBI) has issued multiple circulars in the past, restricting banks and financial institutions from providing services to entities dealing with cryptocurrencies. However, the Supreme Court of India lifted this ban in March 2020, allowing banks to provide services to cryptocurrency exchanges and traders.
In the absence of a clear regulatory framework, cryptocurrency exchanges in India are currently self-regulating and complying with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) guidelines set by the government. It is important for individuals and businesses dealing with cryptocurrencies to stay updated on the regulatory landscape in India and ensure compliance with relevant laws and guidelines.
This is a crucial but often overlooked factor when comparing crypto exchanges. If you ever have a problem with an individual transaction or with your account, how will you access a platform's customer support team?
You'll need to consider the following:
Is customer support available through email, phone and/or live chat?
Is support available 24/7 or only during specific hours?
How quickly does the support team respond to inquiries?
Is support offered in a language you are comfortable speaking?
Does the exchange have a reputation as a secure and reliable platform? Finder has reviewed a number of crypto exchanges to craft a list of the best crypto exchanges in India.
In efforts to assess the soundness and reliability of crypto exchanges, we look at whether or not exchanges are properly regulated, how they secure the private keys to the crypto they hold and the level of customer support they provide, among other factors.
Using RBI-registered exchanges to buy cryptocurrency
There are plenty of places to buy crypto, including platforms founded here in India or based in locations all around the world. Exchanges headquartered locally are required to register with the RBI and comply with requirements that don't apply to global platforms. Depending on your goals, this may have some benefits or drawbacks.
India-based exchanges must comply with the RBI's Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy crypto with INR.
Exchanges in India typically support local payment methods.
You may be able to access local customer support.
Subject to local laws.
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
INR-to-crypto prices are sometimes slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Indian rupees.
Some features are simply not available on RBI-registered exchanges. For example, margin trading, DeFi features and some altcoins.
Compare more crypto trading platforms and apps in India
Use the table to compare crypto exchanges and platforms on fees, range of cryptos, deposit methods and more. Once you've found the right fit, select Go to site to get started.
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How to use a cryptocurrency exchange
For the sake of our example, let's assume that you have Nu.500 that you want to use to buy Bitcoin (BTC).
Register for an account on the platform and provide any personal details and proof of ID required.
Navigate your way to the "Buy" screen.
Select BTC as the cryptocurrency you want to buy.
Select your payment currency, which in this case is INR, and specify the amount you want to spend as Nu.500.
Select your payment method, such as a credit card payment or bank transfer.
Enter your payment details, such as your account number if sending a bank transfer or your card number and CVV if paying by credit card.
Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
If you're happy to proceed, click "Buy BTC".
Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address that you nominate.
How to pay for your cryptocurrency in India
Crypto exchanges in India support a range of deposit methods, including the following:
Neteller, Skrill and other online payment services
UPI, IMPS, NEFT and RTGS transfers
Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.
The different types of cryptocurrency exchanges
The term "exchange" may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users.
Cryptocurrency brokers (suited to beginners). Buy directly from cryptocurrency dealers for simple and quick purchases. Many beginners use brokers for their first purchase. A broker will facilitate an instant purchase of the digital asset of your choosing and will not offer spot trading.
Cryptocurrency trading platforms (suited to beginner/intermediate users). Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional features like margin trading. Many exchanges now offer brokerage services to be more beginner-friendly.
Cryptocurrency derivatives platforms (suited to advanced users). These trading platforms don't sell cryptocurrency outright. Instead, they let certain users trade cryptocurrency derivatives in regions where this restricted-access feature is available. They're for advanced traders who want high speed, high leverage and deeply liquid platforms with a full range of features.
It's difficult to find one exchange with all the coins and features you want. I spread my trading around several exchanges to make sure I'm getting exactly what I need, while also diversifying my risk should the exchange get hacked or shut down. To further reduce risk I use one registered locally so it's subject to local laws and regulations.
Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than
in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.
Lack of consumer protection. While crypto exchanges are increasingly regulated in India and may be registered with the RBI, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
Proof of reserves. Since the widely publicised collapse of FTX, many traders and investors have demanded centralised exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 INR available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and the RBI stipulations and typically increase as you provide additional KYC information.
Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
Asset delistings. Centralised exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.
Is it safe to store your cryptocurrency on an exchange?
Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet that lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired.
However, once you have purchased what you consider to be a sizable amount of digital assets, you may want to consider transferring the private keys to those assets to a self-custodial wallet.
This is because the exchange controls the private key to your wallet, which means you don't have total control of your funds. And with exchanges sometimes falling victim to hackers, there is some degree of risk involved with leaving the private keys to your crypto in the hands of a centralised exchange.
We polled 56 specialists in the fintech industry to get their opinion on what the future looks like for centralised crypto exchanges and what the demise of FTX means for the crypto industry.
The vast majority of our panellists (83.93%) don't think the collapse of FTX was the beginning of the end for crypto, while 8.93% think it was and 7.14% are unsure.
However, because of the FTX collapse, more than half of our panellists (58.49%) believe that crypto exchanges should be regulated just as much as other financial trading platforms.
22.64% believe that crypto exchanges should be regulated, but less so than other financial trading platforms. 15.09% don't believe that crypto exchanges should be regulated to the same degree.
Over one-third of our panellists (35.19%) believe all crypto exchanges will be regulated as traditional financial institutions by 2030. A further 22.22% believe this will happen by 2025 and another 14.81% think it will happen by 2024.
In the future, the majority of our panellists (86.79%) feel that crypto exchanges should be required to disclose both their proof of reserves (PoR) and records of their liabilities.
42.31% think that more crypto exchanges will face bankruptcy as a result of a reduction in their customer base. 15.38% believe this will play out over the next 5 years while a quarter (26.92%) think it'll happen within the year.
Finder surveyed 56 fintech specialists in January 2023. Panellists are able to answer as many or as few questions as they like, meaning the number of responses received varies by question. Panellists may own some cryptocurrencies.
Meet the panel
Not all crypto exchanges are created equal and not all crypto buyers and sellers have the same trading needs. The best exchange or platform for one person might not necessarily be the right choice for someone else, so it's essential to do your own research.
Read our reviews of some of the most popular cryptocurrency exchanges in India and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.
The safest exchanges in India have stringent security measures like Know Your Customer (KYC) registration, password protection and a 2-factor authentication (2FA) option.
Other green flags to look out for include the majority of user funds held in cold storage and a publicly available insurance policy for user deposits.
Keep in mind that all centralised cryptocurrency exchanges are vulnerable to hacking, so consider using a hardware wallet for added security.
There are lots of fees to take into account when choosing an exchange. Exchanges like Kraken and Binance are known for having competitive transaction fees.
But, it's also important to consider deposit and withdrawal fees, possible account inactivity fees and spreads on top of this. A good place to start is by comparing fees with our table.
Due diligence and research are incredibly important when choosing a crypto exchange you can trust.
As a good rule of thumb, look for exchanges with a long history of serving customers without hacks — like Coinbase, Kraken or Binance.
A great way to dive deeper is by reading our extended reviews of each crypto exchange and researching customer feedback on platforms like Trustpilot as well as industry data.
Exchanges in India and several other countries are subject to anti-money laundering and counter-terrorism financing (AML/CTF) laws. In order to comply, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as "know your customer" or KYC.
To evaluate our 2023 picks for the best crypto exchanges in India, we compared trading platforms on a range of criteria, including the following:
Supported assets. Does the platform offer a good breadth of coins, tokens and NFTs?
Payment methods. What account funding options are available? Does the exchange accept bank transfers, credit and debit cards or crypto-only transfers?
Fees. What trading fees, withdrawal fees and other miscellaneous charges are levied by the exchange, and are these rates comparable with competitor exchanges?
User experience. Is the platform simple to use for both beginners and advanced crypto traders?
Platform features. What tools, charts and functionalities are available on the exchange? Is there support for advanced trading features such as derivatives or hedging?
Security. What measures are taken by the exchange to protect its customers' assets and prevent theft or loss? Are additional security features in place, including 2-factor authentication (2FA), cold storage of assets, regular audits and insurance coverage?
Regulator registration. Is the platform registered with the Reserve Bank of India?
Customer support. How do existing users rate the exchange's customer support? Does the exchange offer various methods of contact, such as email, instant chat, phone or social media?
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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Frank Corva is a cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets.
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