Cryptocurrency trading has exploded in popularity across India. But with so many exchanges to choose from, how do you identify secure, trustworthy platforms tailored to Indian crypto investors?
This guide will explore the key factors in selecting the best Indian crypto exchanges for safe and smooth trading.
India has become a major global hub for cryptocurrency adoption and trading. According to Chainalysis, crypto investments in India grew 641% in 2021 to reach $6.6 billion. By November 2021, India ranked 2nd in the world in crypto adoption, behind only Vietnam.
Driving factors behind this surging interest include -
- Large population of tech-savvy investors looking for new assets
- High inflation and unstable rupee spurring demand for alternative investments
- Supreme Court overturning RBI's crypto banking ban in 2020
- Rapid growth of crypto-related startups and jobs
- Big returns earned by early Indian crypto investors
As crypto goes mainstream across India, there are now dozens of exchanges vying for Indian traders. Let's examine how to pick secure, trusted platforms suitable for Indian crypto investors.
Key Factors for the Safest Crypto Exchange Experience
Choosing a crypto exchange in India involves several important considerations beyond fees and coin selection -
1. Security Protocols and Technology
Robust security is a must for any exchange handling billions in crypto assets. Look for the following protections -
Cold storage
The majority of funds kept offline in ultra-secure hardware wallets. Hot wallets hold just a small portion of funds.
Insurance fund
Exchanges keep a reserve of funds to reimburse users in case of hacks or thefts.
Encryption
Advanced encryption applied to all accounts, transactions, and sensitive data.
2FA/MFA
Required two-factor or multi-factor authentication for account access and transactions.
Audits
Independent audits are regularly conducted by reputable cybersecurity firms.
2. Legal Compliance and Licensing
With crypto regulation still developing in India, only exchanges that comply with all existing laws can provide total peace of mind -
Registered business
The exchange is a registered legal business entity in India.
KYC norms
Mandatory KYC checks are performed on users under Indian KYC regulations.
Tax compliant
All required taxes, such as GST, are properly levied and collected.
Indian payment channels
INR fiat deposits/withdrawals are available through channels like UPI, IMPS, NEFT, and RTGS.
Regulatory disclosures
They comply with demands for financial disclosures, reporting, and audits from Indian regulators.
3. User Experience and Support
Look for an easy-to-use, intuitive interface tailored to Indian crypto investors -
Mobile app
A high-quality mobile app in addition to the desktop site.
Indian languages
Platform and support available in languages like Hindi, Tamil, Bengali, etc.
Customer support
24/7 multilingual customer service via email, phone, chat, and social media.
Beginner resources
Helpful guides, explainers, FAQs for crypto beginners.
Active community
Large Indian user community on forums, Telegram, Discord, etc.
Reviews of Top Indian Crypto Exchanges
Based on the criteria above, here are some of the most highly-rated exchanges used safely by Indian crypto traders and investors -
WazirX
Owned by industry giant Binance, WazirX is the top crypto exchange created specifically for the Indian market.
Security
100% cold storage of funds. MFA login. Frequent audits by firms like EY.
Compliance
Registered Indian business. KYC mandated. Adheres to Indian laws.
UX
Intuitive web/mobile apps tailored to Indians. Hindi language support.
Coins
200+ cryptos supported, including inr trading pairs.
CoinDCX
One of the largest Indian crypto exchanges with over 10 million users.
Security
MFA login. Funds insured. Regular audits by CertiK.
Compliance
Registered in India. KYC required. Tax compliant.
UX
Simplified trading for Indian users. 24/7 multilingual support.
Coins
130+ coins, INR trading pairs available.
CoinSwitch Kuber
Fast-growing Indian exchange backed by Coinbase and Tiger Global.
Security
95% assets in cold storage. Insurance fund. Bug bounty program.
Compliance
Indian entity. Adheres to KYC and tax laws.
UX
Streamlined for Indian audience. Mobile-first experience. Regional languages supported.
Coins
100+ coins, all major tokens offered.
Bitbns
Popular Indian crypto exchange known for low fees and fast INR deposits/withdrawals.
Security
Multi-sig wallets. 2FA login. Regular audits. Bug bounty rewards.
Compliance
Registered with Indian regulators. KYC and AML policies.
UX
Built for Indian traders. INR deposits via IMPS, NEFT, RTGS.
Coins
130+ coins, 40+ INR markets. Low 0.25% fees.
ZebPay
One of the oldest Indian crypto exchanges, operating since 2014.
Security
85% cold storage. 2FA login. Insurance to cover losses.
Compliance
KYC-compliant exchange in India. Tax laws followed.
UX
Simple buy/sell interface. Mobile apps tailored to Indians.
Coins
80+ coins listed. INR deposits via UPI and bank transfers.
Final Thoughts
With crypto adoption surging rapidly across India, it's crucial to use only the most secure and compliant exchanges that put your interests first. Look for robust security protections, legal compliance with Indian regulations, and a streamlined trading experience designed for Indian investors.
The exchanges reviewed above have earned trust by satisfying these criteria for millions of Indian traders. But always do your own due diligence by researching platforms extensively before trading.
As India's crypto industry matures, even more tailored, regulated platforms will emerge to safely meet the needs of Indian investors and traders.
Edited by Shivam Sharma
This article has been authored exclusively by the writer and is being presented on Eat My News, which serves as a platform for the community to voice their perspectives. As an entity, Eat My News cannot be held liable for the content or its accuracy. The views expressed in this article solely pertain to the author or writer. For further queries about the article or its content you can contact on this email address - shivamsharma658448@gmail.com
Edited by Shivam Sharma
This article has been authored exclusively by the writer and is being presented on Eat My News, which serves as a platform for the community to voice their perspectives. As an entity, Eat My News cannot be held liable for the content or its accuracy. The views expressed in this article solely pertain to the author or writer. For further queries about the article or its content you can contact on this email address - shivamsharma658448@gmail.com
0 Comments