After almost 2 years of ban on cryptocurrency, Honorable supreme court of India revoked ban in the month of March 2020. In late 2017, cryptocurrency started getting popular in India, after people came to know high gain in short period of time. But this high gain comes with high risk of losing all of your investment in no time. If you guys remember beginning of January 2018 was golden period in the journey of cryptocurrency. Almost more than 80% of cryptocurrencies still have their all-time high record on the day of 4th January 2018. Looking at the population figure in India and interested investors, many business owners or startup decided to launch Indian Cryptocurrency Exchange platforms like ZebPay, WRX, UnoCoin, BitBns and many more. Many of those who used their credit cards for investing in cryptocurrency had to suffer through a big loss. Looking at the risk of potential loss of many Indian citizens and illegal use of cryptocurrency, RBI decided to put ban on cryptocurrencies in India.
Even after so many bad days, this Cryptocurrency exchange platforms were not ready for giving up rather they were fighting 2 battles at a time. First one was in supreme court against RBI’s decision on banning crypto exchanges and other one was in keep business running with accepting a huge loss. Finally, the historic day arose in Indian cryptocurrency market, on 4th March 2020, Supreme court made a final verdict to remove ban on cryptocurrencies in India with some special guidelines and rules provided like strict KYC validations. Recently RBI also confirm that they are no more in between Indians and cryptocurrencies. RBI has allowed national banks to work with Crypto exchange platforms and startups for cryptocurrency related transactions. Below were important dates in for Indian Cryptocurrency exchange platforms or startups companies.
|6th April, 2018||RBI banned cryptocurrency transactions in India.|
|23rd July, 2019||Government Committee supported ban on crypto|
|4th March, 2020||Supreme Court’s decided to revoke ban on cryptocurrency trades.|
|22nd May 2020||RBI confirms no more prohibition on Cryptocurrency exchanges.|
Although ban is revoked there is another problem impacted all over the world that is COVID-19. Looking at the figures of March to May 2020, it doesn’t look alike cryptocurrency market is impacted a lot. So as per many crypto experts there will be a Crypto Boom in India soon. In that regards we have tried very hard to list down Best and emerging crypto exchange platforms keeping in mind factors like reliability, security and cost per transaction(fees and charges). Hope, you would like to go through it.
Best Cryptocurrency Exchange Platforms in India
For you better understanding we have compared above crypto trading platforms based on some parameters like how many crypto coins available to trade, payment options, transaction limits, reliability, transaction fees and foundation year etc.
|Speed of transactions||Medium||Medium||High||Medium||High||Medium|
|Number of Users||1 lac +||1 lac+||10 lacs +||10 lacs +||5 lacs +||1 lac +|
|Frequency of rewards or contests||Weekly or Monthly||Monthly||Weekly or Monthly||Rarely||Monthly||Weekly|
|No. of Cryptocurrencies Available to trade||120+||75+||100+||25+||100+||1|
|Partners List(including Media Partners)||Binance||OKEX||Forbes, Quartz, CoinDesk||CoinDesk||Binance, OKEX and Huobi||The White Company, Forbes, CoinDesk|
|Average rating on Google PlayStore(out of 5)||4.2||4.0||3.7||3.7||3.8||3.8|
WazirX was founded in year 2018 and it has become one of most trusted cryptocurrency exchange platforms in India with around 40+ crypto coins available to trade. It also includes their own cryptocurrency named as WRX coin. In last year 2019, Binance(Most popular crypto exchange platform worldwide) decided to acquire WazirX to enhance their reach to more enthusiastic investors in India. WRX is one of those first cryptocurrency platforms who introduced facility of buying cryptocurrency in cash through their physical outlets. For more details like speed, trust index and transaction fees, kindly go though above table for quick view. Wazir is strongest piece in game of chase, which suggest company’s motive to be strongest player in the race of cryptocurrency trading platforms in India.
BitBns is a startup founded by IIT(Indian Institute of Technology) graduates in year 2017. It was starting to get popular until RBI came into picture. After RBI banned crypto exchanges it badly impacted BitBns as there was only option remained P2P transactions. But after Supreme Court’s decision to revoke ban BitBns has started gaining it’s position back in crypto market. BitBns is strong competent trading platform to stand beside WRX.
CoinDCX majorly focusing on Indian crypto market, aiming to provide highest number of coins without compromising liquidity. Recently CoinDCX receive investment for growth from Coinbase and Polychain capital. This trading platform already have 200+ coin to direct trade with INR and exchange with BTC, so with constant support from stakeholder they aiming to gain 50 million users in India, as per the report 50k new registration noted since announcement of partnering with Coinbase. CoinDCX is founded by Sumit Gupta in 2018, which is having headquarter in India’s biggest city i.e. Mumbai. This platform growing day by day and consistently adding new coins following by checking security and other on paper stuff.
UnoCoin has played important role while fighting case against RBI in Supreme court on RBI’s decision to ban cryptocurrency exchanges in India. UnoCoin is exclusive crypto trading platform choice for those who want to do SIP in cryptocurrency investments like traditional trading. UnoCoin provides best class services related to cryptocurrency trading which enable their users to have smooth experience while buying, selling and trading bitcoins and other cryptocurrencies with low transaction fees.
Last but not the least, ZebPay, is one of those first trading platforms to introduce their mobile and web application for users to trade cryptocurrencies in early 2017 in India. They were having very limited choice of cryptocurrencies to trade in early days. But now they have increased the number of cryptocurrencies available to trade for their users.
The platform with peer to peer Bitcoin platform comes with free bitcoin wallet, robust security feature and two-factor authentication for improved security. The Paxful delivering safest trading environment in India, considering number of frauds cases reported in India. Paxful launched their Application on iOS and android or you can buy using web browser. The Paxful is providing 300 payment option for trading and listed top offer for buying Bitcoin from long list of investors. This Platform follow unique way to connect buyers and seller and solve money problem like lost Bitcoins or other altcoins. So, this platform is also having potential to gain Indian market with providing security.