The 7 Best Crypto Exchanges in India in 2024 | CoinLedger (2024)

In this guide, we’ll break down the best cryptocurrency exchanges in India — based on factors like ease of use, fees, and security!

Quick look: Best Crypto Exchanges in India

WazirX: Best Overall

Binance India: Best Foreign Exchange

Kraken: Best for Low Fees

Zebpay: Best for Mobile

Paxful: Best for Peer-to Peer Trading

CoinDCX: Best for User Interface

Unocoin: Best for Security

WazirX

Best Overall

WazirX is one of India’s top cryptocurrency exchanges. The company is headquartered in Mumbai and serves more than 10 million users across the country!

Pros

User interface: WazirX offers a user-friendly interface for both desktop and mobile!

Low fees: WazirX has a flat fee of 0.2% on all transactions.

High selection: WazirX offers more than 450+ trading pairs of cryptocurrencies for customers — meaning that there’s a large variety of cryptocurrencies you can buy, sell, and trade on the platform.

Generous referral program: WazirX’s referral program allows you to earn 50% of every trading fee for users you refer to the exchange!

Cons

Regulatory issues: In the past, WazirX’s bank assets have been frozen and subsequently unfrozen by the Enforcement Directorate during an investigation into illegal Chinese loans.

Binance India

Best foreign exchange

Binance — the world’s biggest exchange by trading volume — is available in India!

Pros

Low fees: Binance offers some of the lowest fees for cryptocurrency investors. Trades are subject to a 0.1% standard fee.

Buy Bitcoin in INR: Unlike other foreign exchanges, Binance supports INR! Binance’s P2P marketplace allows you to buy Bitcoin and other cryptocurrencies in INR.

Large selection: Binance offers more than 500 cryptocurrencies to buy, sell, and trade.

Cons

No TDS Deduction: Unlike Indian-based exchanges, Binance India does not automatically deduct TDS — which means the burden is on the user to calculate and pay taxes on each transaction.

Regulatory issues: While the platform is available in India, Binance has run into regulatory issues in many different countries. The platform pulled out of the United States and Canada due to pressures from regulators.

Kraken

Best for low fees

Kraken is an American-based exchange that offers its full range of services to customers in India.

Low fees on Kraken Pro: Kraken Pro — the platform’s free advanced interface for traders — offers fees ranging from 0 - 0.26%.

Margin and derivative trading: Kraken offers margin and derivative trading — making it a great choice for experienced investors.

Highly secure: More than 95% of Kraken’s assets are held in cold storage to protect against potential hacks.

Cons

No TDS Deduction: Because Kraken is a foreign exchange, you may be required to deduct TDS manually.

Zebpay

Best for mobile

Zebpay is a mobile-only cryptocurrency exchange founded in India in 2014. Today, the company is headquartered in Singapore and serves more than 5 million customers worldwide.

Pros

Cryptocurrency selection: Zebpay supports 150+ crypto-assets.

Low fees: Zebpay has no fees on deposits, withdrawals, and crypto-to-crypto trades. However, you may pay fees of 0.5% and more on other crypto trades.

Zebpay loans: Zebpay supports borrowing and lending. You can earn up to 8.5% interest for lending your crypto on Zebpay!

TDS deduction: While Zebpay is no longer headquartered in India, the platform does deduct TDS for Indian users.

Cons

Poor customer service: In the past, customers have complained about Zebpay’s poor customer support.

Mobile-only: Currently, Zebpay is only available on mobile devices. The Zebpay app is available on iOs and Google Play.

Paxful

Best for peer-to-peer trading

Paxful is an online peer-to-peer Bitcoin marketplace. Unlike other exchanges in this list, Paxful allows users to buy and sell BTC directly from other users through a variety of methods — from in-person payment to online purchase.

Pros

Peer to peer: Because of the burdensome regulations that the Indian government has placed on cryptocurrency exchanges, many investors find peer-to-peer marketplaces like Paxful easier to use.

Escrow services: Paxful takes steps to ensure that cryptocurrencies go to the rightful owner. When a buyer and seller agree to a trade, the cryptocurrency is held in escrow. The crypto transaction will not be completed until the buyer and seller agree that the payment has been made.

Cons

Bitcoin only: Currently, Paxful only supports Bitcoin— which means it may not be a great option for investors looking for a wide selection of cryptocurrencies.

Prior shutdown: In April 2023, Paxful shut down for a month after regulatory issues and a wrongful termination lawsuit from one of the company’s co-founders.

Potential scams: It’s important to be cautious of potential scams when using a peer-to-peer marketplace.

CoinDCX

Best for user interface

CoinDCX is one of India’s biggest cryptocurrency exchanges — currently serving more than 14 million users!

Pros

Easy to use: CoinDCX has been praised for its easy-to-use interface on desktop and mobile!

Low fees: CoinDCX charges 0.2% fees on all spot trades.

Referral program: CoinDCX offers a 20% lifetime commission on trading fees from users who are referred to the platform.

Customer support: CoinDCX has been praised for offering responsive customer support!

Cons

No crypto withdrawals: Unlike other cryptocurrency exchanges, CoinDCX currently does not allow users to withdraw crypto-assets.

Unocoin

Best for security

Originally founded in 2013, Unocoin is India’s oldest cryptocurrency exchange!Today, Unocoin serves more than 2 million investors around the country.

Pros

Low fees: Unocoin charges fees of 0.5% on most transactions.

High security: 95% of Unocoin’s funds are stored offline — making a potential hack less likely.

Crypto baskets: Unocoin offers ‘cryptocurrency baskets’ — a selection of digital assets based on your risk tolerance and preferences.

Cons

Limited crypto selection: Unocoin offers 50+ cryptocurrencies including Bitcoin and Ethereum.

Lack of advanced features: Unocoin is designed for beginner investors and has limited features available for advanced traders.

How Do Cryptocurrency Exchanges Work?

Cryptocurrency exchanges are platforms where you can buy, sell, or trade cryptocurrencies for other digital currencies or fiat currencies like Indian rupees or US dollars. These platforms can be categorized into two types: centralized exchanges (CEX) and decentralized exchanges (DEX).

Centralized Exchanges (CEX)

Centralized exchanges are managed by a company that provides a platform for trading cryptocurrencies. Centralized exchanges typically offer the following benefits:

• Ease of Use: User-friendly interfaces suitable for beginners.
• Liquidity: High trading volumes ensure easy trade execution.
• Security Measures: Often include robust security protocols.
• Customer Support: Provide assistance for users.

Centralized exchanges require users to trust the platform with their funds and personal information.

Decentralized Exchanges (DEX)

Decentralized exchanges operate without a central authority. Transactions are automated through smart contracts and blockchain technology. Benefits include:

• Privacy: No need to disclose personal information.
• Custody: Users have complete control over their funds.
• Decentralized: No centralized platform that can censor transactions.

Decentralized exchanges can be less user-friendly and have lower liquidity compared to their centralized counterparts.

How to Pick a Cryptocurrency Exchange in India

Here are some factors to consider when choosing a cryptocurrency exchange:

Security

It’s important to look for exchanges with strong security measures — such as two-factor authentication (2FA), cold storage, and insurance against theft and hacks.

User Experience

It’s important to pick an exchange with a friendly user experience! Because user experience can be subjective, it’s recommended to take a look at multiple exchange interfaces to see which one you prefer.

Fees

Compare the fee structures of different exchanges. If you plan to trade frequently, high fees can make a significant impact on your profits.

Liquidity

The higher liquidity your exchange has, the quicker your trades will be fulfilled. This is especially important in times of volatility!

Coin Selection

You should consider what cryptocurrencies you wish to invest in. Some exchanges offer a wide range of cryptocurrencies, giving you more options for trading and investing. Others are more specialized, focusing on Bitcoin and a few other select cryptocurrencies.

Reputation

Research the exchange's reputation. Before you get started, look for user reviews and testimonials about the exchange's reliability and user performance.

Additional Features

Some exchanges offer additional features like staking, margin trading, or crypto savings accounts — which may be aligned with your investment strategy!

Is cryptocurrency taxed in India?

India has some of the most stringent laws on cryptocurrency taxes in the world. All profits from cryptocurrency are subject to 30% tax and 4% surcharge. In addition, there is a 1% TDS on the sale of all crypto assets worth more than 50,000 rupees.

Unlike other countries, crypto losses are not deductible.

For more information, check out our complete guide to crypto taxes in India.

What restrictions are there on trading crypto in India?

Cryptocurrency is legal to buy, sell, and trade in India. However, the government has proposed banning Bitcoin and other cryptocurrencies in the past.