Looking for a cryptocurrency exchange in India? We’ve seen a bunch of crypto hacks and security breaches of late and this can leave us wondering if our investments are safe, especially in the volatile cryptoverse.
In terms of crypto exchanges, India offers many options, but which exchanges are safest? To help you protect your investment, we’ve rounded up a list of some of the best Indian crypto exchange options in 2023. In doing this, we have looked at safety, the minimum deposit size, diversity of coins, whether they have a mobile app, the number of users, and what makes them stand out.
Finding the best crypto exchange in India with low fees and an excellent track record regarding security and accountability can be daunting, but hopefully, we can help. Finding the best app for cryptocurrency in India is a personal choice, so you will need to research and make a decision that suits your needs.
While we know that there are plenty of other criteria to look at, we're confident that this list will go a long way to helping you choose the best exchange for cryptocurrency in India.
WazirX is one of the largest crypto exchanges India has to offer. They launched in 2018, and with 6 million users that are trading $5.4 billion a month, they are trusted and reputable. They are part of the Binance group and donate to the Blockchain India Fund to help the adoption of crypto in India.
- Is WazirX safe? Yes. WazirX is secure thanks to security protocols that include 2FA & OTPs, a bug bounty program, and regular security audits. They also share helpful content on how to avoid being scammed.
- Has WazirX been hacked? No, the WazirX platform hasn't been hacked. However, individual accounts may have previously been compromised by phishing emails and so on.
- Will WazirX refund me if I'm hacked? As WazirX hasn't been hacked, we can't be certain if they will refund you. Although, as they're backed by crypto giant Binance, chances are they would if a hack was due to a security flaw on their end.
- Do you own your keys on WazirX? No, WazirX is a centralised exchange, so you won't own your keys. Only decentralised exchanges give users ownership of their keys.
- Can WazirX freeze accounts? Yes it could, as is the case with most exchanges. This is not likely to happen unless you're using it from a restricted location or if WazirX is requested to do so by their legal team, or authorities.
- How many cryptocurrencies are on WazirX? WazirX has 234 cryptocurrencies available to trade on its platform.
- Does WazirX have a mobile app? Yes, the WazirX app is available for iOS and Android.
- What are WazirX fees? WazirX offers flat rates of 1% from TDS (tax deducted at the source), while most maker and taker fees are 0.2%.
- Are there any deposit and withdrawal limits on WazirX? There are different withdrawal limits in place, and this all depends on the crypto you're withdrawing. Fees are relatively high when compared to other exchanges.
- Does WazirX have KYC? Yes. You will need a PAN card & an Aadhaar Card in order to verify your account.
CoinDCX launched in 2018 and boasts over 10 million users. They have become one of the most popular crypto exchanges that Indian crypto investors have access to, thanks to a simple user interface and robust security protocols. They also offer spot, margin, futures trading, earning through lending and staking, and a learning program.
- Is CoinDCX safe? CoinDCX operates on 4 principles of security; defending their system against all threats, prevention of misuse of internal mechanisms, avoiding human error at all costs, and strict intolerance toward data fraud. They store 95% of all funds in multi-sig, cold wallets, which are distributed geographically with industry-best hardware security modules (HSMs). Only 5% of assets are kept in hot wallets and are insured by BitGo. In addition to that, personal account security includes 2FA and withdrawal confirmation.
- Has CoinDCX been hacked? CoinDCX hasn't been hacked. However, one user did lose 3 BTC two years ago due to what the user claimed was an error on the CoinDCX side.
- Will CoinDCX refund me if I'm hacked? Because CoinDCX hasn't had any hacks to date, we can't be sure of how they will respond. But they are insured by BitGo, it's likely they'd be able to refund users. In the instance above, CoinDCX publicly stated that they would refund if they were found to be at fault.
- Do you own your own keys on CoinDCX? No, CoinDCX is a centralised exchange, so you won't own your keys. Only decentralised exchanges give users ownership of their keys.
- Can CoinDCX freeze accounts? Yes, almost all exchanges would reserve the right to freeze an account for fraud prevention while identity checks are completed or if compelled to by law enforcement.
- How many cryptocurrencies are on CoinDCX? CoinDCX currently offers more than 200 different coins to be traded.
- Does CoinDCX have a mobile app? Yes. The CoinDCX app is available for iOS and for Android.
- What fees will I pay on CoinDCX? CoinDCX has a fee structure that is based on your 30-day trading volume, usually between 0.2% to 0.04%.
- Are there any deposit and withdrawal limits on CoinDCX? CoinDCX has a minimum deposit of INR 750 and a maximum withdrawal of INR 500,000.
- Does CoinDCX have KYC? Yes. In order to comply with Indian regulations, CoinDCX requires some personal information to verify your account.
CoinSwitch Kuber launched in 2017 and has its HQ in Bengaluru. They've become one of the best Indian crypto exchange options thanks to being accessible, easy to use, and non-custodial. They are an app-only exchange and have well over 10 million downloads on Google Play alone. CoinSwitch Kuber is unique in that it doesn't generate its own liquidity. Instead, it lets traders connect to different exchanges to find the best exchange rates.
- Is CoinSwitch safe? Yes, CoinSwitch Kuber has ISO 270001 and SOC2 Type 2 certification, as well as 2FA and OTP for accounts.
- Has CoinSwitch Kuber been hacked? No, CoinSwitch Kuber is non-custodial, so there is nothing to hack.
- Will CoinSwitch Kuber refund me if I'm hacked? As CoinSwitch Kuber is non-custodial, any hacks would be to the users' wallets and wouldn't be on the platform, so they probably wouldn't refund users.
- Do you own your own keys on CoinSwitch Kuber? CoinSwitch Kuber's non-custodial model means that users would own their keys.
- Can CoinSwitch Kuber freeze accounts? Yes, and CoinSwitch Kuber has frozen accounts in the past due to unclear government regulations earlier in 2022. They have since restored service.
- How many cryptocurrencies on CoinSwitch Kuber? CoinSwitch Kuber currently offers more than 100 different coins available.
- Does CoinSwitch Kuber have a mobile app? Yes. CoinSwitch Kuber is an app-only exchange and is available for iOS and Android.
- What fees will I pay on CoinSwitch Kuber? As CoinSwitch Kuber links users to different exchanges, fees would depend on the exchange you use. However, they don't have any fees associated with their platform.
- Are there any deposit and withdrawal limits on CoinSwitch Kuber? CoinSwitch Kuber has a minimum deposit of INR 100.
- Does CoinSwitch have KYC? Yes - CoinSwitch Kuber complies with regulations that make KYC mandatory in India.
ZebPay was launched in 2014 and relaunched in India in 2020. They boast more than 5 million users and more than 10 billion traded in fiat so far. They've become one of the best Indian crypto exchange options, thanks to many product offerings, including ZebPay exchange, OTC trading, and lending.
- Is ZebPay safe? Yes. ZebPay keeps 98% of assets in cold storage on HSM air-gapped machines that as geographically dispersed. Transactions are also protected with proprietary security protocol Omnitrixx, bug bounty, and the exchange boasts a ISO 27001 certification, as well as being members of IAMAI and BAAC in India. For account security, ZebPay follows the industry-standard of OTP & 2FA.
- Has ZebPay been hacked? Yes - but not directly. ZebPay employees were targeted in a phishing scam on Twitter, with hackers managing to get their personal data to target users. They managed to steal around 3.69 BTC in 2020, but the perpetrators were arrested and charged thanks to a partnership with Chainalysis and ZebPay.
- Will ZebPay refund me if I'm hacked? It's uncertain if ZebPay would refund users, but it is likely due to their high compliance with regulators and if it was due to a security flaw on their end. They are also insured by BitGo to cover theft and data breaches.
- Do you own your own keys on ZebPay? No, ZebPay is a centralised exchange, and so you won't own your keys. Only decentralised exchanges give users ownership of their keys.
- Can ZebPay freeze accounts? Yes, ZebPay reserves the right to freeze accounts if compelled to by law or governments, but it is unlikely.
- How many cryptocurrencies on ZebPay? ZebPay currently has 99 coins to be traded.
- Does ZebPay have a mobile app? Yes. The ZebPay app is available for both iOS and for Android.
- What fees will I pay on ZebPay? ZebPay structures its fees based on a user's 30-day trading volume. It is usually between 0.06% to 0.25%, depending on the maker/taker and the amount traded.
- Are there any deposit and withdrawal limits on ZebPay? ZebPay has a minimum of INR 12 on fiat deposits and INR 15 on all fiat withdrawals. Although crypto deposits are free.
- Does ZebPay have KYC? Yes. ZebPay complies with regulations that make KYC mandatory in India.
Paxful was launched in 2015 and has become a highly reputable digital marketplace and wallet where you can buy and sell popular cryptocurrencies, as well as spend crypto. They have a global footprint and are a top crypto exchange India has to offer. They have also launched La Casa Del Bitcoin in El Salvador in order to help educate residents on the adoption of Bitcoin as a legal tender. In terms of crypto exchanges, India offers many options, but is Paxful a good bet?
- Is Paxful safe? Yes. All personal accounts have 2FA and OTP, and Paxful offer a variety of helpful security tips on how to best protect your assets. They're partnered with iProov, a leading biometric authentication company, for KYC data. As it's a p2p trading platform, they also offer features like escrow accounts and a security deposit to ensure safe trading.
- Has Paxful been hacked? No. Paxful hasn't been directly hacked, although individual accounts have been compromised through phishing emails before.
- Will Paxful refund me if I'm hacked? Because they haven't suffered a crypto hack, we can't be sure how much accountability they would take. But they are insured with BitGo, which should offer some peace of mind.
- Do you own your own keys on Paxful? No, Paxful is a centralised exchange, so you won't own your keys. Only decentralised exchanges give users ownership of their keys.
- Can Paxful freeze accounts? Yes, but Paxful hasn't been known to suspend accounts unless related to security concerns or breaching their T&Cs.
- How many cryptocurrencies on Paxful? Paxful has a very modest selection of coins and currently only offers 3 options - BTC, USDT, and ETH.
- Does Paxful have a mobile app? Yes, the Paxful app is available for iOS and for Android.
- What are Paxful’s fees? Paxful has a 1% fee only for sellers and none for buyers. Their withdrawal fees vary depending on how much and the currency you are withdrawing.
- Are there any deposit and withdrawal limits on Paxful? Paxful has a $10 minimum deposit which roughly equates to INR 800.
- Does Paxful have KYC? Yes. As Paxful is a global exchange, they have to comply with various regulators.
Binance India is part of the global market leading exchange Binance. They offer a huge variety of products, buying and selling crypto with INR, trading, derivatives, earning via vaults or liquidity farm programs, loans, and NFTs. Binance is the biggest exchange in the world, with more than 28 million users, over 600 cryptocurrencies, and trading billions daily.
- Is Binance India safe? Binance security protocols include 2FA, secure offline cold storage for most assets, and real-time monitoring. Additional features like safe sign-in and advanced access control have made them one of, if not the best, crypto exchange India has to offer.
- Has Binance ever been hacked? Yes, in 2019, Binance was hacked to the tune of 4 Cr+.
- Will Binance refund me if I'm hacked? In the instance mentioned above and in others, Binance has refunded users where the hack was related to a security flaw at Binance, making it one of the best crypto exchanges in terms of accountability.
- Do you own your own keys on Binance? No - Binance holds private keys to the wallet. You own them if you use Trust Wallet, though.
- Can Binance freeze accounts? They can if legally compelled to, but that is unlikely. Is it safe to invest in Binance? Yes! They have excellent liquidity and have bailed out many other companies affected by hacks in the past, like the Ronin Network after their 54 Cr hack.
- How many cryptocurrencies are on Binance? Binance offers 119 different cryptocurrencies to trade, including all major coins plus thousands on BNB plus their Trust Wallet for DeFi.
- Does Binance have a mobile app? Yes, Binance on mobile for iOS and Android. They also offer the Trust Wallet browser extension and mobile app.
- What fees will I pay on Binance? Binance does have maker and taker trading fees. The fee structure is a tiered schedule based on your monthly trading volume. As you trade more, the percentages get lower, and some BTC trading pairs are as low as 0%.
- Are there any deposit and withdrawal limits on Binance? Yes, but the limits on Binance would depend on your payment method, and there is a standard flat charge for bank transfers.
- Does Binance India have KYC? Yes. They require a photo ID and personal information to verify your account.
Unocoin was founded in 2013 as one of the first crypto exchanges India has. Their HQ was initially in Tumkur, before later moving to Bengaluru. Investors can buy, sell and trade, including OTC bulk trading, and offer autosell and systematic buying plans too. They currently boast 2.34 million customers and 36 cryptocurrencies. Let’s see what makes Unocoin one of the best Indian crypto exchange options.
- Is Unocoin safe? Yes. Unocoin security protocols include address private keys that are encrypted using AES-256, stored in multiple safe deposit lockers, 2FA, and a paper wallet option.
- Has Unocoin been hacked? Yes, in 2017, Unocoin suffered a hack that saw the unauthorised transfer of 0.25 BTC from multiple Unocoin accounts. This caused them to pause servers temporarily.
- Will Unocoin refund me if I'm hacked? Yes. They refunded users in the instance above, so likely that they would also do so in future if it was down to a security flaw on their end.
- Do you own your own keys on Unocoin? No, Unocoin is a centralised exchange, and so you won't own your keys. Only decentralised exchanges give users ownership of their keys.
- Can Unocoin freeze accounts? Yes, but it is not likely to occur unless there is a security concern or they are compelled by law. They did have their own bank accounts frozen back in 2018 by the Indian government while they investigated their financial affairs, which froze service.
- How many cryptocurrencies on Unocoin? Unocoin currently offers 36 cryptocurrencies to be traded.
- Does Unocoin have a mobile app? Yes. The Unocoin app is available for iOS and for Android.
- What are Unocoin fees? Unocoin offers a flat 0.5% trading fee.
- Are there any deposit and withdrawal limits on Unocoin? Unocoin has a minimum INR 100 deposit.
- Does Unocoin have KYC? Yes. As Unocoin is compliant with Indian regulations, so would require some personal information.
Bitbns was founded in 2017, and they believe that crypto is the future of money. Their user-friendly interface, as well as supporting a wide variety of crypto, have helped them become a top crypto exchange India has, with more than 4 million users. Let’s review why Bitbns is a contender for the title of best Indian crypto exchange.
- Is Bitbns safe? Yes, all accounts have 2FA and an option for google authentication. Bitbns states that its platform is built with the latest technology architecture and grade-a security features, including a bug bounty program.
- Has Bitbns been hacked? Bitbns have not directly been hacked, but there have been some scams related to Bitbns Telegram and users sharing details with scammers posing as staff.
- Will Bitbns refund me if I'm hacked? As they haven't been directly hacked, we can't be sure of how they will respond. They haven't refunded previously if security breaches have been through user error.
- Do you own your own keys on Bitbns? No, Birbns is a centralised exchange, and so you won't own your keys. Only decentralised exchanges give users ownership of their keys.
- Can Bitbns freeze accounts? Yes. Bitbns have frozen accounts in the past when investigating KYC issues.
- How many cryptocurrencies on Bitbns? There are currently 141 tokens available to trade on Bitbns.
- Does Bitbns have a mobile app? Yes. Bitbns have an app that is available for iOS and for Android.
- What are Bitbns fees? The Bitbns fee structure is based on your 30-day trading volume and how you pay. Fees are low and generally between 0.25% and 0.03%.
- Are there any deposit and withdrawal limits on Bitbns? Bitbns have a minimum deposit of INR 100 and a maximum of 25 lakh a day.
- Does Bitbns have KYC? Yes and no. KYC isn't required to trade, deposit and withdraw crypto, but it is needed to deposit and withdraw fiat currency.