Researching cryptocurrency exchanges in India? Here are some of the best Indian crypto exchange options to explore in 2023.
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In terms of crypto exchanges, India offers many options, but which exchanges are the best? We’ve rounded up a list of some of the best Indian crypto exchange options in 2023. In doing this, we've looked at safety, the minimum deposit size, the 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.
Best India crypto exchanges
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 centralized exchange, so you won't own your keys. Only decentralized 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 250+ 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 has a tiered trading fee structure based on your 30-day trading volume and your WRX holdings. You can expect fees of between 0.10% - 0.40%. INR deposits, withdrawals, and trading pairs are currently suspended due to unclear regulations from the government.
- 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 in order to verify your account.
- Is WazirX legal in India? Yes. WazirX is based in India and fully compliant with the current regulations from the Indian government.
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 its 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 centralized exchange, so you won't own your keys. Only decentralized 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 100 different coins to be traded.
- Does CoinDCX have a mobile app? Yes. The CoinDCX app is available for iOS and Android.
- What fees will I pay on CoinDCX? CoinDCX has a fee structure that is based on your 30-day trading volume, usually between 0.04 to 0.5%.
- 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.
- Is CoinDCX legal in India? Yes. CoinDCX is registered and based in India, and fully compliant with the current regulations from the Indian government.
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 the top crypto exchange in India by trading volume, 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?
All accounts have 2FA and an option for Google authentication. Bitbns states its platform is built with the latest technology architecture and grade-a security features, including a bug bounty program.
- Has Bitbns been hacked? Bitbns admitted recently in an AMA that the exchange suffered a relatively small hack back in early 2022 for $7.5 million.
- Will Bitbns refund me if I'm hacked? Bitbns has not yet indicated whether they'll refund users relating to the hack in 2022.
- Do you own your own keys on Bitbns? No, Birbns is a centralized exchange, so you won't own your keys. Only decentralized 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 are on Bitbns? There are currently 400+ 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 for BNS holders. 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 lahks 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.
- Is Bitbns legal in India? Yes. Bitbns is based in India and fully compliant with the relevant government legislation.
Mudrex is a crypto investment app that aims to make it easy for Indian investors to buy, sell, and trade cryptocurrencies. You can add funds using your crypto or INR and invest in your favorite cryptocurrencies, or make it even simpler by investing in Coin Sets. As well as this, Mudrex offers vaults for investors to earn passive income from their crypto holdings.
Is Mudrex safe?
Yes, all accounts have 2FA and an option for Google authentication. Mudrex has also partnered with Binance Institutional Custody. As a part of this custody, Mudrex is eligible for a $100 million dedicated insurance for Binance Institutional Clients, as well as a $1 billion SAFU insurance fund.
- Has Mudrex been hacked? No, Mudrex has not been compromised or hacked to date.
- Will Mudrex refund me if I'm hacked? Yes, if you're hacked due to a security flaw related to Mudrex's exchange, Mudrex will refund you. All Mudrex customer funds are insured by Lloyds of London.
- Do you own your own keys on Mudrex? No. Mudrex is a custodial exchange.
- Can Mudrex freeze accounts? Yes, Mudrex can freeze accounts. But this action would only happen if mandated by regulatory authorities, particularly in instances where your national authorities deem such action necessary, or if you're identified on the global Anti-Money Laundering list.
- How many cryptocurrencies are on Mudrex? There are currently 150+ tokens available to invest in Mudrex.
- Does Mudrex have a mobile app? Yes. Mudrex has an app that is available for iOS and for Android.
- What are Mudrex fees? Mudrex charges 0.2% on every transaction.
- Are there any deposit and withdrawal limits on Mudrex? Mudrex has a minimum deposit of INR500 and a withdrawal limit of INR 1,00,000.
- Does Mudrex have KYC? Yes, it's mandatory for all users to complete their identity verification before being able to make any deposits or withdrawals on Mudrex.
- Is Mudrex legal in India? Yes, Mudrex is a registered Virtual Asset Service Provider which means that the exchange is a registered broker and custodian and fully compliant with both Indian and EU regulations.
CoinSwitch 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 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 has ISO 270001 and SOC2 Type 2 certification, as well as 2FA and OTP for accounts.
- Has CoinSwitch been hacked? No, CoinSwitch is non-custodial, so there is nothing to hack.
- Will CoinSwitch refund me if I'm hacked? As CoinSwitch 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? CoinSwitch's non-custodial model means that users would own their keys.
- Can CoinSwitch freeze accounts? Yes, and CoinSwitch has frozen accounts in the past due to unclear government regulations earlier in 2022. They have since restored service.
- How many cryptocurrencies are on CoinSwitch? CoinSwitch currently offers more than 170 different coins available.
- Does CoinSwitch have a mobile app? Yes. CoinSwitch is an app-only exchange and is available for iOS and Android.
- What fees will I pay on CoinSwitch? As CoinSwitch 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? CoinSwitch has a minimum deposit of INR 100.
- Does CoinSwitch have KYC? Yes - CoinSwitch complies with regulations that make KYC mandatory in India.
- Is CoinSwitch legal in India? Yes, CoinSwitch is a company that is based and registered in India and is compliant with the regulations laid out by the Indian government.
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. Users are also protected with proprietary security protocol Omnitrixx, a bug bounty, and the exchange boasts an 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 centralized exchange, so you won't own your keys. Only decentralized 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 are on ZebPay? ZebPay currently has 100+ coins to be traded.
- Does ZebPay have a mobile app? Yes. The ZebPay app is available for both iOS and Android.
- What fees will I pay on ZebPay? ZebPay charges no fee for crypto to crypto quick trades, or 0.5% for crypto to fiat quick trades. Other transactions may have different fees.
- 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.
- Is ZebPay legal in India? Yes. ZebPay was founded in India and continues to run operations from India. The company is fully compliant with the current government regulation.
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 centralized exchange, so you won't own your keys. Only decentralized 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 are on Paxful? Paxful has a very modest selection of coins and currently only offers 3 options - BTC, USDT, and USDC.
- 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.
- Is Paxful legal in India? Yes, but as Paxful is a P2P exchange, you'll need to collect TDS and deposit it with the ITD yourself.
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, and 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 500 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 exchanges 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 500+ 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 is 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. Binance only supports INR through P2P or third-party payments through WazirX and Simplex currently.
- Does Binance India have KYC? Yes. They require a photo ID and personal information to verify your account.
- Is Binance legal in India? Yes. Binance is legal in India, although as it's an international exchange, you may be required to deduct TDS and deposit it with the ITD.
Unocoin was founded in 2013 as one of the first crypto exchanges in India. Their HQ was initially in Tumkur, before later moving to Bengaluru. Investors can buy, sell and trade, including OTC bulk trading, and offer auto sell and systematic buying plans too. They currently boast 2.34 million customers and 50+ 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 unauthorized 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 the future if it was down to a security flaw on their end.
- Do you own your own keys on Unocoin? No, Unocoin is a centralized exchange, so you won't own your keys. Only decentralized 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 are on Unocoin? Unocoin currently offers 50+ cryptocurrencies to be traded.
- Does Unocoin have a mobile app? Yes. The Unocoin app is available for iOS and 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.
- Is Unocoin legal in India? Yes. Unocoin is a registered company in India and complies with the relevant government legislation for cryptocurrency businesses.
How to pick a crypto exchange
Picking a crypto exchange isn't easy - there are some important factors you need to consider. Here are the criteria we used to select our list of best crypto exchanges in India:
- Security: Your crypto needs to be safe and secure - so the security of your exchange should be top of the list. We only included exchanges with excellent security protocols, at both a platform and account level.
- Reputation: Reputation means a lot in the crypto market with so many dodgy projects and platforms still sadly hanging around the market. That's why we've only included crypto exchanges with a strong reputation and track record in the crypto community, both globally and in India.
- Available cryptocurrencies: Your exchange needs to actually sell the cryptocurrencies you want to invest in. While some exchanges only stick to the leading cryptocurrencies like Bitcoin and Ethereum, the exchanges in our list have a wide variety of cryptocurrencies to pick from.
- Liquidity: Many exchanges and platforms went bust due to bank runs in the most recent bear market - so liquidity matters. Exchanges with high liquidity protect you from potential bank runs and help you execute trades faster and with low slippage.
- User Interface: Long gone are the days when you needed an advanced degree to use a crypto exchange - there's now a crypto exchange for every level of investor experience from novice to pro. We've included crypto exchanges to suit all levels, as well as ones with mobile apps so you can trade on the go.
- Fees: All crypto exchanges charge fees. While most will charge average fees, there are some exchanges that charge substantially more or less. We've compared the fee structures for each exchange to help you find the best option for you.
How Koinly can help with your crypto taxes
Koinly is the best cryptocurrency tax calculator in India and can help you track your holdings across all the crypto exchanges you use and calculate any tax liability come tax time. All you need to do is connect your exchanges using API automatically or upload a CSV file of your transaction history and Koinly will do the rest. Best of all, Koinly is completely free to try - you'll only ever pay if you want to upgrade to a paid plan and download a tax report.
More questions about the best Indian crypto exchanges? We have you covered.
What's the best crypto app in India?
Some of the best crypto exchange apps for Indian investors include the Bitbns app, the WazirX app, and the CoinDCX app. All apps are available on both iOS and Android.
What’s the best crypto to buy right now in India?
Some popular investments worldwide in the crypto market currently include:
What's the largest crypto exchange in India?
Recent research from CoinGecko shows that the largest Indian crypto exchange by market share is Bitbns - with 79.1% of the market and an annual trading volume of $6.52 billion for the last year! WazirX follows in second place, with an 11.1% market share, while CoinDCX places third with 6.6% and ZebPay fourth with 3.1% of the market.
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