In 2018, after a series of frauds, the Reserve Bank of India had released a circular banning the trade of cryptocurrencies in India. However, after receiving petitions from the Internet and Mobile Association of India (IMAI) and others, the Supreme Court had to declare the trade of cryptocurrencies legal in India. Though there is no specific law governing the trade of cryptocurrencies in India, there are many exchanges to buy cryptocurrency in India.
Here we have compiled a list of the top 5 exchanges to buy cryptocurrency with the most competitive rates in the market:
1. WazirX
WazirX is the first cryptocurrency exchange established in India in 2018 but was later acquired by Binance in 2019 that is the world’s largest cryptocurrency exchange. The user can buy more than 120 cryptocurrency on the WazirX including Bitcoin, Litecoin, Ethereum Classic and many more. It also has its coin named WazirX (WRX).
Rate: It charges 0.2% transaction fees for takers as well as makers.
Best features:
- Beginner-friendly interface
- Quick KYC (Know Your Customer) protocol
- Facilitates peer to peer trading (meaning buyers are directly connected to sellers)
- Convenient app for mobile phones
2. Zebpay
In the business since 2014, Zebpay supports the trade of cryptocurrencies in about 162 countries. It currently trades in six different cryptocurrencies including Bitcoin, Ether, Litecoin, etc.
Rate: It charges 0.15% maker fees and 0.25% taker fees. Apart from this, it charges ₹ 275 as membership fees per month for inactive users.
Best features:
- Low transaction fees
- Accessible on various platforms
- Extremely fast payments
- Ability to cater to a large user base
3. Coinbase
Established in 2012, Coinbase is one of the most trusted crypto exchange platforms. It offers over 25 cryptocurrencies to trade in.
Rate:
- $0.99 if total transaction cost is less than $10
- $1.49 if total transaction cost is b/w $10 and $25
- $1.99 if total transaction cost is b/w $25 to $50
- $2.99 if total transaction cost is b/w $50 to $200
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Best features:
- Very simple to use
- Ranked among highly liquid exchanges
- Price alert feature to monitor the prices
4. BitMart
BitMart is a name often seen in the list of best crypto exchanges. It has been in existence since 2017 and started operating publicly in 2018. It offers the investors to choose from 29 trading pairs of cryptocurrencies.
Rate: It charges 0.25% of the transaction cost as maker and taker fees. Also, the trader can get an extra 25% discount on trading fees if the trader uses BMX (BitMart’s native token) to pay.
Best features:
- Allows a broad list of payment methods
- Offers a high level of transaction security
- Enables quick withdrawals and deposits
- Simple operations
5. KuCoin
KuCoin is a leading global crypto exchange established in 2017. It has investors from 200+ countries. It allows investors to choose from over 300 quality pairs of cryptocurrencies.
Rate: It charges 0.1% maker and taker fees.
Best features:
- 24/7 multilingual customer support
- Easy to use interface
- No limit on withdrawals
- Candlestick tools to analyse charts
