Different Cryptocurrency Exchanges in India

Ashish M. Shaji

22 Jul, 2020

Ever since the Supreme Court lifted the ban on cryptocurrencies in India, it has again become the buzzword among traders. India’s crypto industry had been affected severely due to the ban imposed on it by the Reserve Bank of India. Now with the ban lifted on cryptocurrencies in India, enthusiasm has been on the next level among the traders, and new cryptocurrency exchanges have burst forth.

What are Cryptocurrency Exchanges?

Cryptocurrency exchanges are online platforms where you can buy cryptocurrencies. It is a system that operates on the basis of trading cryptocurrencies with other assets. The core operation of these exchanges is to permit the buying and selling of digital assets. 

One must follow all the legal procedures while buying cryptocurrencies from the cryptocurrencies exchanges in India. There are a number of such exchanges in India, and the best are discussed in the segment below. 

Some of the best Cryptocurrency Exchanges in India

Many such exchanges have popped up into the scene, especially after the Supreme Court lifted the ban on cryptocurrencies. Many leading global exchanges have started their operations in India either independently or have collaborated with the local exchanges.

Let us look at some of the major Cryptocurrency Exchanges operating in India-

• WazirX

WazirX is the crypto exchange and trading platform located in Mumbai. It was launched by Zanmai Labs Private Limited in 2017. This exchange has been acquired by Binance Holdings after the ban was lifted, and it presently operates under the biggest crypto exchange in the world. 

The platform has some of the best features like it provides enhanced safety to traders through regular security audits and has an advanced identity verification system. It can also handle a number of transactions in a matter of few seconds. It has a simple design and uncomplicated interface which facilitates a seamless user experience.

• ZebPay

ZebPay is the oldest and the largest cryptocurrency exchange in India. It had started its operations in 2015 with its headquarters in Singapore. However, when the ban was imposed on crypto trading by the RBI in 2018, it moved to Malta. The exchange has now resumed its operations in India.

ZebPay allows the users to buy or sell crypto assets and has a low transaction fee with 0.15% of the maker fee and 0.25% of the taker fee. Its newly relaunched app has features like a user-friendly interface, an extensive range of advanced trading features. Its multi-layered advanced security feature attracts a lot of traders to deal with it. 

• UnoCoin

UnoCoin is a Bangalore based crypto exchange that was established in 2013. It offers Bitcoin along with a few other digital assets. It has strengthened its market position globally after collaborating with exchanges in the USA and Canada.

The exchange allows the users to trade in bulk. Its merchant gateway allows the e-commerce businesses to get Bitcoins as payment. It also boasts of advanced security features with two-factor authentication for their UNODOX account. UnoCoin has inducted some new features like Bitcoin Systematic Buying Plan or SBP and Bitcoin PoS feature.  

• CoinDCX

CoinDCX was established in 2017 and is among the largest cryptocurrencies exchanges in India. The exchange has its headquarters in Mumbai city. It offers quick conversions from fiat currencies to crypto and charges zero fees for it. It provides users with extensive access to many financial services. It also provides an integrated suite of crypto trading products that includes DCXinsts, which is a shop for buying cryptocurrencies instantly.

The exchange also boasts of some excellent features like multi-signature cold wallet storage and authentication and a secured platform that provides fast transactions. Its integration with major exchanges ensures higher liquidity of digital assets.  

• Bitbns

It is one of the popular exchanges in India that deals in over 30 cryptocurrencies. It was started by IIT graduates in 2017. Users can access Bitbns once the KYC is completed. Bitbns is working with the P2P model, where users can directly buy or sell cryptocurrencies in India.

• Cashaa

Cashaa, in India, launched its operations in 2019. It is a UK based Cryptocurrency banking solution. It allows the users to buy bitcoin, Ethereum, and CAS with INR. Cashaa Crypto coin is a native cryptocurrency of this platform. It follows strict guidelines on KYC, and all accounts are verified on the same day.

Regulation of Cryptocurrency Exchanges

After the Supreme Court lifted the ban imposed on Cryptocurrencies, many traders have returned, and others have experienced an increase in the number of users, with one of them securing a million-dollar investment.

However, there is no clear legal and regulatory framework governing the crypto exchanges. If we are to believe a recent report, the government is contemplating on framing a regulatory framework for cryptocurrencies. The Reserve Bank recently clarified that banks are not prohibited from providing services to traders and exchanges.

Crypto exchange is a crucial market infrastructure within the crypto space, but there are some concerns that can be addressed or kept in check with regulations and supervision. There are some risks associated with crypto exchanges like the security of cryptocurrencies, lack of investor protection, etc. The risk of financial crime like money, laundering, etc. is also high with crypto exchanges; therefore, adequate regulation is indispensable. The regulation must cover various aspects like the security of assets and funds, transparency of operations, disclosures on the trading of cryptocurrencies, investor grievance redressal, and dispute resolution, among many others.

Conclusion