For more than two years, India looked with hungry eyes as the rest of the world enjoyed crypto trading, due to the embargo imposed by the Reserve Bank of India.
However, the saga took a fierce turn this year, when the Supreme Court of India historically reversed the ban imposed by the RBI, thus enabling millions of Indians to trade cryptocurrencies.
Immediately, Indian traders buzzed around with joy as they started buying and selling crypto! The industry has since been growing rapidly, and even the pandemic has not deterred traders from giving up.
Several crypto platforms are even reporting a 10X increase in volumes, and many have reported a significant increase in new members. IF you are looking for a reputable and safe platform, here are 3 of the best crypto exchanges in India to trade. For quick overview and more information visit bitcoin prime app
Headquartered in Mumbai, CoinDCX is affiliated to the Singapore based crypto services called DCX. It was established in 2017 and is currently one of the largest platforms in India.
This exchange has a myriad of services, including the ability to convert fiat currency to crypto without any added fees quickly. Additionally, the platform offers DCXinsts which can be used to buy crypto using Indian currency.
Moreover, it features a cold wallet storage with multiple signatures and a limitless order book that promises smooth and efficient trading. Customers can rest knowing that the exchange is protected by high-end security and exemplary insurance.
Another Mumbai based crypto trading platform; it was recently acquired by Binance - the world's largest crypto exchange platform.
This March, WazirX ventured into the global arena and is a testament to its reputation and success. The platform promises many features, including a P2P transaction option which uses Binance's Fiat Gateway. This allows customers to trade cryptocurrencies that are listed under Binance directly from the WazirX platform.
With advanced verification and KYC, the exchange boasts enhanced security and safety to its customers. WazirX is also subject to frequent security audits to uphold safety.
Finally, the platforms ability to handle millions of transactions in mere seconds, and a simple UI, ensure a smooth and fast experience.
Zebpay India is based in Ahmedabad and has recently forayed back into India after the RBI's ban was lifted.
Like the other platforms on this list, the exchange allows its customers to buy cryptocurrencies using Indian fiat and allows crypto-crypto trading. With affordable fees and reputable security, the platform has multi-signature and geolocation authentication features. Zebpay is one of the few platforms that boast complete compliance with regulations.
As time goes by, more and more platforms are setting up shop in India. Different platforms cater to different individuals, ranging from the newbie to the seasoned trader.
There is a crucial point to keep in mind though: crypto regulations are still in its infancy in India, and many taxing authorities are looking for ways to tax bitcoins and other cryptocurrencies. Ultimately, it is up to the trader to assess the risks and rewards and to proceed accordingly.