Despite there being uncertainty regarding the fate of cryptocurrencies in India, cryptocurrencies such as Bitcoin & Ethereum remain a hot investment within the country and around the world. And the majority of the young generation of India does not want to be left out of this new emerging market.
India has had a weird relationship with the cryptocurrency market in general. One of the biggest cryptocurrency scams has had its roots from India (BitConnect). Moreover, there is confusion regarding whether Bitcoins are banned in India or not. In reality, governments haven’t outlawed cryptocurrencies, but the banking sector isn’t supporting this industry either.
And with the RBI Banking Ban of cryptocurrencies dating back on April 2018, the country is still struggling to make cryptocurrencies mainstream. Major exchanges in India (some of them have been valued at over $100 million at Bitcoin’s peak) have shut down within a year. The example includes Zebpay, CoinDelta, and Koinex.
Despite all of this, cryptocurrencies are doing good in India. Many people are interested in investing in some Bitcoins. And if you are one of them, then this list is for you.
There are currently 5 exchanges in India worth investing from. Out of the five, three of them are local Indian exchanges that support Fiat to Cryptocurrency trading. And the other two are the global exchange that does not support fiat trading in India.
Fiat-based trading allows for cryptocurrency buying and selling via local currency. In India’s case, it would with India Rupee.
For example, buying Bitcoin using INR would come under fiat trading. But buying Ethereum with Bitcoins will come under Crypto – to – Crypto trading.
In India, fiat trading is done in a P2P format. Indian exchanges such as CoinDCX & Bitbns, have perfected this model and provide an efficient service.
In India, exchanges act like an escrow service that connects potential buyers and sellers. The sellers deposit token on the exchange, and the buyer transfers the money to the seller. The seller confirms the money transfer and the transaction takes place.
These days however much of it has been automated to a level that a seller does not have to confirm a transaction as well.
Currently, there are only 3 exchanges operating in India. They are,
Started in 2018, CoinDCX is India’s fastest growing cryptocurrency exchange. The exchange currently supports the highest collection of token required for trading, (around 100+) and also supports INR deposit and withdrawal.
Bitbns is short for Bitcoin Buy and Sell. Started at the end of 2017, the exchange has not only survived the tough market of India but also thrived. Started by three graduates from IIT Kharagpur, the exchange has become the biggest exchange in India in terms of volume. The only reason it comes in second place is due to fewer cryptocurrency choices and lack of derivative trading.
Started in 2018, WazirX has now become the second-largest exchange in India. The exchange was started by serial entrepreneur Nischal Shetty, founder of Crowdfire and Forbes 30 under 30. Nischal’s influence over the Indian startup community has been a reason for the rise for WazirX. WazirX was one of the pioneers for P2P trading in India.
CONs
Although, Indian fiat exchanges support crypto to crypto trading, due to the small user base most of the tokens lack volumes. So if your requirements are some other tokens apart from popular tokens, then It’s better to use a global exchange, that specializes in crypto to crypto trading as they have the liquidity and volumes. The best exchanges to trade are,
Founded in 2014, OKEX is one of the largest cryptocurrency exchanges in the world. The exchange is part of OK Group, one of the world’s largest companies in the blockchain space. The exchange supports for wide-variety of trading formats as well as multiple currencies. The exchange also has a large user base and a good track record. Okex is registered in Malta.
Started in 2017, and gained prominence in 2018, Binance is currently the world’s largest exchange in terms of the trading volume. The exchange was founded by ex-CTO of OKCoin (the sister exchange of OKEX) Chang Peng Zhao. Similar to Okex, Binance too is registered in Malta.
There are other exchanges as well, but in our experience, these two serve the purpose.
Trading in global exchanges is fairly simple. The steps are as follows,
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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