Are you looking forward to buy Bitcoin, Ethereum, and Altcoins in India? Are you looking for an exchange that offers great features alongside competitive fees, trust, and security and at the same time allows you to buy cryptocurrencies with INR? Here are some top suggestions that you may want to consider.
A quick glance at cryptocurrency status in India
Bitcoin and Blockchain technology is almost a decade old and has already earned legal status in several countries including Japan, US, France, Malta, Singapore, UK, Germany. However, due to the tough stance on cryptocurrencies, the Indian government has somewhat been neutral about the use or trading of cryptocurrencies including Bitcoin.
In 2018, RBI had restricted banks to make transactions with crypto businesses which forced crypto exchanges to shut down or move out of the country. As a result top Indian crypto exchanges like Unocoin, Koinex, Coinsecure permanently ceased trading services while Zebpay moved to Malta closing down local exchange in India.
Against all odds, there’s a strong crypto community of Bitcoin and crypto lovers that is always at the forefront to bring positive crypto regulations. Gradually the situation is changing in India and blockchain has emerged as a potentially transformative force in several aspects of government and private sector operations. In March 2020, the Supreme Court of India has also lifted the banking ban on crypto exchanges.
Cryptocurrency is inevitable, as recently said by the Indian parliament member Dr. Subramanian Swamy. Indian PM Narendra Modi has also shown his support for Blockchain technology and honored a youth for her cryptocurrency price tracking app.
According to experts, the biggest public blockchain trend in 2020-2021 will be central-bank digital currencies (CBDC). Until now there were only rumors about the issuance of the digital rupee, but recently RBI Governor has revealed the central bank’s plan for a state-backed digital currency.
So it may be a great time to start your crypto journey and the first step is to buy some Bitcoin or other cryptocurrencies from a cryptocurrency exchange. But in India, you have only a limited number of options available to buy cryptocurrency easily. Don’t worry, this article will provide you the best and tested cryptocurrency platforms to choose from. Below is the list of some of the best cryptocurrency exchanges where you can buy Bitcoin, Ethereum, and altcoins easily in India.
Let’s discover in detail with their pros and cons;
1. WazirX exchange (Acquired by Binance)
WazirX was founded in 2018 by crypto enthusiast Nischal Shetty. Since then, it has continuously served more than 200k of Indian crypto users and the best part about WazirX is that it has primarily focused on solving fiat to cryptocurrency conversion problem that has been persistent since the banking ban. And for the same, it offers a unique peer to peer platform where users can buy USDT with Fiat money and then buy Bitcoin and altcoins using USDT with ease and speed. You can buy or trade almost 80 USDT pairs and 36 BTC pairs on WazirX. Apart from that WazirX has also introduced Smart Token Fund (STF) where you can find smart traders and let them grow your funds. The customer support team of WazirX is quite responsive that can be reached via email. Thus WazirX is a good platform that you must consider while buying cryptocurrency with fiat in India.
Initially, WazirX was launched as an independent entity, but in Nov. 2019, it has been acquired by the world’s largest cryptocurrency exchange Binance. This acquisition might be a healthy upgrade that will boost the overall functionality of WazirX and bring more opportunities to Indian crypto lovers. In Q1 of 2020, Binance will integrate WazirX’s peer to peer order matching engine into its fiat gateway platform to bridge down the fiat-to-crypto gap in India.
– Offers fiat to crypto gateway via it’s peer to peer platform.
– Owned by Binance, one of the largest cryptocurrency exchange by volume.
– Great customer support.
– Offers both website and mobile app, with easy to use and intuitive interface.
– Comparatively low volume and liquidity among certain pairs.
– Slower order processing
– Higher trading fees as compared to bigger exchanges.
Founded in 2015, in Wilmington (US), Paxful is another great platform to buy Bitcoin and cryptocurrencies with Fiat money in India. Paxful is a leading peer to peer marketplace that allows masses to buy Bitcoin instantly. According to Paxful, you can buy cryptocurrencies in more than 300 ways. So you can pay using any payment option that is supported by a particular seller. These payment methods include bank transfers, credit/debit card purchases, gift cards, digital currencies (Eth, Ltc, Eos, Tether, etc), and most of the online wallets available in India (Paytm, Google pay, PayPal, PhonePe, Bhim). Without any doubt, it’s the single platform that offers so many payment options at your disposal.
Paxful is great for buyers because you won’t have to pay any fee as a buyer on Paxful, while sellers have to pay a 1% fee to the company. Paxful has 4 verification levels with varied deposit and withdrawal limits. There’s an easy to use chatbox for all your relevant support queries most of which either answered immediately or replied later via email.
– Offers easiest and largest number of fiat to crypto payment options.
– You can directly access your Binance account from Paxful exchange.
– Peer to peer platform available in most of the countries.
– Buyers won’t have to pay any fee to the exchange, only sellers on Paxful pay a fee of 1%.
– Not suitable for regular traders.
– Higher fee of 1% for sellers.
– The user interface is average and mobile app has limited functionality as it only functions as a wallet to send, receive, and store Bitcoins.
3. Local Bitcoins
It’s a decentralized peer to peer network that is operating in more than 200 countries including India. It allows users to buy Bitcoins in local fiat currency. So you can make payment in INR via different available options i.e direct bank transfers, PhonePe, Paytm, Payeer, GooglePay, BHIM. You can also buy Bitcoins using Litecoin, Ethereum, and Ripple.
All online trades are protected by escrow. Whenever a trade is initiated the amount of Bitcoins required for the trade is automatically reserved from the seller’s wallet. In case a seller gets away with your money and doesn’t release your Bitcoins, then you only have to provide payment proof and LocalBitcoins.com support can release the purchased BTC amount. As a seller, be sure not to release the escrow before confirming payment from the buyer.
To learn more about this exchange please visit LocalBitcoins review (India)
– Offers variety of payment options that makes it easier to buy Bitcoins from anywhere.
– Simple and intuitive user interface.
– Good customer support.
– Users need to be vigilant to avoid scammers
– Only Bitcoin is available to trade, no altcoins.
– Not suitable for regular day traders.
– Higher fees for several payments modes.
4. BitBns Exchange
BitBns is another Indian crypto exchange, founded by IITians in December 2017. Similar to WazirX, this exchange also offers fiat to crypto conversion via it’s a peer to peer platform. It offers to make deposits in USDT and fiat money by UPI/bank transfers via its peer to peer mechanism. New users are required to register an account using email and mobile number. You can deposit and trade cryptocurrencies without any KYC, but KYC is mandatory for making fiat deposits and withdrawals and for increasing cryptocurrency withdrawal limits. You can buy-sell Bitcoin, Ethereum, and 75+ altcoins on BitBns.
Note: Please do check the price difference on other platforms too before buying Bitcoins or any other cryptocurrencies, so it will give you a rough idea about the price differences and help you to get the best prices.
– Offers direct USDT (P2P) deposits and fiat to crypto conversion.
– It offers 70+ cryptocurrencies to trade.
– Margin trading is available.
– Offers easy investment options (in Bitcoin/Altcoins) via SIP (Systematic Invetment Plan) and FIP (Fixed Income Plan).
– Mobile application is also available.
– Slightly high spot trading fee of 0.25% for small (portfolio) traders, as compared to other exchanges.
– You can trade only USDT and INR markets. BTC markets (BTC/Alts) are not available.
– Not suitable for day trading because of low volume and liquidity.
5. Zebpay exchange
Zebpay, once the largest cryptocurrency exchange in India, announced the relaunch of its services in the country on 2Feb, 2020. In September 2018 Banking ban in India forced Zebpay to suspend all operations and move out of the country. However, its re-entry in India is great news for the crypto community.
Now it is offering just 5 crypto to crypto pairs to trade and you can buy Bitcoins or other cryptocurrencies with fiat money via your bank account that is registered with Zebpay. Presently, you have to face certain issues with limited fiat conversion functionality, much lower volume, and just a few crypto pairs to trade.
Checkout our comprehensive review on this exchange here, Zebpay exchange review.
To Sum up, the above-discussed platforms are best for fiat to crypto conversions and for beginners, but not for regular day trading. If you are a regular trader, buy some Bitcoins and transfer it to Binance or some other big exchange, where you can trade more altcoins easily and at a lower trading fee.
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