If you are looking to start investing in Bitcoin for the first time and you live in India, this article is designed to help you find the best cryptocurrency exchanges. In our guide to the best Bitcoin exchanges in India, we look at five of the leading brands on the crypto scene to discover how secure their platforms are and how easy it is to buy and sell Bitcoin.
Check out the table below for a quick introduction to the five exchanges in India and read on for in-depth information.
Popular Bitcoin Exchanges in India
Looking for trusted and reputable Bitcoin exchanges in India? Here are five proven, well-established platforms.
If you are keen to discuss and share Bitcoin trading opportunities with fellow investors across India and beyond, eToro is an exciting starting point. As you can read eToro review, it the world’s first social trading community, available in 16 languages to members in over 100 countries.
eToro helps you become part of the largest collective of cryptocurrency investors on the planet. When you become an eToro member, you trade the price action of Bitcoin through Contracts for Difference (CFDs) rather than buying and having to worry about storing your Bitcoin in a cryptocurrency wallet.
Advantages of eToro
- Trade the price of Bitcoin in real time
- With CFDs, transactions are speedier and available around the clock, 24/7
- Regulated by the UK’s Financial Conduct Authority (FCA) and CySEC
- Buy and sell the price of Bitcoin on the move thanks to eToro’s intuitive trading apps, available for iOS and Android
Disadvantages of eToro
- Flat fee of USD $25 to withdraw funds
- Does not currently allow edits to be made on stop losses
Our full review of Binance has ranked this platform as one of the top three Bitcoin exchanges on the planet, Binance has quickly become one of the leading cryptocurrency exchanges in India. This Tokyo-based site accepts India-based investors looking to sign up to Binance, offering lightning-quick transactions to buy and sell Bitcoin using its slick user interface. It is a decentralised cryptocurrency exchange that handles more volume at speed than any other portal.
Advantages of Binance
- 2FA available to provide an additional layer of security
- Trading fees of 0.1%
- Binance accounts double up as a Bitcoin wallet with advanced security protocols
Disadvantages of Binance
- No fiat/cryptocurrency pairings to trade – only cryptocurrency pairs available
- Binance iOS app not available directly from the App Store
- Advanced exchange view can be difficult to understand for newbies
Coinbase is the world’s largest Bitcoin exchange and one of the go-to exchanges in India thanks to its presence in 32 countries, as you can read in our full review of Coinbase. Established in 2012 – which is a long time in the context of the cryptocurrency industry – Coinbase remains a very good starting point for beginners wanting to buy their first Bitcoins. You can investing in Bitcoin at Coinbase. However, if you’re looking to take advantage of the opportunity to invest in more altcoins, you’ll be disappointed, as Coinbase only covers the four biggest cryptos. If you are looking to invest sizeable sums of money in Bitcoin, you may get frustrated at the punitive restrictions placed on Coinbase users.
Advantages of Coinbase
- Two types of crypto wallet:
- – Basic wallet with key security managed internally
- – Multi-signature wallet allowing you to self-manage security using keys
- All deposits are now insured
- One of the first cryptocurrency exchanges to offer a direct telephone line to customer support
- Easy, fast off-chain transactions to other Coinbase users
Disadvantages of Coinbase
- Only Bitcoin, Bitcoin Cash, Ethereum and Litecoin available
- Can only invest in a maximum of $1,000 worth of Bitcoin per week
- Privacy concerns: Users report on Coinbase monitoring their Bitcoin after withdrawal
Unocoin is a leading India based Bitcoin exchange, where cryptocurrency investors can buy and sell Bitcoin from any Indian bank account using online banking, NEFT or RTGS. According to the review of Unocoin, this exchange is backed financially by leading investors in the USA which underlines its clear potential to Indian cryptocurrency traders. Sign up to Unocoin now if you want to focus exclusively on buying and selling Bitcoin, with immediate execution on orders and no price slippage up to 10 BTC. If you are looking for altcoin exchanges in India, Unocoin’s sister platform, Unodax should be your first port of call.
Advantages of Unocoin
- India’s first entrant into the Bitcoin space with over 150,000 customers.
- 2FA authentication option for increased security
- Selling Bitcoin is easy – you receive rupees directly into your linked bank account
Disadvantages of Unocoin
- Complex fee structure. 0.7% commission on all buy and sell orders for Bitcoin. Once you have traded at least 100 BTC, a lower 0.5% transaction fee is available
- Additional charges 0.0005 – 0.0009 BTC for sending and receiving Bitcoin to and from wallets outside the site
- User ID verification can take up to 15 working days
Zebpay is another India based Bitcoin exchange that offers the ability to buy and sell Bitcoin using a connected Indian bank account. Our comprehensive review of Zebpay discusses its iOS and Android-powered mobile apps that make it easy to complete transactions on the move. The exchange is not only a trading service, it also acts as a wallet service to store Bitcoin. Although Zebpay is one of the few exchanges in India to offer Bitcoin exclusively, it will soon be supporting some of the up-and-coming altcoins too. Sign up to Zebpay now to prepare for the next wave of cryptocurrencies on the exchange.
Advantages of Zebpay
- It is regulated and registered in India
- Wide range of additional services, including buying mobile airtime and gift vouchers with BTC
- Multi-signature security features
Disadvantages of Zebpay
- Lack of transparency: Zebpay includes its transaction fees within its prices, choosing not to publicly display the fees
- Accounts require ID verification for withdrawals, so they are not 100% anonymous
- Zebpay only supports Bitcoin at present
Bitcoin Exchange Regulations in India
Although leading international law firms and India’s leading internet organisation, the Centre for Internet and Society (CIS) have insisted that Bitcoin is not illegal, the Central Bank of India, Reserve Bank of India (RBI) has moved to clarify the Indian government’s position on Bitcoin and other cryptocurrencies. In an official statement in April 2018, the RBI confirmed cryptocurrency exchanges regulated by it should no longer provide services to businesses or individuals dealing with cryptocurrencies immediately.
The RBI will be developing its own Central Bank of Digital Currency, whose primary goal will be to oversee and regulate cryptocurrencies. The RBI confirmed it will be introducing its own cryptocurrency in the coming months, along with an in-depth report into its desirability and feasibility. India’s government has, in many ways, followed in the footsteps of the Chinese authorities that sought to clamp down on cryptocurrencies in China in the short term with a view to better regulating the industry in the months and years ahead.
Wondering how other countries regulate Bitcoin exchanges? Find out below.
- Bitcoin Exchanges in the US
- Bitcoin Exchanges in the UK
- Bitcoin Exchanges in South Africa
- Bitcoin Exchanges in Australia
Bitcoin Payment Methods in India
Let’s take a look at the most popular payment methods for Bitcoin on the subcontinent, aside from the leading
exchanges in India:
You can connect with prospective buyers and sellers of Bitcoin at peer-to-peer marketplaces such as Paxful which accept cash, credit cards and over 300 additional payment methods. Prepaid cards India-based individuals keen to buy Bitcoin offline can purchase prepaid cards with cash at grocery and convenience stores. Known as Flexepin vouchers, they’re widely accepted by Bitcoin exchanges.
It is possible to enter your bank and pay with fiat currency over the counter to pass on to a Bitcoin seller. Western Union Western Union and MoneyGram branches also allow for individuals to pay in cash for transfer to specified recipients looking to sell Bitcoin. Bitcoin ATMs India now has an increasing number of Bitcoin ATMs, allowing you to go to a cash machine and buy Bitcoin in the same
way you would withdraw Indian rupees.
Conclusion: Which India Exchange Should You Choose?
There is no doubt that the Indian-regulated exchanges such as Zebpay and Unocoin are an excellent starting point. They are India based Bitcoin exchanges, which means they are bound by regulations as stipulated by the Indian government.
However, if you don’t feel the need to physically own Bitcoin and you’re happy profiting from trading the price moves on the leading cryptocurrency, you might be interested in signing up to become an eToro member. This social trading community was our award-winning exchange for 2018 due to its engaging platform, allowing newcomers and experienced crypto traders alike to discuss trading angles and build an investment portfolio on Bitcoin and dozens of other crypto tokens. With eToro, you never physically own the coins, you simply take a buy or sell position on your preferred cryptocurrency using Contracts for Difference (CFDs). This means that trades are faster and easier for newbies.