Bitcoin exchanges are very famous among traders. The cryptocurrency bitcoin is quite known to traders and investors. There are 10000 kinds of cryptocurrencies available in the exchanges. Bitcoin is the most valuable and famous one. Bitcoin holds 1st place in the cryptocurrency exchange market. Many people around the world use cryptocurrency to do payments nowadays. Initially, cryptocurrency was banned in India, because the Reserve Bank of India was not ready to permit a currency that does not have any kind of authorization from any standard authority or country. But on March 4th, 2020 the Supreme court of India lifted the ban against cryptocurrency. If someone wants to invest in cryptocurrency such as bitcoins, the person can buy or sell that through any kind of cryptocurrency exchange market popularly known as bitcoin exchanges. In the following, I am going to discuss the top four bitcoin exchanges in India.
Frequently asked questions about bitcoin exchanges
Name some of the famous Bitcoin exchanges in India?
CoinDCX, WazirX, BitBNS, Coinbase are some of the famous Bitcoin exchanges in India.
The exchange where you can buy or sell cryptocurrency such as bitcoin, Ethereum, Dogecoin using money. That exchange is a cryptocurrency exchange. It is popular as a bitcoin exchange amongst traders these days.
Indians are trading in bitcoins these days. Initially, Indians were far away from investing in digital currencies or bitcoins. As soon as they understand that bitcoin is the future of tomorrow’s currency world. The Indian traders started investing in bitcoins.
In India, cryptocurrency was outlawed. Because the Reserve Bank of India was unwilling to allow a currency to exist without the approval of any standard authority or country. The ban on cryptocurrency was overturned by the Supreme Court on March 4, 2020.
In easy words, cryptocurrency is digital money that you can not hold in your hands. But use it whenever you want. First, you have to convert that digital money into cash currency then you can use it according to your preference. Do not worry cryptocurrency is convertible and easy to use.
Definition of a Bitcoin exchanges
Bitcoin exchanges are those exchanges where you can trade on different kinds of currency. When a trader wants to invest their money in Bitcoin. The exchanges will help you to do so. The traders can buy or sell Bitcoins whenever they want. The exchanges help them as a mediator. In the bitcoin exchange, the liquidity is very good. That means you can change the bitcoin currency into a hand cash form. There is no delay in the transaction. Bitcoin is a cryptocurrency that is traded by the whole world traders. That is why traders can see the international price of bitcoin while trading from any country of the globe.
Some famous Bitcoin exchanges in India
If you are a trader or investor you most probably heard about Bitcoin. As a trader, you might want to invest your money in it also. Bitcoin exchanges are the place where you can invest your money to buy Bitcoins or other digital currency. Then you can also sell it at a profitable margin. To make such trading you need to know about some renowned exchanges such as Wazirx.in, BitBNS, Coinbase, CoinDCX, etc. These exchanges provide tools, features, and analyzing strategies to do better trading. In the following, we are going to discuss the best Bitcoin exchanges in India.
#1. Wazirx.in
The most popular bitcoin exchange among bitcoin traders is the Wazirx. In which you will find most of the cryptocurrencies that include bitcoin, Ethereum, Dogecoin, and so on. Nischal Shetty is the CEO of this exchange. This trading platform is used by more than a 6.5million people. The Wazirx website provides you the p2p service, also known as peer-to-peer service where the seller and buyer can directly buy or sell the currencies in INR or USDT. This website is growing day by day and speeding its roots on the bitcoin exchange market.
Pros and Cons of Wazirx, the most popular of the bitcoin exchanges in India
In this part, we are going to learn about the advantages and disadvantages of the Wazirx, which they provide us.
Pros of wazirx.in
Easy interface for beginners
It is a very simple interface to use for beginners. If you are a new trader at the cryptocurrency exchange then Wazirx is the easiest website to understand. You can easily buy or sell your bitcoins here. As a beginner, you can also learn about cryptocurrency trading to enhance your knowledge through this website.
Easy to get reach
Wazirx provides mobile applications as well as websites. You can use your phone to do instant trading that will provide you more features and options. If you have any major issues you can ping the CEO on Twitter. He is very much active there. He shall look further to resolve your problem.
Peer to peer service
It has a p2p system that also known as a peer-to-peer system for trading. The cost that the customer pay is zero trading fees in this situation. In this service the Wazirx allow their customer to trade in Indian currency. You can directly buy and sell in INR or USDT.
Referral benefit
The website gives you a referral benefit of 50%. That means if someone opens an account through your reference then the amount that he will trade, you shall get a brokerage of 50% on that. It means the broker house will get their percentage of brokerage then from that money you will get your 50% of brokerage.
Easy account opening process
You can start trading by completing a few simple steps- 1) sign-up using your email id, 2) add a preferable password, 3) a referral code shall be provided. Now, click on submit. Your sign-up process is done.
Here I write 1,2,3,4 to go step by step. Now confirm it, complete the KYC verification, deposit INR on your trading account, and be ready to place an order.
Cons of Wazirx
Though it is the largest cryptocurrency exchange platform, there are also few disadvantages of Wazirx,
Not smooth during a traffic
During any big crypto movements, the exchange either hangs or freezes. The server is unable to handle the traffic demand, or Wazirx is attempting to manipulate the situation. Even It can’t be certain.
No stak option available
There is no Crypto staking program available in the exchange. The staking program is provided by most of the other bitcoin exchanges other than Wazirx. Though it is a very important option still not been introduced to the site.
Support systems issue
They say that the support is there for you 24*7. Initially, they were keeping their words but now as their customer has grown a lot. That is why they are unable to satisfy the need of the customer.
Others
- When you withdraw crypto assets, The wazirx bitcoin exchange charge a high fee.
- We cannot do future trade on Wazirx. Only Spot Buying or Selling is available on the exchange in wazirx.
Why wazirx is one of the best bitcoin exchanges in India?
According to my analysis after comparing and gathering knowledge about all the pros and cons of all the top cryptocurrency exchanges. Wazirx is the most trusted bitcoin exchange among other exchanges in India. You get two versions one is a normal beginner-friendly one. The second one is the pro. If you are a beginner in cryptocurrency exchange you can use this website because it has a very easy interface that you can use to do trading. On the other hand, if you are a professional trader and you want to trade in cryptocurrencies using high-level tools this website will also provide you that. It is really great for professional traders as well.
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#2. Coindcx
Sumit Gupta and Neeraj Khandelwal are the two friends who started the Coindcx bitcoin exchange in India. This company was first introduced and actively working in India in 2018. Their headquarters is in Mumbai. “Brain Capital”, “Poly Chain”, “Coinbase”, “100x venture” and some other important companies of India are the big supporters of this bitcoin exchange company. They have a 4million+ user base. The Coindcx exchange always keeps upgrading its security services. So that the customer can do safe cryptocurrency trading. They are spreading their roots in the cryptocurrency market day by day.
The pros and cons of CoinDCX, another of the popular Bitcoin exchanges in India
The bitcoin exchange CoinDCX provides some good reasons to use their exchange, similarly, they have some cons too. In the following, we are going to keep a check on the pros and cons of this bitcoin exchange.
Pros of CoinDCX
The advantages of Coindcx are provided in the following, which are discussed in the following
CoinDCX insta feature
To differentiate from other cryptocurrency exchanges the Coindcx provides a special feature as “CoinDCX Insta”. In which a trader or investor can buy more than 100 kinds of digital currency instantly. That means your investment in bitcoin or any other digital currency is just a click away.
Buying tools
CoinDCX also features a traditional exchange with all of the tools you need to do better trading. In addition to the instant-buy tools. This contains charts, order books, limit orders, and market orders hosted by TradingView.
Margine in trading
Margin trading is also available on the exchange, with leverage ranging from 2 to 10 times across more than 250 trade pairs. For a more comprehensive experience, the margin exchange interface includes additional order types such as stop-limit orders, bracket orders, and trailing stop-loss orders.
Mobile application
Coindcx provides mobile applications also. You can use their app to trade whenever you want.
suppose you heard the news about a big profit but you have to make the move at that time to gain the profit. In that scenario, you just simply use your phone app to do the trading.
Future trading option
If margin trading isn’t enough, CoinDCX also offers futures contracts trading with larger leverage for major markets -up to 20x in some cases. CoinDCX, once again, does not operate its own futures exchange, but rather provides an interface for trading OKEx futures contracts. Contracts based on BitMEX are also available, however, it’s unclear whether they use the same method.
Cons of CoinDCX
CoinDCX exchanges have some cons which are described in the following, such as
- In the withdrawl of coin the CoinDCX charges 0.0005BTC. But the exchange does not have any hidden charges.
- During the payment deposite you have just one option to pay from that is INR. That means you can not choose anyother payment ways, such as USDT, BTC etc to do the payment.
- The maker and taker charges are 0.10%. You have to pay 0.10% of maker and taker charges in every trading.
- This website is not registered in India till now.
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#3. Bitbns
Bitbns is a bitcoin exchange service where you can easily buy or sell your Bitcoins or any other cryptocurrencies. It is the quickest and easiest way to trade in cryptocurrencies. Gaurav Dahake is the create and Prashant Singh is the co-founder of Bitbns. This Bitcoin cryptocurrency exchange has been providing its service since 14th December 2017 in India. They also give some unique features which help their traders while trading. They have a user base of around half a million and it is growing day by day.
The pros and cons of Bitbns, one of the cost effective bitcoin exchanges in India
In the following, we are going to learn about the pros and cons of the renowned bitcoin exchange Bitbns,
Pros of the bitcoin exchange Bitbns
- An indian trader or invester can easyly buy or sell bitcoin or anyother cryptocurrency using indian rupee also known as INR.
- Whenever you withdrawl or deposite INR to your trading account you do not have to pay any extra charges.
- They provide you a mobile application which you can use to trade whenever you want. It means you don’t need a PC or a laptop to do trading you can do trading whenever you want or according to your preferred time.
- BitBNS Provides a very good Customer care service which will reply within 5 minutes. It is proven that Bitbns has provided a very outstanding support system that helps you as a customer throughout your trading journey. They resolve your problem. As soon as they understand your issues they give you suggestion about it.
- Bitbns provides a very little trading fee on every trade. They only charge you 0.25% which is very low according to other cryptocurrency exchanges.
- Bitbns is famous for their flash sale service in which they provide the customer to invest get a chance to earn free crypto coins.
Cons of the bitcoin exchange Bitbns
- This exchange service has an issue with liquidity and it also has low volume in the cryptocurrency.
- You can not trade in BTC currency. A trader can only trade in the Indian rupee or USDT.
- The maker and taker charges are 0.25%. That is quite high from the other cryptocurrency exchanges.
Visit Bitbns.com
Bitbns.com is just one click away.
#4. Coinbase
Coinbase has established itself as the top popular cryptocurrency exchange in the United States, not only in United State but also in India. Brian Armstrong and Fred Ehrsam are the founders of the Coinbase bitcoin exchange. These days it gives so many services to investors that it is widely popular among cryptocurrency traders. That is why Bitcoin traders are very keen to invest through the Coinbase exchange. This exchange provides a wide range of services that includes cryptocurrency investing, advanced trading platform, institutional custodial account for investors and regular traders, and so.
The pros and cons of Coinbase, the 4th of the major bitcoin exchanges in India
In the following, we are going to take a look at the advantages and disadvantages of one of the most popular bitcoin exchanges of India named Coinbase,
Pros of the Bitcoin exchange Coinbase
Let us know about the advantages that Coinbase will give if you trade using their exchange,
Varity in cryptocurrency
In Coinbase you can get a wide range of cryptocurrencies. There are 45+ cryptocurrencies available in the Coinbase exchange in which bitcoin is the most famous and most rated one. You can use bitcoin to do any kind of investment. If you want you can also trade with them or you can simply stack them according to your preferences, not only in bitcoins, you can also use these facilities of investing, trading, and stacking in other 45 digital currencies as well.
Easy interface to use
The interface of Coinbase is very useful and easy. Coinbase has an extremely user-friendly interface. That will help you to start investing in cryptocurrencies such as Bitcoins. It takes only a few minutes to sign up with your new account in Coinbase exchange. You can start your cryptocurrency trading.
Learning facilities
Coinbase also provides a feature of the learning program in which the user can learn how to trade in digital currencies. In the future, the learner will also use that learning to do better trading and will have a better trading experience. They also provide a 24*7 support system which is quite active in the help of the customer.
This Bitcoin exchange has high liquidity
Coinbase also has a special feature about high liquidity, which means you can easily exchange your cryptocurrency into a hand cash form. The most liquid exchanges in an already unpredictable market protect the investor against significant price slippage.
Cons of the bitcoin exchange Coinbase
The disadvantages of Coinbase are,
High charges
Coinbase charges a lot more than the other bitcoin exchanges. If you want to invest your money in cryptocurrency then you will find that Coinbase exchange costs more than any other famous bitcoin exchange in India. Until you use the Coinbase pro version. In the Coinbase Pro version, the charges are quite relatable to the normal Coinbase.
Altcoins
If you are a beginner then you might have enough options in the coins to trade-in. But as a professional trader, the altcoin base would not be enough for you.
Digital wallet issue
Whenever you make a trade the digital currency got stored in the wallet which is controller by the Coinbase exchange. That means that an individual does not have any kind of control over his/her own asset. That is considered a disadvantage according in my opinion. This won’t be a scenario if someone uses their hard wallet to make any kind of payment.
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Conclusion
After comparing all the four exchanges which are Wazirx.in, Bitbns, Coindcx, and Coinbase, we can say that Wazirx is the most popular and verified one. Though Google does not recommend it as a secured website to trade. Because many customers have faced so many problems lately. But it is evident that they contain 6.5 million+ subscribers. The website has kept its good reputation in the market. That is the reason customers are increasing day by day. The largest cryptocurrency exchange in the world, Binance acquired Wazirx. So as you can see it is quite trustworthy to invest in.
