What is the best cryptocurrency platform in India for beginners?

May 10, 2022 Fortuna Capital

Saying which is the best cryptocurrency platform in India for beginners could be risky for the simple reason. Instead of there being one that is good at everything, we have a situation where some features are available only with specific cryptocurrency platforms and not the others. However, in this article, we offer a review of the top five crypto exchanges in the country to start trading digital assets. 

India is one of the largest growing cryptocurrency markets in the world. Therefore, all the industry giants have pointed out their plans and strategies to attract new clients to the services. 

You need to determine their reliability and services if you want to enter the crypto universe through any of these cryptocurrency platforms in India.

Company 1: WazirX

WazirX is one of the earliest cryptocurrency companies in India. It describes itself as “India’s most trusted Bitcoin and cryptocurrency exchange.” The user can buy, sell and exchange Bitcoin, Ethereum, Ripple, Litecoin and other cryptocurrencies. Its launch occurred in March 2018, promoted by Nischal Shetty, Siddharth Menon and Sameer Mhatre.

WazirX.com is headquartered in India and offers a simplified cryptocurrency trading platform for the beginning player. Users can access the site through PCs, tablets and smartphones. In addition, it has robust security features that make it a very reliable platform.

After being acquired by the global cryptocurrency giant Binance, its prestige, popularity, and adoption have grown tremendously. To the point that some analysts consider it to be the best cryptocurrency company in India. While, being acquired by Binance provided a lot of legitimacy to the platform, we also feel that WazirX hasn’t launched new features in a long time and other cryptocurrency platforms in India have taken over in terms of feature set and new product launches. While this is the case, it continues to remain one of the top cryptocurrency platforms in India.

The platform offers the user several key elements and services. Its innovative crypto exchange, WazirX P2P, is the “world’s first P2P auto-match engine.” This tool converts fiat money into crypto instantly. Its recently introduced utility token WRX is a native token that benefits clients of the Indian cryptocurrency platform by getting discounts on service fees and giving them access to new token airdrops.

“If you are a new trader looking for the best cryptocurrency app for beginners in 2022, WazirX can be your go-to option,” the company website notes.

The platform allows UPI, IMPS, NEFT and RTGS deposits, although it prohibits credit card deposits. The user must pay either of the two fees, one for the taker of 0.20% and the one for the maker equivalent to 0.20% for each of the commercial transactions carried out.

Some of its utilities for the beginner are that:

• It has an easy and intuitive interface.
• Allows a wide range of cryptocurrency tokens.
• No trust fund custody is required.
• It offers a free money conversion service.
• Their Smart Token Funds contribute to the creation of portfolios.

WazirX doesn’t have a yield or a cryptocurrency loan function that some of the other cryptocurrency companies in India are providing

Company 2: CoinDCX

It bills itself as “India’s largest and safest cryptocurrency exchange” for easy buying and selling cryptocurrencies. This leading startup, launched in 2018, is currently working on its expansion by offering various products and services. CoinDCX is one of the most feature rich cryptocurrency platform in India and the team seems to be focussed on developing and launching new features that are relevant to users

Its successful scaling and strategy have earned it a good reputation in the market. The company has raised funds from marque investors worldwide, and it was not for nothing that it was ranked as the first Indian crypto unicorn company in 2021. CoinDCX raised $135 million USD in 2022 and its valuation exceeded USD $2 Billion and it firmly placed itself as one of the top cryptocurrency companies in India

The Indian cryptocurrency platform, with offices in Mumbai and Singapore, has a significant number of users that already exceeds 10 million. Any novice trader can buy tokens there with a minimum investment of just 100 Indian rupees. 

Additionally, the cryptocurrency company offers the option to perform margin operations and bet on certain digital assets. It has a straightforward interface where users need to provide some information to sign up. 

Like other cryptocurrency companies in India, CoinDCX was impacted by the tax measures taken by the government. Especially the 1% tax for each operation has affected the most active traders.

Investors can invest in a disciplined way, thanks to the new investment plan recently introduced by the company from time to time.

These are some of its main features:

• It is one of the relatively safe platforms for cryptocurrency trading.
• They are one of the few platforms that have insured their and their users’ cryptocurrencies via Bitgo
• It has excellent customer service available 24 hours a day all week.
• The platform has a basket of over 200 different types of cryptocurrencies to choose.
• It charges low fees for withdrawal and trading, which is attractive for traders.
• Futures trading is available at 20x leverage. 

Company 3: Coinswitch Kuber

It is one of the leading cryptocurrency companies in India which was founded in 2017. They had to slow down during the RBI Ban, however they sped up their operations in mid-2020, when the Supreme Court of India lifted the ban on cryptocurrencies.

This company claims to have 7.5 million users and monthly transactions valued at approximately $300 million.

Its simplified platform is ideal for beginners because it has a simple registration process. After completing the KYC/AML verification, users can choose from various exchanges and get more favourable trading rates.

It supports payment methods such as UPI and is compatible with fiat money, including the Indian Rupee (INR). Deposits can be made for a minimum amount of Rs. 100. Likewise, it has around a hundred different cryptocurrencies to exchange, including Bitcoin, Ethereum, Dogecoin, and Matic.

Coinswitch Kuber has a unique approach that helps users spot more and better crypto trading opportunities. It also offers uniqueness with respect to other platforms for connecting its clients to many exchanges and digital wallets.

Some of its greatest advantages are the following:

• It maintains the policy of not depositing or withdrawing commissions.
• It offers instant cryptocurrency trading with a minimum initial deposit to reduce risk to the beginner.
• It supports multiple payment methods (UI, IMPS and NEFT bank transfers).
• It provides live support for its customers (chats, tickets).

Reward system for completing milestones (verifying the account, for example) and referring other customers. Some traders consider Coinswitch Kuber to be the best cryptocurrency platform in India. But it has the following disadvantages:

• The KYC is mandatory and is restricted to Indian residents to start operating.
• It does not accept payments with credit and debit cards.
• Accepts only INR as fiat currency.
• It doesn’t offer a web interface that traders like to make quick trades.
  

Unlike other cryptocurrency companies in India, Coinswitch Kuber’s not focussing on a web based product has kept traders away from this platform

Company 4: Zebpay

This Singapore-based Indian cryptocurrency company with global operations boasts of having 3 million members attached to its platform in the country and the rest of the world. It started its operations in 2014 and is one of the oldest cryptocurrency companies in India.  Since it was one of the earliest cryptocurrency platforms in India, it received a fair amount of goodwill amongst the early cryptocurrency users in the country.

The platform, available on iOS and Android and the Web, allows its users to buy, sell, store and use cryptocurrencies. With fiat currency transactions over $2 billion and cryptocurrency transactions in the order of $3 billion in some 160 countries, it is one of the best-known companies in the industry. 

It is an exchange whose application offers a straightforward and easy to use interface. It’s equipped with several quite advanced trading features. To help the novice user, ZebPay has various videos available on YouTube in various regional languages ​​and an e-book.

Through Zebpay, it’s possible to buy a vast basket of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ripple Bitcoin, Ether, Litecoin, XRP and others. 98% of the crypto storage it offers its users is “cold”, making it a very secure platform.

It would be best to trade on it at least once a month; otherwise, the platform charges an extra membership fee. But users receive up to 6% interest for depositing cryptocurrencies. For loans, in cryptos, the interest rises to 12%.

The storage services of purchased cryptocurrencies offered by the company are available on the platform and in a digital wallet. Some of the most significant advantages of this Indian cryptocurrency platform are these:

• Its interface is easy to use and navigate.
• It does not charge a deposit fee for crypto and fiat transactions, except for Net Banking. But yes, withdrawals for transactions in fiat currency (10 rupees) and in crypto (variable rate).
• Free service as long as it is used at least once a month.
• It offers speedy transactions compared to other platforms and digital wallets.

 Company 5: Unocoin

It is one of the largest BTC and blockchain exchange companies in the country, with more than a million users. Unocoin was one of the earliest cryptocurrency platforms in India since its launch in 2013. It was funded by Blume Ventures and later received funding from multiple VC firms across the world.  From that position, Unocoin wants to continue advancing and growing into other world regions. The wallet offers its users a peculiar, reliable and simplified platform for trading Bitcoin (BTC) – INR. This Indian cryptocurrency platform started operations in 2013. Since then, it has substantially improved its Bitcoin Cash services by adding various elements to its exchange system. 

The cryptocurrency company wants to be at the forefront and currently offers a unique feature for BTC POS processing on its platform, which is very attractive to offline traders.

Through the Unocoin Wallet, investors can buy, sell orders and trade Bitcoin trades. Regarding cryptocurrency trading, the platform has participation tokens of BTC, ETH and USDT (US Dollar Tether).

Traders who are just starting out and still in doubt can choose the amount of fiat money (INR) they want to fund.

Here are its main advantages as an Indian cryptocurrency company:

• It offers a fast service that makes it easy to trade cryptocurrencies.
• It has an extensive and varied selection of more than 40 wallets that allow users to make deposits and withdrawals and track previous transactions instantly.
• It has a two-step user verification process (KYC) to offer greater security.
• The exchange provides the client with a Systematic Buying Plan (SBP) that guarantees better BTC and ETH earnings.
• The platform’s lending feature allows users to manage their BTC tokens as a debt for USDT/INR payment.
• It charges low fees and has a high liquidity benefit.
• BTC tokens from the Unocoin wallet are stored in cold storage, increasing their security.
  

The disadvantages of the encryption platform are several:

• Their verification process is somewhat complicated and can be exhausting.
• Bitcoin is the only digital currency token available to exchanges.
• BTC transaction fees are expensive compared to other crypto exchanges.
• Customer service needs to be improved, according to criticism we’ve seen online.
  
  

So these are the best cryptocurrency platforms in India for beginners. As you can see, each one has its pros and cons. When choosing, you will have to analyze the services, rates, and technology carefully.

Please also note that any investment using these cryptocurrency companies in India will always carry certain risks. Therefore, it is advisable to get good advice from a trusted financial planner before investing in cryptos or any other crypto asset available in the market.