Cryptocurrency Exchanges in India: Exploring the Top of 2024

Best Indian Crypto Exchanges: Where to Trade Safely in 2024

Looking for the top cryptocurrency exchanges in India? Here’s a detailed overview of some of the best Indian crypto exchanges to consider in 2024.

CoinDCX

CoinDCX, founded in 2018, has rapidly grown to become a favorite among Indian crypto traders, boasting over 10 million users.Its easy-to-use interface and robust security features make it a favored option. CoinDCX offers diverse trading options, including spot, margin, and futures trading. Users can also earn through lending and staking services. In addition, CoinDCX features a learning platform that educates beginners about the world of cryptocurrency, making it a comprehensive platform for Indian investors.

Mudrex

Mudrex is designed to simplify cryptocurrency investments for Indian users. It allows individuals to fund their accounts with both INR and crypto, offering a convenient way to buy, sell, and trade digital assets. One of its standout features is the “Coin Sets,” which lets investors diversify their portfolio with ease. Mudrex also enables users to earn passive income through its vault system, making it an appealing choice for those looking to maximize their crypto holdings.

CoinSwitch

CoinSwitch, launched in 2017, operates as an app-only exchange and has become one of the best Indian crypto exchanges for its simplicity and accessibility. Based in Bengaluru, CoinSwitch has over 10 million downloads on Google Play. One of its key features is that it does not generate its own liquidity but rather connects users with different exchanges to provide the best rates for trades. This non-custodial approach has gained CoinSwitch a solid reputation among traders.

ZebPay

ZebPay, originally launched in 2014 and relaunched in India in 2020, is another prominent exchange in the Indian market. It boasts over 5 million users and a trading volume exceeding $10 billion. ZebPay offers a range of products, including a robust exchange platform, OTC (over-the-counter) trading, and lending services. These features make ZebPay one of the best Indian crypto exchanges for both casual traders and institutional investors.

Paxful

Paxful, founded in 2015, has carved out a niche for itself as a global marketplace for buying and selling popular cryptocurrencies. It allows users to trade crypto and also spend it, giving it a dual functionality that appeals to many. In India, Paxful has grown in popularity due to its secure and reputable services. Paxful’s global footprint includes a strong educational initiative, such as the launch of “La Casa Del Bitcoin” in El Salvador, aimed at promoting Bitcoin adoption. This further solidifies its position as a top crypto exchange option for Indian users.

Binance India

Binance, the world’s largest cryptocurrency exchange, has extended its services to Indian traders through Binance India. With a vast range of products, including crypto trading, derivatives, and earning opportunities through liquidity farming and NFTs, Binance India offers something for every type of investor. As the largest global exchange, Binance supports more than 500 cryptocurrencies and has a user base of over 28 million. It remains a leader in the space, making Binance India one of the best Indian crypto exchanges.

Unocoin

Unocoin, one of India’s first crypto exchanges, was established in 2013. Originally based in Tumkur, it later moved to Bengaluru. With more than 2.34 million customers and 50+ supported cryptocurrencies, Unocoin has a strong presence in the Indian market. It offers standard buy and sell options along with more advanced features like OTC bulk trading and systematic buying plans. Unocoin’s longevity and consistent innovation make it a trustworthy option for investors looking for reliable crypto services.

WazirX

WazirX, which launched in 2018, quickly became a major player in the Indian crypto space, with 6 million users trading over $5.4 billion monthly. Known for its affiliation with Binance and the Blockchain India Fund, WazirX was considered one of the most reputable exchanges in India. However, a significant security breach in July 2024 resulted in a $230 million loss after a multi-signature wallet was compromised. Despite plans to restructure, WazirX has faced criticism from its user base, particularly as many users have not yet had their funds returned. The situation has caused concern among investors, impacting its status as one of the best Indian crypto exchanges.

Bitbns

Bitbns, established in 2017, markets itself as the future of finance. With a user-friendly interface and wide cryptocurrency support, Bitbns has become one of India’s top exchanges by trading volume, attracting over 4 million users. However, the exchange has faced significant controversy. In 2020, customers reported difficulties withdrawing funds, which Bitbns attributed to technical issues. More troubling was the discovery that Bitbns covered up a $7.5 million hack in 2022, only admitting it after a public confrontation by a crypto investigator in 2023. These concerns have raised questions about the exchange’s transparency and reliability, impacting its reputation in recent years.

Conclusion

India’s cryptocurrency landscape is rapidly evolving, with several exchanges offering diverse features to meet the needs of different types of investors. The best Indian crypto exchanges in 2024, such as CoinDCX, Mudrex, and CoinSwitch, are known for their user-friendly interfaces and robust security measures. Other options like ZebPay and Unocoin have built a strong presence over time, while global giants like Binance India continue to dominate the market. However, it’s crucial to remain vigilant, as exchanges like WazirX and Bitbns have experienced security issues that may affect user trust.

Whether you’re a beginner or an experienced trader, choosing the right exchange depends on your specific needs, but rest assured that the best Indian crypto exchanges are equipped to handle your investment journey.