5 Best Crypto Exchanges And Trading Platforms In India

In search of the best crypto exchange and trading platform in India, our expert team has tested and analyzed over 30 platforms with different functionalities and features. In this article, we highlight the top 5 picks from our research which was made by Steven, Carl, and Sandra who have over 20 years of experience in the field of financial institutions and modern technology.

Best crypto exchange in India list

1. BYDFi - Best crypto exchange and trading platform overall

2. BingX - Offers top copy trading features

3. Phemex - User-friendly crypto app + no kyc

4. Bybit - Crypto options trading platform

5. Binance - Biggest selection of altcoins

(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)

Key takeaways

• BYDFi stands out as the best overall crypto exchange and trading platform in India, offering a state-of-the-art trading experience tailored for both beginners and seasoned traders.

• While there are several platforms available, it's crucial to prioritize security, fees, and user experience; and BYDFi's commitment to these factors sets it apart in the Indian crypto community.

What is the best crypto exchange and trading platform in India?

In our search for the top competing platforms, our team has looked and many different angles of the exchanges in our list, but these factors in particular:

• Customer satisfaction

• Online reviews

• Exchange fees

• Security (Government Regulation)

• Platform functionality

• Payment methods

• Listed cryptocurrencies

• Mobile app

• KYC + Withdrawals

1. BYDFi - Best crypto exchange and trading platform India

Our BYDFi rating - 4.8/5

BYDFi at a glance

BYDFi, formerly known as BitYard, has been serving the crypto community since 2019 and has quickly established itself as the best crypto exchange and trading platform in India. With its roots in Singapore and a significant presence as a global exchange, BYDFi offers a seamless trading experience tailored for both beginners and seasoned traders. The platform's commitment to regulatory standards, combined with its innovative features, makes it a top choice for Indian traders and investors.

Pros

1. Robust Security Measures
2. Contract Trading
3. Diverse Trading Options
4. Regulatory Adherence
5. User-Friendly Interface

Cons

1. Absence of Staking Plans
2. Liquidity Concerns
3. No Proof-of-Reserves Declaration
4. Young in the Industry

Why we like it

BYDFi stands out not just for its advanced trading features but also for its dedication to user trust and platform integrity. The platform's rigorous token listing support ensures that only projects with genuine potential and credibility make the cut, emphasizing BYDFi's commitment to safeguarding its users' interests. Additionally, its multi-platform support ensures that traders can access the platform anytime, anywhere, making it a versatile choice for the modern trader.

BYDFi category rating

Features

• Spot Trading
• Perpetual Contracts
• Leveraged Tokens
• API Access
• Affiliate Program
• Real-time Block Explorer
• BYD Point System
• Token Listing Support
• Multi-Platform Support

2. BingX - Best crypto copy trading platform India

Our BingX rating - 4.7/5

BingX at a glance

BingX stands out as the best crypto copy and social platform in India, offering a unique and innovative exchange experience. Unlike other platforms where traders often feel isolated, BingX provides a robust crypto social trading network, backed by superior analytics. This allows traders to not only base their strategies on proven models but also to effortlessly replicate the strategies of successful traders through copy-trading. With competitive fees and a comprehensive set of features, BingX has positioned itself as the go-to platform for Indian copy traders and investors.

Pros

1. Elite Connection
2. Superior Analytics
3. Perpetual Swap Feature
4. Extensive Fiat Support
5. User-Friendly Interface

Cons

1. Third-Party Fiat Protocols
2. KYC for Large Trades
3. Over-reliance on Copy Trading
4. Regional Restrictions

Why we like it

BingX's commitment to innovation is evident in its rapid growth and evolution. From its inception in 2018 to its rebranding and expansion into English-speaking regions, BingX has consistently pushed the boundaries. Its unique focus on copy-trading, backed by a robust technological infrastructure, sets it apart from competitors.

BingX category rating

Features

• Copy-Trading Excellence
• 24/7 Customer Support
• Tiered Authentication
• Affiliate Program
• Mobile App
• User Account Security
• No Deposit Fees
• Educational Blog
• Leverage Trading
• Transparent Fee Structure

3. Phemex - Best crypto mobile app and staking exchange in India

Our Phemex rating - 4.6/5

Phemex at a glance

Phemex stands out as the best crypto app and staking platform in India, offering a seamless blend of user-friendly features and robust trading tools. Founded by ex-Morgan Stanley executives, it has rapidly grown to accommodate over five million users globally. With its roots in Singapore, Phemex provides Indian staking traders and investors a comprehensive platform to trade in over two hundred digital assets, making it a top choice for those looking to dive into the crypto world.

Pros

1. User-Centric Design
2. Low Fees
3. Diverse Trading Options
4. Innovative Staking Options
5. Phemex Soul Pass & Token

Cons

1. Lack of Clarity on Regulation
2. No Lending Services
3. Minimum Withdrawal Amounts
4. Limited Information on Decentralized Features

Why we like it

Phemex's commitment to blending the best of Centralized Finance (CeFi) and Decentralized Finance (DeFi) is commendable. Their vision of a semi-centralized platform, aiming to decentralize digital identities and promote permissionless collaboration, sets them apart. This innovative approach, combined with their rapid growth and user-centric design, makes them a standout choice for our review.

Phemex category rating

Features 

• Hierarchical Deterministic Cold Wallet System 
• Flexible Staking Options 
• Comprehensive Charts & Analytics 
• Sub-Accounts 
• Perpetual Contracts 
• Instant Crypto Purchases 
• Phemex Soul Pass 
• Mobile App 
• Amazon Web Service Cloud Security 
• Double-Entry Bookkeeping System 

4. Bybit - Best crypto options trading platform India

Our Bybit rating - 4.6/5

Bybit at a glance

Bybit, established at the end of 2018, has quickly risen to prominence as a leading cryptocurrency and derivatives trading exchange. Catering specifically to Indian options traders and investors, Bybit offers the ability to trade cryptocurrency perpetual contracts with up to 100x leverage. In a short span, it has garnered significant liquidity, making it one of the most respected and widely used crypto exchanges globally. For Indian traders, Bybit stands out as the best crypto options trading platform, offering a blend of advanced features, security, and user-friendly interface.

Pros

1. Diverse Trading Instruments
2. Ultra-Fast Matching Engine
3. Multilingual Support
4. Fiat Withdrawals & Deposits
5. Insurance Fund

Cons

1. Geographical Restrictions
2. High Leverage Risks
3. Complexity for Beginners
4. No Native Token
5. Regulatory Concerns

Why we like it

Bybit's unique selling point lies in its professional-grade matching and trade execution engine. Capable of executing 100,000 transactions per second per contract, it ensures rapid order execution, minimizing the risk of slippage and trading errors. This level of efficiency is unparalleled in the industry and is a testament to Bybit's commitment to providing a seamless trading experience.

Category rating

Features

• Cold Storage Solution
• Multi-Signature Address Scheme
• SSL-Encrypted Communication
• Auto Deleveraging System
• Dual Price Mechanism
• Auto Margin Replenishment
• Advanced Order Functionality
• Customizable Interface
• Bybit Earn Program
• Options Trading

5. Binance - Biggest altcoin exchange in India

Our Binance rating - 4.5/5

Binance at a glance

Binance, often celebrated as the best altcoin exchange in India, stands as a beacon for both novice and seasoned altcoin traders and investors in the country. Founded by Changpeng Zhao, Binance has rapidly ascended the ranks to become one of the world's largest cryptocurrency exchanges.

Its reputation is built on a foundation of low transaction fees, a vast selection of cryptocurrencies, and state-of-the-art trading tools. But what truly sets Binance apart is its unwavering commitment to innovation and user experience. Whether you're looking to trade popular coins like Bitcoin and Ethereum or explore lesser-known altcoins, Binance offers a seamless and comprehensive trading environment.

Pros

• Low Fees
• Wide Range of Cryptocurrencies
• Advanced Trading Tools
• Passive Income Opportunities
• Crypto-to-Crypto Trading

Cons

• Regulatory Issues
• Not Beginner-Friendly
• Limited Availability
• Customer Support
• Instant Buy Fees

Why we like it

Binance stands out for its commitment to innovation. Their Launchpool and Launchpad products offer users early access to new crypto projects, showcasing their dedication to staying at the forefront of the crypto world. Their impressive set of features across the platform is unparalleled compared to other similar exchanges.

Category rating

Features

• Cold Storage
• Insurance Fund
• Two-Factor Authentication
• Withdrawal Address Whitelisting
• Tax Reporting Tool
• Portfolio Insights
• Recurring Buys
• NFT Trading
• Advanced Charting Tools
• Trust Wallet Integration

What is an Indian crypto exchange?

An Indian crypto exchange is a digital platform that facilitates the buying, selling, and trading of cryptocurrencies specifically for the Indian market. These exchanges are tailored to meet the unique needs and regulations of the Indian financial ecosystem.

From my personal experience, having delved deep into the world of cryptocurrencies and having used multiple platforms, Indian crypto exchanges stand out for several reasons:

• Regulatory Compliance
• Local Currency Support
• Cultural Adaptability
• Performance Metrics
• Comparison with Global Exchanges

How to buy crypto in India

Navigating the world of cryptocurrency in India is simpler than you might think. Here's a concise guide to get you started:

1. Choose a Trustworthy Exchange:

Coinbase is a top recommendation for its user-friendly interface and options to purchase with credit cards and bank transfers in INR. For those seeking alternatives, BYDFi and Binance are also reliable platforms with unique offerings.

2. Sign Up & Verify:

Create an account on your chosen exchange. Verification, known as KYC (Know Your Customer), is a standard process to ensure user safety.

3. Deposit Funds:

With Coinbase, you can easily deposit INR via bank transfer or credit card. Some platforms might offer additional deposit methods.

4. Buy Your Cryptocurrency:

Browse the market section, select your desired cryptocurrency, specify the amount, and confirm your purchase.

5. Secure Your Assets:

While exchanges like Coinbase provide wallets, consider transferring your assets to a private wallet for enhanced security.

Different types of crypto exchanges and trading platforms

Cryptocurrencies have gained immense popularity, leading to the rise of various trading platforms.

Here's a concise overview:

• Centralized Exchanges (CEX)
• Decentralized Exchanges (DEX)
• Peer-to-Peer (P2P) Platforms
• Futures and Derivatives Platforms

How to choose crypto platform in India

Selecting the right crypto platform in India is essential, whether you're a novice or an experienced trader. Your needs should guide your decision; for instance, beginners might prioritize a user-friendly interface, while seasoned traders may seek advanced tools.

It's crucial to choose a platform with a solid reputation and positive expert reviews. Transparent trading volumes, security measures, and genuine customer testimonials are indicators of a platform's authenticity.

When comparing platforms, consider key performance metrics like transaction fees, trading volume, and security. Each platform has its unique selling points, so identify what sets your chosen platform apart from its competitors. It's also beneficial to understand the platform's evolution over time, as those that adapt and improve their services often prove more reliable.

Is it legal to buy and trade crypto in India?

Yes, buying and trading cryptocurrencies in India is legal. However, the regulatory landscape has seen shifts. In 2018, the Reserve Bank of India (RBI) imposed a ban on banks dealing with crypto businesses. But in 2020, the Supreme Court lifted this ban, paving the way for a resurgence in crypto activities. While trading is legal, it's essential to stay updated with the latest regulations.

Pros and cons of investing in crypto

Pros:

• Potential for High Returns
• Liquidity
• Diversification
• Innovation

Cons:

• Volatility
• Regulatory Concerns
• Security Risks
• Lack of Understanding

How we review and select crypto exchanges

When we set out to review crypto exchanges, our primary focus is you, the user. Our team, comprising crypto experts Steven, Carl, and Sandra, dives deep into each platform, ensuring we have firsthand experience. We've traded, analyzed, and compared features across various exchanges to bring you the most authentic insights.

To measure performance, we consider several quantitative factors like transaction speed, fees, and security protocols. We also highlight what makes an exchange stand out from its competitors. For instance, does it offer unique trading pairs or superior customer support?

We always weigh the pros and cons based on our original research, ensuring you get a balanced view. It's essential to understand how an exchange has evolved over time, addressing past issues and introducing new features. This helps in making an informed decision.

FAQ

Which crypto exchange is allowed in India?

Most crypto exchanges are allowed in India, including popular ones like BYDFi, Binance, and Bybit. Always check the latest government regulations for the most up-to-date information.

Is WazirX safe in India?

WazirX is one of the leading crypto exchanges in India and has implemented robust security measures. However, like all online platforms, it's essential to use strong passwords and enable two-factor authentication.

Can I use Binance in India?

Yes, Binance is accessible in India, but it's crucial to stay updated with local regulations and ensure you're complying with them.

Which is the cheapest crypto exchange in India?

While fees vary, BYDFi and BingX are often cited for their competitive rates. Always compare fee structures before making a decision.

Which is the safest crypto exchange in India?

Safety depends on various factors, including user practices. Coinbase, BYDFi, and BingX have strong security protocols, but always do your research and prioritize personal security measures.

Is Coinbase legal in India?

As of now, Coinbase operates legally in India. However, always ensure you're updated with the latest regulations.

Where can I buy Cryptocurrency in India?

You can purchase cryptocurrency from several exchanges in India, including Coinbase, CoinDCX, and ZebPay. Always choose a reputable platform and consider factors like fees, security, and user experience.

Conclusion

Our comprehensive review of the top 6 crypto exchanges and trading platforms in India aims to simplify this journey for you. From the all-rounder BYDFi to the security-focused Coinbase, each platform offers unique features tailored to different trading needs.

It's essential to consider factors like security, fees, user experience, and available features before making a choice. Remember, while the crypto world offers immense opportunities, it's crucial to tread with caution and always stay updated with the latest trends and regulations.

About the authors

Steven, Carl, and Sandra form the backbone of our expert review team. With a combined experience of over 20 years in financial institutions and modern technology, they bring a wealth of knowledge and expertise to the table.

Their rigorous testing and analysis methodology ensures that our reviews are comprehensive, unbiased, and most importantly, beneficial for our readers.

Their dedication to staying updated with the latest trends in the crypto world ensures that our content remains relevant and timely. Whether you're a novice looking to dip your toes in the crypto pool or a seasoned trader seeking the next big thing, you can trust our team to guide you every step of the way.