Who should make use of the comparison?
Our comparisons are aimed at anyone who is interested in getting involved with cryptocurrencies at any level. It doesn’t matter if you’re a complete beginner who’s looking to buy bitcoin for the first time and get your first wallet, or you’re a seasoned cryptocurrency enthusiast who’s looking to get into brokering and mining – our comparisons are here to help you. Our experts set out to review a wide range of platforms that cater to various types of individuals. Our mission isn’t to find the best crypto exchange for us, we want to find the best India crypto exchange and trading app for you.
Exchange Checklist: Top5 steps for a secure & fair experience
License and regulation
Since crypto first came around over 10 years ago, regulation of crypto exchange in India has been a tricky field to negotiate. As the government and the Reserve Bank of India (RBI) have traditionally been harsh on cryptocurrencies. At the time of writing, India has plans laid out to regulate all cryptocurrencies instead of banning them, however the terms and taxation rules remain unclear. As the band has only recently been fully lifted on crypto exchange in India, we recommend playing it safe for now and buying the oldest and best known cryptocurrencies, such as Bitcoin Ether and Ripple.
It’s important to use a safe and established crypto exchange in India that’s been well reviewed and rated, and that is trusted by its users and customers. When checking ratings, don’t take a 4 or 5 star rated exchange at face value. Always read the reviews and see how many there are. If an exchange only has a handful of reviews that are all positive, you should further investigate to make sure it’s not a scam. Trusted websites, such as Bitreviews.com and Coinfunda.com will help you find the top India crypto exchanges as rated by experts and users.
There’s currently no legislation in India that deals with data protection, so you should look for a crypto exchange in India that has good privacy settings or choose a foregin exchange that’s available for Indian customers. Even with platforms in India, good privacy settings can be hard to come by. Many platforms for crypto exchange in India and elsewhere use an ID login, which is good for security (see next point) but bad for privacy. Some exchanges, like LocalBitcoin charge premium rates in exchange for higher privacy. To find the best India crypto exchange with good privacy, you should seek out a local selling P2P exchange.
You could be forgiven for thinking that security and privacy are just two sides of the same bitcoin, so to speak, and they do certainly intertwine. However they are fundamentally different. While privacy refers to the protection of your personal information and data, security refers to the protection of your crypto funds and digital assets. To find the best India crypto exchange from a security standpoint, look for a platform that keeps your funds in an offline storage as that keeps it safe from hackers. We mentioned above that many platforms for crypto exchange in India and elsewhere use an ID login which is secure, but compromises privacy. A crypto exchange India login system that’s both secure and private should be similar to online banking.
Know crypto before you invest
Perhaps the most important point when it comes to having a safe and secure experience, is learning about crypto beforehand and not going in blind. Cryptocurrencies are still relatively new and unknown, and their nature has proven to be very futile. Even if you choose the best India crypto exchange possible, there’s still no guaranteeing what will happen to the value of whichever cryptocurrency you buy. Many people the world over got into crypto after the freak 2017 spike and were left disappointed after a subsequent crash. Know your stuff beforehand and start off buying a small amount of crypto to avoid getting in over your head.
Editor’s recommendation – the best exchange
What our experts aim to do is choose the best India crypto exchange of each type of individual rather than choose an ultimate #1 exchange, however our editor’s recommendation is here to provide the best balanced exchange that caters to the widest range of customers and users. As regulation surrounding cryptocurrencies in India is still unclear, we’ve decided to recommend Coinmama, an international platform that we believe is the best crypto exchange for India customers.
We’ve chosen to recommend Coinmama because they are a reliable and trusted broker that work in almost every country. The process from signing up to buying currency is fairly seamless and there are online guides to aid you in doing this, making it a good place for crypto beginners to start. You do need to have your own crypto wallet first, however, so make sure to do this in advance! Coinmama’s international reach is also beneficial to those who travel around a lot or plan to leave India in the near future as it will avoid the hassle of having to register with a different exchange and transfer your funds.
If you’re looking for a dedicated crypto exchange India platform, we recommend WazirX, a new crypto exchange that’s run out of india and caters exclusively to Indian customers. WazirX may be new, but you know they can be trusted as they are backed by Binance, who are one of the world’s biggest crypto exchanges. The reason WazirX aren’t our editors first recommendation is that they are still technically illegal in the eyes of the somewhat maddy Indian law, however their operations are made possible through peer to peer technology.
This is how our experts test exchanges
When testing crypto exchanges our experts carefully analyse a variety of different aspects. From legality and security to usability and aesthetics, we want to make sure our comparisons are transparent and fair, and that our recommendations are solid and reliable. Below, you can find a more detailed explanation of the specific areas we focus upon when testing a crypto exchange in India.
Security & legality
For our experts, this is the first and most important aspect for our experts when testing any crypto exchange. If an exchange looks to be in any way illegal, unregulated or untrustworthy then we won’t go any further with our test and subsequent review comparison. Similarly, if users’ funds and assets look to be unsafe and/or exposed to potential hackers then we won’t even consider going any further with the testing. It almost goes without saying, but a crypto trading platform in India with a high number of scammers would also get an instant red flag from our experts.
For a crypto exchange to be well rated and recommended by our experts, the usability, look at feel should be slick and simple to use. An exchange could be well regulated, secure and have the lowest fees possible, but if the could scheme gives us a headache and it’s near impossible to navigate, it won;t get a high score from us. Usability is essential for beginners as nobody wants to be further confused unnecessarily when delving into a new financial venture that they’re still learning about. When it comes to more complex platforms with a wider range of capabilities and currencies on offer, we do understand that simplistic usability and aesthetics do have to be compromised. However our experts believe that the best crypto trading platform in India should surely find a way to strike a balance.
When conducting our tests, our experts aren’t necessarily impressed by a platform that has a massive range of capabilities on offer. What’s most important for us is that, however many capabilities and functions an exchange may have, they work well. An exchange with a limited selection of capabilities that are all finely tuned and function well scores better for us than a platform with a plethora of complicated functions that don’t work well. We also think about different types of users as well. A complex platform with a multitude of capabilities, even if they function well, would still be likely to overwhelm a crypto newbie. Similarly a platform with a limited range of platforms could stunt a more seasoned crypto aficionado. It’s all about finding the right exchange for the right person in our view.
Range of cryptocurrencies
Since the birth of Bitcoin back in 2009, cryptocurrencies have multiplied rapidly, particularly in the last 3 or 4 years. At the time of writing, the number of cryptocurrencies available in the world is quite literally in the thousands. While there are many good exchanges that offer thousands of different cryptocurrencies, we wouldn’t recommend these to a new or even casual but experienced crypto investor. Exchanges with a small range of cryptocurrencies are good to start with and are best to stick with for some time as you grow. The nature of cryptocurrencies is notoriously unstable, so sticking with known currencies, such as Bitcoin and Ethereum, is advisable, at least at first. Buying new or lesser known cryptocurrencies is better left to the experts and avid enthusiasts.
Generally speaking, people buy crypto to make money, not spend it, so fees are something we all seek to avoid – not just when it comes to crypto exchange, but in everyday life. Sadly, fees are almost always inevitable, so what our experts are looking for when testing exchanges are the lowest fees possible. Of course, there are some cases where higher fees are justifiable if the services merits it – such as premium fees for increased privacy and security.
Finding the right exchange for you
As we’ve already said, we’re not testing and comparing platforms in order to find out what’s best for us, we’re here to help look for the best India crypto exchange for you. With that in mind, here are few things to consider when thinking about what might be the right exchange for you.
What is your experience level?
If you’re completely new to the world of crypto exchange in India, then you’ll want to look for a secure and legal platform that’s easy to use. You won’t want to dive in too quickly and use a complicated platform designed for a more seasoned investor. An easy to use and trusted international exchange with a small selection of popular cryptocurrencies is recommendable for beginners.
How much are you looking to invest?
Different exchanges cater to different sizes of investments; if you’re just buying a small amount of crypto for the first time, a basic exchange platform that caters for the casual user. If you’re well experienced and are trading in higher volumes, then it might be time to start looking for a premier exchange that has expertise in dealing with high end clients. No matter how much you’re planning on putting in, make sure you know what you’re doing and don’t get in over your head!
What sort of technology are you using? Where do you plan on doing your trading?
If you’re very much an in the office or at home trader, then a crypto exchange with a good website will most definitely suffice. As more seasoned investors most probably know, the larger screen is beneficial when tracking multiple markets. If you’re often on the move a good trading app is essential.
To summarise, our expert crypto exchange India comparisons are here to aid everyone, from the complete beginner to the seasoned investor. Our exchange tests are conducted fairly and transparently with the hope of finding what’s right for you. Just remember to know your crypto and control your investments.