The first problem that every beginner cryptocurrency trader in India faces is which exchange to start buying from.
Cryptocurrency exchanges are platforms where you can buy bitcoins and altcoins in exchange for other assets, such as your conventional fiat currencies or different digital currencies.
Each exchange has its own rules and regulations. Thus, it is very important to choose those exchanges which suit all your needs.
One thing that I’ve noticed with almost all of the Indian exchanges is that their pricing differs in real time. So, I would suggest that you don’t put all your eggs in one basket. Instead, purchase bitcoins from different places.
This can be quite confusing and time consuming for someone who is just starting in the crypto world. Thus, I’ve made a list of the best exchanges from where you can buy bitcoins in India.
- Unocoin
Pros
It is extremely easy to use and completely beginner friendly.
They have a website as well as an app for ios and android.
They have tutorial videos to guide new users.
They allow transactions through debit cards, credit cards etc. via PayU money. This is a big bonus.
They use 2 factor authorisation. Thus, security is of a high standard.
They have many more features like you can create your own Systematic Investment Plan.
Transactions from your bank account to unocoin wallet are fast.
Cons
It is the costliest exchange in India. It charges 1% fee initially, which is reduced to 0.7 % with sufficient trading volume. You can check the complete fee structure here.
There is a very high spread between the buying and the selling price.
PayU money wallet limits apply. You can’t transact more than Rs 20,000 worth from your wallet.
They charge additional 1.9% transaction fee for PayU Money and net banking mode of payment.
The buying and the selling price is usually higher than Zebpay (you can compare the screenshots).
They don’t lock transactions even for a minute. I was trying to make a payment for a small amount of BTC, by the time I tried to make the purchase, the rate had changed. So I had to make the purchase from scratch.
Transferring payments is painful. You need to first send your money to unocoin wallets.
- Zebpay
Pros
Zebpay offers the best user experience. It is very easy to use even for first timers.
The buy rates are usually lesser here than Unocoin (check the screenshots).
They charge lesser transaction fees than Unocoin. You can check their fee structure here.
The signup is quick, the app doesn’t lag and you can finish the entire buying or selling process in just 2-3 steps.
They provide email and SMS notifications
There are lot of options on Zebpay for making top-ups/recharges through bitcoins.
Cons
It is not available on desktop yet.
Security here is slacker than Unocoin. The app opens without any pin unless you explicitly go in settings and enable it. They should enable 2 factor authorisation.
No guidance videos.
You can’t place any auto buy / sell orders based on the cut off price.
You need to transfer money through online banking to your Zebpay Inr wallet which takes approx. 1 working day. Many times the BTC price changes drastically within that time frame.
They also have huge difference in their buying and selling prices.
They charge 2.3% convenience fees if you use payment gateways for payment.
- Coinsecure
Pros
They charge only about 0.4% transaction fees which is reasonable.
They promise to offer automated bitcoin deposits and withdrawals.
They have tutorial videos
The price difference between buying and selling is lowest at coinsecure. Thus, it is ideal for trading.
They provide a real-time trading platform with open ledgers – you can see all the transactions happening over their exchange.
They also use a hybrid wallet where majority of your funds are stored in cold storage (more secure), while a small percentage of your funds are stored in a hot wallet for immediate withdrawals.
You can start using coinsecure wallet without any need for verification. You can create a unique NETKI wallet name, then link your BTC address with your coinsecure wallet.
Cons
The UI is geared for traders. It is very confusing for beginners.
They have a website and an android app. But they don’t have any app for iOS.
The site is facing a lot of technical issues lately. It gets hanged sometimes. They really need to work on their servers.
KYC takes time.
- Koinex
Pros
Koinex is another realtime trading platform where the price is decided by the buyer, seller and the market.
The spreads are generally low
Along with bitcoin, they also support etherium, litecoin and ripple. (This is a HUGE plus point as there are no conversions and hence, the profits are maintained).
The customer support is good. They have tutorial videos for beginners.
They also provide a chat function to chat with fellow traders and support staff.
Cons
They charge Rs 100 for KYC and Rs 50 for password change – You heard that right, who even does that.
You need to pay 0.4% fees even for small transactions. You can see the fees structure here.
Since its new, the per day trade volume is quite low. There aren’t many buyers and sellers.
They’re still in the developing stages. Currently they don’t support 2FA. They have a long way to go yet.
- LocalBitcoins
Pros
LocalBitcoins is an escrow service which helps to match bitcoin buyers and sellers in a secure manner.
You can buy bitcoins via an in-person meeting, making it one of the fastest and the most private ways to buy bitcoins.
Purchase of BTC can be made quickly via cash deposits and many other payment methods.
No buying and selling limits are imposed by them.
Cons
There are many scams and frauds. Make sure you only trade with reputable users who have a history of making trades.
They charge 1% fees. The can be slightly higher when you buy with cast, since many people are ready to pay some extra cash for privacy.
Reputation of the exchange is good, but you need to check the reputation of each user on the exchange before making a trade.
It is recommended to not store your BTC in the “LocalBitcoins Wallets”
If you want to sell large amounts of BTC, you need to verify yourself
Speed of delivery is entirely dependent on seller confirming payment. So sometimes it may take a while.
BONUS: Compare Bitcoin Buying / Selling Price from One Place
BitcoinRates
As I’ve mentioned above, for almost all Indian exchanges, the pricing differs in real time. Thus, BitcoinRates is a must-have for any Indian looking to trade in bitcoin.
It lists the buying and the selling price (with and without fees) of all the exchanges in India. This makes it easy for anyone to find the best website to buy or sell bitcoins in India.
The green highlighter shows which exchange offers the lowest buying and the highest selling rates.
Conclusion
So this was my list of the top 5 exchanges to buy bitcoins in India.
The bitcoin train is fast moving. I highly recommend you to jump aboard before it’s too late.
If you want to invest in bitcoins for long term, I would recommend you choose either Zebpay or Unocoin.
For trading, Coinsecure or Koinex are some good options.
Lastly, if you want to buy bitcoins in-person in a private manner, you can choose LocalBitcoins.
There are many other sites like Bitxoxo (I heard they charge 0% transaction fee), PocketBits, BitcoinIndia, Paxful etc. but I haven’t used any of them yet so I am not going to comment on them.
But you can try them and let me know about your experience in the comments section below.
Happy Trading!
for more such posts visit www.a-zcrypto.com