A cryptocurrency exchange in India has allowed countless traders to try their luck and avail of the opportunity at the finest rates. A cryptocurrency exchange is exceptionally known as a digital currency exchange (DCE). It is a business that grants users to buy or sell the digital currency or cryptocurrency they own for other assets. These assets can be standard fiat money and other digital assets.
Fiat currency is announced as legal tender by the government like rupees, dollars, euros, etc. At the same time, digital assets are those which have an electronic presence like domain names, virtual property, or digital currency.
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Location of Cryptocurrency Exchange
Due to cryptocurrency’s decentralized nature, they are defenseless to moving around. Following are some of the most extensive exchanges across the globe:
- Cryptocurrency Exchange in India
WAZIRX IS THE GREATER TRUSTED CRYPTOCURRENCY EXCHANGE IN INDIA. Buy, Sell & Trade Cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and many more cryptocurrencies in India.
2. Exchanges located in America
Coinbase: it is one of the well-known exchanges which offers a systematic and streamlined way for its users for buying Bitcoin, Ethereum, and Litecoin. Apart from these three, it provides 50 more coins to choose from.
Kraken: It is open to accept deposits from societies of Europe, Canada, Japan, and Britain. It puts forward the best selection of trading pairs at very low fees.
- Exchanges located in China
Binance: As of April 2021, in terms of trading figures this crypto exchange company was the largest in the world.
Huobi: It was founded in China. Now, has operational ministration in Hong Kong, South Korea, Japan, and the United States. It ceased its bitcoin withdrawals as a result of the censorship by the Chinese government in 2017 and now functions as a blockchain consulting and research platform.
- Exchanges located in South Korea
Upbit: On October 24, 2017, Bittrex, South Korea’s biggest cryptocurrency exchange partnered with Upbit. A couple of months after its launch Upbit became the world’s bulkiest cryptocurrency exchange according to the trading volume per day.
Important Parameters for comparing Cryptocurrency Exchange in India
Cryptocurrency Exchanges may newscast loud claims which are not always correct to attract customers. Being vigilant can be the only banneret in shining armor.
- Security: Users evaluate security as the most primary feature before they trust a crypto exchange with their investment. This necessitates users to analyze the security and privacy options offered.
- Fees: Companies tend to differ depending on their adopted pricing models. These may consist of trading fees, percentage fees, the amount charged for extra features, etc.
- User-friendly: A smooth and simple user interface is favored by users who are dealing with crypto for the first time. A layout that reflects positivity engages users to invest in and trust the company.
- Customer Care: A resourceful and knowledgeable customer backing team will help the users to resolve any type of glitch. It turns out to be the critical parameter for comparison.
- Supported Coins: It Is vital to identify the checklist of supported coins for each cryptocurrency exchange before making a final call.
- Mode of Payment: All cryptocurrency exchanges have their unique method of payment acceptance medium. It can be through Visa or Mastercard and bank wire transfers and crypto.
Interesting Facts
- While trading in cryptocurrency users have a crypto wallet known as a digital wallet.
- The people or organizations that put their minds together to flourish Bitcoin are unknown.
- Approximately 75% of the mining of cryptocurrency is done in China.
- Few countries have banned cryptocurrency. These are:
- Algeria
- Bolivia
- Ecuador
- Nepal
- Bangladesh
- Cambodia
Types of Cryptocurrency Exchange
- Direct Trading Platform: It is a platform that grants peer-to-peer (P2P) trading between sellers and buyers. Simply put, it permits the two parties to compromise directly with each other. Such a trade does not pose a hooked market price but rather allows sellers to set their exchange rates.
- Traditional cryptocurrency exchange: Here the exchange plays the function of an intermediary wherein the buyers and sellers exchange on the current cryptocurrencies’ market price, similar to a stock exchange.
- Cryptocurrency brokers: It is exclusively operational online and is related to the currency exchange at a bank. The cryptocurrency agent sets a price and allows its customers to trade in cryptocurrencies.
- Cryptocurrency Funds: The general public buys and holds cryptocurrencies through the fund which is managed by professionals. This allows the users to invest without genuinely purchasing a cryptocurrency.
Cryptocurrency Exchange In India
- WazirX: It was founded in 2017 and was later captured by Binance Holdings, which is the biggest cryptocurrency exchange in terms of the trading volume. It employs safety and guarantee by auto–matching a buyer with a seller. This in turn sets immediate transactions. WazirX is easily accessible for Android, iOS, Web, Mac, and Windows users.
- CoinDCX: presents more than 200 cryptocurrencies; it is one of the most eminent cryptocurrency exchanges in India with over one lakh active users. It allows deposits and withdrawals free of cost and commands a low trading fee. CoinDCX is beneficial for investors who pray to trade between INR and BTC.
- Zebpay: It offers a simple user interface with quick payments and strict security features. Zebpay permits trade across six EUR-Crypto pairs as well as five crypto-crypto pairs.
- CoinSwitch Kuber: It expand more than 100 cryptocurrencies and has over 3 million users. It allows new entrants to the cryptocurrency market to start trading with just 100 rupees. The investors of this cryptocurrency exchange are Sequoia, Ribbit Capital, and Paradigm.
- UnoCoin: Launched in 2013, it is one of the earliest cryptocurrency exchanges in India with over 1.2 million users currently. It provides traders with a special bitcoin address that automatically sells Bitcoin. An interesting feature of UnoCoin is that it consents users to make use of their bitcoins to recharge cell phones and DTH. Supporting the Merchant Gateway system entrusts online businesses to take up Bitcoins as a payment mode.
Cryptocurrency exchange in India: Conclusion
Cryptocurrency exchanges in India and other countries concede the buyer or seller to protect their identity. These exchanges work throughout the clock on all days. They allow quick transactions with cryptocurrencies which are safe and secure as they are end-to-end encrypted.
Usually, the exchanges accept credit cards, wire transfers, or other ways of payment in exchange for digital currencies or cryptocurrencies.
Buying and selling cryptocurrency is formerly a difficult task. For those who want to try their hands on this virtual currency, it’s necessary to know the technicalities and accordingly base their decision.
Many Cryptocurrency Exchanges are providing a unique set of features to make your trading easier. Before making an eventful investment, tested-by-steganalysis and comparison among these exchanges will help you maintain a position that brings profits at the lowest possible risks.
FAQs
- What is a cryptocurrency exchange?
Cryptocurrency Exchange is an online platform where we can purchase or sell cryptocurrencies.
- Name the top 5 Cryptocurrency Exchange in India.
The top 5 cryptocurrency exchange in India are as follows UnoCoin, Zebpay, WazirX, CoinSwitch Kuber, and CoinDCX.
- What parameters should be considered before selecting a cryptocurrency exchange in india?
Customer care, fees, user interface, security, supported coins, and modes of payment are some important parameters for choosing a cryptocurrency exchange.