Here is an alphabetical list of good cryptocurrency exchanges that allow you to buy Crypto like BTC and others with INR in India. These exchanges are found and run by Indians.
- Bitbns: Offers Multiple ways to deposit INR, can trade 72 digital assets on exchange. Margin trading with 4x leverage. “Instant INR” deposits available.
- CoinDCX: Good volume due to liquidity sharing with Major exchanges. Quick INR deposits and withdrawals. Margin trading, crypto lending, etc.
- Ethx.co: An international exchange now, formerly knows as ethx.in that support INR deposits with Credit and Debit Cards.
- Giottus: Good support. Faster INR deposits and withdrawals with dedicated Peers.
- InstaCrypto: Purchased Crypto is sent directly to user’s personal wallet. Closed Order Book.
- Instashift: Completely Peer to Peer exchange supporting INR with multiple digital assets listed.
- Pocketbits: One of the oldest exchanges in India now offers Peer to Peer INR deposits and withdrawals. One of the few exchanges with closed Order Books.
- WazirX: Innovative Peer to Peer exchange for USDT. Users can buy USDT with INR, then use USDT to buy any other crypto assets like BTC, ETH, etc.
Exchanges like BuyUcoin and Colodax also support INR transactions but we couldn’t test them for various reasons. For many other international Peer to peer exchanges that offer INR trading, you can check out our list of Peer to peer exchanges here.
Once boasting over 40 Crypto Exchanges, India today has less than a dozen. Most of the exchanges shut down their businesses or are surviving in the absence of regulatory clarity over Cryptocurrency trading in India.
After the RBI Diktat on April 5, 2018 where the central bank banned banks from dealing with Crypto traders and exchanges, the crypto businesses have had it tough to operate. But some exchanges have captured the market with innovation and are surviving despite the odds.
Buying Crypto with INR
Here’s a list of the best exchanges (alphabetically) and a short review of them for you to decide which one you can use to trade cryptocurrencies in India with INR. Don’t worry, it is not illegal to trade crypto-assets in India.
Bitbns exchange have been around for a year and half and has grown significantly with innovation. A lot of new products were launched first on Bitbns while the other exchanges followed suit such as excepting INR deposits with UPI, Peer to Peer INR transaction services and some controversial ones like Voucher based deposits.
The exchange has 72 Digital assets listed, paired with INR while some paired with USDT as well. You can deposit INR on the exchange using two major ways Peer to Peer USDT Exchange or Peer to Peer INR exchange.
- P2P USDT – User can buy USDT from a list of sellers by depositing the INR into seller’s bank account directly.
- P2P INR – Depositing User can transfer INR to a withdrawing user’s bank account directly.
- BidforX voucher based Deposits.
To speed up INR deposits for users, Bitbns introduced “Instant Deposit” feature, which approves an INR deposit from user equivalent to the crypto balance immediately, even before the peer confirms to have received the money.
Trading Fee: Bitbns charges 0.25% fee for buyers and sellers.
The exchange also offers Margin Trading with a leverage upto 4x.
CoinDCX exchange also recently celebrated a year of completion. Opened with a novel model of liquidity sharing with Binance, the exchange has launched several products along the way supporting INR transactions, Margin trading, interest based crypto lending, etc.
CoinDCX offers trading of crypto assets in multiple base pairs like BTC, ETH, INR, USDT, and more. It is quicker to deposit INR on CoinDCX than many other exchanges because of a unique model. CoinDCX have deployed dedicated Peers for processing INR deposits and withdrawals. It means, your deposit or withdrawal will be processed in a few minutes from when the request is placed.
Trading Fee: 0.1% for Binance and CoinDCX, 0.2% per trade for Huobi and Hitbtc.
CoinDCX has highest number of trading pairs in India. It is 465 with 200 listed digital assets.
Ethx was knows as ethx.in earlier in 2017 with just ETH to trade. Since then the exchange added more coins, did an ICO, launched an international exchange and now represents a closed order book exchange that even allows you to invest in a bucket of cryptocurrencies.
Users can use their Credit and Debit cards to deposit INR into ETHX which can then be used to purchase cryptocurrencies.
Giottus exchange offers spot trading as well as peer to peer trading for INR based pairs of multiple cryptocurrencies. To deposit INR for Spot trading, the exchange offers an INR deposit and withdrawal service with dedicated peers. It is quicker to deposit and withdraw INR from Giottus. The exchange charges 0.2% fee for INR deposits.
Trading Fee: 0.25% for Buyers, 0.15% for sellers.
Instacrypto is a closed order-book exchange with just 7 listed Crypto assets. The exchange does not store your crypto-assets. While placing an order, user must give an address of their wallet, once the funds are transferred for the order, the crypto is sent to the wallet address.
The exchange also provides remittance services for INR. My only criticism about the exchange is the price being a little higher for buying and little low for selling compared to market average.
Trading fee: 0.5% trading fee + Crypto Withdrawal fee as crypto is not stored on the exchange.
Instashift exchanges is a non-kyc based peer to peer exchange that offers trading for multiple digital assets. You need a phone number to register. In a true sense the P2P exchange connects the buyer with a seller, who then transfer INR to the seller to buy the crypto asset on the exchange.
Instashift also offers a service called Flip which lets you convert any crypto asset to another crypto asset within a few seconds. I choose instashift over any other non-kyc P2P exchange because of the team’s quick support and community engagment via telegram groups.
Trading Fee: Instashift charges 1% fee for buyers and sellers.
One of the oldest exchanges in India Pocketbits has also launched a peer to peer INR deposit and withdrawal system. The uniqueness about Pocketbits is that it is a closed orderbook exchange. Hence, a user doesn’t have to wait for their orders to be fulfilled by another trader. When you place the order, it is fulfilled at the price displayed.
For INR Peer to Peer, user must create a request for depositing INR. User is then matched with another peer who has created a withdrawal request. Once the INR is deposited, it can be used to purchase any Crypto assets.
Android users have to download Pocketbits app for KYC. iOS and Windows users need to complete KYC by contacting support from the exchange site.
Trading Fee: 0% trading fee.
WazirX maybe the last on the list alphabetically, but it deserves the place in the top two with amount of innovation and growth the exchange has shown in the past year.
It was the first exchange to launch an automatic order matching USDT Peer to Peer exchange. No exchanges before WazirX offered an order book that matched traders for peer to peer transactions. Users can deposit money into WazirX by buying USDT on the p2p exchange, and then purchase any other crypto using USDT.
WazirX offers 60 crypto assets to be traded with multiple pairs like USDT, INR and BTC. Although USDT is the prominent one.
Trading Fee: Makers – 0.1%, Takers – 0.25%
There are many other crypto exchanges that are still operational like BuyUCoin and Colodax as well. I have faced certain issues with BuyUcoin and Ethx while Colodax is very new to be able to judge. Once these are sorted, I will add them to the list.
Many other Peer to Peer exchanges offer INR based Crypto trading. These exchanges are not run by Indians are pretty popular among Indian traders. Check them out here:
Update Note: Ethx.co was added to the list after testing the exchange. Bitbns no longer tracks SMS from the Android App.
Disclaimer: Some links to exchanges shared on the article are affiliate links. It will not affect the user’s experience in any way.
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