Best Cryptocurrency Exchanges In September 2022

September 10, 2022

Best Cryptocurrency Exchanges In September 2022

The increase in popularity of cryptocurrencies has led to a significant rise in the number of cryptocurrency exchanges in India. Cryptocurrency exchanges simply act as a platform for buying and selling digital currencies and exchanging them for fiat currencies such as the Indian rupee (INR) or the U.S. dollar (USD).

Here’s our guide to help you choose a suitable cryptocurrency depending on your financial goals.

BEST FOR NOVICE AND INTERMEDIATE CRYPTO TRADERS

WazirX

Fees (Maker/Taker)

0.2%/ 0.2%

Cryptocurrencies Available

200 +

Minimum Investment Required

INR 100

Why We Picked It

Pros & Cons

BEST FOR ADVANCED CRYPTO TRADERS

CoinDCX

Fees (Maker/Taker)

0.2%/ 0.2%

Cryptocurrencies Available

340+

Minimum Investment Required

INR 100

Why We Picked It

Pros & Cons

Compare the Best Cryptocurrency Exchanges of India

Cryptocurrency Exchange	Crypto Coins Available	Fees (Maker/Taker)	Minimum Investment Required (INR)
WazirX	200+	0.2%/ 0.2%	100
CoinDCX	340+	0.2%/ 0.2%	100
CoinSwitchKuber	90+	0.1%/ 0.1%	100
UnoCoin	80+	NIL / 0.3%	1,000
BitBns	390+	0.25%/ 0.25%	100
ZebPay	100+	0.15%/0.25%	100
BuyUCoin	130+	0.24%/0.24%	20
Giottus	120+	0.20%- Nil	100

Methodology

While evaluating and choosing the top cryptocurrency exchanges in India, Forbes Advisor analyzed these exchanges on the basis of the following ten parameters:

1. Basic And Advanced Trading Features

2. Margin Trading And Crypto Lending Services

3. Educational Resources

4. Number of tradable Cryptocurrencies

5. Trading Fees Structure

6. Safety and Security Measures

7. Staking and Rewards

8. Customer Support Services

9. Ease of Deposit And Withdrawal

10. Platform Availability

What is a Cryptocurrency Exchange and How Does It Work?

Cryptocurrency exchange is an online trading platform that acts like an intermediary between buyer and seller of cryptocurrencies.These platforms enable trading in cryptocurrencies in exchange for digital and fiat currencies. These exchanges facilitate a user to deposit money via methods such as direct bank transfer, net banking or P2P etc and charge a commission or fee for every transaction done using its services. If you want to know more on how to purchase a cryptocurrency in detail, read How To Buy Cryptocurrency. The process of opening an account with any of these exchanges is fairly simple. After selecting an appropriate exchange, a user needs to follow these steps to open a trading account:

Download the app of the exchange you have selected and create an account.
Fill up the necessary information like email id, name and contact details.
After verifying the email, the user receives the mail on the same id for KYC details.
Verify the address on your email id and complete the KYC process.
Set a good strength password
Never share any passwords of your app, wallet, or exchange as it is difficult to recover it.

What Are the Different Types of Cryptocurrency Exchanges

Centralized Exchanges or CEX

These kinds of exchanges are the most common kind of platform that ensures easy, simple processes along with a very smooth user interface of crypto trading. As the name suggests, a central entity is responsible for governing and regulating these exchanges.

Every order or transaction is recorded, validated by the company to avoid any further discrepancies. The user’s fund is deposited in the wallet, managed by the CEX. And, to open an account here, the user needs to fulfill the KYC requirements where personal information of the user is shared.

Decentralized Exchanges or DEX

These kinds of exchanges are truly decentralized in nature, meaning there is no company or institution regulating these exchanges. The trades that take place on the exchange are fully automated and are executed through smart contracts and decentralized applications. At the same time, no KYC and no personal information is required here. DEXs are known to be more secure as they are automated via smart contracts, which are being written keeping required security checks in mind.

However, the interface of DEXs is not as smooth as CEXs, which generally impacts transaction speed and its volume. CEXs might prove to be more useful for beginners and novice traders and DEXs for experienced one.

Hybrid Exchanges or HEX

Hybrid exchanges have the best features of both decentralized and centralized exchanges. A hybrid crypto exchange is still in a developemental phase. It has the liquidity feature just like the centralized platforms and maintains the anonymity and security, like the decentralized exchanges. One of the most notable features while transacting through HEX trading is that, there are no taker fees and gas fees involved here.

Types of Cryptocurrency Exchanges Charges in India

In India, different cryptocurrency exchanges levies different charges and fees. Let’s have a look in more detail at what these charges are:

Joining Fee

Majority of the cryptocurrency exchanges in India, such as WazirX, Zebpay, Bitbns and Unocoin, have completely waived off the joining fee. However, there may be a very small amount of membership fee in the case of inactive accounts.

Deposit Fee

This fee is charged when the user deposits money or coins to the crypto exchange to initiate the buying or selling. Deposit fee amount depends totally on how the user has transferred the money, whether through payment service providers, Mobikwik, a crypto wallet, UPI, Net banking or bank transfers.

Trading Charges

Trading charges are the most important part of cryptocurrency exchange’s fee mechanism. Trading fees may be levied as a flat percentage of the amount of crypto that a trader buys or sells, or an exchange may charge according to the orders placed, such as makers and takers, are charged differently. So before going further, it is crucial to understand- Maker and Taker fees.

A maker is a party that creates liquidity on the exchange by selling cryptocurrency

The taker is the party that takes it off the liquidity by buying the cryptocurrencies.

Both maker and taker pays a certain amount of fees for the transaction. However, makers generally pay less.

The trading charges vary across exchanges, ranging from almost 0% to 0.25% in most of the exchanges. However, it is to be noted that certain exchanges claim to charge the user zero fees, one must look carefully, that if they are charging in the form of spread — the difference between the rate of buying or selling the cryptocurrency. And, generally this rate is higher as compared to the trading fee.

Withdrawal Fee

Some exchanges charge the user on the withdrawal of money into fiat. Withdrawing money happens when a user places a sell order on the exchange and then the funds reflect in his or her wallet. The user here can withdraw money fully or partially, into their registered bank account, for which he or she may be charged. The user also has the option of making a withdrawal in coins, that also has a cost attached.

https://www.forbes.com/advisor/in/investing/cryptocurrency/best-cryptocurrency-exchanges/