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5 Best Bitcoin exchange in India to buy Bitcoin and altcoins with INR
After RBI put Bitcoin on notice. Bitcoin Exchange in India came under fire.
“Many national Banks like State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank, and Yes Bank” suspended the bank accounts of Best Bitcoin exchanges in India or limited the functionality of their accounts.
It was a major shock for the crypto enthusiast and whole Indian cryptocurrency community as they were hesitating to buy Bitcoin and altcoins.
This created a Buzz in the financial market and people started to pull out of cryptocurrencies.
Resultingly, the Bitcoin price dropped to its lowest of the last 18 months.
Although the price of cryptocurrencies has been very volatile still people interest in the cryptocurrencies has increased over time.
Now Bitcoin is trading at $10000 – $10500 on best altcoin trading platforms.
The government also soften their stance against the cryptocurrencies even they have planned to launch their own regulated virtual currency till mid-2019.
Indian users are still interested to invest in cryptocurrencies either for long term or short term
Sadly, Bitcoin exchange in India is not doing the usual business as they used to be before February 2018.
Now, there are limited options to buy Bitcoin and altcoins with INR in India.
For this reason, I have listed the 5 best bitcoin exchange in India which still allows buying Bitcoin and altcoins with INR directly and anonymously.
Note – Currently INR withdrawal and deposits are banned on most bitcoin exchange in India
5 Best Bitcoin exchange in India – Buy Bitcoin and altcoins with INR
1. Local Bitcoins
Local Bitcoins without a doubt is one of the popular and trusted Bitcoin exchange across the globe.
Although it is a Finland based exchange.
It provides service all over the world so does in India.
It allows buying Bitcoin in India with every payment method possible including cash
Local Bitcoins exchange is (p2p) person to person transactions all over the world if we simplify it means you can directly interact with the person you are selling or buying Bitcoins.
There is no selling or buying limit set by Local Bitcoins.
Local bitcoins exchange offers tons of payment methods like IMPS, NEFT, National bank transfer, Bhim, UPI, Paytm including cash.
Local Bitcoins does not require any id verification of the client to trade.
They don’t even ask for personal details of the user, except those who want to trade in large amount i.e. more than 2 Lac INR.
Transactions are instant and fast.
There is no fee for the buyer the seller has to pay a 1% fee of the total trading volume.
Currently Local Bitcoins is the best Bitcoin exchange in India to buy Bitcoin and altcoins with INR
Pros
- Highly respected and good reputation
- Low transaction fees
- Bitcoin is the only coin supported
- No ID verification is needed.
- There are tons of payment method to buy Bitcoin with INR using the credit card, UPI, IMPS, Cash, etc
- In-person, cash trades are fast and is well organized by Local Bitcoins
Cons
- Some clients require ID verification to trade larger amounts.
- In “in-person” cash deals, the speed of delivery is entirely dependent on the seller confirming payment.
2. Paxful
Paxful is a peer-to-peer Bitcoin exchange based Wilmington, Delaware, USA and was launched in 2015.
Paxful can be said as the sister site of Local bitcoins.
Paxful offers the most diverse range of payment methods available online ( more than 300).
Payment options include Bank transfer, credit or debit card, PayPal, UPI, NEFT, IMPS, PAYTM, Payza, Bank Deposit, MoneyGram, Skrill, Amazon gift cards, cash, and more.
Paxful doesn’t charge buyers a fee.
Instead, its fees come from sellers, who pay a fee equal to 1% of the total transaction amount.
There is no direct purchasing fee.
However, the buyer will be charged a fee chosen by the seller.
The fee can vary according to the payment method. For example, Paying by gift card often results in the higher fees.
Choose a seller with caution because there are many negative reviews at the online forum.
Check trader rating and past trades user feedback.
Paxful also provides a public forum where you can share your experience or any concerns.
Paxful’s servers are also maintained in accordance with the highest banking specifications.
Paxful also uses Escrow service same as Local Bitcoins exchange
Escrow service decreases any probability of getting scammed.
After Local Bitcoins, Paxful Exchange is the second best bitcoin exchange to buy Bitcoins and altcoins with INR in India
Pros
- Transactions are fast and instant
- More than 300 payment methods
- Easy to use and beginner-friendly platform
- Security is robust
Cons
- Trade with caution
- Slow customer support (still satisfactory)
3. Coinswitch
Coinswitch is Bangalore based Bitcoin exchange founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari.
It is an Instant cryptocurrency exchange like changelly and Shapeshift.
It differs a little in the respect that it provides the best exchange rate on the transaction by aggregating real-time price from 6 different cryptocurrency exchanges
Coinswitch partnered with Bittrex, Cryptopia, Kucoin, Changer, changelly, and shapeshift.io
Coinswitch offers more than 275 cryptocurrencies to exchange with eachother.
There are more than 4500 trading-pairs available on the exchange.
CoinSwitch charges 0% to 0.75% fee depending on the cryptocurrency exchange you choose for the transaction.
Coinswitch doesn’t have any buying limit to buy Bitcoin and altcoins with INR using the credit card.
Coinswitch is third-best Bitcoin exchange in India to buy Bitcoin and altcoins with INR
Pros
- There are more than 275 cryptocurrencies available for trade
- More than 6000 trading pairs available for trade
- It provides the best exchange rate possible by comparing six different altcoins exchange real-time rates.
Cons
- The fee is dependent on the exchange you choose hence it is not static and varies
- Not a proper Bitcoin exchange it acts as an intermediary between a user and six other cryptocurrency exchange.
4. Koinex
Koinex was launched in June 2017 by a group of cryptocurrency professionals who wants a specialized trading platform.
Koinex was an instant hit and Cryptocurrency enthusiast in India welcomed it with open hands.
Koinex allows buying Bitcoin and altcoins with INR (INR withdrawal and deposits are disabled currently).
Koinex currently supports 31 altcoins.
On top of this, they are rigorously adding new cryptocurrencies.
Along INR, Koinex allows trading against Ethereum coin, Bitcoin, and Ripple coin.
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The interface is intuitive, and it will be a smooth ride even for new crypto traders.
Account verification is compulsory before initiating a trade.
You need to upload a scanned copy of the Aadhar Card, address proof, and Pan Card.
You also need to add your bank account. KYC verification will take about 2 days and then you are ready to go.
There are various payment methods to add funds like net banking and a lot of third-party apps like Paytm, Payza, Mobikwik, Jio recharge, Airtel money, and OLA money.
Koinex charges 0.15% trading fee both from buyer and seller.
Security of the cryptocurrency exchange is formidable and the platform is D-Dos integrated along with 2-factor authentication.
Customer support is not up to the mark.
Koinex ranked fifth on the list of 5 best Bitcoin exchange in India to buy Bitcoin and altcoins with INR.
Pros
- Decent range of altcoins offered
- The platform interface is easy to use and beginner-friendly
- Multiple payment methods to add fiat money (currently disabled)
- 0.15% fix trading fee
Cons
- Customer support is not up to the mark
5. Unocoin exchange (Unodax)
Note – INR deposits and withdrawals are halted on Unocoin since April 2018
As the post suggests, Unocoin Exchange is an Indian company and only designed for Indian clients.
Unocoin was established in 2013 and based in Karnataka.
To date, they have about 560000 customers and more than 1400 million in revenue.
Unocoin was used to be only a Bitcoin exchange.
But now they have launched the new multi-coin trading platform called Unodax along Unocoin.
Unodax supports 22 cryptocurrencies including Bitcoin, Ethereum coin, Litecoin currency, BCH, Ripple, Omise Go , Vechain, Binance token, Huobi token, and 15 other altcoins.
On the other hand, Unocoin exchange as usual only supports Bitcoin.
Unodax is a basic altcoin trading platform which facilitates altcoin trading against INR
The best part of Unodax is its user-friendly interface which is smooth, clean and beginner-friendly.
Before trading Bitcoin and altcoins on Unodax, you have to get KYC verified.
For verification, you have to upload a scanned copy of the Aadhar card, Pan Card and bank account statement.
Unocoin will call you the next day to confirm your account details then only you will be allowed to trade on the platform.
They have retained the features like SIP (Systematic Investment Plan), OTC (Over the counter purchase and sell), and Netki address on Unocoin as well as on Unodax.
“SIP (Systematic Investment Plan) is a more conservative approach to investing in bitcoin than spending all your money on Bitcoin at once. This technique allows you to commit to a fixed INR amount on Bitcoin on a regular schedule regardless of the price. You need to fund your INR wallet and schedule the orders to start with SIP. This feature helps with financial discipline by averaging out your cost and thereby reducing risk resulting in generating better returns.” That’s how Unocoin explains SIP
OTC is also a recent addition to their platform which allows Over the Counter Trading.
There is also a new feature called Netki which let the user create human-readable wallet address.
Unodax is also a web wallet where you can store your coins.
But I will always suggest you store your coins in the hardware wallet.
It is nearly impossible to breach the security of the hardware wallet.
For security purposes, enabling two-factor authentication is necessary.
Unocoin and Unodax both are available on the mobile device (ios and android).
You can use their app to trade on the go.
Pros
- Ease of use, perfect for beginners.
- Offers a variety of features like SIP, OTC, and Netki address
- Support 21 altcoins to trade with INR and Bitcoin.
- Security is of the high standard.
- Has a good member base in India.
- Mobile app (ios & android) for your mobile device
- Simple and well-documented API for merchants.
- Offer paper wallet
Cons
- Customer support is pathetic (takes ever to respond)
- Payment options are limited. No credit or debit card payment option
- They don’t lock transaction even for a minute. If during transaction Bitcoin price changed than the transaction will not occur you have to do it again from scratch.
6. BuyUcoin
BuyUcoin is the first Bitcoin exchange in India which allowed buying Bitcoin and altcoins with the credit card. (but disabled currently).
BuyUcoin was launched in the Year 2016 and is based in Delhi.
Its founders are Atulya Bhatt, Devesh Agrawal, and Shivam Thakral.
BuyUcoin was the first Indian based specialized altcoin trading platform.
BuyUcoin supports more than 30 altcoins to trade including Ethereum, Ripple xrp coin, Neo, NEM, Ethereum classic, Cardano, Binance coin, Huobi token, IOTA, Chainlink, Vechain and more.
The exchange also allows Instant deposit and withdrawal of supported cryptocurrencies. (Direct INR deposits and withdrawal are disabled currently)
It has more than 200k registered users and support is available 24/7.
It also provides cold storage wallet to store cryptocurrencies
BuyUcoin has halted the services to buy Bitcoins and altcoins with INR directly
Pros
- A healthy number of cryptocurrencies are available for crypto trading
- Simple User Interface
- Robust security
Cons
- Buying and selling price of cryptocurrencies differ a lot
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