The Government of India has taken the first steps in the direction of regulating the cryptocurrency market in India. Recently, the ministry of corporate affairs in March 2021 mandated the companies to declare their exposure to cryptocurrencies. In the backdrop of this, it is vital to find out which are the famous stock exchanges in India that enable trading in cryptocurrencies such as Bitcoins, Ethereum, Dogecoin, among others.
These are the six most popular cryptocurrency platforms available for Indian investors and traders:
Zebpay: This Singapore-based cryptocurrency exchange was among the first exchanges launched in India in 2014 by Sandeep Goenka, Saurabh Agrawal and Mahin Gupta. They promote themselves as a bitcoin ki dukaan (shop where one can buy bitcoins), but one can trade in other digital currencies as well.
CoinDCX: Launched in April 2018 by Sumit Gupta and Neeraj Khandelwal, the crypto exchange claims to offer a user-friendly experience. The investors and traders can access an array of financial products and services on CoinDCX which are protected by insurance and backed by safe security processes.
READ MORE: Is it now viable to invest in cryptocurrencies in India?
CoinSwitch Kuber: It is an app-based cryptocurrency exchange platform available on Android and iOS. It was launched in June 2020, and aims to make crypto trading simple – as simple as ordering food online. The platform supports trading on over 100 currencies. It was launched by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari. The crypto platform aims to combine transparent pricing with available databases so that users take informed decisions.
WazirX: Founded in 2018 by Nischal Shetty, WazirX provides a platform for trading several cryptocurrencies on website and app. This also enables peer-to-peer trading, a key feature that links buyers and sellers directly, removing the need for financial intermediaries.
READ MORE: Ten most important terms you should know about cryptocurrency
Unocoin: This Bengaluru-based company was among the first exchanges in India and was set up in July 2013. It provides a platform to users to buy or sell bitcoins with Indian rupee. It also facilitates trading in Ethereum (Ether) and Tether (USDT). This also enables OTC (over the counter) trade to allow users to trade in bulk.
BuyUCoin: Established in 2016, it is a Delhi NCR-based crypto exchange that facilitates buying and selling of bitcoins, Ethereum, ripple, among other digital currencies.
So, one can choose any exchange to buy or sell bitcoins or other digital currencies. But it is suggested that one holds accounts in multiple exchanges to test the waters before deciding upon one platform to use in the long run. Also, one is supposed to hold a bitcoin wallet (outside the exchange) to store the large quantities of cryptocurrencies.