Cryptocurrency exchanges are online marketplaces where people can and sell cryptocurrencies. In the present milieu, these exchanges are ubiquitous if you want to get into cryptocurrency trading.
In India too, the interest in cryptocurrency investment has seen an uptick. It is estimated that around 20 million people in the country have invested in cryptocurrencies. The development of cryptocurrency exchanges in the country, therefore, was just a matter of time.
Despite some legal uncertainties, a number of cryptocurrency exchanges, both local and global, are today operating in India. But when it comes to selecting an exchange, having so many choices can be intimidating. There are a number of factors that have to be taken into consideration- fee structure, minimum balance requirements, security infrastructure and whatnot.
We have tried to make that choice easier for you by compiling a list of the prominent exchanges operating in India.
Top 6 Indian Cryptocurrency Exchanges
As the interest in cryptocurrency grows in India, so does the number of cryptocurrency exchanges coming up. Traders in India now have a plethora of home-grown options to choose from. Let us have a look at some of the most promising ones:
WazirX
Mumbai-based WazirX boasts over 200 cryptocurrencies in its kitty and a minimum investment requirement of a nominal amount of ₹100. WazirX has an efficient design and is available on multiple platforms including Android and iOS devices, Windows and Mac apps.
WazirX is also KYC-compliant and enables 2-factor authentication(2FA) for basic security. There are also regular security audits for added safety.
Like many global exchanges, WazirX has a native token called WRX which can be bought with fiat or traded with other cryptocurrencies like Bitcoin and Litecoin.
Features
✔️Automated P2P trading
✔️Available on iOS, Android, Windows and Mac
✔️Native token called WRX
✔️KYC-verification, cold storage and multi-signature wallet for security
Pros and Cons
✅Great selection of coins ❌Does not support crypto lending
✅Smart Token Funds for newbies ❌Ownership dispute with Binance
✅Minimalist Design ❌No demo account available
✅Free stablecoin/fiat swaps
Trading Fees
It charges a 0.2% maker and taker fee for spot trades.
WazirX fee schedule for different pairs
Customer Reviews
WazirX facilitates seamless transactions and instant withdrawals
WazirX has a tedious account verification system
Why We Picked It
WazirX is available on multiple platforms which makes it ideal for trading on the go. The auto-matching system is a big draw and the vast collection of coins and reasonable trading fees are an added bonus.
CoinDCX
Founded by Neeraj Khandelwal and Sumit Gupta, CoinDCX is one of the largest Indian cryptocurrency exchanges with 13 million+ users. A minimal investment of ₹100 and you can start dabbling into 200+ coins on CoinDCX.
It is one of the safest Indian exchanges with 95% of funds kept in multi-sig cold wallets and complete data encryption for protecting users’ information and password. CoinDCX has a variety of trading options such as simple crypto buying and selling as well as CIP, futures and margin trading.
On CoinDCX, you can also get access to educational resources about cryptocurrency including crypto tax regulations specific to India.
Features
✔️Instant crypto buying and selling
✔️Supports margin trading and futures trading
✔️95% of the funds are kept in cold wallets
✔️Built-in news app for the latest updates
Pros and Cons
✅Good selection of coins ❌INR is the only fiat currency supported
✅Low trading fees ❌Opening an account is complicated
✅Has a mobile app
✅24/7 customer support
Trading Fees
It follows dynamic pricing with the fee being determined by the trading volume which is a 0.500% maker/taker fee at the lowest level and a 0.150% maker/taker fee at the highest level.
CoinDCX has a multi-tier system for trading fees
Customer Reviews
CoinDCX is liked for the trading experience it provides
Some users have issues with CoinDCX’s customer service
Why We Picked It
CoinDCX is one of the safest Indian platforms for cryptocurrency trading. Its easy-to-use interface, quick buying and selling, and low trading and withdrawal fees make it an attractive option.
CoinSwitch Kuber
If you’re a beginner, you may want to check out CoinSwitch Kuber. While it has a lesser number of coins(90+) than WazirX or CoinDCX, CoinSwitch Kuber makes up for that with its mobile-friendly and easy-to-use interface.
CoinSwitch Kuber also offers crypto SIP for maximum returns on cryptocurrency investments. It also follows the industry-standard practice of securing accounts via 2FA and OTP. In case of any problem, 24/7 customer support is available for its users.
Features
✔️90+ cryptocurrencies available
✔️Supports NEFT, RTGS and IMPS for transactions
✔️Offers SIP in Bitcoin
✔️2FA and OTP verification for security
Pros and Cons
✅Easy to use interface ❌Limited number of cryptocurrencies
✅Low trading fees ❌INR is the only fiat currency supported
✅Accepts IMPS, UPI and NEFT ❌Credit and debit cards not accepted
for payments
Trading Fees
It has a low 0.1% maker and taker fee plus Bitcoin transactions involve no trading fees.
CoinSwitch Kuber fee schedule
Customer Reviews
CoinSwitch Kuber has helpful customer service
CoinSwitch Kuber may have delays in crypto transfers
Why We Picked It
CoinSwitch Kuber has instant buying and selling, zero brokerage and low initial investment. It supports multiple payment options, has a good referral program and has satisfactory customer support.
ZebPay
ZebPay is great if you’re looking to earn some passive income from your crypto holdings. You can get as much as up to 10% returns by lending your crypto on it. Plus, you get to trade 150+ cryptocurrencies with a 0.25% trading fee for Quick Trade. Certain pairs also have no fee imposed on them.
ZebPay secures users’ assets by keeping 98% of the funds in cold storage. It also facilitates third-party testing to find out vulnerabilities and adheres to the regulations of the territories it operates in.
You can also make use of its Learn section to keep abreast of the latest news in the crypto industry and complete specialized courses on cryptocurrency.
Features
✔️Supports cryptocurrency lending
✔️Fast payments via the lightning network
✔️Majority of the funds are kept in cold storage
✔️Regular news updates for users
Pros and Cons
✅Guaranteed returns for cryptocurrency ❌Fewer coins as compared to
rivals ❌Does not support
✅Free trading on certain pairs crypto staking
✅Lucrative referral program ❌No option for margin trading
Trading Fees
Zebpay takes fees as per the 30-day trading volume
Customer Reviews
Zebpay has instant deposits and withdrawals
Users have had trouble with Zebpay’s customer support
Why We Picked It
You can choose from multiple options including bank transfer for making payments on Zebpay. It stringently verifies users’ KYC and conducts third-party testing for added security of the system.
Bitbns
Nothing beats Bitbns when it comes to the number of cryptocurrencies available for trading. At over 392 digital assets, Bitbns users are spoilt for choice. It has quite stringent user verification requirements including KYC, 2FA and biometric access.
You can automate your orders on Bitbns which is a great feature. It supports fiat currencies like Indian National Rupee(INR), United States Dollar(USD) and Arab Emirate Dirham(AED) and offers SIP in Bitcoin. You can also stake its native token BNS for some passive income.
The Bitbns Academy has some good resources for cryptocurrency beginners. You can learn about different types of coins, tax regulations and the legalities surrounding cryptocurrencies.
Features
✔️Supports Automated Trading
✔️Has a native token called BNS
✔️Provides instant price alerts
✔️Offers SIP in Bitcoin
Pros and Cons
✅No deposit fee ❌Only BNS staking available
✅Training system for beginner ❌Only available on Android, iOS and
and advanced traders web browsers
✅Vast collection of crypto coins
✅Extensive educational resources
Trading Fees
Bitbns has different fee tiers
Customer Reviews
Bitbns has supportive customer service
The withdrawal process on Bitbns may be difficult
Why We Picked It
Bitbns has an intuitive interface and a robust social media presence. You can get price alerts and can also check trade history and volumes on it. Plus, it has a good security infrastructure with KYC, 2FA and other measures.
UnoCoin
UnoCoin is the oldest cryptocurrency exchange in the country. Here, you get access to more than 100 cryptocurrencies including Bitcoin and Ether.
On UnoCoin, you can earn 15% of your friend’s transaction fee if they sign up using your referral code. However, at ₹1,000, UnoCoin’s minimum investment requirement is higher than other Indian exchanges.
It has many features like a one-of-its-kind Systematic Buying Plan(SBP) for Bitcoin and Ethereum. UnoCoin provides Merchant Gateway Service to enable businesses to receive payments in Bitcoin. You can also try OTC Trading if you want to trade in bulk.
Features
✔️Systematic Buying Plans(SBPs) for Bitcoin and Ethereum
✔️Supports IMPS, RTGS and NEFT for payment
✔️Crypto basket for diversifying portfolio
✔️100+ cryptocurrencies available
Pros and Cons
✅Great returns with SBPs ❌High transaction fees
✅Phone and DTH recharge with ❌Complex verification procedure
Bitcoin ❌INR is the only available fiat
✅High liquidity currency supported
Trading Fees
It charges a 0.5% fee for buying and selling Bitcoin. Crypto-to-crypto exchanges have a maker/taker fee of 0.2%/0.3% imposed on them.
UnoCoin has consistent fees for all cryptocurrencies
Customer Reviews
UnoCoin is praised for its deposit and withdrawal system
UnoCoin may not provide proper information about its services
Why We Picked It
UnoCoin has been around for a long time and has some good investment options. You can also get kickbacks for referring your friends to it. Simplicity is its strength and the Unocoin wallet is noteworthy.
Top 5 Global Cryptocurrency Exchanges Operating in India
Want to trade crypto on a global platform? Then go for it! The good news is that most major global cryptocurrency exchanges also operate in India so there is no shortage of options for crypto traders in India. Some of the top international exchanges offering services in India are:
Binance
Every crypto trader has heard of Binance. After all, this Cayman Islands-registered exchange is the largest cryptocurrency exchange in the world. It has a daily trading volume of a whopping $38 billion and a user base of over 120 million users.
For the safety of user funds, Binance keeps them in offline cold wallets. It is also KYC-compliant and keeps all the data encrypted whether in storage or transit. There is also an option to activate 2-factor authentication(2FA), IP and wallet address whitelisting and API access control.
Binance is not just an exchange but an entire crypto ecosystem. There is Binance Academy where users can learn about blockchain and cryptocurrency in more than twenty languages. Binance Research gives investors insights into the crypto space backed by research and data.
While not exactly beginner-friendly, Binance is perfect for traders looking for a platform with a wide cryptocurrency selection and several trading options.
Features
✔️Availability of 350+ cryptocurrencies
✔️Maker-taker fee is less than 0.10%
✔️Funds are kept in cold wallets
✔️2FA, API access control, data encryption and address whitelisting for security
✔️Earn cryptocurrency by completing activities on Binance Learn and Earn
Pros and Cons
✅Wide selection of coins ❌Regulatory issues in several
✅Low trading fees
✅Multiple trading options and order types ❌Platform may be difficult to
✅KYC-compliant exchange navigate
✅Tutorials available in multiple languages ❌History of large-scale cyber
✅Earn crypto by completing courses and attacks
Quizzes
Trading Fees
People prefer Binance due to its vast collection of cryptocurrencies(350+) and low trading fees. On average, the trading fee on Binance is 0.10% and it can be further brought down by using BNB for payments.
The maker-taker fee on Binance is 0.10% or lower
Customer Reviews
Customers have had a good experience with Binance’s services
Some users like the easy security reset process on Binance
There are complaints about restricted access to information on Binance
Issues with Binance’s customer support seem to be a common complaint
Why We Picked It
Binance has a lot to offer to its customers. Along with a massive collection of cryptocurrencies, Binance enables traders to make the most of their experience on the platform. You can do spot trading or options trading, get into P2P transactions or explore the world of NFTs in Binance’s NFT marketplace.
Maybe not the right option for absolute beginners, but Binance is jam-packed with features for the more advanced and tech-savvy crypto traders.
Coinbase
If you’re looking for a cryptocurrency exchange that is easy to use and properly regulated, look no further than Coinbase. This American exchange was the first major cryptocurrency business to go for public listing.
Thus, it is obligated to publish its quarterly financial statements and conduct annual audits that are done by an independent third party.
If you are just getting into crypto trading and want to do nothing more than some simple crypto buying and selling, you can have a look at Coinbase. And if you want something more than that, there is Coinbase Pro which is meant for more advanced traders.
On Coinbase Pro, you not only get lower trading fees but can also manage multiple portfolios, track the market and view trading history. Coinbase has over 100 cryptocurrencies to trade in and it carries most popular coins like Bitcoin(BTC) and Ethereum(ETH).
In the security department, Coinbase auto-enrolls users for 2FA. It irreversibly hashes user passwords so that no one, not even Coinbase itself can read user passwords. It also follows all the KYC obligations of the territories it operates in and has an in-built self-custody wallet where users can store their crypto.
Features
✔️Beginner-friendly interface
✔️100+ cryptocurrencies available
✔️Publicly listed company
✔️1% transaction fee for Coinbase Commerce accounts
✔️Has an in-built native Coinbase wallet
✔️2FA and password hashing for security
Pros and Cons
✅Simple and easy-to-use platform ❌High fees on Basic version
✅Educational content for safe trading ❌Poor customer support
✅Earn crypto by completing quizzes ❌High commission for staking
✅Fast withdrawals
✅Lower fees on Coinbase Pro
Trading Fees
The transaction fee depends on multiple factors such as order size, market conditions, payment method etc. and hence, varies from transaction to transaction. There is a flat 1% transaction fee for Coinbase Commerce accounts though.
Coinbase Pro, however, follows the taker/maker fee model and the fee varies according to the price tier. For example, the taker fee is 0.60% and the maker fee is 0.40% for the $0-$10K tier.
Fee on Coinbase is dependent on several factors
Customer Reviews
Coinbase’s mobile app and trading experience are praised
Coinbase is liked for safe and secure trading
Poor customer service continues to be a problem for Coinbase
Coinbase’s identity verification process is cumbersome
Why We Picked It
If security and transparency are your first concern, Coinbase is the right option. It is a publicly-listed company and therefore, is obligated to adhere to certain financial accountability standards. It is also easy enough to use that a beginner would have no problem navigating it.
Kraken
One of the oldest cryptocurrency exchanges out there, Kraken’s founder Jesse Powell used to work for the infamous Mt.Gox and launched Kraken’s beta version in 2013 offering Bitcoin, Litecoin and Euro trades. It now has a collection of 185+ cryptocurrencies.
However, the best thing about Kraken is its “Learn” section. It has some of the most extensive cryptocurrency education resources with a blog, podcast, individual cryptocurrency guides and video resources.
Kraken’s security architecture is also quite impressive. Apart from 2FA, it uses PGP signed and encrypted email for communication. The majority of the crypto assets are kept in cold storage which is in secure cages and under 24/7 surveillance. It also conducts Proof of Reserve audits for financial transparency.
Features
✔️Offers spot trading, futures trading, pegged tokens and FX pairs
✔️First cryptocurrency company to receive a Bank Charter
✔️Maker-taker model for determining trading fees
✔️Kraken Pro for advanced trading
Pros and Cons
✅Good collection of coins ❌Fees are high on the Basic version
✅Supports multiple fiat currencies ❌History of hacking and loss of funds
✅High liquidity exchange ❌Not very beginner-friendly
✅Lower fees on Kraken Pro
✅Lucrative rewards for staking
Trading Fees
Kraken Instant Buy fee may differ due to several factors
Kraken Pro charges the fee according to the 30-day trading volume
Customer Reviews
Kraken is liked for its supportive customer service
Kraken has a quick fiat withdrawal process
There have been reports of Kraken unilaterally closing accounts
Why We Picked It
Kraken is one of the oldest and most well-established cryptocurrency exchanges. It is registered with the Financial Crimes Enforcement Network(FinCEN) in the USA and is a relatively stable exchange with competitive fees and high staking rewards.
Crypto.com
Crypto.com is one of the fastest-growing cryptocurrency trading apps out there. Unlike other exchanges, this Singapore-based platform focuses more on its mobile app than the web version.
You can not only trade 250 cryptocurrencies on Crypto.com, there is no fee for depositing crypto on the app or for exchanging crypto for crypto. When it comes to asset security, Crypto.com keeps 100% of the user assets in cold storage. It has also enabled multi-factor authentication and address whitelisting.
Additionally, you can check Crypto.com’s Proof of Reserves verification results on its website. This ensures a level of financial transparency and assures users that their assets are held on a 1:1 basis.
Features
✔️Primarily mobile-based exchange
✔️Prepaid Visa card for making payments
✔️Staking opportunities for earning passive income
✔️Cold wallets, multi-factor authentication and address whitelisting for security
Pros and Cons
✅250+ cryptocurrencies available ❌Not suitable for novice traders
✅DeFi wallet and a vibrant NFT ❌Lousy customer support
marketplace ❌High fees for non-CRO holders
✅Simple fee structure ❌Unimpressive FAQ section
✅Verifiable Proof-of-Reserves
Trading Fees
The maker/taker fee is quite competitive and you can get discounts according to the CRO staked by you. The fee is generally lower for high-value trades.
For example, it can be as low as a 0% maker fee and a 0.05% taker fee if the trading volume is greater than $10 million.
Crypto.com fee is charged as per the customer’s level
Customer Reviews
Crypto.com app is preferred for its new and interesting features
Users have problems setting up a fiat wallet on Crypto.com
Why We Picked It
If trading crypto while on the go is your thing, Crypto.com might be a good option. It has an impressive product suite including a Visa card, a DeFi wallet and cashback opportunities. You can comfortably navigate Crypto.com if you have a working knowledge and some experience in cryptocurrency trading.
KuCoin
If you want an exchange with a massive variety of cryptocurrencies- from established ones to more niche coins, KuCoin is the answer. This Seychelles-based exchange hosts over 700 coins on its platform.
KuCoin also supports margin trading and you can use Trading Bots that buy or sell cryptocurrency on your behalf.
On the security front, KuCoin encrypts data both in storage and transit. Multi-factor authentication is employed for account security and regular security code audits, penetration tests and architecture reviews are conducted for platform security.
Features
✔️700 cryptocurrencies for trading
✔️Available in multiple languages
✔️Native token called KuCoin Token(KCS)
✔️Limited trading without KYC verification
Pros and Cons
✅Massive collection of coins ❌Complex fee structure
✅Transparent about fees ❌Listing of scam coins
✅Anonymous trading to an extent ❌Inept customer support
✅Margin trading and leverage trading
Trading Fees
The fee on KuCoin is also quite low. You only pay a maker-taker fee of 0.1% for spot trades on the lowest level. You can get further discounts on it if you use its native KuCoin Token(KCS) for transactions.
KuCoin has multiple levels and classes for determining fees
Customer Reviews
Customers can find hidden gems on KuCoin
KuCoin’s customer service is not up to the mark
Why We Picked It
KuCoin has a global presence and people from most regions can access it. Seasoned traders would like it because of its low fees and advanced trading options. They can also earn good interest on KuCoin by lending their crypto on it.
Top 5 Decentralized Exchanges for Indians
If you don’t want to give out your identifying information to an exchange but still want to trade cryptocurrency, decentralized cryptocurrency exchanges are the way to go. These exchanges are largely self-service and you just need to connect your crypto wallet to trade on them. Let’s have a look at some of the most popular decentralized exchanges out there.
UniSwap
UniSwap is an open-source Decentralized Exchange(DEX) built on the Ethereum network. It functions using a protocol called Automated Market Maker(AMM) wherein smart contracts specify how liquidity is to be created and how tokens are to be swapped.
Here, you don’t have to deposit any funds with the platform and retain control of your assets. You can also put your tokens into liquidity pools to create liquidity and earn some rewards in return.
There is a culture of community governance on UniSwap. Before the developers implement any changes to the protocol, the proposals have to be approved by the community which holds the exchange’s native UNI tokens.
Features
✔️Open-source project
✔️Uses Automated Market Maker model
✔️Multiple fee tiers
✔️Has a native token called UNI
Pros and Cons
✅Compatible with all ERC20 tokens ❌High gas fee
✅No Sign-Up or ID verification needed ❌No fiat currency supported
✅Earn crypto by putting tokens in liquidity ❌No vetting process for coins
pools
✅Democratic governance
Trading Fees
The trading fee on UniSwap is divided into three tiers depending on the nature of the tokens involved. Low-risk stable/stable pairs have a fee of 0.05% imposed on them. The same is 0.30% for pairs consisting of say, a stablecoin and a well-known established crypto coin. The fee is highest at 1% for truly wild or exotic pairs.
There are three pool fee tiers on Uniswap
Customer Reviews
Uniswap is a DEX with a simple design
Uniswap has very high gas fees which can make trading expensive
Why We Picked It
Uniswap is a platform that is globally available. It is quite easy to use as you just need to connect a cryptocurrency wallet to trade hundreds of digital assets. The liquidity mining pools also present an opportunity to make good use of idle assets.
PancakeSwap
PancakeSwap is one of the largest DEXs with an estimated 1.5 million monthly users. Unlike UniSwap, this one is built on Binance’s BNB Chain and used to swap BEP-20 tokens.
If you want to go beyond swapping tokens, PancakeSwap has some truly innovative products that you might want to try. You can win CAKE tokens by participating in its lottery programs. If you’re into NFTs, you can check out PancakeSwap’s NFT marketplace for collectibles.
On PancakeSwap, you can get early access to new tokens by participating in the Initial Farm Offerings(IFOs). You can also put your crypto assets into Liquidity Pools to earn some CAKE on your staked tokens.
Features
✔️Developed on BNB Smart Chain
✔️Automated Market Maker model
✔️Native token is known as CAKE
✔️Dedicated syrup pool for staking CAKE
Pros and Cons
✅Innovative product suite ❌Does not support bitcoin trading
✅Access to BEP20 tokens ❌No proper customer support
✅User control over assets ❌Impermanent loss in staking pools
✅Community participation in ❌Problem of scams on the platform
governance
Trading Fees
You pay a flat 0.25% fee for trading on PancakeSwap. The StableSwap fee is even lower at 0.15% for USDC, USDT and BUSD pairs and 0.04% for HAY-BUSD.
Pancakeswap charges a 0.25% trading fee
Customer Reviews
PancakeSwap’s CAKE pool is liked by users
No vetting process means PancakeSwap is a breeding ground for pump and dump schemes
Why We Picked It
PancakeSwap, despite its limitations, offers some exciting products in the DeFi space. It is a non-custodial platform which ensures that traders are able to maintain their privacy. If you don’t mind a platform that is largely self-service PancakeSwap may be worth a chance.
Curve Finance
Curve Finance, like UniSwap, is a DEX that relies on the AMM model for providing liquidity and facilitating trades. However, it is quite different from its contemporaries as it provides liquidity pools for only stablecoin trading or wrapped versions of assets such as wBTC.
A major plus point in Curve Finance’s favour is that the protocol is available on multiple chains such as Ethereum, Avalanche, Polygon, Arbitrum and Moonbeam.
It is, therefore, a platform that is relatively stable compared to other DeFi protocols. Community governance is implemented on Curve Finance by the CRV token holders who vote on changes to the protocol.
Features
✔️Automated Market Maker model
✔️High liquidity on the platform
✔️Only supports token swapping
✔️Customizable pools
Pros and Cons
✅Compatible with multiple chains ❌Steep learning curve
✅Low fees ❌Requires knowledge and experience
✅Non-custodial platform of moving crypto around
✅Multiple liquidity pools available ❌No mobile app
Trading Fees
The token swap fee is quite low at 0.04% minimum for all pools. However, note that Curve Finance is meant only for token swaps and does not support leverage or margin trading.
Fees in Curve Finance pool tiers are not fixed but follow a range
Why We Picked It
Curve Finance is one platform that is committed to maintaining the ‘decentralized’ in decentralized exchange. It is a relatively stable and efficient exchange with low fees. People who want to trade in stablecoins can check it out.
Balancer
Balancer is a DEX running on the Ethereum network. While its structure is similar to other Ethereum-based DEXs, what makes Balancer unique is that more than one token can be added to its pools. Users can add as many as eight tokens into Balancer pools. They are compensated with BAL tokens for this.
You can go for public or private pools on Balancer depending on your goals and risk tolerance. Anyone can provide liquidity to a public pool and earn fees on even really small holdings. In private pools, only the pool creator can add or withdraw assets or change the pool’s parameters. You can check them out if you have a large portfolio and an equally large appetite for risk.
Features
✔️Customizable liquidity pools
✔️Automated portfolio manager
✔️Native token called BAL
Pros and Cons
✅Low gas fee ❌Possibility of impermanent loss
✅Easy withdrawals ❌Unsatisfactory educational resources
✅Access to multi-token pools ❌No mobile app
✅High interest rates
Trading Fees
When it comes to fees since Balancer pools are programmable, it is up to the pool creator to decide how high the fees should be. It can range anywhere between 0.0001% to 10%.
50% of the trading fee is given to the platform
Why We Picked It
Balancer has a distinguishing feature i.e. it allows 2 or more tokens in each pool. Investors who can handle high risk can take a look at Balancer as it has some highly lucrative interest rates on its platform.
DODO
DODO, while built on the Ethereum network, does not use the AMM protocol. Instead, it has something called Proactive Market Maker(PMM) that provides better liquidity and more price stability than AMM.
The best thing about DODO is that there is no minimum deposit requirement for liquidity providers. You create your trading pairs, deposit your tokens and earn rewards in the form of a portion of the transaction fees.
Apart from that, DODO token holders can participate in the network’s governance, start crowdpooling for starting liquidity markets and distributing tokens and take part in Initial DODO Offerings(IDOs).
Features
✔️Uses Proactive Market Maker(PMM) model
✔️Enables cross-chain trading
✔️Easy listing of tokens
✔️Native token called DODO coin
Pros and Cons
✅Low slippage ❌Does not support fiat currency
✅No impermanent loss ❌Low usage
✅Anyone can create a liquidity market
✅High fund utilization
Trading Fees
As per DODO’s co-founder Radar Bear, DODO charges a 0.3% transaction fee for every trade but buying and selling assets incurs an overall 0.6% transaction fee per trade.
DODO has a flat 0.3% fee per trade
Why We Picked It
DODO, with its PMM model, has managed to eliminate some limitations of the AMM protocol. It is a simple platform for users who have experience in DeFi. Its features like NFT Vault, private pools and Vending Machine set it apart from its competitors.
Is Cryptocurrency Legal in India?
For a long time, cryptocurrency operated in a legal grey area in most countries including India. In India, while people are not explicitly forbidden from investing in cryptocurrencies, the government has not legalized them either. This means that cryptocurrency trading is done purely at the investors’ risk and the government won’t help if things go south.
If we look at the history of cryptocurrency regulation in India, a high-level Inter-Ministerial Committee was appointed in 2017 to look into the use of virtual currencies in the country and the concerns regarding them. The Committee’s report, published in 2019, recommended a complete ban on private cryptocurrencies.
The most significant blow to the crypto industry in India, however, was the RBI circular issued in April 2018. It prohibited commercial and cooperative banks, NBFCs, payment banks and small finance banks from dealing in digital currencies. These institutions were also directed to stop providing services to entities dealing in virtual currencies.
The circular was later set aside by the Supreme Court in the Internet and Mobile Association of India v. Reserve Bank of India case.
In March 2021, the Companies Act 2013 was amended requiring all companies to disclose their cryptocurrency investments and the profit and loss from any such transaction from the new financial year.
One big change was in the Union Budget 2022 when it was announced that gains from virtual digital assets i.e. cryptocurrencies, NFTs etc. would be taxed at 30%. It was also said that a 1% TDS would be imposed on the payments above the threshold limit. Cryptocurrency received as a gift is also eligible for tax on the giftee’s side.
While many people saw this as a step towards the recognition of digital currencies, the Finance Secretary has clearly stated that cryptocurrencies like Bitcoin and Ethereum would never be legal tender in the country.
A significant step towards the regulation of cryptocurrencies in India was the Directions issued by the Indian Computer Emergency Response Team(CERT-In) in 2022. These directions mandated virtual asset service providers, custodian wallets and virtual asset exchange providers to maintain KYC information and keep a record of financial transactions for a period of five years.
This shows that while the government is taking steps to regulate cryptocurrencies, it is not in favour of legalizing them. It has, however, embraced the technology underlying cryptocurrency as the Reserve Bank of India(RBI) launched a Central Bank Digital Currency(CBDC) pilot towards the end of 2022.
FAQs
Which is the Safest Crypto Platform in India?
CoinDCX is considered one of the safest crypto platforms in India. It mandates KYC verification and 2-factor authentication(2FA) for account security. All data on it is encrypted and 95% of funds are stored in multi-signature cold wallets.
CoinDCX is also said to have a rigorous onboarding process to prevent scams and frauds on the exchange.
Which is India’s No.1 Cryptocurrency Exchange?
WazirX, CoinDCX, CoinSwitch Kuber, Zebpay and Bitbns are some of the largest and most well-known cryptocurrency exchanges in India. Almost all of them have a good collection of cryptocurrencies, a nominal minimum investment requirement and a competitive maker/taker fee.
Is WazirX a Chinese Company?
No, WazirX is not a Chinese company. The Mumbai-based exchange was founded by Nischal Shetty, Sameer Mhatre and Siddharth Menon in 2017. It was reported in 2019 that Binance had acquired WazirX but its ownership is still disputed as Changpeng Zhao stated in 2022 that Binance does not own WazirX.
Either way, WazirX is not a Chinese company since Binance itself is registered in the Cayman Islands.
The Bottom Line
Signing up for a cryptocurrency exchange is necessary these days if you want to trade cryptocurrencies. An exchange should be selected only after thorough research and after taking all the factors into consideration.
In India, it is all the more important to understand the risks associated with cryptocurrency investment since the industry is not properly regulated by any central authority.