Cryptocurrencies are no longer a niche concept. From major corporations to individual investors, more and more people are recognizing the potential of digital assets. The USD 1.6 billion crypto market is projected to reach USD 2.2 billion by 2026, growing at a CAGR of 7.1%. If you’ve been hesitant to jump in, you’re not alone – but the longer you wait, the more you might be missing out. Fortunately, a range of intuitive apps now simplify cryptocurrency investing. We’ll assess a selection of top cryptocurrency apps in India, breaking down the key criteria that a novice investor should consider.

Top 5 Cryptocurrency apps in India

Mudrex: Mudrex stands out as the best crypto app for investing in cryptocurrency because of its intuitive user interface, diverse selection of tokens, curated crypto baskets, and strong customer support.

App Name	Available Cryptocurrency	Maker Fee	Taker Fee	Minimum Investment
Mudrex	380+	0.25%	0.25%	100 INR
CoinDCX	500+	0.5%	0.5%	100 INR
CoinSwitch	100+	0.5%	0.5%	100 INR
WazirX	450+	0.2%	0.2%	100 INR
Zebpay	150+	0.45%	0.5%	100 INR

Parameter	Mudrex Features
User Friendliness	Clean and easy-to-use app interface
Security Features	Mandatory two-factor authentication (2FA), FIU, PMLA, and GDPR compliant.
Beginner Friendliness	Deposits as small as Rs 500, Curated coin sets
Long-Term Usability	Provides crypto baskets, offering simplified diversification for long-term investing.

Mudrex prioritizes security within the cryptocurrency space. As India’s most compliant platform, it maintains strict KYC and FIU standards alongside robust security measures to protect investor assets. For additional support, Mudrex offers a dedicated team to assist users.

Key Features

• Top-tier security for asset protection: Mudrex prioritizes the safety of your funds. They adhere to KYC and FIU regulations and utilize advanced security measures to safeguard your cryptocurrency holdings.
• Extensive selection of over 350 cryptocurrencies: Explore a wide range of digital assets, offering various investment opportunities to suit your investment goals.
• Instant deposits and withdrawals for seamless trading: Move your funds quickly and easily with Mudrex’s instant deposit and withdrawal system, ensuring a smooth trading experience.
• Valuable market insights to support decision-making: Gain access to valuable market analysis and data to make informed investment choices within the cryptocurrency market.
• Curated Coin Sets for simplified diversification and risk management: Mudrex offers pre-built Coin Sets, themed collections of cryptocurrencies, allowing you to diversify your portfolio and potentially manage risk with a single investment.
  Mudrex’s Coin Sets provide a structured entry into exciting areas of the crypto market, saving time and effort, and reducing the risks associated with choosing individual coins as a beginner. For instance, AI Tracker, for instance, includes the top 8 AI tokens, saving you from extensive research to figure out the space’s key players.
• User-friendly interface for a smooth investment experience: Mudrex’s intuitive platform is designed for ease of use, making it simple to navigate and manage your cryptocurrency investments.

App Overview

Established in September 2018 by a team of passionate entrepreneurs, Mudrex aims to make crypto investing accessible, secure, and streamlined for everyone. Key features include:

Feature	Description
Robust Security	Data encryption, 2FA, cold storage, multi-sig technology, and regular audits protect your investments.
Confidence through Insurance	Relax knowing your funds are insured by the trusted Lloyd’s of London.
Dedicated Support	Get assistance whenever needed through Mudrex’s live chat, email, and phone support.
Regulatory Compliance	Mudrex operates responsibly by adhering to Indian and European regulations (KYC, FIU-India, GDPR).
Additional Highlights	Flexibility: Start investing with as little as 100 INR. Payment Options: Choose between UPI and IMPS. Transparent Fees: See a clear breakdown of fees associated with trading, Coin Sets, and deposits/withdrawals.

Type of Fee/Transaction	Fee
Fiat deposit	Free
Fiat withdrawal	1% + 18% GST on the fee
Crypto deposit	Free
Crypto withdrawal	2% of the transaction amount (minimum – $0.5; maximum – $10)
Trading fees (buying and selling of coins)	0.25%
Coin Sets fees	Investment: Free Redemption: 1% if redeemed within one month; free otherwise Rebalancing: 0.25% to 1% per month

Bottomline: Mudrex is a secure and beginner-friendly crypto investing platform with expert-curated Coin Sets, simplified payments, and supportive learning tools to guide your journey.

2. CoinDCX:

CoinDCX, launched in 2018, is a prominent cryptocurrency exchange in India, known for its swift fiat-to-crypto conversions, drawing liquidity from global exchanges like Binance. As a centralized platform, it’s registered in Singapore and offers a wide array of coins and trading pairs.

CoinDCX has gained a reputation as one of India’s largest and safest exchanges, with a valuation of $1.1 billion, reflecting its significant standing in the cryptocurrency marketplace.

Parameter	CoinDCX Features
User Friendliness	Intuitive interface, advanced trading features, vast selection of cryptocurrencies
Security Features	Two-factor authentication (2FA), encrypted user data, multi-sig cold wallets, regular security audits, BitGo insurance up to $100 million, DDoS protection
Beginner Friendliness	Low trading charges, the minimum amount for trading is low, one-tap buying and selling, margin trading up to six times leverage, accepts UPI and IMPS
Long-Term Usability	Provides a wide range of coins for trading, offers futures trading with 20 times leverage, available on multiple platforms

App Overview

CoinDCX offers traders access to over 500 cryptocurrencies and a suite of investment products, including staking, lending, futures, and margin trading. The platform prioritizes security with data encryption, cold storage, and regular audits. New users can benefit from DCX Learn’s educational resources. CoinDCX adheres to Indian regulatory requirements, including KYC and AML policies.

Feature	Description
Earning Options	Diverse avenues for earning including staking, lending, futures, and margin trading.
Security Focus	CoinDCX prioritizes security with strong data encryption and 95% of funds held in cold storage.
Advanced Trading	Upgrade your trading experience with CoinDCX Pro’s advanced features.
API Access	Developers can tap into CoinDCX’s liquidity and spread through their API.
Regulatory Compliance	CoinDCX operates within India’s regulatory framework (FIU-registered, PMLA compliant, KYC).

Trading and Other Fees

Type of Fee/Transaction	Fee
Fiat deposit	Free
Fiat withdrawal	Free
Crypto deposit	Free
Crypto withdrawal	Depends on the cryptocurrency
Trading fees	Maker and taker fees can be as high as 0.50% depending on the last 30-day trading volume

3. CoinSwitch

CoinSwitch has emerged as a formidable player in the cryptocurrency exchange market in India. It distinguishes itself by aggregating liquidity from other leading exchanges, allowing users to trade cryptocurrencies at some of the best available rates.

Parameter	Coin Switch Features
User Friendliness	Clean Layout, Wide range of Crypto Trading Pairs
Security Features	Industry-standard security measures, such as data encryption, two-factor authentication (2FA), and cold storage.
Beginner Friendliness	Simplified buying and selling interface, low minimum investment
Long-Term Usability	Provides crypto baskets, offering simplified diversification for long-term investing.

Though relatively young, it has attracted a large user base with its straightforward KYC process and commitment to security as a non-custodial exchange. CoinSwitch does not hold users’ funds, which is a significant trust factor for many users. CoinSwitch’s Pro version allows experienced traders to trade cryptocurrencies on multiple exchanges with one account and take advantage of features like analytics tools and limit orders.

Key Features

• Pools liquidity from top crypto exchanges in India and abroad
• Offers a Systematic Investment Plan (SIP) for cryptocurrencies
• CoinSwitch Pro allows you to trade crypto on multiple exchanges with a single account

Feature	Description
Payment Methods	NEFT, RTGS, and IMPS.
Advanced Trading	Upgrade your trading experience with CoinDCX Pro’s advanced features.
Min Investment	100 INR
Regulatory Compliance	FIU registered, complies to PMLA regulations, including mandatory KYC verification for users and having an anti-money laundering policy.
Security	2FA, Advanced Encryption

Type of Fee/Transaction	Fee
Fiat deposit	Free
Fiat withdrawal	Free
Crypto deposit	Free
Crypto withdrawal	Depends on the cryptocurrency
Trading fee (buy and sell orders)	0.1%

4. WazirX:

WazirX, a rapidly expanding cryptocurrency exchange in India, boasts over 60 lakh registered users. It offers a high-liquidity, auto-matching peer-to-peer (P2P) platform in addition to an exchange, making transactions straightforward for its growing user base.

Key Features

• P2P platform: WazirX features a P2P platform where buyers and sellers can transact directly with WazirX acting as the escrow agent.
• WRX: Has its own cryptocurrency called WRX that can be used like any other cryptocurrency.
• Referral program: A lucrative referral program allows users to earn commissions, fostering a growing community of traders.
• No custody of fiat funds: WazirX does not hold custody of fiat funds, which is a feature that might appeal to certain users.

Regulatory Compliance	FIU registered, AML policy
Minimum Investment	100 INR
Payment Methods	NEFT, RTGS, IMPS

WazirX Trading and Other Fees

Type of Fee/Transaction	Fee
Fiat deposit	Free
Fiat withdrawal	Free
Crypto deposit	Free
Crypto withdrawal	Depends on the cryptocurrency
Trading fees	Trading fees can be as high as 0.40% depending on the last 30-day trading volume in INR pairs and current WRX holdings

5. ZebPay:

Launched initially in 2014 by Mahin Gupta, Sandeep Goenka, and Saurabh Agarwal, ZebPay quickly ascended to become one of the country’s largest platforms for cryptocurrency trading. As of 2023, boasting over 3 million users, ZebPay offers a user-friendly trading environment with features like lightning network payments and zero deposit fees. This makes it a strong contender in the crypto space.

ZebPay operates in Australia and Singapore in addition to India.

ZebPay Trading and Other Fees

Type of Fee/Transaction	Fee
Fiat deposit	Free
Crypto deposit	Free
Fiat withdrawal	Free
Crypto withdrawal	Depends on the asset
Maker fee	Depends on past 30-day trading activity
Taker fee	Depends on past 30-day trading activity
Intraday fee	Depends on past 30-day trading activity
Other	0.0001 BTC membership fee for inactive Indian users (i.e., those who didn’t trade in the past month)

Different Types of Crypto Exchanges

There are different types of cryptocurrency exchanges out there, each serving unique functions and catering to various user needs:

1. Centralized Exchanges (CEX)

These are the traditional and most common types of exchanges where the company provides a platform for users to trade cryptocurrencies. They act as a middleman between buyers and sellers and typically offer high liquidity and a broad selection of trading pairs. Examples include Binance, Coinbase, and Kraken.

2. Decentralized Exchanges (DEX)

DEXs operate without a central authority. This allows direct peer-to-peer cryptocurrency transactions to take place online securely and without the need for an intermediary. DEXs are known for promoting anonymity and are less susceptible to hacking. Examples include Uniswap, SushiSwap, and PancakeSwap.

3. Hybrid Exchanges

These combine features of both CEXs and DEXs, aiming to provide the liquidity and user-friendliness of centralized exchanges with the security and anonymity of decentralized platforms. Examples include Qurrex and Nash.

4. Derivatives Exchanges

These exchanges allow users to trade contracts that derive their value from the performance of an underlying asset rather than trading the asset itself. They often support margin trading and futures contracts. Examples include BitMEX and Bybit.

Each type of exchange offers different advantages and trade-offs in terms of liquidity, security, privacy, and ease of use. You should choose an exchange based on your specific trading needs and the level of control you wish to maintain over your transactions.

Crypto Exchange Fees Explained

When you venture into the world of cryptocurrency trading, one of the first things you’ll notice is that exchanges charge fees. Exchanges are businesses at the end of the day, and these fees are how they make money to keep their platforms running. Let’s break down the various kinds of fees you might encounter:

Type of Fee	Description
Trading Fees	A small percentage of the total trade amount charged every time you buy or sell cryptocurrencies.
Deposit and Withdrawal Fees	A fee charged when you deposit or withdraw funds from an exchange. Can be fixed or a percentage of the amount.
Maker and Taker Fees	Makers provide liquidity with limit orders and pay lower fees. Takers match existing orders and pay higher fees.
Transaction Fees	A fee charged for transferring cryptocurrencies from your exchange wallet to another wallet. Can be flat or a percentage.
Margin Trading Fees	Interest charged for the borrowed funds used in margin trading. Rate varies by exchange.
Listing Fees	A fee paid by cryptocurrency developers to get their coin listed on an exchange. Can be substantial.
Monthly or Subscription Fees	Optional fees for premium features like lower trading fees, faster customer support, etc.
Inactivity Fees	A fee charged by some exchanges for inactive accounts to encourage active trading.

1. Trading Fees

Every time you buy or sell cryptocurrencies on an exchange, you’re charged a trading fee. This fee is usually a small percentage of the total trade amount. For example, if an exchange has a trading fee of 0.1%, and you buy 10,000 INR worth of Bitcoin, you’ll pay a 10 INR trading fee.

2. Deposit and Withdrawal Fees

When you deposit or withdraw funds from an exchange, you might be charged a fee. Deposit fees can be either a fixed amount or a percentage of the deposit amount. Withdrawal fees are usually fixed and can vary depending on the cryptocurrency. For instance, you might be charged a flat fee of 0.0005 BTC for withdrawing Bitcoin.

3. Maker and Taker Fees

In a trading pair (e.g., BTC-USD), makers are those who provide liquidity by placing a limit order, while takers are those who match existing orders. Makers usually pay lower fees than takers since they contribute to market liquidity. For example, a maker might pay a 0.1% fee while a taker pays a 0.2% fee.

4. Transaction Fees

Besides trading, deposits, and withdrawals, some exchanges charge a fee for transferring cryptocurrencies from your exchange wallet to another wallet. This fee is usually a flat rate, but it can also be a percentage of the transaction amount.

5. Margin Trading Fees

If you engage in margin trading, you’ll likely encounter margin fees. These are interest charges for the borrowed funds used in margin trading. The rate could be daily or hourly, varying from one exchange to another.

6. Listing Fees

If you’re a cryptocurrency developer looking to get your coin listed on an exchange, you might have to pay a listing fee. These fees can be quite substantial, depending on the exchange’s popularity and the visibility it can provide for your coin.

7. Monthly or Subscription Fees

Some exchanges offer premium features or memberships for a monthly or annual fee. These can provide lower trading fees, faster customer support, and other benefits. For example, CoinSwitch offers a paid Pro version that offers more features than the base version, like TradingView charts, limit orders, and access to multiple exchanges.

8. Inactivity Fees

If you leave your account inactive for a certain period, some exchanges might charge an inactivity fee. This is to encourage active trading and to maintain a lively market. For example, ZebPay charges a 0.0001 BTC “membership” fee for inactive Indian users (i.e., those who didn’t trade at all in the past month).

Understanding these fees can help you choose the right exchange and manage your funds wisely. It’s always a good idea to read the fee structure of any exchange you’re considering so there are no surprises down the line.

5 Factors You Must Consider When Choosing a Crypto Investment App

Crypto apps bombard you with features and flashy promises. We’ve boiled it down to the essentials. Consider these non-negotiable factors to make a confident choice and start your crypto investment journey on the right foot.

1. User-Friendliness: Simplicity is King

Look for an app with an uncluttered, intuitive design that makes it easy to locate core functions like buying and selling. A user-friendly app will minimize confusion and save you time. This allows you to focus on your investment decisions rather than struggling with the platform itself.

The app should explain fundamental crypto concepts and order types in easy-to-understand language, avoiding confusing technical jargon. Additionally, the signup process should be simple and streamlined, avoiding any unnecessary complications that could deter a new user.

2. Security Features

Seek out apps that enforce multi-factor protection for every account. Two-factor authentication (2FA) should be a mandatory security requirement, not an optional feature.
Furthermore, investigate the app’s historical record for any security breaches or hacks, as a clean track record demonstrates robust security practices. The company should also be transparent about its fund storage methods, especially the percentage of cryptocurrency kept in secure “cold storage” for enhanced protection.

3. Beginner Friendliness: Start Small, Learn the Basics

User-friendliness and beginner-friendliness are two different things. While user-friendliness benefits everyone, beginners have unique needs.

Look for an app that is trying to cater to those starting their crypto journey. This means allowing very small initial deposits, letting newcomers dip their toes in without risking a significant amount. Integrated learning resources like tutorials, FAQs, and glossaries are invaluable, providing on-demand knowledge that empowers confident decision-making.

Beginners should prioritize platforms that keep things simple, focusing on buying and selling functions. Mastering the fundamentals is crucial before exploring advanced features or complex order types.

4. Long-Term Usability: Think About Your Future Needs

You need an app that supports your journey across stages of growth. Look beyond just a user-friendly interface and consider features that offer ongoing guidance and tools. A supportive, knowledgeable community forum can be an invaluable resource as you encounter new concepts. Responsive support ensures you have help with any issues that might arise throughout your investment journey.

Consider apps with a decent coin selection beyond just the absolute basics, allowing you to explore new opportunities as your interests evolve.

Additionally, factor in potential future needs such as staking options or automated investment plans, choosing a platform with room to grow alongside your investment strategies. While fees might not be your immediate concern, having a clear picture of the app’s fee structure allows for smart long-term financial planning.

Conclusion

In conclusion, the best crypto exchanges in India include Mudrex, CoinDCX, CoinSwitch, WazirX, ZebPay, and BitBNS based on several factors like ease of use, security, fees, coin availability, and more.

Each crypto exchange has its strengths and weaknesses, catering to various needs and preferences. However, when it comes to simplicity, security, and a comprehensive set of features, Mudrex stands out as the top crypto app for investors in India.

Frequently Asked Questions (FAQs)

1. How can I buy cryptocurrency?
The easiest way to buy cryptocurrency is through a cryptocurrency exchange or investing app like Mudrex. Other ways to buy cryptocurrency include peer-to-peer (P2P) platforms, cryptocurrency wallet apps, crypto payment gateways, and gift cards.

Each method has its own set of benefits, risks, and fees. When buying cryptocurrency, it’s crucial to do your research, understand the process involved, and ensure that you are dealing with reputable and secure platforms or individuals.

2. What should the investment strategy of a crypto beginner be?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose.

Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.

3. How do I make sure a cryptocurrency exchange is legit?
To ensure a cryptocurrency exchange is legit, first check if it is registered with the relevant financial authorities. Look for a history of secure transactions and positive user reviews. Make sure it has strong security measures, like two-factor authentication and cold storage of funds.

In fee structure and customer support responsiveness are also good signs. Avoid exchanges with a history of security breaches or negative press. Always do thorough research before using any platform.

4. Which is the safest crypto exchange in India?
Choosing the safest crypto exchange in India is crucial. When evaluating security, Mudrex stands out as a strong option. Mudrex prioritizes advanced encryption and regular audits for user peace of mind. It also offers a user-friendly interface. To ensure the best fit for your needs, compare Mudrex’s security features and fees to other popular exchanges like CoinDCX, WazirX, and CoinSwitch Kuber.

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( Originally published on Apr 25, 2024 )

(This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)