7 Best Crypto Exchanges in India of July 2023

Nexo

Nexo is a global crypto platform that allows users to trade more than 40 cryptocurrencies via its exchange function. Founded about five years ago (in 2017), it has a solid reputation in the crypto world and aims to be an all-in-one platform for cryptocurrencies and crypto banking.

What It Does For Indians

CRYPTO PURCHASES AND SALES

Nexo allows Indians to buy and sell 41 cryptocurrencies with three fiat currencies (USD, GBP, and EUR). It doesn't directly support INR (Indian Rupees), but Indian citizens can purchase crypto on the platform with credit and debit cards. Even if the card is denominated in INR, it will be converted to USD at the point of purchase, with a small conversion fee.

SWAP CRYPTO

This function allows you to swap comfortably between more than 300 crypto pairs. You swap at fixed prices with no slippage and get up to a 0.5% crypto cashback reward. You must hold at least 1% of your account in NEXO tokens to get the cashback.

NEXO Prime

Nexo Prime is Nexo's higher-class offer for institutional clients. It offers spot trading features, with OTC desks for larger-than-usual orders. In addition, it also offers margin trading with leverage up to 5x, as well as institutional-grade custodial services. The service is available for crypto exchanges, trading desks, high-net-worth individuals, and crypto payment providers.

NEXO CARD

Indians with a Nexo account can order the Nexo credit card. This card is unique because it lends you money without selling your crypto. You merely use your crypto as collateral and gain access to a credit line with as low as 0% APR.

CoinLoan

Like Nexo, CoinLoan is mainly a crypto borrowing platform, but it offers crypto exchange functions. Also launched in 2017, this exchange is licensed in the EU and supports 23 different cryptocurrencies. It is also a global platform with restrictions in a few countries, excluding India.

What It Does For Indians

INSTANT TRADES

CoinLoan allows users to trade fiat for crypto at competitive rates. It directly supports three currencies, namely EUR, USD, and GBP. However, conversions are allowed from other fiat currencies, including INR. You can deposit using SEPA, SWIFT, or wire transfer.

Minimal fees

CoinLoan doesn't charge fees for transactions and deposits. You only have to pay fees when you want to withdraw.

COINLOAN TOKEN

The CoinLoan token, CLT, is an ERC-20 token that functions as the platform’s token. Holders of this token enjoy discounts that go as high as 50%.

CRYPTO LENDING AND BORROWING

This is one of the main functions of the exchange. You can put down your crypto as collateral to get a loan with up to a 70% LTV ratio. You can also lend your coins on the platform and earn up to 10.3% APY. The rewards are further extended by 2% if you stake CLT.

YouHodler

YouHodler is another crypto exchange worth considering. It was founded in 2017 and is one of the most versatile crypto lending platforms. It currently offers support for 58 cryptocurrencies and four fiat currencies. Even though it doesn’t directly support INR, Indians are welcome and can still purchase crypto with their bank cards.

What It Does For Indians

Crypto exchange

On YouHodler, you can exchange cryptocurrencies with one another and with fiat currencies. The fiat currencies directly supported are USD, GBP, CHF, and EUR. There is a 0.2% conversion fee when converting from fiat to crypto, while the fee is increased to 0.5% when converting from crypto to fiat.

Multiple payment methods

The two payment methods on the platform are credit cards and bank transfers (through SEPA and SWIFT). SEPA transfers are free, while credit card deposits come with a 5.5% fee. If you're depositing through SWIFT, you'll pay a $25 fee for USD deposits and a £20 fee for GBP deposits.

Innovative crypto products

There are two innovative products on YouHodler. The first, Multi HODL, is a margin trading function that allows you to trade in any direction with borrowed funds. With Multi HODL, you can get up to 290% profit but can also lose up to 50% of your portfolio if the market goes against you.

Another remarkable product is the Turbocharge function. Here, you can benefit from a 'cascade of loans' by borrowing crypto with collateral and immediately using the borrowed funds to borrow more crypto. You can do that up to 15 times and potentially make significant gains. You can also make great losses, so you have to keep a close tab on your trades.

Bit.com

Bit.com is a relatively new platform. It was launched in late 2020 and has already developed partnerships with the top dogs in the crypto world. The exchange has many interesting crypto products and a trading volume of about $63 million. (When we wrote this article)

What It Does For Indians

SPOT TRADING

This is the feature that allows you to trade cryptocurrencies against one another. The two base coins are USDT and BTC, while you can also trade 14 cryptocurrencies against USD. There is an order book where you can place limit and market orders.

Conversions

This is Bit.com's swap feature. It functions like any swap page, allowing you to instantly exchange some crypto assets with no fee. This function supports seven digital assets: BTC, LTC, USDC, USDT, ETH, DOGE, and BCH.

FUTURES AND OPTIONS TRADING

You can trade coin-margined and USDT-margined futures on Bit.com with up to 50x leverage. You can also trade options with up to 10x leverage.

A BIT OF NFT

Can you own part of an NFT? Yes, you can. Bit.com's "A bit of NFT" feature makes that possible. With it, NFTs can be fractionalized into as many digital pieces as possible. Bit.com is yet to launch this feature, but you can join the waitlist through this page.

Matrixport

What It Does For Indians

DIRECT SUPPORT FOR INDIAN RUPEE

Matrixport is the first crypto exchange on our list that directly supports INR deposits. It also supports about 30 other fiat currencies like USD, EUR, CAD, and JPY, among others. Deposits are made through bank cards and wire transfers, ranging between $50 and $20,000.

Spot Trading

On Matrixport, you can trade eight cryptocurrencies against one another with no commission. The supported cryptocurrencies are Bitcoin, Ethereum, Bitcoin Cash, USDC, USDT, Litecoin, Chainlink, and Polkadot.

LEVERAGE TRADING

Matrixport supports up to 5x leveraged trading with meager interest rates. There are two types of leveraged trading products, the leveraged bull, and leveraged bear. As the name implies, these products express bullish and bearish outlooks on the supported cryptocurrencies.

CRYPTO INVESTMENT PRODUCTS

Apart from trading services, Matrixport also allows users to earn up to 30% APY through its various investment products. The products are DeFi curve, smart pool, fixed savings, Flexi savings, DeFi intelligence, and compound savings.

INSTITUTIONAL SERVICE

Matrixport offers several services tailored to institutional clients. They include OTC, margin lending, API, and institutional custody.

Crypto.com

You've likely heard of Crypto.com. It is one of the best cryptocurrency exchanges known for its wide array of crypto products and global presence. It was founded in June 2016 and currently supports over 200 different cryptocurrencies. It also offers direct support for about twenty-one fiat currencies. INR is not directly supported, but Indians can make conversions from bank cards before transacting.

What It Does For Indians

Spot And Margin Trading

On the spot trading feature, you can trade the supported cryptocurrencies against four base pairs: USDT, USDC, BTC, and CRO. There are three order types: limit, market, and advanced orders. The advanced order type features the stop-loss and take-profit buttons, while the margin trading feature allows you to trade margins up to 10x.

Derivatives Trading

Crypto.com offers two types of crypto derivatives: perpetual and futures trading. The main difference between both is that futures trades expire while perpetual trades do not expire. There are about 100 perpetual pairs on the platform and eight futures pairs.

Crypto.com Card

This card is one of the best crypto debit cards in the world. It is open to anyone who has a Crypto.com account. There are five tiers of this card, from the Midnight Blue card, which requires no CRO stake, to the Obsidian card, which requires $400,000 worth of CRO staking. The card also offers up to 5% crypto cashback rewards, one of the highest in the crypto world.

CRYPTO.COM NFT MARKET

Indians can buy and sell precious NFT art on the crypto.com NFT market. There are various NFTs on the platform, sorted by sales volume and floor price. You can purchase NFTs with your Crypto.com Pay account, a bank card, or from your crypto balance. Crypto.com deducts a 5% commission from NFT sales.

Binance

Binance is the largest crypto exchange in the world by trade volume, with support for almost 50 fiat currencies, including INR. Founded in 2017 by Chaopeng Zhao, it is an entire crypto ecosystem with products that allow Indians to buy, sell, and utilize cryptocurrencies in various ways. Let us consider some of the products and services.

What It Does For Indians

Direct INR To Crypto Conversion

Binance offers Indians the opportunity to exchange almost 400 different cryptocurrencies for INR through bank cards and transfers. They can buy the coins directly on the platform or get them through peer-to-peer trading, also organized on the platform.

Trading

There are various trading features available on the Binance interface for Indians. They include spot trading, margin trading, strategy trading, swap farming, Binance Convert, etc. Trading is also very cheap on Binance, with a standard fee rate of 0.1%. You get a further 25% discount if you use BNB (the platform's native token) to pay for fees.

Binance Earn

This is Binance's suite of passive income products where you don't have to trade to earn. It includes savings, staking, BNB vault, auto-invest, launchpool, dual investment, etc. Most of these products come with no capital risk, while some may lead to loss of capital during extreme conditions.

Finance Products

Indians also have access to crypto-backed loans, customizable crypto gift cards, Binance Pay services, and Binance Visa card. The Binance Visa card allows Indians to earn up to 8% crypto cashback on purchases.

What Is A Cryptocurrency Exchange?

A cryptocurrency exchange is a trading platform that lets you exchange cryptocurrencies, as the name implies. You could exchange crypto for fiat or exchange one crypto for another.

Besides buying and selling crypto, many crypto exchanges also allow you to engage in other crypto activities like staking, crypto-backed loans, using crypto cards, derivatives trading, etc.

Factors To Consider When Looking For A Crypto Exchange In India

Support For INR

Since INR is the national currency of India, citizens should look out for exchanges that offer direct support for INR. If you can't get one that directly supports the currency, you should go for one that supports conversions.

Cryptocurrency Trading Parameters

Your preferred Indian cryptocurrency exchange should have a seamless trading interface to make it easier for you to follow through on your trading strategy. It will be better if there is a mobile app to enhance the trading experience further. Also, look out for the trading fees and try to get the exchange that charges the lowest fees.

Security

Security is one of the most important things to look out for when choosing crypto trading platforms. Check for the regulatory policies and what type of insurance package it has.

Conclusion

We have considered the leading crypto exchanges in various sectors of the Indian crypto world. Therefore, consider these factors when deciding which crypto exchange you would choose as an Indian. Also, note that you do not have to only go with one; you can use two or more cryptocurrency exchanges with the qualities you desire.