How to invest in cryptocurrencies in India | Best Cryptocurrency Exchanges in India in 2023
Cryptocurrencies can be held as a medium to long term investment or actively traded for a shorter period of time, if you are not sure how to invest in cryptocurrencies in India, this article provides you with a guide to investing in cryptocurrency operations and the best exchange options.
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How to invest in cryptocurrencies in India?
You can start investing in cryptocurrencies by following these three steps.
1. Choose a cryptocurrency exchange
Here are the top cryptocurrency exchanges with CoinMarketCap trading scores backing the Indian rupee as of 2023
- Coinan: Coinan is currently the largest decentralized cryptocurrency exchange in terms of daily trading volume, having traded over $12.6 billion in 2023.
- KuCoin: The KuCoin platform offers margin, futures and peer-to-peer (P2P) trading, with $1.8 billion in daily trading volume as of today.
- Firecoin Global: Firecoin allows trading of derivatives, crypto loans and crypto income products in addition to spot trading. Its daily trading volume is $1.5 billion.
- WazirX: WazirX is part of the Binance Group and has a monthly trading volume of $5.4 billion and 6 million registered users. The platform is the largest cryptocurrency exchange in India.
2. Choose a convenient payment method
After choosing a cryptocurrency exchange, it’s time to start choosing a payment method. While UPI payments are banned, some cryptocurrency exchanges in India, such as WazirX, enable peer-to-peer (P2P) payment transactions. Or open a cryptocurrency wallet and connect it to the exchange of your choice.
3. Choose a cryptocurrency
The most traded cryptocurrencies in India are tether, bitcoin, shiba Inu, ethereum, tron, jasmy and the native tokens of the wazirX (WRX) platform.
Please note that trading volumes change daily and tokens that are currently traded in high volumes will not necessarily be popular in the future.
Check this out: How to invest in cryptocurrencies in India(video tutorial)
Which Indian cryptocurrencies are the best to invest in?
As of 2023, there are tens of thousands of different cryptocurrencies and to help you choose the right one, these are the top 10 cryptocurrencies that might be worth investing in based on the total value of all coins currently in circulation.
|Bitcoin (BTC)||$350 billion
|Ethereum (ETH)||$170 billion|
|Tether (USDT)||$66 billion
|Coinancoin (BNB)||$45 billion|
|Solana (Sun)||$33 billion|
|Ripple coin (XRP)||$18 billion|
|Caldano (ADA)||$11 billion
|Polka Dot (DOT)||$5 billion|
|Litecoin (LTC)||$6 billion|
|Avalanche (AVAX)||$4 billion|
Best Apps to Invest in Cryptocurrencies in India
If you don’t know which cryptocurrency exchange is right for you, we’ve provided the best cryptocurrency trading apps for low fees.
Best Cryptocurrency Exchanges in India in 2023
|CoinSwitch Kuber||0 to 0.5%|
|Zebpay||0.15% & 0.25%|
|UnoCoin||0.4% & 0.6%|
|CoinDCX||0.04% & 0.06%|
Are cryptocurrencies legal in India?
Cryptocurrencies are not illegal in India. India does not currently have a regulatory framework governing cryptocurrencies. The government set up an Inter-Ministerial Committee (IMC) on November 2, 2017 to look into virtual currencies.
It is important to note that under the new government bill, any cryptocurrency held in India will be taxed at a rate of 30%, which you should take into account when developing your strategy. There are also inherent risks associated with the volatility of the cryptocurrency market.
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