Review of Top Indian Crypto Exchanges


Review of Top Indian Crypto Exchanges


It is tough to keep track of good crypto exchanges in the fast-moving world of cryptocurrency, Don’t worry here is a detailed review of cryptocurrency exchanges available currently for Indian cryptocurrency investors.
Despite much negative news from government and RBI blanket ban, There have been significant developments in the Indian crypto industry, with many of them pointing to a positive future for Indian investors and platforms in the crypto world.

There are 3 major exchanges in India currently:

  1. Bitbns {Daily average volume 95 - 800 btc}

  2. WazirX {Daily average volume 35 - 130 BTC}

  3. Coindcx {Completely unsure about it as there is no public data available on coingecko
    or coinmarketmarketcap and it has only a few coins listed on their own market, Rest of the
    pairs run on API I will explain about it after a few paragraphs}



Customer support

  • Bitbns - Bitbns has 24/7 instant customer support on telegram also they have proper email support. I suggest telegram support of bitbns more as admins resolve issues very quickly there.

  • WazirX - WazirX has no instant customer support, We need to raise a ticket and wait
    for many hours to get our issue resolved, Such delays can result in loss of good opportunities

  • Coindcx - Coindcx also has active customer support on telegram as well as email support too, Their email support is good as compared to the telegram admins. You can directly raise a ticket to get the issue resolved.


The number of listed cryptocurrencies

  • Bitbns - Bitbns has over 73 cryptocurrencies listed on its platform out of which most of them are under #100 market position.

  • WazirX - Wazirx has around 70+ cryptocurrencies listed on their platform.

  • Coindcx - Coindcx has just 8 cryptocurrencies listed on its INR market other than that total exchange runs on Binance and Huobi API which has its own multiple merits and demerits.



INR Flow

  • Bitbns - Bitbns has three-way peer to peer system by which we get vast options to deposit and withdraw fiat, There is open P2P order book with proper peer allocation system.

    Deposit takes 10 seconds to a few hours considering on the method used. Withdrawals take 10 minutes to a few weeks considering how the withdrawal methods are used, there are multiple myths about bitbns withdrawal system in the market which I will be busting at the end of this article. On my personal experience dispute resolution time on bitbns is around 10 minutes to a few hours if we contact admins directly, In case of any issue from the bank it takes a few days.

  • Wazirx - WazirX has single-way P2P system, USDT P2P has open P2P order book with proper peer allocation system and good volume.

    Deposits depend on the speed of peer confirmation, It can take a few hours. Withdrawals take 30 minutes to a few hours, It depends completely on the peer. Dispute resolution normally take more than 5 to 12 hours every time and we need to raise a ticket and wazirX team resolves the dispute at highest priority within that specific timeframe.

  • Coindcx - Coindcx don’t have an open order book for peer matching also there has been a single paytm payments bank account for deposits from several months, It seemed that there is no P2P system. After RBI blanket ban such stunts are risky.

    Deposits take around 30 to 120 minutes in CoindcxWithdrawals are done the same day from Coindcx mostly within a few hours, there are zero disputes on Coindcx as they are providing direct fiat deposit and withdrawals from their accounts.


Features

  • Bitbns has multiple innovative features like bracket orders, margin trading with more than 30 cryptos, trailing stop limit, arbitrage extension, instant deposits and a lot more. This month bitbns has introduced their own BNS token which will be used for banking services like fiat loan, online and offline shopping, paybns debit card and manymore things for 30+ countries.

  • WazirX has STF option, 50% referral commission, International launch. It is still being developed and I believe wazirx will launch many more innovative features in futureWazirX also introduced their token WRX 6 months ago which gives referral commission to people right now. more utilities to be announced very soon.

  • Coindcx exchange runs on API of binance and huobi which means you can trade complete cryptocurrencies available on these exchanges at Coindcx, the Only demerit is that most of the crypto withdrawals are paused which means we have very fewer arbitrage opportunities. CoindcX also provides leverage trading on multiple crypto assets.



Busting the myth about Indian crypto ecosystem

  1. Bitbns withdrawal system is costly AF due to high tips

    — Truth is that crypto rates are high at Bitbns INR market as compared to other cryptos
    exchanges and we gain 1 to 2 percent even after getting higher tip.

  2. Wazirx has been using an unethical system for processing fiat transactions.

    — Truth is that wazirx is using USDT P2P to get fiat transactions processed which is not unethical.

  3. We can go to jail for trading and investing in cryptocurrencies.

    — Only RBI has an issue with crypto-related transactions and there is no such law which restricts Indian people to invest and trade in cryptocurrencies, Interesting right? :wink:Invest in crypto without any fear from now onwards.

  4. You cannot buy cryptocurrencies at an international rate in India and bitbns has crypto at
    premium price

    — It is totally false, We can easily buy crypto at International market rate by doing the transaction through UPI or IMPS, On we can buy cryptocurrencies at an international price by depositing fiat through USDT P2P and purchasing it from USDT market.

Credits : @moon_bhau

2 Likes

1/ The reason I wanted wazirx to display name and/or maybe last 3 digits of registered account number and/or few more details of buyer is because right now there is no way for a USDT seller to verify if he received the payment from a legit account or compromised account

2/ How a trader in the p2p who is selling USDT may become victim?

3/ Wazirx sends a text message, call and email with some information but nothing which helps to verify if registered account was used to make the payment

4/ I receive a text message from my bank about the amount being credited. I see Reference number and also last few digits of mobile number linked with the account which was used for payment

I can see the complete mobile number in mini statement

Still no way to confirm

5/ I understand there are limits on first p2p trade and trade without sufficient funds on wazirx, still there are possibilities of someone being victimized

6/ Possible solutions imo:

  • Display buyer’s name or few digits/chars of mobile number, account number, UPI ID

  • If buyer reported of making payment from other account, ban or lower limits, penalty & less reputation

  • Buyers making payments on time from registered accounts rewarded

  • If it’s a new account, USDT seller can always wait for an hour to confirm the payment when he sees it’s coming from someone who has less reputation. It will also be a small amount.

1 Like