The Top Crypto Exchanges in India that support Buying Crypto with INR
by Ryan Williams World Leading Cryptocurrency ExchangeSince
India’s Supreme Court overturned the ban that the Indian central bank
restricting Indian banks from handling crypto, the crypto sector has
experienced a boom in India. Not only did the ruling help to generate publicity
for the crypto sector, but it also made Indians more confident about investing
in the crypto. Consequently, many Indians have been looking for platforms that
support crypto trading in the Indian Rupee (INR). Here are some of the top
places where Indians can buy crypto using INR.
OKEx
OKEx is
a leading crypto exchange that has its headquarters in Valletta, Malta. The
exchange was launched with support for cryptocurrency spot and derivatives
trading only but it has since expanded its services. Today, the exchange is
available in over 100 nations, including India. It regularly sees daily trading
volumes over $1 billion, which means it has high liquidity. The exchange’s
platform is available in 11 different languages to cater to its global user
base.
Safety and Security
on OKEx
A
major concern of any crypto trader is the safety and security of their funds
and data. In terms of securing funds, OKEx has implemented stringent measures.
They secure user funds in a hot and cold wallet. At any point, most of the
users’ funds are in a cold wallet, which ensures they are out of reach of
hackers. Small portions of the users’ funds are stored in a hot wallet to
ensure they can meet withdrawal and deposit requests efficiently.
To
ensure maximum uptime for traders, OKEx has implemented global server load
balancing. It simply means that OKEx has numerous servers around the world to
ensure optimal server uptime to ensure continuous trading.
Communication Data
Security
To
ensure that user data is secure, OKEx encrypts all communication within the
platform. It means that all data you send and receive from the exchange is
secure. It is also a useful feature to help you check whether you are on the
real OKEx platform. To do this, simply check the start of the URL address, if
there is no padlock image there; it means you are on a scam site.
Login Security
The
best way to secure users is to give them the tools to do so. OKEx provides
users with various tools to secure their accounts. One of the most important
security features is two-factor authentication using your phone. You can use
SMS authentication or Google authenticator. Google authenticator is more secure
since you might come under a SIM swapping attack.
OKEx
has also implemented an anti-phishing tool. The tool is a code that is sent out
with every email from OKEx. If you do not notice the code, it means that the
code came from a phishing attempt.
Derivatives Trading
on OKEx
OKEx supports crypto
derivatives trading. On OKEx, you can leverage your trades by
100 times. It means that if you have a trade that has a leverage of 100X, for
each $10 move you make, your position moves by $1000.
Futures Trading
Futures
contract trading entails agreeing to buy or sell an asset in the future at a
set time. OKEx offers weekly, biweekly, quarterly and bi-quarterly futures
instruments for ten crypto assets. These are EOS, Ethereum Classic, Ethereum,
TRX, BSV, Litecoin, Bitcoin Cash, Bitcoin, Ripple and
Link.
The
futures instruments on OKEx have a leverage of up to 100x and expiries are set
at weekly, two weeks, quarterly, and bi-quarterly. The futures contracts are
settled daily at 8 AM UTC. Traders can opt to have their positions margined
with crypto or USDT.
Perpetual Swap
OKEx
supports perpetual swaps. They allow you to hold a position without a future
time limit and withdraw your profits at any time.
Options
Options
are derivative instruments, which give holders the right to buy or sell an
asset in the future at a set time. However, there is no obligation to do
so.
On
OKEx there are CALL options and PUT options. CALL options give
traders the right to buy while PUT options give users the right to sell an
asset.
OKEX Derivatives
Fees
The
derivatives fees on OKEx are below than average compared to its peers. The
trading fee structure is generally based on whether you are a crypto taker or
maker. If you contribute to market liquidity, then you are a crypto maker and
will enjoy lower trading fees and takers. OKEx even give you cashback if you
contribute to liquid of minority altcoins. You can check out its fee
structure here at https://bit.ly/3jRYttg
The Registration
Process
Creating
an account on OKEx is quite easy. Visit the homepage and click on “Sign
Up.” You can use your phone number or email address to sign
up for the exchange.
Once
you sign up, you will receive a code that you use to complete the registration
process. Before you proceed to trade, you should enable two-factor
authentication.
KYC Process and
Account Verification
While
you can trade in derivative without verifying your account, you will be faced
with some limits. Besides that, you have to verify your account to make
withdrawals.
On
OKEx, there are different levels of verification. To complete the first level,
all you need is a name, an ID number, and a place of residence. Once you
provide the details, you will be verified within a few minutes.
To
move on to the second level and increase your withdrawal and trading limit, you
will need to upload a copy of your ID document. You will also need to take selfies
of yourself to complete the process. The verification process is done via Net
Verify, which is a third party KYC service.
Numerous Deposit
and Withdrawal Methods
OKEx
supports numerous withdrawal and deposit methods. They also support
bank wire transfers via SEPA and SWIFT.
If
you wish to withdraw your funds, ensure that you check your limit. For security
purposes, you need to set up a funds transfer; a password that allows you to confirm
withdrawals taking place out of your account.
OKEx Futures
Trading Platform
To
trade in futures, you need to activate the futures account. OKEx will ask you a
few basic questions to confirm that you understand futures trading. Once you
are done with the basic questions, you can engage in futures trading.
Supported
Order Types
OKEx
supports six order types. These are:
- Limit Order
The
orders are good until they are canceled. These orders are placed at a predefined
level.
- Advance Limit
It
is a standard limit order that gives you more functionality around execution.
For instance, the order could be Post Only, Fill-or-Kill, or Immediate or
Cancel. Post Only is the standard order. Fill or Kill executes the whole order
or kills it. The Immediate or Cancel will execute at the best price right now
or cancel it.
- Stop Limit
The
order is placed once a set trigger price is reached. Once the trigger price is
reached, the standard limit order will be placed.
- Trail Order
With
trail order, the limit order is placed when the price retracts after reaching a
set trigger level, which is known as the Callback Rate.
- Iceberg Order
An
Ice Berg Order allows a trader to place a larger order without incurring too
much slippage. It automatically breaks up a larger order into multiple small
orders.
- Time-weighted average price (TWAP)
The
TWAP is the average price of an order over a set period. The strategy is used
to attempt to execute an order that trades id slices of order quantity at set
intervals such that its fill price will be equal to the TWAP price.
OKEx
provides many details about these order types to help users
understand them better.
OKEx Mobile
App
For
those who love trading on the go, OKEx provides users with a mobile app for iOS
and Android devices. The app gives traders access to all OKEx markets. It is
designed to be safe, comprehensive, and transparent.
You
will also get access to interactive charts via the app, which ensures you can
conduct an in-depth analysis of the market using your device.
OKEx API
If
you love coding trading algorithms, OKEx is a great place to trade. The OKEx
API is quite robust with numerous endpoints. Their API comes in WebSocket and
REST versions.
OKEx
also supports a huge list of SDKs that allows you to create trading algorithms
and bots in your preferred programming language. You can find out more
information about them here.
Customer Support
If
you are new to crypto trading, having access to reliable customer support is
important. On OKEx, you will have access to great customer support staff that
is responsive and knowledgeable. They also have a support phone if you prefer
to explain your issue by voice. You can also check out the support
center to find out if there is a solution to your
issue.
Community and
Academy
OKEx
features a strong community that is based around numerous groups on Facebook
and Telegram. It is a great way to resolve issues you might have from community
members that have faced them in the past.
The
OKEx Academy is also a great way to learn about crypto trading. It is a great
resource for new traders and advanced traders. The academy contains both written
material and helpful videos.
OKEx
is a great trading platform for both newbies and advanced traders. For those
that are looking for a crypto exchange with huge trading limits, OKEx is a
great platform. It is a secure exchange with huge liquidity and support for
multiple crypto coins. Besides that, it supports numerous trading options,
which is important for advanced crypto traders looking to maximize their
profits.
WazirX
WazirX
is a great trading platform for Indian Bitcoin traders. The platform is
accessible across numerous platforms such as Web, Android, and iOS. It utilizes
a simple and efficient design, which caters to both advanced and beginner
traders.
Features
- Secure
- Accessible across multiple
platforms
- Supports instant
transactions
Bitbns
Bitbns
is a crypto market available to Indian traders that supports multi-currency
trading. The platform supports over 70 crypto coins including ETH, BTC, Ripple,
LTC, Monero, Neo, and Stellar. Bitbns also supports USDT, which allows traders
to trade crypto against the USD.
The
Bitbns has an in-built crypto wallet secured using 2FA. With the crypto wallet,
users can make deposits, transfers, and withdrawals. Besides that, it allows
users to trade instantly. The Bitbns platform supports leverage trading of up
to 4x a user’s net worth by borrowing from other traders.
However,
the platform caps the minimum net worth of each user at 2000 Rupees. Bitbns
also supports a Margin Lending feature that lets users earn profits by lending
heir crypto at a fixed interest rate. Thus far, the platform’s app has been
downloaded over 10,000 times of Google Play Store.
CoinSwitch
COinSwitch
has a reputation for being one of the top crypto aggregators globally. It is
available in most parts of the world, including India. The platform has been
around since 2017 and it currently supports over 3000 crypto coins and 45,000
trading pairs.
The
platform has collaborated with leading crypto exchanges such as OKEX and many
others. It also contains various useful guides such as how to engage in crypto
trading in India.
Features
- User-friendly platform
- Competitive market rates
- 24/7 customer support
- Supports crypto purchases in INR
ZebPay
Since
its launch in 2014, ZebPay has served over 3 million users. It features a
simple and intuitive user interface. The platform contains numerous advanced
trading features, which is great for advanced traders.
On
ZebPay, you can trade across five crypto pairs and it has zero deposit fees. To
ensure privacy and security, the platform has implemented a multi-layered
security structure.
Features
- Robust API
- Competitive rates
- Multi-platform support
- Great security protocols
Unocoin
If
you are looking for a trusted platform to trade ETH, BTC, and Tether USDT in
India, Unocoin is a great platform. You can buy, sell, and exchange the three
digital assets at the exchange using INR. Unocoin supports bulk trades, a
Systematic Investment Plan (SPI) feature, and Over the Counter (OTC) trading.
Features
- SIP and OTC support
- Highly trusted platform
- Accept purchases made in INR
Summary
In a
nutshell, cryptocurrency industry is decentralized and you don’t have to choose
local exchanges to buy and sell cryptocurrencies. It would be better to search
for international and reputable exchanges to trade on as long as it provides an
easy fiat-to-crypto ramp up channel, i.e. buying and selling crypto easily with
INR. Security, liquidity and compliance factors should be also taken into
consideration afterwards.
At
any of the platforms mentions above, you will an easy time trading your
Bitcoins or other crypto using Indian Rupees. For any Indian trader looking for
high liquidity and a low entry barrier into the crypto space, the OKEx
crypto platform will be an especially great place to get
started.
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Created on Sep 10th 2020 06:34. Viewed 470 times.