The Top Crypto Exchanges in India that support Buying Crypto with INRby Ryan Williams World Leading Cryptocurrency Exchange
Since 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 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.
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 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.
OKEx supports perpetual swaps. They allow you to hold a position without a future time limit and withdraw your profits at any time.
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.
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.
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.
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 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.
- Accessible across multiple platforms
- Supports instant transactions
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 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.
- User-friendly platform
- Competitive market rates
- 24/7 customer support
- Supports crypto purchases in INR
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.
- Robust API
- Competitive rates
- Multi-platform support
- Great security protocols
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.
- SIP and OTC support
- Highly trusted platform
- Accept purchases made in INR
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.
Created on Sep 10th 2020 06:34. Viewed 234 times.