The Indian cryptocurrency market is seeing tremendous growth. Investors are looking to buy, sell, and trade crypto, and more people are starting to use crypto P2P exchanges.
Unlike traditional exchanges, these services transfer power to you, giving you the possibility to trade directly with other users and the flexibility to choose a wider range of payment methods. However, there is a multitude of crypto P2P exchanges that want to take your attention, making it a hard task to select the right one.
This article dives into the top-rated crypto P2P exchange services in India, equipping you with a comprehensive rating and thorough analysis to help you choose it.
Cryptomus
Cryptomus is a platform that is a simple and straightforward tool for all of your cryptocurrency operations. It is not only the regular crypto gateway that opens up opportunities for the institution, providing a set of tools that suit both individuals and businesses.
Here’s what makes Cryptomus stand out:
- Multifunctional Platform: Whether you are a crypto-paying merchant, a P2P trader, or a holder possessed in staking, Cryptomus has something for anyone.
- Crypto Payment Gateway: Companies are able to use Cryptomus for payments in multiple cryptocurrencies as well as the exchange to stablecoins for more reliability.
- Crypto Wallet: The Cryptomus wallet is designed to keep your bitcoins safe.
- P2P Trading: Use P2P format to interact with other users on the platform.
- Staking Platform: Earn more by staking your cryptocurrencies.
- Crypto Converter: Conveniently exchange any crypto among the currencies at a low price.
Pros:
- No more need to navigate multiple accounts and platforms as all the services will be available in place seamlessly.
- Set your crypto goals free knowing your money is secure with Cryptomus’s robust security protocol.
- Whether you’re an investor or a trader, Cryptomus is the right software for you to create your pathway in the modernizing field of the crypto-climate.
WazirX
WazirX, a Mumbai-based crypto p2p exchange, boasts over 10 million users in India. It stands out for its user-friendly interface, making it an attractive option for beginners. Additionally, WazirX offers competitive fees with a flat 0.2% levy on all transactions.
It stands out for its:
- User-friendly interface: Both desktop and mobile interfaces offer intuitive navigation making them suitable for beginners.
- Competitive fees: WazirX charges a flat 0.2% fee on all transactions and thus, provides a transparent and competitive trading experience.
- High selection: WazirX caters to the community with over 450 trading pairs to elude cryptocurrencies that the community can opt for.
- Generous referral program: Earn 50% of all trading fees that you bring to the platform via your users.
However, WazirX is not without its drawbacks:
- Regulatory issues: The platform experienced past competition with the government in India which is considered as a barrier by some users.
- Limited P2P options: To make a P2P trade on WazirX, you have to trade with USDT for now.
Binance
Binance, a giant of the world, is certainly one that needs not an introduction. The largest trading platform in the cryptocurrency world, this giant hosts more than 120 million traders. On Binance, you can choose from more than 350 crypto, from well-known ones like Ethereum (ETH) to some lesser-known ones. It boasts:
- Unmatched volume: Binance has the maximum volume of trading in the crypto market, therefore providing more liquidity for the clients.
- Extensive selection: More than 350 digital currencies are offered and traded illustrating the diversity in the investment opportunities.
- Competitive fees: Binance provides the most competitive trading fees in the market.
- Fiat deposits and withdrawals: Users can make deposits and withdrawals easily with traditional payment methods.
Despite its strengths, Binance has limitations:
- Overwhelming interface: New users may get lost in a sea of options and settings.
- KYC requirement: Mandatory KYC verification procedures could deter people who seek anonymity from transacting.
- Limited fiat deposit options: Traditional payment methods for adding funds may not be available in certain regions.
KuCoin
KuCoin, which is located in the Seychelles, aims to be a user-friendly and secure platform for all types of worldwide digital asset trading. The platform offers a simple UI with sophisticated tools such as charts and order books used by both new and professional traders. Key features include:
- Beginner-friendly platform: The interface is well-designed, featuring advanced charts and order books to quickly navigate.
- Low fees: KuCoin sets some of the lowest trading fees among its competitors with no deposit fees charged.
- High-yield lending: On KuCoin Lending, investors can earn 3-10 times the interest on their crypto holdings with yields up to 300% APY.
However, there are limitations to consider:
- US restrictions: KuCoin is not operational in the United States, limiting its accessibility for some users.
- Negative user reviews: Some users have reported negative experiences with KuCoin’s customer support.
OKEx
OKEx, a global leader in cryptocurrency exchanges, recently launched its P2P platform in India. This exchange attracts users with the promise of zero trading fees on P2P transactions. Additionally, OKEx offers deep liquidity and a fast KYC process, ensuring smooth transactions. It offers:
- Zero P2P fees: Enjoy cost-effective trading without transaction charges on the P2P platform.
- High liquidity and security: OKEx prioritizes user security and maintains deep liquidity for smooth trading experiences.
- Multiple payment methods: Users benefit from a wide range of payment gateways for deposits and withdrawals.
- Diverse asset selection: OKEx offers a vast selection of cryptocurrencies for trading.
While OKEx is promising, some potential drawbacks exist:
- Withdrawal limitations: Users might encounter limitations on withdrawal and transfer amounts.
- Regulatory uncertainty: Less stringent oversight compared to some competitors might raise concerns for some users.
Zebpay
Founded in 2014, Zebpay is a mobile-only cryptocurrency exchange with a strong presence in India. Today, the Singapore-headquartered platform serves over 5 million users globally. Notably, Zebpay supports borrowing and lending crypto, allowing users to earn interest on their holdings. It comes with:
- Competitive fees: Deposits, withdrawals, and crypto-to-crypto trades are fee-free, making it cost-effective for basic transactions.
- Crypto lending: Earn interest on your crypto holdings with Zebpay’s lending program, offering rates up to 8.5% APY.
- TDS compliance: Zebpay automatically deducts TDS (Tax Deducted at Source) for Indian users, simplifying tax reporting.
However, some limitations exist:
- Limited asset selection: Compared to other platforms, Zebpay offers a smaller selection of cryptocurrencies.
- Mobile-only platform: Users seeking a desktop experience might find Zebpay restrictive.
- Customer service concerns: Past reports have indicated issues with Zebpay’s customer support responsiveness.
Conclusion
The Indian P2P cryptocurrency exchange landscape is dynamic and evolving. By carefully considering your needs and the strengths and weaknesses of each platform, you can choose the exchange that best suits your investment goals and preferences. Remember, conducting thorough research and staying updated on regulatory developments is crucial before entering the crypto market.
