Before we begin, let’s talk about the most asked question by the Indian users – Is Bitcoin / Cryptocurrency legal in India? It isn’t legal, and not even illegal. The government in India is looking at things to implement rules and regulations but they cannot call it illegal as there are no laws in favor of, or against the trading of cryptocurrency in India.
Now, there are some cryptocurrency marketplaces for Indian buyers who can pay in Indian rupees. An advantage of buying with INR is that you can use one of the easy options like payment gateways or bank transfer to deposit money, and for now, several such exchanges and marketplaces that are present outside India don’t allow trading in any other currency except USD or BTC. Following are a few websites where you can trade Bitcoins and a few other Alt coins including Ethereum, Ripple, Litecoin, etc. It is primarily only about Bitcoin because the entire Crypto world revolves around that name when we talk about someone who doesn’t know a lot about it.
Koinex is one of the best platforms to use to buy and sell crypto tokens including Bitcoin, Ethereum, Litecoin, and Ripple. It is, in fact, the only platform right now to buy these different coins because most of the other ones in India are dealing only in Bitcoins. Proprietary trading engine, wallet and platform architectures, grade A security, user-centric UI/UX, and tons of user-demanded features are some of the things that Koinex offers.
The coins available on Koinex include the following.
- Bitcoin Cash
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Pocketbits is known for being one of the fastest when it comes to the verification process and thus it is preferred by many. Another reason for the website to be popular is that it sells some coins that are not present on any other site. Following are the different cryptocurrencies sold by Pocketbits.
- Bitcoin BTC
- Bitcoin Cash BCH
- DASH DASH
- Ethereum ETH
- Ethereum Classic ETC
- Litecoin LTC
- Monero XMR
- Neo NEO
- OmiseGo OMG
- Ripple XRP
- ZCash ZEC
Zebpay is a solution for smartphone users who don’t always have access to a laptop or computer. The main USP of this marketplace is the availability in the form of an Android and iOS app. In fact, Zebpay is so easy to use that a new user can use it to transact and purchase Bitcoins without even having to learn anything in particular. The only downside here is that it is only about Bitcoins and nothing else.
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Unocoin was one of the early Bitcoin marketplaces to be introduced in India and it was launched back in 2013. While the Unicoin marketplace limits itself to Bitcoin buy and sell, the good thing about it is having a website to fully take advantage of it, and also have the option of Android and iOS app to quickly check your portfolio and even transact if you wanted to do so.
The most recent one in the list is Coinome that is made by Billdesk, a very popular payment gateway in India. Since it is made by a company that has been running in a similar business line, things seem streamlined on the platform. As the description from Coinome says, “Coinome is created by Crypto Currency enthusiasts and research experts who have been developing secure payment and banking solutions for nearly a decade. Our vast experience in handling such secure, near real-time transactions have helped us build Coinome as a secure, robust and highly available solution to our customers.”
Coinome helps in buying and selling Bitcoin and Bitcoin Cash. Just like how good the experience of trading on Koinex is, Coinome offers the same.
The platform, although has a name that looks like offering something along the lines of Bitcoin, it helps trade only Ripple. The interface of the marketplace is simple and neat, but the limitation to just XRP trading does give it a lesser value when compared to the other ones.
It is said that the support is quick and if there’s an issue on btcxIndia, that is resolved without taking much time. We hope to see more crypto coins added to the list supported later.
The final in the list right now is Coinsecure that is a complex one but is for those who like a better trading method with the exchange charts showing both buy and sell walls, and the team mentions “We are a team of passionate Bitcoin enthusiasts who have come together to build some amazing products to make it easier for Bitcoin users across India.”
For now, even btcxIndia deals with only Bitcoin trading and no other coin is supported.
This is a never-ending list and we will keep updating it whenever we see newer exchanges or marketplaces joining the Crypto market in India. The legality of Bitcoin is still at question but it surely is bound to get legal in the coming months.