What is a Crypto Exchange
Crypto exchanges are online marketplaces where buyers and sellers meet to exchange their tokens or cash out to fiat currencies.
Before these exchanges existed, users would meet in person or online directly and make their swaps.
Trading peer-to-peer is risky, so crypto users created exchanges to make these deals much safer.
In addition to safety, exchanges pool users in the marketplace, enabling buyers and sellers to get much more efficient pricing.
Exchanges also offer superior speed if you want to make a crypto trade fast.
Users can make swaps instantly and cash out to their bank in minutes.
- India has over 10 top exchanges, with more and more coming online.
- Most exchanges cater to all the essential tokens, chains, protocols, and even NFTs.
- All exchanges in India are subject to regulatory control by the Securities and Exchange Board of India (SEBI).
- Popular Indian-based exchanges today include WazirX, Bitbns, CoinDCX, Mudrex, and CoinSwitch.
Evaluating the User Experience
Not all Indian crypto exchanges are the same, and there are many moving parts to an exchange both on the front and back end.
Most exchanges in India are visually pleasing, fast, intuitive, and easy to use.
However, there are cases of lousy menu layouts, missing tools, slow speed, and wrong order matching, which quickly become an annoyance.
Some exchanges favor minimalism over clutter, and you should try a few and settle on one that suits your style.
On the back end, speed and reliability are vital to a successful trade.
When you place an order, you want it to go through fast and at the target price.
Some exchanges in India have speed issues due to hosting their server hardware outside the country to save costs.
Delaying an order due to a technical error can cause a user to miss an excellent buying price.
Other exchanges have issues with order matching due to low volume.
In the worst cases, the exchange will take a long time to match your order to a buyer or seller.
If you experience any of these issues with your Indian exchange, it’s time to move on and find a replacement.
Range of Tokens Available
Research Their Trading Volume
How Secure Are User Funds
What is Their Legal Status
Understand the Fee Structures
Ways to Fund Your Account
Quality of Customer Service
What Are Real Users Saying
How to Sign Up for an Account